Whether an Irish or English authority controlled
the working of the railways would under such circumstances make little
difference, with the Courts of Law, the Executive, and Police in other
hands than that of the Government guaranteeing the interest. The
security for the advance would be imperilled; and, indeed, it is
doubtful whether a tenth of the money required would be advanced, even
in London, on those terms. For a similar reason any formal pledge of
Irish rates and taxes, to make up deficiencies in working, would be
illusory. At any rate, if Irish Land Purchase is to be continued under
British credit (and it certainly will be a prior claim and charge), it
is idle to expect Parliament to undertake the vast additional
obligations involved in Irish railway nationalisation. Parliament would
pay the piper but could not call the tune.
IRISH CREDIT NOT SUFFICIENT.
There remains the alternative of the new Irish Parliament financing the
operation. This it must do by means of payment in cash to the selling
shareholders, for reasons which will be hereafter stated, unless it
wishes to start its career by a scheme of spoliation, which would not
merely rob the shareholders (who are mostly Irish), but would destroy
the credit of the Irish Government.
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