1. Money Rents.

With respect to the first of these methods, or the payment of fixed sums of money, it would be one of the least exceptionable, were money always of the same value. This, however, is not the case; and all variations in its value necessarily affect, to the same extent, the value of the fixed payments to be made in it. Supposing the rent of a farm to be 100a year, a rise in the value of money to the extent, say of 10 or 15 per cent., would occasion a corresponding rise in its amount; for, though the number of pounds sterling, to be paid as rent, continues the same, the value or cost of these pounds is increased. The converse of this takes place when money falls in value. In this case the rent is proportionally reduced, the tenant being benefited at the expense of the landlord, whereas, in the other, the landlord is benefited at the expense of the tenant. At present these considerations are entitled to more than ordinary weight; for we are now, most probably, on the eve of a very considerable alteration in the value of the precious metals. In leases for short periods, or for three, five, or even seven years, it may not, perhaps, be worthwhile to lay much stress on any change in the value of bullion which may be likely to take place in the interval. But in leases for nineteen or twenty-one years, or any greater period, it would be most unwise, under existing circumstances, to stipulate for money rents without providing some means of correcting any variation that may take place, during their currency, in the real value of money.

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