The Statesman. — London, England, 1818-07-15 00:00:00

: . of thii descriptiow it life estates, or of compass of three or of annuities. The rein. it frequehtly the eldest son, when Ir withholding from ass Me•Strie of cum (ether in redeeming the debts ' • bet it .he l&w, thst Per. end the simple geol. be conducted better !, or under the law the rate of interest. rest diversity of opi ined. The law, per armed its duty, when either in fitting the ag that thire shall be, money. The rate of in ,sidered as one of the of value. It seems the value of property 'ond which the capitalist persons envied in trade no rale of interest of conceive to hew low the country may fall log die American war, purchase; but during which came under my ter sell at ra lower rate is far as tht parties en tired between them ; rising from itiProved lutes, are not to be lion; but ground rents, of property, which are route, suffered a great tie many instances, at ten of this description is tent changes take place. no distress arises from rate of interest, there of the subject, because delicacy, would allow it, it a long list of families, tad 'distinction, and of 'e been ruined, or nearly Illation% In fact, who , of landed property, ircumstanced in former nnense revulsion would system which will put an interest. Persons who itch'se of land, seldom iree anti • half per rent. •there are instances in . years, from the great :he value of landed pro riving a much large rate that is te.her the effect (Wafture, and from the the war e than from any irsiestre bad a right .to laded int( via at present that theY antiwar% to per cent. from their Wrest snd purehaers made within more likely' to. prodice \bet rate ot interest to the I Consider the situation of .f interest, which will make rate of interest of the day. rpuld prove, that the land sititckly be reined bi ; paying ail per cent. while he derived only three per cent. ; and may be with safety, that the amount of one half of , that the landed proprietor ,pacitated from borrowing any :he lend, when the rate of per cent. In mind, that the object of I been to fie a maximum to the general policy of this )m the several Acts of Par time to time, to reduce the 'ely from ten to eight, then five per cent.; and it is !nee will prove, that the ices of the coontty arising In the funded debt, and the Anent ; will render it im thee that the rite of interest that any means should he Ate . of Interest. may be ad- If. It wrest never be for of the Usnry !Awe, which ,is tidier lb provide for times ess, than for 'times like the abundant. In an abundance .fficolty whatever in obtain. are reasnnable. -At the 'fame lest amongst bankers in Lon. .;e, never forms the least cri cerest on mortgagecisecorities. Insactions in life, as they re. rriages,, and the wills of per , thele affairs, it would be im. of legal interest; as defined ; a proper provisions for the itenance which - should be al their minorities. At pre.' generally find at fora per cent.; -emely difficult to Nino any pro. reasonable withrint knowing of Interest t which the owner ibtain money. The' price of Sce. ought to fluctuate with allowed for those portions, )nee, would be elthler too high , nothing is more important in a is that the prices of every (Meg team as possible, fatber,than be . 4410, Most of the fnceinianfeticieU eisFperienced,liaii tiritieh from' ' If ft Were Iretiitipowikelt ment;ViiiiilAVlo bag Suddenly I to liffirefitie,ltifit Would be of no w betiteisteuch tercet must first change ; and as the • • ` sit cheap in the prices of other things will follow unit' at :e defiance; end in some articles at one time, mitt 1 itt ottresest member time, these continual illectuatiesa multegiettey. the. opinion which men entertain of tke Velar of pi °pet ty ; the price of labour, of provisions, sad of *titer erect.' ' ought, it) justice, to ow:teats, rand must io effect flectuate with thichattge In the role of interest. Particular cases may be put, ie which comatuditiesmay be cheap, when the rate of rate a intereseis high. ;this very cheapness of the commodity may occasion a high rate of interest of moneys It is a proof that there is too great a demand for money. That merchants, and other persons who have property, deem it more for their interest to withhold their property from sale, and pay a high rate of interest for money, rather than to carry their commodities to e forced market ; but this is one of themany circumstances which draws the line of clear distinction between the siltation of merchants and manufacterers on the one hand, and of the landed interest on the other hand. Landed proprietors look to permanency, not to flecteatiots and change.