to be worth thirteen years' purchase, that is to say, about two millions six hundred thousand pounds. They seem not to have been aware that much of the land had been let very low on perpetual leases, and that much was burdened with mortgages. A contemporary writer, who was evidently well acquainted with Ireland, asserted that the authors of the report had valued the forfeited property in Carlow at six times the real market price, and that the two million six hundred thousand pounds, of which they talked, would be found to shrink to about half a million, which, as the exchanges then stood between Dublin and London, would have dwindled to four hundred thousand pounds by the time that it reached the English Exchequer. It was subsequently proved, beyond all dispute, that this estimate was very much nearer the truth than that which had been formed by Trenchard and Trenchard's colleagues. Of the seventeen hundred thousand acres which had been forfeited, above a fourth part had been restored to the ancient proprietors in conformity with the civil articles of the treaty of Limerick. About one seventh of the remaining three fourths had been given back to unhappy families, which, though they could not plead the letter of the treaty, had been thought fit objects of clemency. The rest had been bestowed, partly on persons whose seances merited all and more than all that they obtained, but chiefly on the King's personal friends. Romney had obtained a considerable share of the royal bounty. But of all the grants the largest was to Woodstock, the eldest son of Portland; the next was to Albemarle. An admirer of William cannot relate without pain that he divided between these two foreigners an extent of country larger than Hertfordshire. This fact, simply reported, would have sufficed to excite a strong feeling of indignation in a House of Commons less irritable and querulous than that which then sate at Westminster. But Trenchard and his confederates were not content with simply reporting the fact. They employed all their skill to inflame the passions of the majority. They at once applied goads to its anger and held out baits to its cupidity.