The interest for the third milliard would easily be raised in the shape of additional taxes, if Irish agriculture were freed from any other charges. That would only increase the annual taxation by about a sixth part, and would not even then put it on a level with the incidence of English taxation. Ireland, on her side, might well do this slight sacrifice to the cause of social and political peace. There, then, we have the £120,000,000 wanted (in the shape of a special loan, emitted and guaranteed by England), which are found—a third by each of the high contracting parties; a third by a reduction of 33 per cent. on all services that would have become purely Irish. How ought this magnificent lump of money to be used to make it bear all it can? By lodging the whole in the coffers of a special _Bank of Liquidation_, that would be entrusted with all the operation. This bank, strong in her guaranteed capital of £120,000,000, invested, if necessary, with the power of emitting special paper-money, begins by paying all the lands on the basis fixed upon by law. This implies only, at the most, an outlay of £90,000,000. These lands the bank divides into three classes. _Class A._—The fee simple of the first class, composed of the holdings under £10 a year, is simply transferred to their actual holders (as would be done in an infant colony in order to attract inhabitants), subject to the single proviso that these lands shall be cultivated after a given system, and according to certain rules, and taken back by the public domain, if this condition be not observed. Let us remark, in passing, that this free gift will, in the majority of cases, be only the legalization of a _de facto_ gratuitous occupation, most of these small tenants having, for the last three or four years, stopped paying any rent to the landlords. Where, in that case, will be their advantage? it might be asked. They will be no richer for having become landowners in point of law, as they are now in fact. This is a material error, as shown by the example of our peasant proprietors in France. One of the chief reasons that prevent the small Irish tenant endeavouring to get all he can out of his land is precisely the rooted wish in his mind not to work for the benefit of the landlord. From the day that he shall be certain of keeping the entire fruit of his labour to himself, he will emulate the French Celt; he will submit himself to the hardest privations and the most unremitting toil; he will abundantly manure his land, ceaselessly tend it, turn it again and again; he will make it yield all it can. Anyhow, if he does not, he will have only himself to blame for it.