Now, bear in mind that I have never spoken about peasant proprietors. I
do not care what name you give them; I am in favour of more proprietors,
and some, of course, will be small and some will be large; but it would
be quite possible for Parliament, if it thought fit to attempt anything
of this kind, to fix a limit below which it would not allow the owner to
sell or the purchaser to buy. I believe that you can establish a class
of moderate proprietors, who will form a body intermediate between the
great owners of land and those who are absolutely landless, which will
be of immense service in giving steadiness, loyalty, and peace to the
whole population of the island. The noble Lord, the Chief Secretary,
knows perfectly well at what price he could lend that money, and I will
just state to the House one fact which will show how the plan would
work. If you were to lend money at 3-1/2 per cent., in thirty-five years
the tenant, paying 5 per cent., would have paid the whole money back and
all the interest due on it, and would become the owner of his farm; and
if you were to take the rate at which you have lent to the Harbour
Commissioners, and to repair the ravages of the cattle plague, which is
3-1/2 per cent.
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