THE IRISH LAND-PURCHASE BILL.
[To THE EDITOR OF THE " SPECTATOR,"] Six.—In your article of April 24th on this Bill, you conclude in these words :—" But this is a request to lend £150,000,000 to unwilling borrowers upon security which is worth nothing unless we sell them up. We shall not sell them up."
This mention of selling up I presume to be metaphorical only. But I wish to point out that the value of most securities, and especially those on land, depends upon the facility of realising by " selling up " in case of need. Now, assuming that we did wish to sell up, and applying this test to the case of the £150,000,000, it is perfectly clear that there can be no security of any kind whatever. The only mode of realising the amount to be advanced in case of a general default in payment of the redemption-money, will be by a sale of the holdings. But where are the purchasers to come from P It may be safely asserted, without fear of contradiction, that after the passing of the Home- rule Bill, Irish land will be absolutely unsaleable, and that no sane person would think of purchasing Irish land, any more than he would purchase Sydney Smith's Abyssinian Bonds or Tunis Three-and-a-Half per Cents. Where, then, is the
security P Not having seen this blot hit by any one up to the present time, may I ask you to give it publicity in your valuable paper P—I am, Sir, Ssc ,
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