— • They buy as a provision for a family, and to keep the property for a series of years ; while it is the business of merchants and others engaged in trade, to eninge their property as frequently as they eats to a profit, and to look at general results, ra ther than to individual . transactions.-- - With them, in every loan, except it be for men in eery distressed and insolvent circumstances, the mere question is one of profit or. loss, whether the transaction in which they are strut to envoys ill jellify the rate of interest which they requited ire to pay ; but the landed proprietor has made his bargain; he possesses the property before he is 'placed in the situation of knowing what rate of interest may be de manded from him, as the price of money he wants: or he may be in • worse siteatiou ; he may have suc ceeded to en estate greatly incumbered, and to pay a high rate of interest besting no proportion to the rent,. would be ruinous in that mode; while to be forced to a sale during the period while interest was at a high rate; would by reducing the one, be still more injurious. However, be must ultimately sell of necessity, by reason of the high rate of interest of money, unless some fortunate circumstance should supply him with the means of discharging the debt he had contracted on the estate. It will also readily occur that the bargains of the most severity, respect ing the rate of interest of money, will be negotiated on the one part, by young men, extravagant tenants for life, or by persons having expectancies on the death of relation+ ; and on the other part, with men whose w hole system is that of rapacity. Men borrowing under these circumstances cannot obtain loans from bankers, or from other regulardealers in money. We h persons of this description they have no credit, because they have no punctuality. There is no hope, no certainty of a fixed time of payment. These persona are, therefore, driven of necessity into the hands of those who prey on them, from the difficulty of their sites tion, or from the necessities which they have created ; and when once a man embarks in these annuity trans actions, or becomes liable to pay a high rate of in terest of money, it rarely ever happens that he extricates himself, bet he goes on from year to year increasing the amount of his debt, and conse quently the amount of Ms interest. It has generally happened, that the very persons who have fed this class of the community with money; have eventually been rained by their own system. There is scarcely an instance of a fortune acquired and kept through the medium of these annuity transactions. In gene ral, the party becomes. a prey to those who dupe him with their expectations. About two or three years since, there was in London as much distress as can well be conceived among those persons who had been i n the habit of lending money on annuities. It arose in consequence of the default and declared in ability of several persons in paying their annuities. — It may be supposed!, that unless money can be obtain. ed by those who went it, at any rate of interest they may think fit to give, great inconveniences woof arise ; but still greater inconveniences would arise by suffering creditors to press on their debtors, and to make so increase of interest the price of forbearance. Till the American war, very few annuities had beets granted. The distress at that period first gave them a greater extent than they had before experienced; end they experienced a still greater extent during the late war; but it would be singular to trace the very small sums upon the aggregate which have been ad. vented at annuity interests; on the best calculation - I can form, I should conclede, that one million of money was never advanced in any one year at annuity interest, and six millions of money were never 'owing, at any one time, on annuity transactioos.-- I form this calculation from 20 years experience, and I lhaving seen the greatest part of the melodious which have passed in the metropolis, and it has been 'to the meropolit principally that those transactions have been confined ; and also from having, its some mode or other, been profesqonally eitaaged in the knowledge of a great part of the transactions of ibis description; and et the same time no point has ever been mare wished by me, then to discharge myself of engagements from transactions fi f t h is nature; but they have forced their way, fo porpose of advice and otherwise, and more frequently in wind. ing ep the transactions of men who have Wee-rained in consequence of those annuities. While the annuity system shall remain in force, there is in effect a complete mode of evading the • Laws against Usury ; and if it be