The Sun.
London, England, 1849-09-10 00:00:00

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LONDON, MONDAY, SEPTEMBER 10, 1849.

The admirable letters of Mr. RIGBY WASON on the
subject of the reclamation of the waste lands in Ire-
land (which originally appeared in The Sun), cannot
have passed from the recollection of our readers. That
talented and patriotic gentleman clearly and distinctly
pointed out the vast advantages that would result to
the entire kingdom from the stimulus that would be
thereby afforded to Irish industry, and also the large
returns that would be obtained from the capital in-
vested in the speculation. Some encouragement
was, however, necessary to induce parties to embark
in the undertaking, and that encouragement, we
regret to say, has not been afforded. Few could be
found with sufficient hardihood to expend their money
in reclaiming wastes, or improving half-cultivated
lands, unless satisfied that they themselves, or
their families, would be permitted to enjoy the
fruits of their enterprise, that the entire profits
would not be swept away by the poor-rates required
for the support of a destitute population. Capitalists
are a sensitive race, who will not embark their pro-
perty unless rendered perfectly certain as to all the
difficulties with which they will have to contend.
The elements of their calculations must be simple and
free from doubt. When confidence is fully esta-
blished an abundant supply of money can be obtained ;
but without that confidence nothing can be effected.
However feasible the project, or promising the specu-
lation, it will be disregarded if the panic-mongers
can discover any point on which to hang a doubt as
to the result. Now, the working of the Irish
Poor-law afforded habitual alarmists sufficient
grounds to excite terror. There was no
security whatsoever that a new valuation
might not be called for at any moment, by which the
capital, skill, and industry that had been applied to
the improvement of the soil, would be subjected to
unascertained and unlimited demands, which would
more than absorb the entire profits. This was the
rock-ahead that deterred speculators. Every other
point could be calculated on with reasonable accuracy.
The present value of the lands, the amount that would
be required for their permanent and lasting ameliora-
tion, and the probable value after the outlay, could
all be estimated. But no one could give even a
guess at the amount of poor-rates that might be re-
quired at any future period, which might not be one
shilling or might be twenty shillings in the pound, on
the annual value. This uncertainty rendered the
project, otherwise so propitious, a mere gambling
speculation, in which there might be very large re-
turns or a total loss of the original capital.
Two methods were suggested by which this great
and almost insuperable obstacle might be removed.
The first and most efficacious was that proposed by
Mr. RIGBY WASON, who advised that a law should
be enacted, that any person effecting permanent im-
provements should be protected from any new valua-
tion in respect thereof for such a term as would be
sufficient to induce parties to enter upon the task,
say for 25 or 30 years. Another was, that a mode-
rate maximum rate should be established, and that
any surplus should be provided for by a national rate
falling on the entire kingdom. Mr. WAsoes's
plan was obviously better calculated to establish
confidence, because the entire amount expended
would be thereby exonerated for a fixed period from
any claim whatsoever, whereas under the other mode,
it might, within a few years, be compelled to contri-
bute to the extent of thirty, forty, or, perhaps, fifty
per cent. on the value of the improvements to the rate.
But to render the plan effectual, the period for which
the lands should be exempted from a new valuation
should be sufficient to satisfy the parties that they
would receive a fair return for their enterprise.
Anything under twenty or twenty-five years would
manifestly be inadequate, and would answer no good
purpose. It was, however, too bold and statesman-
like a measure, too far removed from the beaten
track, to receive the support of those whom our res-
pected correspondent happily designated as " Red
Tapists" and " One-eyed Men ;" and although
something of the kind was taken into con-
sideration, the term for which it was conceded
was so palpably insufficient as to render the provi-
sion perfectly u3eless. No rational man would in-
vest his capital on a seven years' tenure, of which,
perhaps, two or three would have expired before he
began to obtain the fair results.
A maximum rate was, indeed, proposed and carried
by large and overwhelming majorities in the popular
branch of the Legislature, but the clause was re-
jected at the very close of the session, and the Poore
law Bill, of which it constituted by far the most im-
portant feature, was thus neutralized and rendered of
little practical utility. Undeterred, however, by the
neglect and apathy of public men, Mr. WASON has
again come forward, offering valuable suggestions for
the investment of capital in Ireland and the
due development of the industrial resources of
the kingdom the only means by which
its social regeneration can be hoped for.
He proposes that 4,000,0001. sterling should be
raised by a tontine analogous to that under which
the island of Islay has recently been purchased, and
which should combine the principle of life assurance
with that of ordinary tontines; so that each person, in
addition to periodical divisions of the surplus rents
and profits, which Mr. WAsox suggests should be
decennial, would receive the amount of his original
subscription on the death of his nominee; and the
entire estates would be divided among the survivors,
when each would become entitled to 1,0001. per
annum in perpetuity. The details of this inviting
project are so fully explained in the two first letters
of the series now in course, of publication (which
appeared on the 27th ultimo, and sth instant),
that it is unnecessary to allude further thereto.
We are, however, fully convinced that if the sugges-
tion be properly taken up and brought forward, under
the sanction of men in whom confidence can be re-