AGKICULTUEAL DEPRESSION, 1873 TO 1887 125 



are hard pressed by unremunerative prices, numbers are 

 necessarily thrown out of work, employed half-time, or 

 crowd into towns to meet an exodus into the country of 

 starving artisans ; their El Dorado proves to be the work- 

 house or worse. The landlord's income is precarious, the 

 farmer's fixed rent an improvident speculation, the 

 labourer's wages an uncertain remuneration. With exist- 

 ing conditions all classes, but especially those engaged in 

 agriculture, are necessarily dissatisfied. 



Before considering the many remedies proposed, it may 

 be said that, though State interests override the interests of 

 individuals; though the cultivation and occupation of the- 

 soil are matters of national concern ; though the limitation 

 in the quantity of land attaches a fancy value to its acqui- 

 sition and renders its possession a monopoly — no true dis- 

 tinction on the score of ownership can be drawn between 

 real and personal property. Money invested in land and 

 money invested in the funds are equally the fruits of indus- 

 try, equally entitled to protection. Eights, legally acquired 

 under existing land laws, cannot be disturbed without 

 destroying that security which is the vital breath of 

 nations. Sudden changes, subversive of the social system, 

 rather aggravate than cure existing evils. Freedom of 

 contract is a sounder jDrinciple than State interference, 

 and voluntary action more satisfactory than compulsion. 

 Whatever are the remedies applied, they must be consist- 

 ent with established rights and recognised economic laws. 

 On the one side, the accumulation of large estates in few 

 hands is admittedly an evil ; on the other, the mixture of 

 large, middle-sized, and small holdings is economically and 

 socially the most advantageous organisation. But, unless 

 legislation is ill-considered and revolutionary, no general 

 change can be immediately effected in the occupation or 