fit that men should be allowed to borrow money at a higher rate of in terest than bve per cent. the system of annuities will supply to every person, who cannot obtain money at five per cent. the means of obtaining it upon any other terms which may be called the market rate of interest, atnongstthosee ho choose to employ their money in this mode. But in an annuity transaction, there is this peculiarity, that the lender of the money has no direct Means of enforcing the payment of the intney he ad. . notes; contrivances however, are now in practice, iby which this object may be and frequently is on. forced, in order to prevent a ruinous sacrifice. Not many years since, it was thought estreniely disgrace. `firl by persons of reddpectibility to etneloy their money 'en annuity _transactions, sod even daring the late ,war, the number of persons of respectability who !'brought their money to that market, was very few. 1 If the granting of annuities were to be rendered , illegal, and if the ovary laws were abrogated, would not petsone desirous of borrowing upon landed end other security, be enabled to borrow at a cheaper • • b -' . , T_UF TA'IISO;MAN , 72" - rate ?-1 1 epe esd i S taltri O re ee Ilt e t an ) -, to that question, it:is 'quitw ulcer, .thet dosw, .the. times of peace, and nbett_ money shall be abundant, the tate f 'Omit ovould be. lomri . than five per cent. Every appearance raises _kb!' ex pectation * that the rate of intrrest i?, , motley: would be very low. Under the , present spilt th rate of interest of money it likely tit:fall*? three per co n d. within tW.Os ears.. 111/ .. "MR, seems obvious . : the Sinking . Fend alone matt fume fifteen millions of money a-year into the menet mati ket, and the whole landed interest 'mild not !Ott up, in any year, on mortgage, money to that i t Let this system go on from year to year, and 4 Ok i be very evident that land will afford no demand'fopr money on mortgage ; indeed, previous to the Co.. mencement of the French Revolution, when the Sin- 1 log Fund winless than 1.704 of its present amount, money was so abundant, that it was impost* , to, obtain securities for money. Bankers, and othei l capitalists were, by circular letters, seeking srcori- 1 ties, through - every part of the kingdom, without be. font Pt t e r i a rle c m t cel; to ieh liledaanvodeffsPthtrisme some were e money il trade rfeoer if i, th a years ; and when it is considered , that the p resent nineunt of the Funded Debt, and the ex p ences of the{ esta bli s hment, esceed, according to the return to the to Cro perty Tax, the amount of the whole rental of the p i i ,not a t. b y l w e i atobtain ingdom, it is quite clear, that the quantity of money or circulating medium, which mast be applicable to ,the purposes of mortgage, is infinitely beyond that ( ~ which can be taken off by the landed interest; and unless a great revival of trade, or some other parti cular demand, should take op the floating capital of the country, increased as it is by the aliment of the Sinking Fund, it is evident to dernonstratiou, that the rate of interest of money must continually, during the peace,and with a prospect of a continuance of peace, he I reduced. In short, at a period not far distant, there will be no menus of employing money, except upon public undertakings, as was the case previous to the commencement of the French Revolutioo ; but this is no reason whatever for repealing the Usury Laws; on the contrary, it is the very reason which, to my mind, urges the expediency of keeping them its full force. A change from peace to war would immedi ately invite the desire of calling in motley lent on mortgages end similar securities, fur the pdrpose of the speculation in funded property. This would produce a great demand on the landed interest, and those who held money et !mis t , The war, together with the usual change In the ealue of money conse quent on a war, would occasion a great and sudden transition from a low to a high rate of interest; and would force the landed interest again into that state of distrese; which was so generally cape. rienced during the latter , .part of the late war, when no money on mortgages st five per cent. could be obtained. It may be supposed, that after this change in circumstances, money would still be left on mortgage, if the borrowers would consent to advance the rate of interest. That is nut the view I should take of the subject as a probable result. The temptation to call in the money is the expectation of a large increase of capital, by employing 1 . 1 . 