CHEAP AGRICULTURAL CREDIT. 139 



political parties, it seems to me that one of the 

 most necessary things for a regeneration of rural 

 England is an irrigation of cheap credit ; and 

 that it is at once a monstrously stupid and 

 wicked thing to withhold it on any ground of 

 party prejudice. The land has been hugely 

 bled of its capital, partly by the competition 

 of industrial enterprises, partly by the long 

 series of unprofitable years, partly by the dwin- 

 dling of the old class of landlords committed to 

 the " feudalism " of trying to maintain their 

 landed estates at the expense of their incomes, 

 partly by the disappearance of the country banks 

 which used to help the small landowner at a 

 pinch. A flow of money is wanted for better 

 houses, better machinery, better stocking, better 

 culture ; for a great increase in the area of 

 culture and the number of small-holders. That 

 money can be invested by the State without the 

 slightest fear of any loss of principal or interest, 

 provided that there are other co-ordinated efforts 

 to improve the land position generally. It 

 would return enormous dividends in the better- 

 ment of national health, national character, 

 national prosperity, and national defence. 



