farmers do not average 5_l._ an acre capital on their farms. I speak of England, and I take England south of the Trent, though, of course, there are exceptions in every county; there are men of large capital in all parts—men farming their own land; but, taking it as a rule, I hesitate not to give my opinion—and I am prepared to back that opinion by witnesses before your committee—that, as a rule, farmers have not, upon an average, more than 5_l._ an acre capital for their arable land. I have given you a tract of country to which I may add all Wales; probably 20,000,000 of acres of cultivable land. I have no doubt whatever, that there are 100,000,000_l._ of capital wanting upon that land. What is the meaning of farming capital? There are strange notions about the word “capital.” It means more manure, a greater amount of labor, a greater number of cattle, and larger crops. Picture a country in which you can say there is a deficiency of one half of all those blessings which ought to, and might, exist there, and then judge what the condition of laborers wanting employment and food is. But you will say, capital would be invested if it could be done with profit. I admit it; that is the question I want you to inquire into. How is it that in a country where there is a plethora of capital, where every other business and pursuit is overflowing with money, where you have men going to France for railways and to Pennsylvania for bonds, embarking in schemes for connecting the Atlantic with the Pacific by canals, railways in the valley of the Mississippi, and sending their money to the bottom of the Mexican mines; while you have a country rich and overflowing, ready to take investments in every corner of the globe; how is it, I say, that this capital does not find its employment in the most attractive of all forms—upon the soil of this country? The cause is notorious—it is admitted by your highest authorities; the reason is, there is not security for capital in land. Capital shrinks instinctively from insecurity of tenure; and you have not in England that security which would warrant men of capital investing their money in the soil.