circumstances, a fall of price must be attended with a diminution of
produce, and that a diminution of produce will naturally be attended
with a diminution of rent.(14*)

Of the effect, therefore, of opening the ports, in diminishing both
the real and nominal rents of the landlords, there can be no doubt;
and we must not imagine that the interest of a body of men, so
circumstanced as the landlords, can materially suffer without
affecting the interests of the state.

It has been justly observed by Adam Smith, that 'no equal quantity
of productive labour employed in manufactures can ever occasion so
great a reproduction as in agriculture.' If we suppose the rents of
land taken throughout the kingdom to be one fourth of the gross
produce, it is evident, that to purchase the same value of raw
produce by means of manufactures, would require one third more
capital. Every five thousand pounds laid out on the land, not only
repays the usual profits of stock, but generates an additional
value, which goes to the landlord. And this additional value is not
a mere benefit to a particular individual, or set of individuals,
but affords the most steady home demand for the manufactures of the
country, the most effective fund for its financial support, and the
largest disposable force for its army and navy. It is true, that the
last additions to the agricultural produce of an improving country
are not attended with a large proportion of rent;(15*) and it is
precisely this circumstance that may make it answer to a rich
country to import some of its corn, if it can be secure of obtaining
an equable supply. But in all cases the importation of foreign corn
must fail to answer nationally, if it is not so much cheaper than
the corn that can be grown at home, as to equal both the profits and