The National Register. — London, England, 1818-08-16 00:00:00

r~ ~.MI REPORT FROM T!ll•: COM'IITTE•E 0.1.' THE 1.". S L' LAWS. This having been printe,l, we have selo.r.tc.l the f,llotciu;;, as being t:te of a gentleman who ::,)cars to have v:ell unierstnal the subject, au3 t'cont w nom Commi:t clerivzd consi.lerable information. EDWARD BURT:::1i:1VM S'...!.;;Dr.ti, Eine in :.n: You. li.tvf• Iwo: :It Itiy y:•ar4 cotivt.r,.:3t t‘iLts real prow ty ? iii.s.%a!:l% tillt , •la seats. Ye, y esteasisels• so ?—Certainly. • 1 .i. ; VI. y hal an opp tiviire of obsers leg the effect of the s mem len led property I have. Ii 've ties been beriedrial or otherwise ? —They have been dee:die:ly iniu,iral to the interest of the dueled proprietor. kind s 'emelt to ;fauna the Committee your sentiniems t - ,,.a+ the •iialect cry limier' propi beer will have in im-y when , let wabre it, and e always two rates of interest ; oee the mai ket rate, and the other the legal rate. the la it Let tate rises above the legal vete, the Tended propiieter ••:lit Ilerl , .7llily resin t to %rime shift to 0%.01e the usury laws ; Ili:, is Ilene under the coheir it eraiititig life aininittet. sueli dealiegs the transaction it in truth a loan ; the party advancing the iiienty always fixes Nitta a rate per cent. at v. - hitch he is ttiiliii to lend cis money, to which he adds the costs of higher the teraie are 010 11101 e toe transaction Ilse shape of a loam becailie the very exorbitaney of the terms revilers it an act of dine on the part of the hurl iiwer toward.; th ns if to re-ptirehase the :enmity as slum as he trashily can : far in all these case , , NiIIII•Mt one chceptit n, a revel. to re-purchase is inserted in tee eratit of his. annuity ; in speaking of suet trans:ie. thee , I iiiVi• Me:viably observed that tile pateies treet :hem as leans, mid not a• a purchase tint anilent of int Are three aimaities es-nerally grant.:ll for the :ite of the grantor ; aml mit, for one life, or for more live>?— When the burrower hits oily a life interest the annuity is tiectissariiy granted fur his life mile., but when the grantor has a Inrger t: rest, for example, .1 long term a years or a Ice simple, tee auenity is rhea wanted for three lives at the beret, and tie. of the survivor of them; noel as this ditiiiiiistice the tole of the seem iiy, a smaller sum is generally added a, the charge ofinsarance. I have knoren annuities granted for three lives at tell par ecnt.npou fee simple estates nniecitim I. reed and of great annual valve in register coonty. I have aim> known annuities granted for four lives, and mure would ire been added but for the danger of or ity eettiikg vatic tee transaction on account of the inadequacy of the consider ar:l.n. Letterly nnmty 41111I:Illv3 were granted fee a term of yaa+s certain, mot denendine upon lives. if there were no levis of avitrictiutl on the rate of interest, cool.l or conk! not better terals have bean ohlained ?—•I am of opinion that better terms ceold live been ob teined, for there is a stigma which attache: to liiCll %l h 0 npon anionic; that chives all respectable men out a tee merket. Some leading inn did latterly embark in still reneactiene, but I never lot inetance knew a man efrepuita eiOil ill Illy OWC 11101 . uSSI011 lend mduey in snob a meaner, although we have the beet ineani of ascertaining the safest aecinitics,a::4l of oirtaining the hest terms. In all Icons two solicitors are invatiably concerned, one for the borrower and one for the lender; mid altholigli the borrower always pays the cepense of the securities, yet a reviler professional bill is invariably made out; whereas in the case of an annuity, although it is in shietnees a 10:1.1, one solicitor only is em ployed, and lie never wakes out a regular bill, bat charges what is termed a lumping sum for all his expense and trou ble in the transaction. Besides this a . iiidgnient is neatly in every case entered 1111 azainst the borrower, with liberty to • issee out excretion if the annuity is a few days in arrear.— 'rhis is never hone upon a reenter loan. Are von aware of any ineunvenience . that would result fi•oin the repeal of theme laws ?