114 money in the funds, instead of emp lo y in g it at suitprest on real securities; and it Would be impossible for the landed interest to afford to pay that rate, which would be a compensation to the owners of money for the advantage which they could obtain in the funds, partly by the advance of interest arising from the war. and partly from the prospect of increased capital in the advance of the price of the funds. [7'o be continued.] --- Boit etts.—Ohtter, i octet:ft of being deatlVlt werviog 1 at his house in Duke-street, Westminster. He ez hibiis strong marks of his adversary's prowess ; but he receives every hour the rewards of his bravery. — Amongst those who have appreciated his gallant con. duct, by rewarding his merit, are some Nobles who whitened his game. lie ii about to have't Mlle benefit. . t ~.-• A grind pigeon match took plate en' basely Heath, Olson, on Monday, between Meisra. Hol lingsworth, Gent, and Arrowsmith, of the Midgham Club, against Messrs. Heath, B ennet, and Geor g e, picked from three. counties. The match wai at TI birds each. It was won by the latter by two' birds. Gent killed 20 bird', !lollittgaworth 11. and. Arroi• iMith It Heath killed l 8; B e nnet IG, cud George IL—telling siz to four on Midghem. CONJCGAL JARRING. — Yesterday as the Ma gistrates of Union-hall were busily and serial's'' , en gaged in the investigation of a case of felony, their proceedings were suddenly interrupted by a shrill cry from a female of—" Alt! • you villain, I will never leave you." A young man then entered the Court, followed by a, female of gentr4l appearance. The man stated that his name was Lowden, and that he was A tradesman at Bermondsey ; the female by *hum he was followed was, unfortunately for him, his wife,.from whom he was compelled to separate himself on account of her violent tempeT:lle ellkiit ed her a handsome annui t y but not satialirl witli that, she continually followed h im and insiated on having more: his life bad become a burden to him its , roosequeuce• of her unceasing persecutions. The Magistrate declined taking any part iti the dispute, and the amiable !My withdrew, uttering the some erclaniation as when she entered, "MI! you villain, I will newer leave you." Yesterday an Inquest was held at the White Beat', Ratcliffe. highway, on the body of Sarah Johns, aged It pais, daughter of Mr. J. Johns, of Ratcliffe highway, who came to her death under the follow ing circumstances :-11 appeared that the father and mother of the deceased went out, and left the de ceased and her little sister, who i 3 turned of three .years of age, in an apartment together .by them selves; it was evening and the youngest sister took up a lighted candle, and said to the deceased, " SA - rab, I'll set fire to your clothes," on which she did set 6re to her clothes ; the deceased then ran into the street screaming, and before assistance arrived every morsel of her clothes, excepting ber stays, which were cut off, were completely burned otf her back; her face, neck, stomach, and body, were burned in a dreadfel manner, and although every necessary sur. gical aid was. rendered, she expired in the most excru ciatieg torments nn Monday night last. Verdict— Accidentally Aorta to death hs her clothes catch'ihg fire. milminkal■•••-•- - I.*. ARIUS/V.4 • • --.0. -. .: _u_. • Gettettiimr• - •" llr etAit citizens, armed Archei aid Were AROitrien Wridb; tin aid W a vd... valcluiewol St.,. wit oliettuoting 4..._ of their duty. The-three guardians l e doleful story of the " Allister' Refrindaols, and the ill.tieat , met with from a " mob," is ;: pertioaletly active. , Mr. Archer, who, durint th e statements of the 4 Satilinilii, %Stayed leonsitieribity caulks 'of t ro p at t . ,.,. 4 mice and indignation, 'When - . called upon to answer A, 1 the harge, declined that-he bad never in his lifi,ii . c beard 'lnch a string ,at • gross faliehoetis so impw..sit dently wtowed. Himself and Mr. Beshwell had beet ' I " ," celebratiug the Knity of Election" at the Crotter.4 end Author, and-Were returning home perfectly some., through Fleet s t r eet, when - they beard pie .r'i - so shrieks and - cries of " tieedre n in a feasts 'velet4.st f usu i n gfroar Kara-court. They ran . dew* the elm ' ':', and had reached the house whence the cries s ' ' , to issue, when they observed Davis looking very coolly from a Window, and .Ward and Sparks, with other watchmen, surrounding the door, which was fastened. lie (Mt: Archer)asked the cause of the noise he bed heard, bat could get no satisfactory answer;. enti•the cries still continuing, he teseetvest he had a right to demand admittance. Upon tieing so, however, be was assailed with the grossest abuse froM the watchmen, who said he had oe business to interfere, while Davis was vociferating from the window, " It's all right." Ward, in