however, is supposed to be one-fifth, not only 
of the rent of all the land, but of that of all 
the houses, and of the interest of all the capital 
stock of Great Britain, that part of it 
only excepted which is either lent to the public
or employed as farming stock in the cultivation 
of land. A very considerable part 
of the produce of this tax arises from the 
rent of houses and the interest of capital stock
The land tax of the city of London, for example, 
at four shillings in the pound, amounts 
to L.123,399 : 6 : 7; that of the city 
of Westminster to L.63,092 : 1 : 5; that of 
the palaces of Whitehall and St. James's to 
L.30,754 : 6 : 3. A certain proportion of 
the land tax is, in the same manner, assessed 
upon all the other cities and towns corporate 
in the kingdom; and arises almost altogether, 
either from the rent of houses, or from what 
is supposed to be the interest of trading and 
capital stock. According to the estimation
therefore, by which Great Britain is rated to 
the land tax, the whole mass of revenue arising 
from the rent of all the lands, from that 
of all the houses, and from the interest of all 
the capital stock, that part of it only excepted 
which is either lent to the public, or employed 
in the cultivation of land, does not 
exceed ten millions sterling a-year, the ordinary 
revenue which government levies upon 
the people even in peaceable times. The 
estimation by which Great Britain is rated to 
the land tax is, no doubt, taking the whole 
kingdom at an average, very much below the 
real value; though in several particular counties 
and districts it is said to be nearly equal 
to that value. The rent of the lands alone, 
exclusive of that of houses and of the interest 
of stock, has by many people been estimated 
at twenty millions; an estimation 
made in a great measure at random, and 
which, I apprehend, is as likely to be above 
as below the truth. But if the lands of 
Great Britain, in the present state of their 
cultivation, do not afford a rent of more than 
twenty millions a-year, they could not well 
afford the half, most probably not the fourth 
part of that rent, if they all belonged to a 
single proprietor, and were put under the 
negligent, expensive, and oppressive management 
of his factors and agents. The crown 
lands of Great Britain do not at present afford 
the fourth part of the rent which could 
probably be drawn from them if they were 
the property of private persons. If the crown 
lands were more extensive, it is probable, they 
would be still worse managed
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 produce which belongs 
to the proprietors, is scarce anywhere 
in Great Britain supposed to be more than a 
third part of the whole produce. If the land 
which, in one state of cultivation, affords
revenue of ten millions sterling a-year, would 
in another afford a rent of twenty millions; 
the rent being, in both cases, supposed
third part of the produce, the revenue of the 
proprietors 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 millions a-year, deducting only what 
would be necessary for seed. The population 
of the country would be less by the number 
of people which thirty millions a-year, deducting 
always the seed, could maintain, according 
to the particular mode of living, and 
expense which might take place in the different 
ranks of men, among whom the remainder 
was distributed
Though there is not at present in Europe, 
any civilized state of any kind which derives 
the greater part of its public 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 belong to the crown. They 
are generally forest, and sometimes forests 
where, after travelling several miles, you 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 enjoy the revenue which 
this great price would redeem from mortgage
In the course of a few years, it would 
probably enjoy another revenue. When the 
crown lands had become private property
they would, in the course of a few years, become 
well improved and well cultivated
The increase of their produce would increase 
the population of the country, by augmenting 
the revenue and consumption of the people
But the revenue which the crown derives