An inquiry into the nature and causes of the wealth of nations by Smith Adam 1723-1790 & Cannan Edwin 1861-1935 ed

Author:Smith, Adam, 1723-1790 & Cannan, Edwin, 1861-1935, ed
Language: eng
Format: epub
Tags: Economics
Publisher: London, Methuen & co
Published: 1904-03-25T05:00:00+00:00

The revenue which the great body of the people derives from land is in proportion, not to the rent, but to the produce of the land. The whole annual produce of the land of every country, if we except what is reserved for seed, is either annually consumed by the great body of the people, or exchanged for something else that is consumed by them. Whatever keeps down the produce of the land below what it would otherwise rise to, keeps down the revenue of the great body of the people, still more than it does that of the proprietors of land. The rent of land, that portion of the j^mkiee which belongs to the proprietors, is scarce anywhere in Great Britain supposed to be move than a third part of the whole produce. If the land, which in one. state of cultivation afibrds a rent of ten millions sterling a year, would in another afford a rent of twenty milliotts; the rexA being, in both cases, supposed a third part of the produce; the revenue of the pn^rieton would be less than it otherwise might be by ten millions a year only; but the revenue of the great body of the people would be less than it otherwise might be by thirty millicms a year, deducting only what would be necessary for seed* The population of the country would be less by the number of people whidi thirty millions a year, deducting Ahmys the seed, could maintain, according to the particular mode of living and expenee which might take place in the different ranks of men among whom the remainder was distributed.

Though there is not at present, in Eun^e, any dvilixed state of any kind which derives the greater part of its pidblic revenue from the rent of lands which are the property of the state; yet, in all the great monarchies of Europe there are still many large tracts of land which

1 [See on these etUaMlei Sir Robert QiffBi^ GrmrtA tf Capilal, 1889, pp. 89, 9a ]

CH. 11^ PT. I] FUNDS OF THE SOVEREIGN

809

belong to the crown. They are generally forest; and sometimes forest where^ after travelling several miles^ yon will scarce find a single tree; a mere waste and loss of country in respect both of produce and population. In every great monarchy of Europe the sale of the crown lands would produce a very large sum of money^ which, if applied to the payment of the public debts, would deliver from mortgage a much greater revenue than any which those lands have ever afforded to the crown. In countries where lands, improved and cultivated very highly, and yielding at the time of sale as great a rent as can easily be got from them, commonly sell at thirty years purchase; the unimproved, uncultivated, and low-rented crown lands might well be expected to sell at forty, fifty, or sixty years purchase. The crown might immediately ei^oy the revenue which this great price would redeem from mortgage. In the course of a few years it would probably enjoy another revenue.

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