Rent is the portion of the earth, which is paid to the landlord for the user of the original and indestructible powers of the soil
NOTHING contributes so much to the prosperity and happiness of a country as high profits.
A rise in wages, from an alteration in the value of money, produces a general effect on price, and for that reason it produces no real effect whatever on profits.
A rise of wages from this cause will, indeed, be invariably accompanied by a rise in the price of commodities; but in such cases, it will be found that labour and all commodities have not varied in regard to each other, and that the variation has been confined to money.
Money is neither a material to work upon nor a tool to work with.
The variation in the value of money, however great, makes no difference in the rate of profits;...
Whenever the current of money is forcibly stopped, and when money is prevented from settling at its just level, there are no limits to the possible variations of the exchange.
If English money was of the same value then as before, Hamburgh money must have risen in value. But where is the proof of this?
The demand for money is regulated entirely by its value, and its value by its quantity.
Whether a bank lent one million, ten million, or a hundred millions, they would not permanently alter the market rate of interest; they would alter only the value of the money they issued.
To alter the money value of commodities, by altering the value of money, and yet to raise the same money amount by taxes, is then undoubtedly to increase the burthens of society.
Adam Smith, and other able writers to whom I have alluded, not having viewed correctly the principles of rent, have, it appears to me, overlooked many important truths, which can only be discovered after the subject of rent is thoroughly understood.
Rent is that portion of the produce of the earth which is paid to the landlord for the use of the original and indestructible powers of the soil.
In comparing therefore the value of the same commodity, at different periods of time, the consideration of the comparative skill and intensity of labour, required for that particular commodity, needs scarcely to be attended to, as it operates equally at both periods.
The facility of obtaining food is beneficial in two ways to the owners of capital, it at the same time raises profits and increases the amount of consumable commodities.