with consequent depreciation of buildings
and plant, as well as increase of unemployment, would follow. Already,
since the present Home Rule crisis has become acute, the handwriting on
the wall has been made evident in the depreciation of leading Irish
stocks to the extent of 15 to 20 per cent. Every one in trade would
suffer from the diminution of purchasing power, capital would shrink,
income and wages decrease, and the incentives to emigration, which is
already depriving our population of some of its most hopeful elements,
would be dangerously increased.

All these tendencies would be stimulated by the social disorganisation
which would certainly follow Home Rule. Unionist Ulster, from the Ulster
Convention of 1892, to the Craigavon demonstration of 1911, has been
consistent in her loyal determination that no Parliament but the
Imperial Parliament shall control her destinies. It is an ignorant
mistake to say that she is weakening in this resolve. The steadily
increasing Unionist majorities in contested Ulster seats at both
elections in 1910 conclusively prove that she is more staunch than ever
in her Unionist faith. She would certainly resist the decrees of a
Dublin Parliament and refuse to pay its taxes. The result of its passive
resistance would be civil disorder, which would certainly gravely injure
her industrial welfare, especially that of her artisan and working
population. But Ulstermen ask, What is industrial prosperity without
freedom? And if, in defence of freedom, they should suffer disaster, the
responsibility would lie with their fellow-citizens in Great Britain who
would impose a hostile yoke upon them.

Under Home Rule, agricultural Ulster would also suffer. Very many Ulster
farmers are now occupying owners. But a large number have not yet
succeeded in purchasing, and these eagerly desire the privilege of doing
so. Mr. Birrell's 1909 Act has already practically strangled further
land purchase in Ireland, and if he intends that its completion should
be the work of a Home Rule Parliament, the Ulster tenants ask where
would the L75,000,000 to L100,000,000 necessary to accomplish the
process, come from?[66] They know that the procuring of such a sum from
an Irish Government would be hopeless, for they are aware that
Englishmen have better judgment than to allow their Parliament to lend
further money to a country over which they had relinquished direct
Parliamentary authority, and whose Exchequer would be