—I have latterly turned that over ft eqneetly in my nine', end I entertaiii a confident opi nion, that the repeal of the laws wualul not in ally manner prejudice the landed interest ; fur as money can now be obtained upon real serority at four and a half per cent. al though the law as it 110 W stands, live per (TO. to be taken, it clearly iodises that it would still be obtained a t that rate, that is, at lollr anti a half per emit. if the law allow. ed cent. per cent. to he taker. But where sums are owing open personal or slight seemities, I should nut be sur to teed if tile parties were to claim a somewhat larger inter est for tints sudering the limn to remain on sue!' security, as - snon as the laws are repealed. I should not have thought it wise to repeal the laws tiering a moment of agitation ; but the repeal of them How would scarcely be felt. If the Committee understand you rightly, eitey conceit, e you to mean, that if the laws were repealed, the rate of in lercet would behlldigted to the securitice .. —i'recieely so ; money, like every other commodity, will find its level in the market. At this moment I think clearly, that the repeal at die usury I uws would not raise the rate of interest un 10.111 i upon real securities. Does any thing else orenr to you %--Without being able to vouch for the accuracy of the accomit, I sent this 11101 - Iliag to the registei's Mitre in which the grants of life annuities are enrolled, in ()hire to ascertain roe number Or annuities en• rolled in the last funk months, and tke whither in the corres pouding forte monthe of last year. It struck me, that 05 money Was 110 W and the rate of interest coneetpiently lower in the market, the number would be foi l ed vi have de creased in the fate nionthe in this year; and the numbers which have been given to me as the result of a very hasty examination, were .151 in the first four months of the yea i ISIT, and 314 ill the course of the last teuir months, being a decrease of 117 ; hut .1 cannot take upon myself to say that this is the actual result. With the knee of ilie Committee, 1 will just add a few things that orcur to me ; I would first draw the ettention of the Committee to the Act of the 53d of the Kim!, sv bieli was framed by me, and which was, to a coil. - sidcrable degree, a relaxation of the usury laws, fur as it fa— cilitated and rendered more secure the grants of life alintih tie., which are weedy an evasion of the nsui y It did to that extent comic' act their effect. If the wane laws are repealed, it would be necessary to repeal bell) that Act and the Art of the Mit of the Rlog, which letter was repeated by the Act of the 53d ; tOr it would be absurd, s it seems to are, to leave these provisions oo the statute book, when a men may by law take what he Call get f. r the loan of his money. In repealing the usury laws it appeals to me that it would be scry desirable to add two piovisions; the sore that on man Omelet lend money et interest without disclosing his tiante, as Hit lender, or the face of the seem it y• would pi es eut all litteltrli ti ausac lions. I inssi It never knew :in instenee, all timigli now and then PO riereau for hiatus may ore 111 nn sslliela a person faisly lending his Mm.l.s qt itileir.l Wel , lit Strums lit conceal his name.. The oho r pros gsiou which L -would take the liberty to suggest TY: TITF, - NATIONAL REGTSTER a clause i ne ki ng i t pena l (of colll'%ll, I lin not 111.1111 et iinitially) Ise letiol ' , tomes' at ieterest, or by way of annuity, to au infant, wa plarine it nut of the power of the itifint when lie conies of aste to ratify sinsti a I ; and aeowine hint to recover it by action. if lie itetually do p - ty it, and giving him the brolefil ()fa diecovery is equity Neatest the lender. There pie a clatiee tiv to that tiffeet, is the Annuity Act, %%kWh mielit, with the litice , sary era! i.on, be adopted iii this ease. Foor smile few s eats past it 11.,s been metal to ineei t ',lowers of sale w !telly al the 111.! mei tgagee is lour:gazes of n property'. 'rhos pow er en 41/11'.4 mortt;:ra•eul °hee to swat ato Ithi+elf the repayment of his principal and it ap• pears to me, ilea welt, that operation is Inily mulcts I, the sleet wid be to lot , er the rate of interest on real secon ii les, may observe, that within the last few years litany persons have borrowed money by way of animity, who, w Ihreier list net eneaste in sitch trammetions. Scarcely any man emend lotto a Mudding speculatium with a eniell capital, who ,i;,l no t rai,r looney by annuities, upon the semot Ay et his buildings, and very freqiiently before they were cove, ed I have k ter svlt fines rratills practised in this respect, such as a tiiii•lnel 'mese sliewn to a party. aittl ht deseriptiom of an entieisheil oile afterwards snlistittated. Douses have hetet ,hewn as a stocarity, in the finishiog of which erent uninbers of win kowit were employed, all of whom were taken °tithe too:matt the transaction' Was completed, and