The Home Rulers allege that these high prices which are paid for the good-will of land are attributable to two causes:—
(a) Excess of competition for land.
(b) Irish returning from America.
Both these reasons are absurd.
When the population of Ireland was nearly eight millions, these prices could not be obtainable, nor anything like them, while to-day the population is only four millions. Unless the returning emigrants thought they were obtaining good value for their money, they would hardly abandon a country—the United States—where they can get land for nothing.
The enormous increase in the Irish Savings Banks, as well as the deposits in other Irish Banks, must be almost entirely derived from the savings of the farmers. The landlords have been ruined by the Land Act; labourers have no money to spare; and traders will not leave their money idle at the small rate of interest credited.
If the farmers thought they had better means of using the money, they would withdraw it, and they are without doubt as well aware as I am how they can do the English Government in the future, for if there is any roguery unknown to them, it is infinitesimal.
I cannot say that I think many landlords will leave Ireland in consequence of the Wyndham Act. The few who will go are those who are glad to be quit at any price, and to be free to pack out of the country. But many a landlord will be far more comfortable on his own estate, when he has rid himself of all his tenants.
One feature of this curious Act is that the Geraldines have got rid of the last of their property, and escaped all the forfeitures.
As for the sporting rights, far too much fuss has been made over them. Except where there are plantations or good fishing, they are of very little value one way or the other. The Act will not affect the hunting. Small Irish farmers like to see the hunt almost as much as the hunting set themselves like to participate in it.
Of course, too, the Act ought to be popular in Ireland, because it is taking so much money out of England.