The advantages of this over a virgin island are, therefore, very clear; they are visibly stronger than the drawbacks, and success is certain if measures of the kind we allude to are vigorously carried out. England, then, must begin by buying out, not only the properties of the landlords, but also, and this is only justice, the interest that a large number of farmers possess in those lands under the name of tenant-right. The area of cultivated land in Ireland (exclusive of towns) is, in round numbers, fifteen million acres. Before all, the basis of indemnity granted to the landlords must be fixed. Mr. Gladstone proposed the basis of twenty times the actual rent, as judicially fixed. This seems an exorbitant price, for various reasons. The first reason is that no leased land under the sun normally yields to its owner, at present, anything like the interest supposed by such a valuation. The second reason is that the landlords’ property in Ireland has actually no real value whatever; it could not find a purchaser, probably, at the price of three times the nominal rent, were it put up for sale (let anyone who commands capital, and who looks for a secure investment, consider whether he would ever dream of buying Irish land, just now, at any price). The third reason is that the true responsibility of the Irish disease rests with those very landlords who never did their duty by the country. Granted that their faults (one would rather say crimes) ought to be covered by the benefit of prescription, and that a fair indemnity ought to be given them or their creditors if they are dispossessed by measures of public sanitation, it would look ridiculous,—indecent to go to the length of rewarding them for their moral and economical failure by a disproportionate indemnity taken out of the pocket of the British taxpayer. When one hears, therefore, Mr. Gladstone speak of giving the landlords twenty times the nominal rent of their land, one is reduced to admit that his idea was to bribe them into acquiescence to his scheme by an exorbitant premium. The Irish landlords did not understand their true interest; they did not see that they should have thrown into the scale the weight of their votes. Very likely they were wrong. They may say good-bye to the Gladstone indemnity; they will never see it again. For the longer they wait to settle this question, the more must farm-rent dwindle away and indemnity shrink to nothingness. It seems that, at present, in fixing it on the basis of twelve times the judicial rent, the British nation would show great liberality. It would be equivalent to saying that Irish land, as an investment, is worth one-third the capital in English Consols that bears the same interest, which is certainly paying it an unexpected compliment.