The Interest Of The Landlord

The Last Point For Consideration Is The Supposed Disposition Of The People To Interfere With The Rights Of Property. So Essential Does It Appear To Me, To The Cause Of Good Government, That The Rights Of Property Should Be Held Sacred, That I Would Agree To Deprive Those Of The Elective Franchise Against Whom It Could Justly Be Alleged That They Considered It Their Interest To Invade Them.

The Opinions That The Price Of Commodities Depends Solely On The Proportion Of Supply And Demand, Or Demand To Supply, Has Become Almost An Axiom In Political Economy, And Has Been The Source Of Much Error In That Science.

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.

The Variation In The Value Of Money, However Great, Makes No Difference In The Rate Of Profits.

It Appears To Me That One Great Cause Of Our Difference In Opinion On Subjects Which We Often Discuss Is That You Have Always In Mind The Immediate And Temporary Effects Of Particular Changes, Whereas I Put These Effects Quite Aside, And Fix My Whole Attention On The Long-term Effects That Will Result From Them.