gence as the grazing-money.
A threefold blow was thus struck at the intermediate and smaller
landholders: they were deprived of the common usufructs of burgesses;
the burden of taxation was increased in consequence of the domain
revenues no longer flowing regularly into the public chest; and those
land-allocations were stopped, which had provided a constant outlet
for the agricultural proletariate somewhat as a great and well-regulated
system of emigration would do at the present day. To these
evils was added the farming on a large scale, which was probably
already beginning to come into vogue, dispossessing the small agrarian
clients, and in their stead cultivating the estates by rural slaves;
a blow, which was more difficult to avert and perhaps more pernicious
than all those political usurpations put together. The burdensome and
partly unfortunate wars, and the exorbitant taxes and task-works to
which these gave rise, filled up the measure of calamity, so as either
to deprive the possessor directly of his farm and to make him the
bondsman if not the slave of his creditor-lord, or to reduce him
through encumbrances practically to the condition of a temporary
lessee of his creditor. The capitalists, to whom a new field was
here opened of lucrative speculation unattended by trouble or risk,
sometimes augmented in this way their landed property; sometimes they
left to the farmer, whose person and estate the law of debt placed in
their hands, nominal proprietorship and actual possession. The latter
course was probably the most common as well as the most pernicious;
for while utter ruin might thereby be averted from the individual,
this precarious position of the farmer, dependent at all times on the
mercy of his creditor--a position in which he knew nothing of property
but its burdens--threatened to demoralise and politically to
annihilate the whole farmer-class. The intention of the legislator,
when instead of mortgaging he prescribed the immediate transfer of
the property to the creditor with a view to prevent insolvency and to
devolve the burdens of the state on the real holders of the soil,(3)
was evaded by the rigorous system of personal credit, which might
be very suitable for merchants, but ruined the farmers. The free
divisibility of the soil always involved the risk of an insolvent
agricultural proletariate; and under such circumstances, when all
burdens were increasing and all means of deliverance were fore