particular, was excessively insolent ; and anon remonstrating with him, and demanding his number, he (Mi. krchev) was seized by the collar, and dragged to the watch-house. Mr. Busheell followed ; and, upon presuming to cen. sure the hasty conduct of the watchesen, his honour the Confab,' exclaimed, " Ob, master, we'll have you is well then," and sent theta to the Compter, where they were kept all night. Mr. Bennet, a respectable' tradesman in Alden- gate street, .a complete stranger to all parties, core rohorated the statement of Mr: Archer, and declared, that not the slightest Interruption was.offered to the watchmen, who themselves (butted the little disturb ante which took place, and behaved with the most .. intolerable insolence. There was not the least ire. propriety in the conduct of either of the Defendants, hot that of the watchmen deserved theleverest cen... 1 lure. As to the " mrb" of which they had spoken, 1 it consisted, be believed, of shoot seven persons, who a ll conducted theoletves in the most orderly manner. Alderman Wuon thought that not the slighest blame could attach to the Defendants, who were no . doubt actuated by the purest Standees of humanity. Mr. Harper, Common Councilmen of the Ward, espoused the cease of the watchmen, and contended very strongly that the Defendants had interfered im properly. He wished the worthy Mderman to order them to find bail for their appearance at the Sessions. Alderman Wools, however, weirs( a di ff erent opi nion. The testimony of. Mr. Ren net'' could not be doubted, and after sich a contradiction_ of the evi dence given by the watchmen, he could not think of holding them to bail. They were respectable citizens of London, and Mr ) Herper might always find theta if he wished. ' *''' Tbe . Defeillienteivete discharged, much to the 5.- tisfactiou of all preaenr. The watchmen were fol. lowering the sneers of several. We understand that the cries spoken of proceeded from s drunken woman, who had beeu•beaten by her husband. • - , ,rt• _ BOW-S,TSIST.— Intercity Thomas, Salton was firsieglik lei . this ollice from Rochester, and under ;went.,} long examination before Mr. Blltrste, the Sitting Magistrate, charged with having in his post 'session Bank-notes which had been stolen from Capt. Greig, of the Asia East Willman, while viewing the exhibition at Somerset-house on the 28th of May last.—lle was ordered to he detained. MARLBOROUGH STILEBT..—OIivia Stevenson and Elizabeth • name:, two respectable lookin.r girls ' the latter of whom was only 14 %ears old. were charged by Captain II nitwits with robbing him to if very enioitlerable extent while in his service. doting u few days' absence of himself and wile its the country. — Part of the property was traced, and the Prisoners %ere fully cumtaitted for trial. . * WIIITRY. JULY 12.—The Ant, Fleming, of Yar mouth, from Shields to Yarmouth, ran onAiihittry Rockiest. night ' bat wai got off again the following tide, mid proceeded. The hnnonr, delicacy, -end 16violahle secrecy con nected with the Medical Mired for the care of pay wailing diseases, :re manifested from the public con. fidence it has squired. Since the Medical Board he been established at ChirlOite• Amite; Great Charlotte street, illaikftlars'-road, and Wooditock-street, Os furtl.st rept, uprterds of Thlity Thousand Patients e both *saes have been restored to perfect health, man of whom had lingtoted for years under the most peinfr I !Asti eliltioate &eases, were pronounced incorabl '.11140 inptetabte pi'actitteners, and several discharge '.teii Hihiplials., Sod are the . effects resulting fro ihnbilitta 'talents ! !—Messrs. COOPER and Co. i Medical and Surgical celebrity, after forty years et 'Oriente in this Metrepolis, are consulted daily both houses until trio* at night, and the poor ha , i litiviCi, gratis, on Tuesday, Thursday, and Smut ,'ldotoings hritff twelve o'cloik. Patients at adi 'titre., disairltling their case, iminediatelyattentled I :AO lettets:tri he directed to Charlotte-house, Bloc frisrif-road, but none ate answered which do not co lain I consulting fee. ---- COURSE OF EXCHANGE. Ttiaitoae JOLT 14.. Antsterdatis, $6 10 II 2U. . ! Leghorn. Mi Ditto, at sigett. 15 4 Genets, 47} Amsterdam, 41 II C. F. Matta, 50 Ditto, at sight, II $ Venice, 25 Rotterdam, 11 7 2 U. Naples. 44 Antwerp. 11 9 ev 11.1. Palermo. 128 per oz. Iciarnboraii. 34 2,2 i U. Lisbon 59 A Rona, i 4 4 U. Oporto, 55 Kiri'', 3 Anys's 'lett, V 4 VO U. Rio .latteir., '67 Ditto. 34 10 Iv. 1):111410. 11 per Cent. 11sturdeati a. II 40 Cork. 11 per, Cent. Frank on the Maine.l4-211 exann 4 gin Of rite I *ank oh Dollar Madrid, 34 effective raring-al Arad, in Coie, 4 47iteliz, 34 ellectivo 6d. per oz. Ililltan. 