the amittitants were then left without ally security ter the annuity. By these anti ether frauds, I apprehend tbat more money has leito lonot than stained by loans under the shade of life ennui_ lies or slllBll tint' I have known Sill.1 . •11 very dis tressing eases in which unprotected feartles have lost the II hole rowans of their subsistence by soich tianc.tetinits ; putt it does appear to me, that if the usury law.; had not existed no cash Illitojlki% as those which 113111' poillt i*ti 0111, would bane IWC.IOSO 103114 are tionolucteof vi 111. great (withal and regulativ. In mmy instances professed annuity' dealers have cellecied small smite flout all tle•osi 'Ohms of nersoott•, until they formed a considerable ageregate ; this they have laid mot in their own names in the puroilmee of mic annuity, mod there lia, been .4 deed to declare Ihe trust of the annuity, for the persons whose names were advalired, according to the proportion in which they hail aolvaneed them ; they then pro cure themselves to be appoiuted receiveis of the rents, in order to pay the anneity, for which they have a con.l6 , sion, anal the annuitants ate liCei';iiatily compelled to appoint Mem their receivers also, for which they charge another comntibeion. tempt:it:oo oil the part of a solicitor to ' lend money upon anted tiet %e;sy ;trong, becnuse without any cheek 'moon his charges he deurraols whatever sant he pleases, and lie takes care that it ie itistant:y paid ; for in no instance is the bort to .vr r neowed to leave tint 100111 until he has paid the solicitor's charge. It frequentiy happens, nett the solicitor was orieinelie eeneerned ler the mail wl.o bor roes the money, :inlets .do he I. is taken the pains to find opt man who wants to lend it, :tol lie does nut feel that interest in obtaining a proper seeority for the annuity, which it is always the dirty sit the solicitor to do in a regular transactioe. In shout, annnities in their rise were a mere evasion of the law of the laud in their proere:eo overturned the laws, and in their consimitnatiom they ruined most of the parties who engaged in them. Act of the 17th of the king, which was intended to restrain such transactions, led tc mare titration, perhaps, within the same space of time that, my ether Act on the S.:. tatute Book. The moment the borrower felt the annuity press heavily on him, he attempted, and often with success, to set aside the grant; this led to great oppres sion ou both sides.; the lender considered hioneeilf as out of the pale of the law, and exacted a rate of interest which he considered would cover at once hie risk and his disgrace.— The borrower considered himself as oppressed, and applied part of the very money which lie liorrosved in defeating the security which he had given rot it ; all these ciremnstances led to the oppressive and irregular way in whisk RIICII transactions are conducted. The Act of the s:',d of the King !tat put n total stop to all litigation in regard to grants of annuities : that Act has now brim, live years in operation, and ant a single annuity granted within that pLitioti has liven the subject cola law suit ; but nothing short of a repeal of the usury laws can put a stop to the abuses is hieh attend grants of annuities; they stronsly encourage a spirit of gambling ; for as the re-pay ment of the money lent cannot be inferred, and Cie unotedy is granted upon a contingency, the borrower too reerpiently neglect; to provide for re-peyone.nt of the loan, but tr usts to Chance for the determination of the antitlity. Do you think it woodol he best forall tiescriptioltro of persons, and for thiestate, that there siineld be no boundary or re. straint whatever r f .. 0 interest, brit that it should be left to the convenience, wants and agreements of the borrowers and leudersi-- , Under the existing circumstances of the country, am clearly of opinion, that it would he for the I:emit:dot' all parties that there should he no restraint upon loans at interest. By the existing tiiielionstaitees of the country, I mean the depre of commercial enterprise thr.t pervades it, and the immense capital thet i: possesses; if the market rate of in terest rise above the legal rate, there are sire tidy numerous deriee. by which the r.sozry Errs are evaded, mid the bor. rower is forced to pay mot only the market rate, but a coin pensatiuht for Ilus risk Lad diser.