104

THE EFFECTS OF

CHAP. XX.

and that produce was partly consumed in then-households, they would be benefited to the extentof the increased price of that surplus which was tobe sold, provided such surplus amounted to morethan the cost of the foreign commodities whichthey might purchase. If their estates were letout, as was mostly the case, to tenants for lives orfor a long term of years, the fines on renewals aswell as the rents would be fixed at the commence-ment of the leases at the value of money of theperiod when they were granted, and during thecurrency of such leases the landlord would receiveless than the value of his land by receiving pay-ment in money which was depreciating from yearto year, as additions were made to the stock ofgold and silver. As far as regarded the demesnelands in the occupation of the proprietor, whethersuch lands were in tillage or in pasture, and espe-cially in the latter case, the profit of the possessoron what he sold would be annually increased bythe declining value of the precious metals in whichhe would be paid for his produce.

Whenever an estate was charged with incum-brances either of the nature of mortgages or ofsettlements on the other branches of a family thanthe possessor of it, or for pious or charitable pur-poses, the annual depreciation of money wouldtend to relieve it of the burden, and with a greateror less degree of rapidity, according to the lengthof the terms of the leases under which its partsmay have been granted out to tenants.