produce, if the landlord's share of this produce do not diminish
in the same proportion, which though it often happens during the
currency of leases, rarely or never happens on the renewal of
them, the real rents of land must rise.

We see then, that a progressive rise of rents seems to be
necessarily connected with the progressive cultivation of new
land, and the progressive improvement of the old: and that this
rise is the natural and necessary consequence of the operation of
four causes, which are the most certain indications of increasing
prosperity and wealth - namely, the accumulation of capital, the
increase of population, improvements in agriculture, and the high
price of raw produce, occasioned by the extension of our
manufactures and commerce.

On the other hand, it will appear, that a fall of rents is as
necessarily connected with the throwing of inferior land out of
cultivation, and the continued deterioration of the land of a
superior quality; and that it is the natural and necessary
consequence of causes, which are the certain indications of
poverty and decline, namely, diminished capital, diminished
population, a bad system of cultivation, and the low price of raw
produce.

If it be true, that cultivation cannot be extended but under
such a state of prices, compared with the expenses of production,
as will allow of an increase of rents, it follows naturally that
under such a state of relative prices as will occasion a fall of
rents, cultivation must decline. If the instruments of production
become dearer, compared with the price of produce, it is a