In point of fact, the Irish Government would find it good policy to popularize Irish Land Stock in Ireland.  At present prices the 3 per cent, stock is among the cheapest and safest in the world, and would return to the farmer thrice as much interest as the average bank deposit which he now favours.

Mercifully, there is no exact historical precedent for such a case as Ireland, though, on a small scale, Prince Edward Island is an instructive parallel.[163] But if precedents, in the shape of guaranteed loans to self-governing Colonies, are needed, they exist.  The most relevant and recent is the Imperial guaranteed loan of 35 millions made to the Transvaal by Mr. Balfour’s Government in 1903 after the great war.  Why it should be a heresy to do for Ireland what we did for the Transvaal, I am at a loss to conceive.  The loan became, of course, an obligation of the Colony when it received Home Rule, and in 1907 a further guaranteed loan of 5 millions was authorized, of which 4 millions has been issued.  Like Irish Land Stock, these loans are secured on the Consolidated Fund; but I do not think a fear is now suggested that the Consolidated Fund is in danger on that account.  Prophecies of that sort were common enough in the mouths of those who opposed Transvaal Home Rule, but they did not long survive its enactment.

Another precedent is a guaranteed railway loan to Canada in 1873 of L3,600,000, which is just now becoming redeemable, while the Crown Colony of Mauritius received a guaranteed loan of L600,000 in 1892.  The British and Irish taxpayers have also made themselves responsible for L9,424,000 on account of Egypt; L6,023,700 on account of Greece; and L5,000,000 on account of Turkey.  The total nominal amount of the guaranteed loans to countries, colonial or foreign, outside the United Kingdom is L63,647,700.  The total amount outstanding on March 31, 1911, was L59,474,200, and the Government holds securities only to the value of L4,800,556 against these liabilities, leaving the net liability of the taxpayer at L54,673,644.

The net liability of the taxpayer at the same date on account of Irish Guaranteed Land Stocks of all descriptions was L65,764,054.[164] Ireland has a claim to Imperial credit far superior to any of the Colonies, dependencies, or foreign Powers mentioned, and the credit should not entail control, or the representation of Ireland at Westminster.

Incidentally, it goes without saying that Ireland, in common with the Colonies, should receive the very valuable privilege of having independent loans raised by herself inscribed at the Bank of England, and made trustee securities.