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 The reason of this is easily comprehensible. On the one hand, with the throwing of small holdings into large ones, and the change of arable into pasture land, a larger part of the whole produce was transformed into surplus produce. The surplus produce increased, although the total produce, of which it formed a fraction, decreased. On the other hand, the money-value of this surplus produce increased yet more rapidly than its mass, in consequence of the rise in the English market. price of meat, wool, &c., during the last 20, and especially during the last 10, years.

The scattered means of production that serve the producers themselves as means of employment and subsistence, without expanding their own value by the incorporation of the labour of others, are no more capital than a product consumed by its own producer is a commodity. If, with the mass of the population, that of the means of production employed in agricultural also diminished, the mass of the capital employed in agriculture increased, because a part of the means of production that were formerly scattered, was concentrated and turned into capital.

The total capital of Ireland outside agriculture, employed in industry and trade, accumulated during the last two decades slowly, and with great and constantly recurring fluctuations; so much the more rapidly did the concentration of its individual constituents develop. And, however small its absolute increase, in proportion to the dwindling population it had increased largely.

Here, then, under our own eyes and on a large scale, a process is revealed, than which nothing more excellent could be wished for by orthodox economy for the support of its dogma: that misery springs from absolute surplus-population, and that equilibrium is re-established by depopulation. This is a far more important experiment than was the plague in the middle of the 14th century so belauded of Malthusians. Note further: If only the naïveté of the schoolmaster could apply, to the conditions of production and population of the nineteenth century, the standard of the 14th, this naïveté, into the bargain, overlooked the fact that whilst, after the plague and