rpose we shall examine the Movement as
offering

IV.--AN INVESTMENT FOR THE MIDDLE AND WORKING CLASSES.

This, of course, is the principal point of view. By their merits as
investments alone must Freehold Land Societies stand or fall. If they
pay, they will flourish; if they do not, they cannot exist, whatever may
be the social, and moral, and political arguments advanced in their
favour. Now, let us just see what means of investment are within the
reach of the Working man. There is the savings bank--not always safe, as
recent examples have shown, and offering so small a rate of interest as
to be but little inducement to the classes to whom it appeals, to save.
Then there are the benefit societies, which hold out such fine promises,
which thus have won a support to which they have no claim, and have
excited hopes which they can never realise. Of two thousand of these
societies, the accounts of which were submitted to one gentleman in
Liverpool a few years ago, _all_ were insolvent. Much of the money
belonging to them is wasted in drink, in foolish show and mummery; but
the societies are based upon wrong principles, and can never become
right. Two radical defects taint them all--the contributions have been
much too small in proportion to the proposed benefits, and an almost
indiscriminate regard to diversities in age has caused persons differing
as widely as from eighteen to thirty-five, forty, forty-five, and even
fifty years of age, to be admitted upon equal, or nearly equal, terms.
One of the chief of these friendly societies is that known as the
Manchester Unity. In 1848 there was an inquiry into the subject before
the House of Lords, when it was stated by Mr. Neison, the eminent
actuary, "that it would take _three millions of money_ to bring the
Manchester Unity of Odd Fellows out of their present difficulties; and if
they went on at their present rates of contribution, no less than _ten
millions_ would be required to fulfil all their engagements." So much
for friendly societies, which are, indeed, a delusion and a snare, and
have always failed when the hour of trial has come. What the savings
banks are we have already seen; yet, actually, till the Freehold Land
Movement originated, these were the only investments within the reach of
the working man. A Select Committee of the House of Commons has twice
reported "that the great change in the social position of multitudes,
arising from the growth of