Of the vast district brought within its grasp, about six-sevenths, containing three millions five hundred thousand acres, with arental of one million two hundred and thirty thousand pounds sterling, has been sold and transferred, leaving a residue of sixhundred thousand acres of the yearly value of two hundred and twenty thousand pounds sterling still undisposed of.Theencumbrances upon the estates already sold, and which hitherto had been pent up in the courts of equity or left in the handsof ruined inheritors reached the extraordinary sum of thirtysix millions sterling, or upwards of twenty lour years' purchaseupon the net rental.This single fact shews the state of landed bankruptcy that existed in Ireland, and is an ample justificationof the law."And again, p.119
"The good done to Ireland by this important statute, and its vast results, are beyond all question.Large tracts of land, whichhitherto had no real proprietors, which were either in the hands of Chancery receivers, or of inheritors sunk in debt, onwhich a lease could not be made, nor a secure tenure be obtained, and which, accordingly, were invariably the receptacles ofthe worst specimens of the cottier tenantry, have now fallen into the hands of owners who can use them for all the purposesof property.On a great portion of the surface of Ireland there is no longer an impenetrable barrier to natural fanning tenures,and to the legitimate conditions of a real agriculture.Even the breaking up of the large properties into small estates has beenof advantage; for it has tended to extend the area of the farmer by reducing the size of private demesnes; it has stimulatedprovident and industrious habits, by opening the land-market to small capitalists; and probably it has considerablyencouraged the investment of money in the improvement of the soil.In a word, a great breadth of Ireland has now been setfree, and is subjected to more civilizing influences.The evidences of this most salutary change are perfectly clear in everypart of the country.Moderate mansions, neat farmhouses, and good farm buildings, rising from among trim corn fields andpastures,the true proofs of a substantial agricultural middle class,are now to be met with, and that not unfrequently onestates which had long been mouldering in Chancery ruin.As regards this point, however, we prefer to cite a single exampleto making any general statements.
"In the years 1852, 1853, Mr Allan Pollok, of Glasgow, purchased estates in the county of Galway, under the EncumberedEstates.Act, for which he gave ?30,000.He has since expended ?50,000 on them in fitting them with proper appliancesfor agriculture.In the year 1852 there were 100 acres of green crops on his lands, and in the year 1856 there were 2000acres of green crops, and 3000 of corn.If the improvements effected by other purchasers under the Encumbered EstatesAct, even remotely approach the changes accomplished by Mr Pollok, there can be no doubt that the wealth of Ireland willbe increased in an extraordinary degree."The general results are thus stated:
"These laws have wrought a complete revolution in Irish agriculture; have transferred the soil from pauper cottiers to realfarmers; have caused an evident improvement in every species of husbandry; have brought capital in large quantities to ahopeful field for investment; have planted in the land a numerous small proprietary, and have settled the true conditions ofIrish prosperity.A few figures will demonstrate these results.In the year 1841, the farms in Ireland, exceeding thirty acres inarea, were in the proportion of seven to the hundred; at the close of 1855 they had increased to more than 26 per cent., andoccupied upwards of three-fourths of the country.In the year 1841, there were about six and a quarter millions of acres outof cultivation; in the year 1855 only four million eight hundred and ninety thousand.In 1847, 727,000 acres of Ireland wereunder a green crop; in 1855, the number had nearly doubled.In 1841, the livestock of Ireland was valued at ?9,400,000.In1855, at the same rates, it had reached thirty three millions and a half.The average circulation of all the banks of Ireland wasin 1850 four millions and a half; at the close of 1855, it had almost increased a third.Lastly, while the Irish excise duties of1850, amounted to ?,400,000, those of 1856, are ?,600,000.it may, we think, be stated, that so rapid and happy andeconomical a revolution, so quick a transition from a sinking and perilous, to a hopeful and flourishing landed system, iswithout a parallel in history.The foundations of Irish prosperity have at length been laid in reformed modes of owning andoccupying the soil; and there can be no doubt but that they will support a superstructure of general welfare."One remark I will make in concluding this brief view.We live in an eventful age.That is a reflexion.which every one isready to make; every one ready to assent to.But there is a further reflexion suggested by what I have been saying.Besidesand beyond the events which make the age appear eventful to common observerswar and peacerevolutions of states anddynastiesthe rise and fall of kingdoms and empires, republics and federationsevents which shake the ground with theirearthquake, and fill the air with their thunder; beside and beyond these, there are events taking place, noiseless and almostimperceptibleadvancing like vegetation over a desert, or summer over the woods and fieldsevents of far more consequencethan all that comes with convulsion and tumultevents which will by the political economist of the future be regarded as farmore important than any political eventshappier than any restoration, more glorious than any revolution:the events of thedecay and extinctionto be replaced by something betterin short, the Euthanasiaof Métayer Rents in France, Serf Rents inRussia, Ryot Rents in India, and Cottier Rents in Ireland.
