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First, in ancient times, almost all rents were paid in kind; in a

certain quantity of corn, cattle, poultry, etc. It sometimes

happened, however, that the landlord would stipulate, that he

should be at liberty to demand of the tenant, either the annual

payment in kind or a certain sum of money instead of it. The

price at which the payment in kind was in this manner exchanged

for a certain sum of money, is in Scotland called the conversion

price. As the option is always in the landlord to take either the

substance or the price, it is necessary, for the safety of the

tenant, that the conversion price should rather be below than

above the average market price. In many places, accordingly, it

is not much above one half of this price. Through the greater

part of Scotland this custom still continues with regard to

poultry, and in some places with regard to cattle.