277 





twenty-five years' purchase/ Now it is quite true 

 that, when land is in the hands of a Government and 

 population excessive, that Government may demand 

 for it any rent or price it thinks fit ; and the utmost 

 discrimination and judgement 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 interests 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 a s they are able, and no more. In 

 short, a monopoly of land is the most absolute of 

 all monopolies, for, the desire to possess beiug acted 

 on by the necessity of procuring the necessaries of 

 life, the price is forced up to the very highest 

 possible point, and people are left no alternative, 

 but to pay it or starve. In such cases, the seller 

 certainly fixes the price ; and to this state of things 

 only, is the reasoning above given applicable. 



The question then is, is the present one of 

 these cases are these conditions now found in. 

 India ? Certainly not. Laud, not population, here 

 is in excess. The revenue moreover is fixed in 

 perpetuity, and, as a matter of course, its value is 

 simply a question of calculation ; or it is settled 

 jriodically, usually on the metayer principle of 



