twenty years, and which has left us with a greatly increased
capital, notwithstanding our vast annual destruction of stock,
for so long a period.

Among the temporary causes of high price, which may sometimes
mislead the landlord, it is necessary to notice irregularities in
the currency. When they are likely to be of short duration, they
must be treated by the landlord in the same manner as years of
unusual demand. But when they continue so long as they have done
in this country, it is impossible for the landlord to do
otherwise than proportion his rent accordingly, and take the
chance of being obliged to lessen it again, on the return of the
currency to its natural state.

The present fall in the price of bullion, and the improved
state of our exchanges, proves, in my opinion, that a much
greater part of the difference between gold and paper was owing
to commercial causes, and a peculiar demand for bullion than was
supposed by many persons; but they by no means prove that the
issue of paper did not allow of a higher rise of prices than
could be permanently maintained. Already a retrograde movement,
not exclusively occasioned by the importations of corn, has been
sensibly felt; and it must go somewhat further before we can
return to payments in specie. Those who let their lands during
the period of the greatest difference between notes and bullion,
must probably lower them, whichever system may be adopted with
regard to the trade in corn. These retrograde movements are
always unfortunate; and high rents, partly occasioned by causes
of this kind, greatly embarrass the regular march of prices, and
confound the calculations both of the farmer and landlord.