its introduction, and in it we have the
first Act--purely for land purchase--which has been applied to Ireland.
By it the Treasury found the whole of the purchase-money up to a total
of five millions sterling out of the Irish Church Surplus Fund, and
forty-nine years were allowed for repayment of the purchase-money to the
State at 4 per cent., of which L2 15s. was interest on the advance and
L1 5s. went to a sinking fund for the liquidation of the loan.

Only 2,000 tenants took advantage of the terms of this Act, but it is
nevertheless of importance as marking the point at which the principle
of peasant proprietorship was recognised as the solution by both English
parties. In this way was realised, not much more than twenty years ago,
the importance of that change of ownership which, in Arthur Young's
well-known phrase, turns sand into gold, and which has progressed ever
since. A shrewd French observer--Gustave de Beaumont--saw in 1837 that
this was the way out of the _impasse_ of the Irish land system, and half
a century ago a great opportunity presented itself at the time of the
Encumbered Estates Act of establishing a peasant proprietary, when more
than two million acres--one-sixth of the whole soil of Ireland--were
sold in ten years, and were bought in lots of 200 to 250 acres by some
8,000 to 10,000 land-jobbers.

The Land Bill which Mr. Gladstone introduced as a pendant to the Home
Rule Bill of 1886 offered to every Irish landlord the option of selling
his estate to his tenants, who would thereby become occupying owners at
once, paying an interest of 4 per cent. for forty-nine years on the
price, which would be twenty years' purchase of the judicial rents, paid
by the State issue of fifty million pounds of Consols with the revenues
of Ireland as security. After the Unionist victory of 1886 Mr. Parnell
brought in a Bill which also was destined never to receive the Royal
Assent, but which again is of importance in view of subsequent
legislation.

He based his demand upon the fall in prices which prevented tenants from
paying judicial rents. By this Bill it was proposed that the Land Court
should have power to abate rents fixed prior to 1885 if it were proved
that the tenants could not pay the whole amount, and would pay one half
and arrears, and further, if these amounts were paid evictions and
proceedings for the recovery of rent should be suspended, and, lastly,
the Bill aimed at the inclusion of leaseholders u