IRISH LAND PURCHASE
[To the Editor of the SPECTATOR.]
SIR,— It is stated in the Press that Mr. Cosgrave said that a national loan will be required for Ireland before the end of this year.
The Spectator has written a good deal about Ireland, but never anything that was not to her advantage to lay to heart ; hence that journal was banned during the rebellion in that country.
In regard to the Spectator's circulation and influence, it is as you know highly regarded by all right-thinking people in America ; and scarcely a month passes but a letter appears in your correspondence columns notifying its appearance at some most remote part of the earth. And permit me further to give this testimony as to its home appreciation. A few years ago, having to wait at Ramsgate, I visited the fine Carnegie library. On the reading room table was the Spectator case, which on opening I found was empty. On leaving the library, I saw the librarian and mentioned that the Spectator was missing. " Yes," he said, " this week's has been stolen." I said, " One could understand an illustrated paper being taken—but the Spectator !" He replied, " You would be surprised at the number of people who read that paper."
A nation's credit or reputation, like an individual's, is everything in the money market. It was recently stated in the Press that English people were particularly cordially received in Berlin for the reason that the recent German loan of over three millions had been oversubscribed within a few minutes of its offer. Not from love for Germany; or in forgetfulness of the past, but simply because Germany is paying her debts and doing what is right to establish her credit by fair dealing all round.
The Irish Free State takes or confiscates the landlord's property, collects the rents after knocking off twenty-five per cent., charges for collecting and handing them to the landlord's agent, who on his part deducts five per cent. from them for just handing them on to the owner., The landlord may not sell his property except by its being vested in the tenants and at twelve to fifteen years' purchase upon the reduced rent only, the property being worth, if anything, rather more than twenty years' purchase upon the, old rent —the rate at which England paid for voluntary sales under the Land Act. Such treatment must react upon the national credit in the injustice done. " But," it may be said, " you are fortunate in getting anything at all." I agree ; but that only affects the national credit all the more. Who is to trust them ?
It is short-sighted policy, and there is no financial excuse for it ; for the Irish Stock to be issued in payment is all to be backed by burdened England. Meanwhile no mortgages can be issued ; loans are called in by banks ; and all that capital is kept from national circulation. Let Ireland settle up honourably with property owners ; let them have their money—even the little that is to come to them. The in- stalment payments of the tenants would afford a very large income for the Free State Exchequer. And above all, that nation's credit would be better established.—I am, Sir, &c., A FORTY-FIVE YEARS' READER.
Previous page
