The National Register.
London, England, 1816-04-29 00:00:00

MONDAY, APRIL 29, 1816.

the borrowers can convince the legislature, that the re-
duction by an act of Parliament of the rate of interest
wi!l really be a benefit to them, and through them to the
country in general; of course the aid of the legislature
will not be refused to them. Bat they are bound to
prove, that either the rate of interest i really reduced in
the market, or that any law in any state was ever pro-
ductive of benefit where the market rate was above the
price fixed by the law.
Annuities, as the law now stands, are in. elr,et usurious
loans of money, and they prove, as I have already obser-
ved, that mankind will, is-extreme cases, in despite-of
acts of Parliament, make their own money bargains,
it were intended to lower the rate of interest, of
course the lint step would be to render annuities irre-
deemable; or, in other words, to prevent loans in onv
shape at more then 5 per cent. This step, accompanied
with an increased legal rate of interest on infirm secu-
rities, has already been recommended; but if it were
taken alone, the immediate consequence would be, not
that redeemable annuities • would cease, but that smaller
sums would be paid for them, and the borrowers would be
compelled to rely on the hon6r of the lenders to suffer a re •
purchase. This is not a matter of speculation. Before re-
deemable annuities, with a power to repurchase, were
legal, this was the plan resorted to, ued with pernicious
effect as against borrowers, to evade the usury laws. The
attempt succeeded, and the Judges were, in point of fact,
forced to yield to the prevailing habits of mankind; and
to give legality to such grants with power to repurchase,
in order to save horrowers from oppress:on. To render
annuities irredeemable, would once more, it is to be feared,
expose borrowers to the evils which the system, as it at
present stands, guards them against. 'When annuities
were, to evade the usury laws, made irredeemable, the
great anxiety of the legislature. as we have seen, was to
render them redeemable. Now that annuities are univer-
sally made redeemable, the only object of making them
irredeemable would be to toner the market rite sit interest :
an object which, in the present state of things, must neces-
sarily prove unattainable. It is not to be denied, that
annuities ought to be placed on some theting, which
woidi make them accord better with the existing laws
aguitee usury, whilst they arc suffered to remain in the
statute book. But to render annuites irredeemable,
would only increase the evils under which borrowers
now labour, it' even the legal rate of interest were not
redeced. But if that measure were to he followed up by a
reduction of the rite of interest below the market rate, the
landed interest email not stand the shock. In the presenr state
ofeommerce, when we speak of the market rate nfintercAt.
look in point of tract to the general rate, as wed in this as in
other states, for the average value of our money is fixed by
the general operati.rni of the minded interest throughout all
commercial nation , Our own funds, therefore, may safely he
considered as the just standard of the market rate of interest.
Now at this moment more than 5 per cent, can he obtained in
the funds. If, therefore, the rain of interest were to he re-
duced to d per emit., all the loans to individuals would be
promptly called in; for it would be impossible to ask the liltis-
lature not only to refines. the rate, lint also to allow (Hum-%
time to pay "wir debts, The money so called in would of
eonrAC be invested in the funds. This would occasion a ri,e
in the find!; and that would probably drive men to lend
their money to foreign states, where more interest could be
obtained. The landed interest would not only be compelled
to pay off their existing debts. hut would he prevented from
obtaining any further In.ut. It W 91114 be idle to talk of the
future or probable benefits Al a system which %%flied at once
paralyze the band of tile agriculturist throw:Joint the kingdom.

IMPERIAL PARLIAMENT.

110tiE OF COM sli ISII, WroNICPAN, APRIL 21.

Mr. K. Dorotss presented a Petition from :)tarrifeit s, signed
by 610 permit's, concerning the situation of Mr. Us slop. owl 7U
olive persons. subjects of this country, who had been taken b
General Murillo in his expedition against Carthageoa, and had
been condemned to death : Mit who had sine.. been seat to
Spain, to await the dettimiaittion of the blueish 6uvelli•
Lord C.4:II,WMF WIT said. that Government took measures
sue this subject, whirl, left no doubt that the persons of these
individuals were Out of danger.
111.11.THortNTON, pursuant to the notice be hid given, rate to
nvwe for " is return of the total nominal %/Me of all notes pre.
'tented at the nalik et. Englanck and refits. payment as bc.M:
forged. in the last four years, mud up to the latest period to
which it could be inside out, sprcit'. Mg the amount of each
year." lie observed, that the practice of forging notes ha
risen to a great height lately. and lie understood partictemely
shire the restoration of peaceda, .latic of those noses were 50
well executed. that they were with ilillieulty ili.tinguished from
stool ones. Ile also emsh;rstooil that several el those notes
were bron,:lst liana the Guitierat, but he hoped this W0111(1 suet
be foiled correct. Ilk object' in making the motion Was, Illat
I Wile lie des ised by which such fin gets miaht he
rendered more This !ie coneeived ri;eht be dune by
a ildforent method of making them from that which was at
Several for this purpi:se had oiready
ir:cn retooled to lYc kieol of Iltual.dad ; ;Lad

