Page:Peasant proprietary in Ireland; a rejoinder.djvu/14

 the value of that form of agricultural economy. The Prussian system is that adopted in all the minor States of the empire with varied degrees of perfection. It affords a great example of the policy of 'thoroughness,' as the laws were originally framed in so entire a spirit that since their passing they have required little modification or supplement, and in this respect present a curious contrast to the imperfect legislation of these countries, where the possibility of annual supplement to our most elaborate statutes is ever within the ken of practical politics. Who of its most ardent admirers and enthusiastic advocates could venture to prophesy finality or promise an enduring settlement from the Irish Land Act, with its present machinery for fixing judicial rents—a system that has no foundation in economic science or history—a plan that is unworkable from the necessary accumulation and uncertainty of its work? Before leaving this branch of the subject I think it well to explain the idea of the institution of local land banks in Prussia and the principle of their operation. In each district local rent banks were established by the State, which advanced to the landlord in rent debentures, paying 4 per cent. interest, a capital sum equal to 20 years purchase of the rent. The peasant on his part paid into the hands of the district\