The effect of such a plan appears almost magical: Ireland is transformed at one stroke from a nation of landlords into a nation of peasant proprietors--apparently without loss to any one, and with gain to everybody concerned, except the British Government, who neither gain nor lose in the matter. The practicability, however, of such a scheme depends altogether on the security against loss afforded to the British tax-payer, for he is industrious and heavily burdened, and cannot be expected to assent to any plan which will land him in any appreciable loss. Here it is that the plan of Mr. Gladstone's Land Bill differs from all other previous plans. Act after Act has been passed enabling the tenant to borrow money from the British Government on the security of the holding, for the purpose of enabling him to purchase the fee-simple. In such transactions the British Government becomes the mortgagee, and can only recover its money, if default is made in payment, by ejecting the tenant and becoming the landlord. In proportion, then, as any existing purchase Act succeeds, in the same proportion the risk of the British taxpayer increases. He is ever placed in the most invidious of all lights; instead of posing as the generous benefactor who holds forth his hand to rescue the landlord and tenant from an intolerable position, he stands forward either as the grasping mortgagee or as the still more hated landlord, who, having deprived the tenant of his holding, is seeking to introduce another man into property which really belongs to the ejected tenant. Such a position may be endurable when the number of purchasing tenants is small, but at once breaks down if agrarian reform in Ireland is to be extended so far as to make any appreciable difference in the relations of landlord and tenant; still more, if it become general. Now, what is the remedy of such a state of things? Surely to interpose the Irish Government between the Irish debtor and his English creditor, and to provide that the Irish revenues in bulk, not the individual holdings of each tenant, shall be the security for the English creditor. This was the scheme embodied in the Land Act of 1886. The punctual payment of all money due from the Government of Ireland to the Government of Great Britain was to have been secured by the continuance in the hands of the British Government of the Excise and Customs duties, and by the appointment of an Imperial Receiver-General, assisted by subordinate officers, and protected by an Imperial Court. This officer would have received not only all the imperial taxes, but also the local taxes; and it would have been his duty to satisfy the claims of the British Government before he allowed any sum to pass into the Irish Exchequer. In effect, the British Government, in relation to the levying of imperial taxes, would have stood in the same relation to Ireland as Congress does to the United States in respect to the levying of federal taxes.