Let us dismiss at once the theory of “restitution” with the earnest hope that we shall hear nothing of it in the coming controversy.  No Irishman will argue that a subsidy to the extent of, or exceeding the deficit, is a good thing in itself, and should be large and lasting because it will represent compensation for money unfairly exacted in the past.  It is, indeed, true that the Union impoverished Ireland, but the most grievous wrong was moral, and for that wrong alone is reparation possible.  Home Rule is not worth fighting for if it has not as its end and aim a self-reliant and self-supporting Ireland.  Nor does it improve the argument in the least to represent the subsidy as productive expenditure for the purpose of raising Ireland’s taxable capacity and improving her economic position.  No money raised outside of Ireland will have that effect.  Once admit the principle of restitution, and where are you to stop?  What rational or scientific limit can be set to it?  More pertinent question still, what are the conditions which will inevitably be imposed in exchange?  Ireland cannot have it both ways.  She must either hold out for financial independence or, for every financial boon, submit to a corresponding deduction from her political liberty.

If there were no alternative between financial independence without a farthing of temporary aid, and permanent financial dependence with a permanent loss of liberty, it would pay Ireland a thousandfold in the future to choose the former scheme, remodel taxation promptly to meet the initial deficit, and with equal promptitude set on foot such a drastic reduction of expenditure as would ensure the rapid attainment of a proper financial equilibrium.  When once the Irish realized the issue, they would accept the responsibility with all its attendant sacrifices, which would no doubt be severe.

But there is an alternative, and that is to make good the initial deficit, whatever the financial authorities finally pronounce it to be, with an initial subsidy of equal size, or perhaps of somewhat greater size so as to admit of a small initial surplus, but destined to diminish by stated amounts, and within a few years to terminate.  To such assistance, given unconditionally, Ireland has an unanswerable claim, and to such assistance she ought, in my opinion, to limit her claim.  Until two years ago she contributed uninterruptedly, and sometimes excessively, to the support of the Empire.  With men and money she has made efforts for the common weal which no self-governing Colony has made, though she has been treated, politically and financially, as not even a Crown Colony has been treated.  Just at the point where the self-governing Colonies, thanks to the liberty allowed them, are beginning to contribute indirectly to the defence of the Empire, Ireland, as the ultimate result of a century of coercive government, ceases to contribute.  She can claim honourably, if she wills, to be placed, by temporary financial aid from the authority which is responsible for her undoing, in the financial position of a self-governing Colony.