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 price of grains. The manufacturer does the same with his products. The reaction comes, and, after some fluctuation, the farm-rent—which the tenant thought to put upon the manufacturer’s shoulders—becomes nearly balanced. So that, while he is congratulating himself upon his success, he finds himself again impoverished, but to an extent somewhat smaller than before. For the rise having been general, the proprietor suffers with the rest; so that the laborers, instead of being poorer by one-tenth, lose only nine-hundredths. But always it is a debt which necessitates a loan, the payment of interest, economy, and fasting. Fasting for the nine-hundredths which ought not to be paid, and are paid; fasting for the redemption of debts; fasting to pay the interest on them. Let the crop fail, and the fasting becomes starvation. They say, “It is necessary to work more.” That means, obviously, that it is necessary to produce more. By what conditions is production effected? By the combined action of labor, capital, and land. As for the labor, the tenant undertakes to furnish it; but capital is formed only by economy. Now, if the tenant could accumulate any thing, he would pay his debts. But granting that he has plenty of capital, of what use would it be to him if the extent of the land which he cultivates always remained the same? He needs to enlarge his farm.

Will it be said, finally, that he must work harder and to better advantage? But, in our estimation of farm-rent, we have assumed the highest possible average of production. Were it not the highest, the proprietor would increase the farm-rent. Is not this the way in which the large landed proprietors have gradually raised their rents, as fast as they have ascertained by the increase in population and the development of industry how much society can produce from their