“:e Which attend a breach of the laws. The high rate of Wittiest which can now be oto taineil in Fiance ; aryl which is pail: in Englaml as regodarly as our :own is a strong Inge:tient is favour of the re peal el the laws, if Cie market rate of interest were at this moment above the level of the law, ins t eat: of being as is ite• litany is below it. In a commeinial country like outs, si It ti large capital, usury laws :mist, I apr•diend, alwas to the true interests or the community. If such laws merely fellow the tot.tte of the market. they sue at best un *WC(' ssary, it' they dio , regar.l the state et' the market, they w ill in e vi tahly thentsel yrs be disregai ded. From the fluctuation of the vallie of money, it is impossible to pass a law wide!, shall at ail times accord with the state of the market. The greater the penalty that ioo imposed on the bi ea eh of the law, the less is the chance of the law beiog ration-ed. Our usury laws have been hourly broken, mid an instance raisey occurs in which the heavy penalties have been recus vied ; there appears to me Ito fammlaiion whatever for the notion that it is for the loot petit of the gavernment that the !egg lAN' Or iIIIC!CA SllOlll4l 101% ; a w ise goseintiletit, I recut chit , wonnf eneotiralie a ready circulation of money aiii•mgrd landed lot - omit...tors, amt not drive them to sloits too esorde notary laws. Whether our user s is tic be repeated or mot, the Minted interest will alweys command the tiae of the capital whi t e' their n e enssitie., e s ti for; upon loans to Goveillilli lit, I apprt bend, the &gal rate of interest has no intitietive ; die rate of interest on the Stock Exchange regelutea them, tied that is nut influenced by the legal hate. Oil Moool.iy afternoon, the main% of Mica Pone, of theatrical erlehrily, wtss t• iettiovcl from Brompton for inter ment in the vault of St. M.,rtiii'4 ettorelt. The ekininie of Dr.Ashe and two other& folio% et! the mounting coache!. A .. • NUM • 41be• T4O - CASE OF MU. ARBUTLIVOTT. ; 1, 4 .44 I. Mr. Arhiithriott is accitgeti by the Americans of haring incileki the Indians to acts of savage warfare against then,. The utmost, we have reason to believe, that could be proved Mr.Arbinlmatt wars, that he concurred with hi. Indian m i4li4ours in the proptiety of protectioz, their property by t ace of anus when btu levsly invaded. The sat•-ty of hi% 0. eoininereal vtore w4i involved in the issue, an•l he could not seasonably 4'.0 levy. le one e r more American min•aoders have horn .lout and scalped in their attempts to carry off the faille of thoir Indian nriv:liimarv, what pretext eau the colic, trvineti nr the cattle•stoulers nary&• for complaittine of the in which au act of rubbery has liven very properly puniihed No rational motive Call be aiii.tned why Mr. - A chink:lo4 have incited the Indian, to wanton hoitilities agaMit the Amei icaos. Ai a private tratler, his interest was to col. sivaie peace nit!, WI ammo! him ; us a Britivh subject he could have Ito object in provokitil hovtilities which he hav e been Cl'll3lll the Itritivh Government would never sanction or abet. 2. Mr. A rtm thnott is farther accused of having furnished t! . .e Indians nit li the'' munition; of war." munitions of war" with which Slr.Arbutltnott furnished the Ititlians, were rordlier than the ordinury articles of traffic het weesa Europeans and Indians. The Indians gain then principal means of subristenee from limiting ;it i 4 occu pation ahich they cannot carry on with adequate %itgreSs without an ainpV.; of ponder and short and Mr. Ar. huitlimitt did no more than atil thern with part of that supply, in retort, for the skins and Air; which they brought to him. It was a in , n-e transaction of trade, of which the Amelican% themselves in all ilit!ir Mte!'eolir;,e with tl:e Indians are set in; constant example, and aitholit which no trade with the Indians can possibly be carried on. J. 311. Arbittlitiott was accused of being a spy upon the Americans—or rather, according to a version oldie offence, which has been lecently proup:lg ited, with havin; given intelligence to the Indians of the movements of the American fin . ces. inteltigence which Mr. A rhinlinntt gave the Tat - Fans was simply' this told them of the offici:tl communication lie hail rreei red from the rimegailo agent If wilily, that the Americans had re iol yeti upon their litter extermination, and a ere ilpoit the vvoy to put this barbarous edict info execution. What W4O there in this which WAS azahist any one of the IsiVi of natiow. ?If it indeed au act of .spiinazr ile:erving of death, flambly,wlio bent the tiding. from tilt. Alteriran was the gail.'y man, anal not 3lr..Nrbutlinott, w;lo only told vs lett wag offleially enintininicated to