It would have saved much profitless discussion. It is by far the most vital element in your liberal covenant, and completes its perfect development. It happily explains and illustrates the Auchness balance-sheet. By this time the proprietors of the kingdom will understand the pleasant position in which you are to put them. With the right of hypothec abrogated, a rotation of crops exploded, and their rent lowered until it meets the depreciated prices, and converts the tenant's loss into profit, they will fall into a very enviable predicament. I sympathise with the Free-trade lairds. Sad and dismal are their meditations, and deep and bitter their murmurs. They say they are betrayed, and that they have reared up and cherished an enemy in their camp. There is another question, however, which your philosophy does not seem to embrace. You never seem to have inquired whether the immense reduction of rents which must take place to meet the present prices, (which are yet daily falling,) so as to convert the farmer's loss into a profit, is to be a national benefit. It is certain that the reduction of rent requisite to effect your avowed object, must infallibly effect a revolution in the structure of society, and entail upon our country a train of sufferings unheard of and unparalleled. It is most creditable to the discernment and patriotism of your brother farmers, that they reject, as a permanent cure for their difficulties, the lowering of rent, so as to turn their present loss into profit. They know that, over a large proportion of the arable soil of the kingdom, rent cannot so fall without being insufficient to meet the present burdens on land, and the great outlay required to maintain the farm-buildings, and to liquidate the other innumerable demands made on the proprietor of the soil. You call loudly for liberal covenants, for expensive buildings, and for more drainage, and at the very time you are depriving the proprietor of the means, and crippling him in his finances. Falling rents, farmers may well know, are the certain index of a retrograde agriculture; and, whatever you may fancy, you cannot reduce rent to the extent you have now pointed out, without inflicting misery, not only on the tenant-farmers and agricultural labourers, but sooner or later on every class in the community. The certain tendency of your agricultural speculation, and by no long circumduction, is to sink the agriculture of Britain to the condition of Irish husbandry, and to overrun the nation with pauperism. The landed interest will not suffer with impunity; and between it and the moneyed interest an internecine war will ensue. There is a set of pestilent demagogues and pretended patriots, flourishing at this moment in the kingdom, who are busy instilling into the masses the revolutionary idea that the landlord's rent is a robbery of the community, and that it may be dealt with as conveniency requires. In your latest essay you have pandered to this pernicious delusion.