But I propose it should be worked
in this way. I will take a case. I will assume that this Commission is
in possession of a considerable estate bought from some present owner of
it. I will take one farm, which I will assume to be worth
1,000_l_., for which the present tenant is paying a rent of
50_l_. a-year. He has no lease. He has no security. He makes almost
no improvement of any kind; and he is not quite sure whether, when he
has saved a little more money, he will not take his family off to the
United States. Now we will assume ourselves, if you like, to be that
Commission, and that we have before us the farmer who is the tenant on
that particular farm, for which he pays 50_l_. a year, without
lease or security, and which I assume to be worth 1,000_l_. The
Government, I believe, lends money to Irish landowners for drainage
purposes at about 3-1/2 per cent. per annum. Suppose the Government were
to say to this farmer, 'You would not have any objection to become
possessed of this farm?' 'No, not the slightest,' he might answer, 'but
how is that to be done?' In this way;--You may pay 50_l_. a-year,
that is, 5 per cent. on one thousand pounds; the Government can afford
to do these transactions for 3-1/2 per cent.
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