147 



it from all risk of sale, and the facilities a fee-simple 

 tenure affords for raising* money, have expressed the 

 opinion that the natives would largely avail them- 

 selves of the privilege of redeeming- the land revenue 

 on their estates, at twenty or twenty-five years' 

 purchase. A few, more cautious again, have ex- 

 pressed doubts as to whether much success would 

 attend the measure while the rate of interest for 

 money in India remains as high as it is at present ; 

 and this is correct. Yet the exact position does not 

 appear to have been clearly apprehended by any. 

 Some say, c We will calculate the rate of interest at 

 5 per cent., and sell at twenty years' purchase/ 

 Others say, ' No ! rates will fall. You must, therefore, 

 calculate the rate of interest at 4 per cent. We can- 

 not then afford to sell under twenty-five years' 

 purchase.' Now it is quite true that, when land is 

 in the hands of a Government, and population exces- 

 sive, that Government may demand for it any rent 

 or price it thinks fit ; and the utmost discrimination 

 and judgment are necessary in such cases, lest, by 

 the imposition of a rack-rent, tenants be prevented 

 from improving their holdings, and, as often occurs, 

 the land of the whole country be worn out and 

 ruined, or, by renting it on too easy terms, the in- 

 terests of the Community be sacrificed to those of a 

 particular class. In Ireland it was, perhaps I may 

 say is, not uncommon for tenants to bid up rents to 

 any height, in the firm intention of paying only so 

 much as they are able, and no more. lln^short,a 



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