With the cautions here noticed in letting farms, the landlord
may fairly look forward to a gradual and permanent increase of
rents; and, in general, not only to an increase proportioned to
the rise in the price of produce, but to a still further
increase, arising from an increase in the quantity of produce.

If in taking rents, which are equally fair for the landlord
and tenant, it is found that in successive lettings they do not
rise rather more than in proportion to the price of produce, it
will generally be owing to heavy taxation.

Though it is by no means true, as stated by the Economists,
that all taxes fall on the net rents of the landlords, yet it is
certainly true that they are more frequently taxed both
indirectly as well as directly, and have less power of relieving
themselves, than any other order of the state. And as they pay,
as they certainly do, many of the taxes which fall on the capital
of the farmer and the wages of the labourer, as well as those
directly imposed on themselves; they must necessarily feel it in
the diminution of that portion of the whole produce, which under
other circumstances would have fallen to their share. But the
degree in which the different classes of society are affected by
taxes, is in itself a copious subject, belonging to the general
principles of taxation, and deserves a separate inquiry.

NOTES:

1. I cannot, however, agree with him in thinking that all land
which yields food must necessarily yield rent. The land which is