THE FRENCH PEASANT 45 



output fi-om his land. His holdings are usually 

 adversely represented as being heavily mort- 

 gaged, but it must be remembered that if a 

 holder can raise capital at 4 per cent, on his 

 freehold, which he can employ in his land 

 to return 6 per cent, or 7 per cent., it would 

 be a short-sighted policy not to do so if the 

 security of his tenure was unimpared. This is 

 exactly what has occurred in France. The 

 small man finds he can employ capital re- 

 muneratively for cultivation purposes, and 

 with a keen insight to business raises as much 

 money as is possible on mortgage, which he 

 promptly invests in his land. This method of 

 finance is subtle, and only a cursory examina- 

 tion leads one into imagining that his financial 

 position is hopeless when a closer investigation 

 reveals a condition of prosperity. His mort- 

 gages are permanent and consequently difficult 

 to redeem. A reducible mortgage has never 

 been offered under wliich his capital debt could 

 gradually be diminished. The French peasant 

 is hard-working, industrious, and thrifty. 

 Every sou that can be saved is saved, and all 

 new schemes and ideas which will be profitaljle 

 to him are received with intelligence and 