him withinit moving a step frotn his own established settlement. flot whet Cut for a moment maintain that it is a crime to warn au innocent peopht of t ile,iga to massacre, and chit 1 / I CIII fi ton the face - (4 the earth • Forthese adinged offences, tints so easily and satisfactorily refuted, has Ali . .. \ rhatknott been seized, tried. conilmeinett, , and executed. The WAlll , %lls:lcritire of the life of a Briti4lt subject is at any time aggression enough to rouse the British Nation to make the cause of satisfaction- ••.re ,viii not, say of vengeance—their own. But looking to the grounds on which the justification of this extraordinary act have been placed. they are such ni seem to call, in a very particular manlier, Ott the Eriteit tAsicerinnect, to interpose iii the present neuter. If the Americans are to he allowed to hold that the furnish. ing of munitions or Wit' to tile Indinne is recrione which en titles them input the Miliviiittal eitgat:ed in it to death, what is to become of the w hole ()four trailers along lie C.liludi.tu.• ft ontiers. who are in the cutotant practice, beratt.c their whole trade d..ilends upon it, of doing asstlic unfortunate. Mr. A rbutlinot t li is done and Antlered for it. llthe Americans a: - e. to be permitted to exercise the right of putting any Indian or Indians, wl they niay contrive to provoke to a bloody (pia rid, into a neutral territory, and to arrest, try,and , 'indite the smijects of that nentral territor, for aiding or befriending the proscribed fugitives, what se curity have our settles lit the rranote parts of cmmd.i, that they may not at some future pet Mil be visited in the same barbarous manner tint )Ir. Arbuthilutt has been at Ills art tlemoct in the no:id:is? It is well kno..vis, that by treaties made with the nations. and according to old and established relations, tae British Government is in the ps actice of making animal pre. sent to the Indians of blankets, clothing, arins,and Amman - tion, which are publicly delivered by the agents of the go. vernineut, at the ports of Drummond a Island, on Lake norm., Ambrissiburg, oa Lake Erie, and Forts George and York, on Lake Ontario. If the principle bow assumed by tbe .taser.- cans is admitted, will it not be finite as applicable to tee munitions of war furnished by Government, as to those fut_ nislied by private individuals.? And may not public agerra Ile time British Government be hung up, as Mr. Arbutheo:t has been, for only doing:what their ditty requires of them We submit these considerations as worthy of very serious at tention. To admit the right assumed by the Americans in respect of one British subject, is to admit the saute right isi respect to the whole subjects of the British empire. If a ritish subject cannot be protected by his Government ;ri the lawful pursuit of an hone::t occupation its one plac%!, he eau have no reason to claim or expect it in another. in Plot ida, in Canada—ever where—one general system of ba , e and abj, et abandonment of the lives and properties of its subjects, most be the consequence. Mr. Arbritisnott W. 1.4 a native or "..slontrose, in Scotland. anti was some years resident in London as a merchant. He 4p. pe..41 s to be well known in tha city. About two o'clock on Monday alarming a Are broke ow. at the Duke of Yolk public-house IN Rateldle Ilighway. Tile landlord and his family had goile to Margate, leaving 1113 house in the care of a young man. The dame.: burst forth in the cellar, and frain the quantity of spirits deposited there, quickly bi . cante so powt riot as to mock all etThrts ta them. In half an hour front the commencement the public-house was totally destroyed, and the Haines voitioli— itieatitig to the premises on each attic, two more h Its. a were holm to Ilin ground. The calamity did not terminate bele. At .he bark of the Duke of fink is a i n n row ttIICCI, cos,- sistiog. ui haitses built chiefly c f wuotl. and isiltabited I.y pr,er pew ; The flames having communicated to those too acs, a wide scene of niairy ensued. Then inmates, half rushed forth to escape the fury of the destructiye Vie,lll eh!, leiving their little all a prey to the flames. ill our gnaw was sten a patent, calling with ilisiudelloll iu her look., ter .t child slue isoppowed lust; and in asiother, children lou,lly upon their ooditers ; nor did the alrectiox scene en I with the dawn of day, which only chewed the introbiloot. ;tie extent of their lip.aeri. Ten or twelve of the small tso houses wrre consumed. It has not Ince aseertaioet: %clic i.'r any hues hau c 4.1131:4 .'- .. .