a second or rack rent paid to the lender of the purchase money, and the recipient who walks off with it is neither more nor less than a bastard middleman[1] who takes a fine in lieu of an annual
- ↑ Here is a case where the lender actually becomes the Landholder.
Evidence of R. W. Codd, Roman Catholic Clergyman.
"By whom is the stamp and interest paid?—By the tenant.
"Do you know the usual rate of interest?—I have been inquiring, and I have been told it is not less than twelve per cent., generally speaking; sometimes this money costs them 10 per cent., when they give them the land in pledge. The use of the land is granted as the interest for the money borrowed" Ibid. p. 208.
money. He, therefore, is obliged not only to part with the whole of that capital which would be requisite to establish him in his new enterprise, but he must, at the very commencement' encumber himself with a debt which requires a considerable time to liquidate.
"The equitable and legal rights of a proprietor in his land, as well as the equitable rights of a tenant to a fair return for his judiciously-invested labour and capital, are alike outraged by the existing practice in Ireland." Digest of Evidence, Devon Commission, p. 5.
Evidence of Thos. Eyre, Esq. Farmer and Miller.
"What do you think of the effect of the tenant-right generally?—I always thought it injurious; but am not competent to judge, perhaps. I had been always living in England till 1826. I always thought it an injury to the tenant, rather than a benefit.
"In what manner do you consider it injurious to the tenant?—The incoming tenant impoverishes himself by purchasing this land, he has to go and borrow money to buy the land, in the first instance; and after he gets it, he gets credit where he should not do it at home. The shopkeepers say, "Oh, he has a farm, and we may trust him."—Ibid. p. 306.