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In studying the influence of depreciation upon rent, it is necessary to use that term in its popular rather than in its scientific sense. This fact is less to be lamented, because the theorist himself admits that the distinction becomes sadly blurred when he attempts to deal with short intervals of time. Capital once invested in improvements can seldom be withdrawn rapidly. In "the short run," therefore, it is practically a part of the land, and the return to it follows the analogy of rent rather than of interest.
 The renting landlord found that the degree in which he was affected by the fluctuations in the value of the paper money depended largely upon the terms of the contract into which he had entered. It is clear from a careful examination that the landlord who before suspension had leased his property for a considerable period without opportunity for revaluation must have suffered severely if paid in greenbacks. The number of "dollars" received as rental might be the same in 1865 as in 1860, but their purchasing power was less than one-half as great. Somewhat less hard was the situation of the landlord who had let his property for but one or two years. At the expiration of the leases he had opportunities to make new contracts with the tenants.
In his capacity as special commissioner of the revenue, Mr. David A. Wells devoted some attention to the rise of rent. His report for December, 1866, says:
The average advance in the rents of houses occupied by mechanics and laborers in the great manufacturing centres of the country is estimated to have been about 90 per cent.; in some sections, however, a much greater advance has been experienced, as for example, at Pittsburgh, where 200 per cent and upward is reported. In many of the rural districts, on the other hand, the advance has been much less. Mr. Wells later modified this estimate somewhat.
The advance in rents was greater in cities than in minor towns. In some cities -- e. g., Cincinnati and Louisville -owners of workingmen's tenements appear to have been able to increase their money incomes rather more rapidly than prices advanced, but in Boston, Philadelphia, St. Louis, and in smaller towns, their money incomes appear to have increased more slowly than living expenses. These conclusions rest, however, on a narrow statistical basis.
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