of always finding his bread when he wants it, without being obliged to buy it dear!"--_Kay_; vol. i. 153. The German people borrow from the earth, and they pay their debts; and this they are enabled to do because the market is everywhere near, and becoming nearer every day, as, with the increase of population and wealth, men are enabled to obtain better machinery of conversion and transportation. They are, therefore, says Mr. Kay-- "Gradually acquiring capital, and their great ambition is to have land of their own. They eagerly seize every opportunity of purchasing a small farm; and the price is so raised by the competition, that land pays little more than two per cent. interest for the purchase-money. Large properties gradually disappear, and are divided into small portions, which sell at a high rate. But the wealth and industry of the population is continually increasing, being rather through the masses, than accumulated in individuals."--Vol. i. 183. The disappearance of large properties in Germany proceeds, _pari passu_, with the disappearance of small ones in England. If the reader desire to know the views of Adam Smith as to the relative advantages of the two systems, he may turn to the description, from his pen, of the feelings of the small proprietor, given in a former chapter;[176] after which he may profit by reading the following remarks of Mr. Kay, prompted by his observation of the course of things in Germany:-- "But there can be no doubt that five acres, the property of an intelligent peasant, who farms it himself, in a country where the peasants have learned to farm, will always produce much more per acre than an equal number of acres will do when farmed by a mere _leasehold_ tenant. In the case of the peasant proprietor, the increased activity and energy of the farmer, and the deep interest he feels in the improvement of his land, which are always caused by the fact of _ownership_, more than compensate the advantage arising from the fact that the capital required to work the large farms is less in proportion to the quantity of land cultivated than the capital required to work the small farm. In the cases of a large farm and of a small farm, the occupiers of which are both tenants of another person, and not owners themselves, it may be true that the produce of the large farm will be greater in proportion to the capital employed in cultivation than that of the small farm; and that, therefore, the farming of the larger farm will be the most economical, and will render the largest rent to the landlord."--Vol. i. 113. Land is constantly changing hands, and "people of all classes," says Mr. Kay--