“Your theory is contradicted by facts. Undoubtedly, as long as there is in a country abundance of uncultivated land, the existence of such land will of itself hinder the cultivated land from acquiring an undue value. It is also beyond doubt, that even when all the land has passed into the appropriated domain, if neighbouring nations have extensive tracts ready for the plough, freedom of trade is sufficient to restrain the value of landed property within just limits. In these two cases it would seem that the Price of land can only represent the capital advanced, and the Rent of land the interest of that capital. Whence we must conclude, as you do, that the proper action of the soil and the intervention of natural agents, going for nothing, and not influencing the value of the crops, remain gratuitous, and therefore common. All this is specious. We may have difficulty in discovering the error, and yet this reasoning is erroneous. In order to be convinced of it, it [p281] is sufficient to point to the fact, that there are in France cultivated lands which are worth from 100 francs to 6000 francs the hectare, an enormous difference, which is much easier explained by the difference of fertility than by the difference of the anterior labour applied to these lands. It is vain to deny, then, that fertility has its own value, for not a sale takes place which does not attest it. Every one who purchases a land estate examines its quality, and pays for it accordingly. If, of two properties which lie alongside each other, the one consists of a rich alluvium, and the other of barren sand, the first is surely of more value than the second, although both may have absorbed the same capital, and to say truth, the purchaser gives himself no trouble on that score. His attention is fixed upon the future, and not upon the past. What he looks at is not what the land has cost, but what it will yield, and he knows that its yield will be in proportion to its fertility. Then this fertility has a proper and intrinsic value which is independent of all human labour. To maintain the contrary is to endeavour to base the legitimacy of individual appropriation on a subtilty, or rather on a paradox.” Let us inquire, then, what is the true foundation of the value of land.