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Rent, considered as the price paid for the use of land, is

naturally the highest which the tenant can afford to pay in the

actual circumstances of the land. In adjusting the terms of the

lease, the landlord endeavours to leave him no greater share of

the produce than what is sufficient to keep up the stock from

which he furnishes the seed, pays the labour, and purchases and

maintains the cattle and other instruments of husbandry, together

with the ordinary profits of farming stock in the neighbourhood.

This is evidently the smallest share with which the tenant can

content himself, without being a loser, and the landlord seldom

means to leave him any more. Whatever part of the produce, or,

what is the same thing, whatever part of its price, is over and

above this share, he naturally endeavours to reserve to himself

as the rent of his land, which is evidently the highest the

tenant can afford to pay in the actual circumstances of the land.