PRICE 93(/.

one by Earl s.tunhope, which b.td been rejected by the e; il.k etf
too expensive. fie (Gen. T.) conceived Out tire adoption fpf
some plan was necessary ill prevent the areat evil which I.e
pointed out. tie then moved as above, aid the motion
agreed to.
Mr. CI:RWEN inquired whether it was in the contemplation
of Government in brio¢ t 4, ward any new nieusore 4.11 the •
.jert of the Poor Laws! if not, he should deem it its duty iu
bring it tinder the conAileration of Partiament.
Lord CIgTLIIREAGII said, that Milit!,lle.ri WON not prepnred
to recommend the adoption of any me.isture on this diffienit sub.
jeer, and lit looped the lion. Gentli man %%mild brine forward
whatever plait might se em expedient in his judzlikt
Mr Huth Olt to wished to know, whether 13, an ;dam had
gone forth to that etiert ) it was the lint tition of (.ovil nutria to
pursue rigorous measures to collect the Property 'fax'
Mr. VA NsITTART assured the Finn. Gentlen);:n i:o orders had
been &then by the Government to use rigorous tueasui es tier
collecting the Tax. Indeed, he hail stated his intention to
bring fat ward a measure to give rebel; which would be ready
in a few days.—Adjourned.
'ItIL RSDAY. APRIL )23.

, A disensriou arm,. in consequence of a motion for a Com-
mittee, to revise the lima teintim• to the importation of Foreign
!Aliens. It was contended, that these laus, so far as they
impose a transit duty, were iikjui ions to commerce.
laird ( Len e loft maintained,that our commerce duriug the
war was the efleet or a diseased and chilling sy,tem. On a
die ition, the motion was negative., by a majority of 7;,.

A nttinl;er of Petition: wire prey:wed from various persons
against any alteration in the I:ms wjlkrospett tu wool, anti
against the leather tax; others were alto presented 'prayina
economy awt rem netintent,and recoinint.nding a cununtitatiun
of tithe:. _ .

Lord G. Erre-snout rose and made his promised u.ntion, to
reduce w ithin proper and eenstitittional limit, the Establish-
ments of the Country. Ills f.ord,hip said, on comparing the
present Establishments with those formerly, he could perceise
that th^ increase of the National Debt and the amount of the
Estimates were such, as in a constitutional point of view to
create the greatest alarm. lie was couvintsni, that aimless a
different policy was pursued by Ministers—unless Oileeneliteene
was adopted to every flow town* of the State, the Country must
sink finder the pre:sure. '1 he Noble Lord concluded with mov
ing an Address to the Print e Regent, which in subst.,tiee !epic-
scuts to his Royal Highness the impolicy of keeping up so large
a military establishment. the necessity of retretiehinenti. sNe..
Mr. J. I'. On tNT seconded the ;notion at some II lagtli.
Our ‘penditeile this year, lie said, exeeellNl our ine; me by
111,fitil,u6O1.! It teas impossible that the Hume must nut sec
the immerse importance of this subject, mid view with the
most it does alarm the trightfsil precipice on which we stood.
The itt. the EACH I..tit. Elt, in opposing the mu•
tion, said, nor income fell short of the expenditure. by 13
lions only, net 19 million,. Ile took this opportunity of stating
that a Man trintidftim no part of the arraneemests fin* the pre.sent
yea-. Tim country had been I i•buyoki till 17 trilliums of
and lie saw no grounds for thinly appi obensions.
'rite motion was also opposed by Lord l'almerston,awl ,oppor-
ted by Lord Nugent, Air. Macdonald, Mr. Curti cooled Mr. J.
Smith.
The House divided on an amendment, morel by Lord Pal-
tnerston, for proceeding to the other tali rs of Le day —Ayes,
13F—Noes, 192 —Alajority, sii.
Lord CSSTI.ER a tGII übinincil leave to bring in a rill to cow.
times! Ow Alien Act under the same provisions as otter true
peace uf Amiens.—Adjoierned.

FRIDAN %FRIT.
Lord COrTili ANI: gave notice, that he should on the 3d of
May move to raft:r the eharkes he ha,l exlilhitetl against Lord
Ellknburough to a Committee of the whole house.