the rent of the grain which it displaces.

If two capitals of ten thousand pounds each, be employed, one in
manufactures, and the other in the improvement of the land, with the
usual profits, and withdrawn in twenty years, the one employed in
manufactures will leave nothing behind it, while the one employed on
the land will probably leave a rent of no inconsiderable value.

These considerations, which are not often attended to, if they do
not affect the ordinary question of a free trade in corn, must at
least be allowed to have weight, when the policy of such a trade is,
from peculiarity of situation and circumstances, rendered doubtful.

4. We now come to a class of society, who will unquestionably be
benefited by the opening of our ports. These are the stockholders,
and those who live upon fixed salaries.(16*) They are not only,
however, small in number, compared with those who will be affected
in a different manner; but their interests are not so closely
interwoven with the welfare of the state, as the classes already
considered, particularly the labouring classes, and the landlords.

In the Observations, I remarked, that it was 'an error of the most
serious magnitude to suppose that any natural or artificial causes,
which should raise or lower the values of corn or silver, might be
considered as matters of indifference; and that, practically, no
material change could take place in the value of either, without
producing both temporary and lasting effects, which have a most
powerful influence on the distribution of property.'

In fact, it is perfectly impossible to suppose that, in any change