34 . Gold, in 11ar,, k 41.1..Gd. Seville, Ilfti New Doll/twit:Ts Id. Gibraltar, 34 Sit. er.i a lials,sla Ward. to . • 1"14 DON s Pente. 4 se* PV44.I*.A •nir D., 1 1,0• STAlvriog.tm Or rim tio. I, 11414114ary-coot, F egt-s[ Y . . , , . *chilli practice, In which persons'. have speirt the whole valve of their their sapectancies, in the short ci four, years, through the medium • mischief does not end with their I Implicates the whole family, and tl • be becomes adult, is sacrificed by him.any cleans of subsistence, as petting him to concur with his fa the annuities and discharging is to the general policy , of th liament would hawks regard; a k l lion is, whether socie t y will b t , violet a fixed rate of interest, *4 Web shall altogether abrogate t 'Diet is a subject on which a gre sawn , may be, and are entertain taps, may be said to have petrol it *crest o as , ilo r n e m t o h n a e t y w in h u i s c t h is be right, consi ratio( interest, or in declar in g me legal rate of interest f or mon best and most certain mea sures to fix a point, below which tin swill not degradate, and bey ond Shall not teat be indust r y of p ea and commerce. if the re be Tic money, it is bardly l pesi ible to * price the lautled,propestt of I io times of great disown. Darla ' estates sold as low as ten years 6 . the late war, in no instance wl notice, did landed property eve . . than twenty years purchase, as derstood the nature of the cord 4 . for •adantegeoot bargains, -sr rents, and other similar dos breoght under this coosideratio houses, and the like species of i purchased for the sake of iiscom preciationvand were sold, Jot n years psalmist; and . property theca which the most frequer , . 104,5h0 l uld be supposed that r anpeity transactions, or high etatA• be a want of knowledge • i if-professional duty, or dillies( w ould be easy to enume rate a i • of very considerable rank an very large property, who have . ruined, by this species of tans f ever• understands the nature kiiowing how it has. been ciri tiaiesOnost see tbit, an ;mai , 9 talk* place by the ciange of sy end to the limit . of the rata of Invest their money iis the put A obtain more than three or thr fe/ that money. Although •I which, during the last thirty . ~ change which took place in ti perty, many persons are ditch i . of interest for their money ;, t of a change of sytem ie. agril great demand occasioned b 7 ti ( . expectations which , the. part form ; but looking to the pat I as a body,. it cianot be said woo of more than three per i ) meat of money en land, an( 1 , ithe last ten years nits op Oyer rate, instead of a hiVit purihasers. • in ., Now let the Caitlin* the ; fluctuation id the te l iti s of I . pa or seven per cent, the r m A very short calculatiou tee ml proprietor would very stel interest at the rate of sit p . . from the land, as the rent, • i • :: 1 when it is considered, ss,it I A , the land is encumbered. to tl its value, it will be found, t • . .1 , would, in effect, be incapaci . f . money on the security of II Interest was high—sly six r ft is, always to be kept it 1 the laws against usury has . . the rate, of , interest ; and tl country, as is evident from i liament, has been, from di rate of interest progressive l to six, and ultimately to 1 most likely that esperiei 1 change in the circomstanc from the great increase in '. expenditure of Governs periously necessity, rates should be reduced, than etiorded by which the rai 1 • • 1 !aimed even °cosier sly gotten, that the ohj e - r t fixed the rate of interest 9 is i 1 • of difficulty and distress , ) present, when money is a l of money there is no diffi . ing it on terms which are time, the rate of interest don and on the Exchange terion for the rate of int, . Looking else to the Ir an i 1 • 1 specs settlements on mar i sons who are arranging I possible, with the rife o to make reasonable and rate of interest or main% l e t - ' • towed to children &trio' sent such rates ase-gerre Y but it would be extreme vision which would rt . what is the highest rate \ ) ) of the estate can of s chooling, education, ( . the rate. of interest . ( , • otherwise the allowan or too low. Besides, I I 1 country like this, thee • ' N should be kept as'sta r .4 , • continually fiuctoetasi which have lately Opel the fluctuation of Wei s, man or of Gov . ..tithe* i change with the relii,ill . , consequence what wise .i as the rate of interes t i ' \ `\ • ' \ •.., NOMMINIMPIPM • 61• 94 twe Bu4th,ell. were broodkt l ived by ..tlehOfe t h. Pieit-striet, ling thew le the execotitm guer!lianotd the uhilit told bv4efer' c'emilict of thc'tt, tr ieatesont they theetedeis Is ikid the latter yew tt lq - I