A rise of price is the only means by which he could pay the tax, and continue to derive the usual and general profits from this employment of his capital. He could not deduct the tax from his rent, and oblige his landlord to pay it, for he pays no rent. He would not deduct it from his profits, for there is no reason why he should continue in an employment which yields small profits, when all other employments are yielding greater. There can then be no question, but that he will have the power of raising the price of raw produce by a sum equal to the tax. A tax on raw produce would not be paid by the landlord; it would not be paid by the farmer; but it would be paid, in an increased price, by the consumer. Rent, it should be remembered, is the difference between the produce obtained by equal portions of labour and capital employed on land of the same or different qualities. It should be remembered too, that the money rent of land, and the corn rent of land, do not vary in the same proportion. In the case of a tax on raw produce, of a land tax, or tithes, the corn rent of land will vary, while the money rent will remain as before. If, as we have before supposed, the land in cultivation were of three qualities, and that with an equal amount of capital, 180 qrs. of corn were obtained from land No. 1. 170 " " " from " 2. 160 " " " from " 3. the rent of No. 1 would be 20 quarters, the difference between that of No. 3 and No. 1; and of No. 2, 10 quarters, the difference between that of No. 3 and No. 2; while No. 3 would pay no rent whatever. Now if the price of corn were 4_l._ per quarter, the money rent of No. 1 would be 80_l._, and that of No. 2, 40_l._ Suppose a tax of 8_s._ per quarter to be imposed on corn; then the price would rise to 4_l._ 8_s._; and if the landlords obtained the same corn rent as before, the rent of No. 1 would be 88_l._, and that of No. 2, 44_l._ But they would not obtain the same corn rent; the tax would fall heavier on No. 1 than on No. 2, and on No. 2 than on No. 3, because it would be levied on a greater quantity of corn. It is the difficulty of production on No. 3 which regulates price; and corn rises to 4_l._ 8_s._, that the profits of the capital employed on No. 3 may be on a level with the general profits of stock. The produce and tax on the three qualities of land will be as follows: No. 1, yielding 180 qrs. at 4_l._ 8_s._ per qr. L792 Deduct the value of 16.3 or 8_s._ per qr. on 180 qrs. 72 ----- ---- Net corn produce 163.7 Net money produce L720 ----- ----