Front Page Titles (by Subject) 91.: ricardo to malthus1[Answered by 92] - The Works and Correspondence of David Ricardo, Vol. 6 Letters 1810-1815
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91.: ricardo to malthus1[Answered by 92] - David Ricardo, The Works and Correspondence of David Ricardo, Vol. 6 Letters 1810-1815 
The Works and Correspondence of David Ricardo, ed. Piero Sraffa with the Collaboration of M.H. Dobb (Indianapolis: Liberty Fund, 2005). Vol. 6 Letters 1810-1815.
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First published by Cambridge University Press in 1951. Copyright 1951, 1952, 1955, 1973 by the Royal Economic Society. This edition of The Works and Correspondence of David Ricardo is published by Liberty Fund, Inc., under license from the Royal Economic Society.
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ricardo to malthus1
|2 Should be ‘12.3’.|
|£100 Capital, or expences, on the old land will yield||£32|
|100 — D° —D° — new land — —||19.7|
|rent 2.3 2|
It appears then that the profit on new land which regulates the profit on all other land would be 19.7 pct. when the price of corn was £4. 10 -. It was 25 pct. when the price was £4. -
If indeed under the same circumstances we had supposed the price of corn to rise to £6 then profits would be increased and would be much more than 25 pct. but some adequate cause must be shewn for such rise and it cannot be arbitrarily assumed. Your theory supposes too what is impossible that the demand for manufactures will increase in the same proportion as the demand for corn at the very time that more men are employed on the land to obtain a less proportion of produce. The whole appears to me a labyrinth of difficulties; one is no sooner got over than another presents itself, and so in endless succession. Let me intreat you to give my simple doctrine fair consideration, and you must allow that it accounts for all the phenomena in an easy, natural manner.
I yesterday met Mr. Smyth, your friend, and Mr. Torrens, at Mr. Phillips. I passed a very pleasant day. Mr. Smyth was exceedingly agreeable, I like him very much. The corn question was occasionally introduced and I had an opportunity of stating some of my objections to Mr. Torrens theory.—I have no reason to think that I convinced him. I defended the use of the word depreciation in the sense which you had used it;1 and I believe I had every one with me. I fancy that his arguments in his book on currency2 are founded on the sense in which he uses the word. We spoke on the other points of difference between him and you.
Mr. Smyth, Mr. Phillips and Mr. Torrens have agreed to dine with me on wednesday, which has induced me to write to you a day or two sooner than I otherwise should have done, that I might express my wish that you would join us.
If you will, we will dine as late as you please. There will be a bed at your service, and I need not say that you will add considerably to my pleasure.
Yrs. very truly
[1 ]Addressed: ‘To / The Revd.T R Malthus / East India College / Hertford’.
MS at Albury.—Letters to Malthus, XXXI.
[2 ]Essay on the External Corn Trade, p. 81 ff.
[1 ]Should be ‘the wages of labour’.
[1 ]Replaces ‘profit’.
[1 ]See above, p. 205, n. 4.
[2 ]An Essay on Money and Paper Currency, London, Johnson, 1812.