it was twenty years ago; indeed, the best farming, in the island, by many degrees, is that conducted by a small number of men of substance, who still hold on the footing of free contract, having settled with their landlords, and taken out leases, a significant commentary on Irish legislation since 1881. This subject, however, must be considered from a broader point of view, and with reference to the community of Ireland, as a whole. A great confiscation, I have said, has been wrought in the Irish land; the immense fall in the value of the landlord's estate, and the immense rise in the value of the tenant right, prove that property belonging to one class has been transferred, wholesale, by law, to another, a result never contemplated by responsible statesmen. And confiscation has produced its inevitable effects; free dealing in land has been prevented; except to his former tenants an Irish country gentleman cannot sell what remains to him of his former estate, and that through the system of 'land purchase;' capital shuns the Irish soil as if it were a quicksand; trustees and mortgagees will not invest in it; in a word, as respects the class which had been its owners, the Irish land has been bound in a kind of pernicious mortmain. It is unnecessary to dwell on the resulting evils; one of the sources of the wealth of Ireland has been made barren; a paralysis has fallen on a member of Irish industry; what is, perhaps, even worse, a sense of insecurity, of instability, of fear of unknown change, so widely prevails in Irish landed relations, that they have become completely unsettled, and are a mere chaos. And as vicious legislation has cut the old landlord off from his estate, has assimilated him to the chief lord of the eighteenth century, and is evolving, by degrees, the middleman, so the effects of confiscation, by keeping land out of commerce, have unnaturally limited and restricted its nominal ownership; in fact, many of the features of the detestable penal laws of Ireland are reappearing in the Irish land system, and are being reproduced by the modern Irish land code. Another mischievous effect of this code, in another direction, requires attention. The value of tenant right, we have seen, has enormously increased; the sums paid by incoming to outgoing tenants, on the transfer of farms, have, accordingly, become enormous; these purchasers, therefore, are being subjected to heavy outlays, practically in the nature of rack-rents, which hamper their industry, starve their capital, and most injuriously affect good husbandry. One class of the community is thus wronged for the behoof of another; and agriculture must, more or less, suffer.