42 



The Landschaft, or States, a local assembly of the 

 principal proprietors, were authorised to make a valua- 

 tion of such estates as were to he mortgaged, and to 

 issue writings denominated Pfandbriefe, or Mortgage 

 Debentures, which bore interest, and were transfer- 

 able with little trouble and expense, on which one 

 half, and in some instances six-tenths of the Lands- 

 chaft's valuation was easily borrowed. As the valua- 

 tions of the estates were made upon a low scale of 

 the prices of produce, and on a low estimate of the 

 annual quantum of such produce, they were deemed 

 the best security that could be offered. In a country 

 where no Government funds were in existence, or 

 none in which the public had much confidence, these 

 kind of securities became the natural deposits of such 

 accumulations of money as were not intended to be 

 exposed to any risks. Hence the fortunes of widows 

 and orphans, the capital of churches, schools, hospitals, 

 and charitable institutions of various descriptions, 

 were invested in such securities. From 1794, when the 

 valuations were made, the gradual rise of the prices 

 of the produce made the payment of the interests on 

 the debts very slightly burdensome ; and such was the 

 regularity with which the interest was paid, and such 

 the confidence in the security, that those Pfandbriefe 

 became worth a premium of ten per cent., and some- 

 times even of more. 



At the time of the valuation, the system of duty 

 work, as known in France by the name of Corvees, was 

 granted. The taxes on the land, for the families who 

 fell in defence of their country in the late war, and 

 for such as were disabled, were not imposed; and those 

 for the local purposes of roads, bridges, the poor, and 

 other objects, were much lower than they are at pre- 

 sent. Whilst by gradual steps, for the last ten years, 

 the price of all kinds of Corn, except of Wheat, which 

 is the smallest portion, has fallen below those at which 

 the valuations were calculated in the year 1794, the 

 increase of taxes and of the prices of labour have been 



