The Sun.
London, England, 1850-04-26 00:00:00

1.74 Pi ge ter" yt (:
r efigl ;:,
el' e,rpaa f:1 I Irelandi.ro proprietors t,b,rys thesena If'
theytlCtl P ;.sl
proposedn
t°o7i:aets would fiza it it whuld tie far. better foe there
evo .i tinder a lendiard who in periods of calamity
Lai Aare their dietress, than to have their whole rho
pert? all
:r, sl all their )lopes' at stake on one single strip of
ise'. It was eaid tteisßill would have the effect of
I•a"ancing the price of land in the market ; but he, be-
the fi__ 2 LIOUgh some advance, might take place in
~.E instance, the additional quantity of land thrown
tne marketwould b • .
hteeno, soon ring prices down. Pe: sons
iteor, Money to lend, if they were inclined, would lend
ske'.—,anda unless undersold by the Encumbered Estates
Which the Bill offered advantages to the new proprietors
to 4).4_7 would never extend to the old body of prop.ie
1,1,17 The real object of the Bill appeared to be to
tetP,uP and perpetuate the action of the Encumbered
Le 'Let Act, which had not fulfilled the intention of the
betslatare. It was impossible, with the information
tise.`re them, to form any correct opinion of its opor,a,-
trle b They,, had heard of an estate, Mr. Baldwin s,
ill teal sold for twenty years' purchase, but which,
era-
tioe did'a taking all the circumstances jut) consid
ears'
htt,ha not fetch more than eight and a halt 3
of% tc• This morning, they had read in the journals
yettr°4lle sales effected, one of which sold for ninetenen.
41 all Perchase, another for eight years' purchase, d
the ,aleether case the price offered was so inadequate that
svas ' In Meyo the es-
stat„, , adjourned for a month.
es-
say forbad been sold for prices which were paid every
ihserriWaste lands in Australia. Was that a system to
f
tesb• °Y adventitious assistance for the purpose
sad grain Permanent? —( Hear, hear.) In miserable
hes,iched districts, where a numerous population
:elletre sst,ast subsisting on a small tract of land, and
tall ' h places it was most desirale to
He had
sales cOuld be effected.
bsertytf'lmed on the best authority that whenever pro-
tat le situated was brought into the market it was
reigi%lticbely to be sold, except to some now landlord, who
tlece e willing to undertake the horrible task of
it 'I every
single tenant.—(Hear.) If they wanted
4/I:r:filet for this scheme they had but to look et the ref
thee, the sales of Church property in consequence, o
ti"4ll:llt7w, ant of money felt during the French revs u•
46,04 onnl• The amount of property there was nearly
ttetyb'eese'e not much larger than the amount which
tee& "Y allowed, the
would, in a few months, be
in
00/,
taotheetpin Ireland. Assignats were issued for 7,000,0
?rope • ominous point of resemblance. What wasthe
14%1 Eet't)f one of the greatest statesmen that ever
Nee air Burke, in his reflections on the French re-
Werethe°oll,' said that as could be gathered frhm
re-iladings, the elands of the Church in reality
hition-"`eto be sold at all. According to a reise-
were t t),' the National Assembly, indeed,. t sey
to be °Lug delivered to the highest bidder; but it was
elisa,,°49rved that a certain portion only of the pur-
tivelyetaoney was to be paid down, and a period of
Was Years was given to pay the rest. The scheme
tsceeePideatlY intended to let in purchasers without
1:1111" Qanicl the cense uenee would be that they would
e-alsolft 0: remit of thegrents, but out of the spoil of mate-
ti t,e"dings and waste. of the lands, and whateverrn
m ttis-erseesY could, by the greatest usury, extract
realised,
tttkl the 'e tenantry This prophecy had been
115 fit „effects of the system were still perceptible i
Was to the landed interest of France. His
d
all mom "koe that the Bill be read a second time that ay
ttl! 4E11,4?) but still, if the Government would givehim
•"' peentauci that it was their intention so to modify.
eacegetetetions of the Bill that the privileges which it
coded :° Confer on the new proprietors would be efxr-
°nee shol) the present landed interest—(Cheers)-he getite, 114 'lot think himself justified in dividingedthee
t„hat, t 11, ut unless the Government would give 7. pledge
‘ltiritee- ad events they would take the question into
bot seetisierationi, andunless they would say they were_
tsie4tPtred to inflict such inustice as this Bill con
sti!tsre,°e4 the landed proprietors of Ireland, he had no
"tile ti,:v bat to move that the Bill be read a second
&kr, int d„sy six months.—(Cheers.)
o'resllo-eZtNO,II seconded the motion. The Bill before
; eteiand would not in any way advance the prosperity
estor -a or carr t the original intention r-
o-05, of
the
Encumbered
y ou
1 rct of th" xi Estates Bill. The immediate
and
at e Present measure would be to force. property
ei'd cons twenty millions into the market in one year,r.
tel ereclnently it would defeat the object of the oi
usk hh It was brought forward professedly for the
ellte 71 °f enhancinh the value of lnd, but it whea
htreh e effect of de 'ressines it, and of driving bond fide
fill 'lalers away• ?It s 'stalment of the assertion thef
,-hle'lladd created .considcee•able alarm in many districtso
'tette:m(4lg the landed classes. The Honourabler.
8,,,P° -tillin, reed ay ri ty of communications from ho
tetilittiede-43,1inn the south and west. He had no hesita-
ythinh rophesied by the
hhe rws of thos!lett;ts everything prophesied by the
hose letters would come o pass if the mea, •
Isitettsa.eM enacted - r • NY
present partial form. He next
jar°°,l-ihetha°ol,greatle its
vhsnthge. which had resulted
Zt,tl to r,Z,terandinent sanctitohnemh the Bank of Eng-
-I"anded interest on the
thillttitY °F
the landadvances
to
es
of distress, and he urged
iellik)litTleilan_np.roceineditnelge. should be adopted with re-
told %tee
should hied proprietors of Ireland, or that a
eit 10 , be given for the repayment of loans
see 14dheobtained at a moderate rats of interest. In
Ole el, he expressed a confident hope that the House
ber
-"Pl(iii°"e with him and his Noble Friend the Member
4r pale in securing the defeat of the Bill.
s`t44tttleie.'e?A,N suppobrthd the Bill. He had ample op-
a,:ref pubi:fnl.last in Ireland, of ascertaining the
p ting the Bill, and he could
tkset tit 144 thoseeewiling reh3e acting
with regarded the
=1,1411e 'very favoureambly. There was no disposition on
!ptlit! ef capitalists in hugland to vet
moneyl
a h
t,e res-re.,, a Irish property, or in Irish manufactures.cc,
tii„tle'eh'ttte,4 the circumstance much, and whilst he di
d reasons fur this reluc-
vs, he that there were
tb`:lhe believed that mightirtdg flow with advantage
out in the measure of
I,4titiledeileigtelicit
ttlaotntrapleelrelehlttahne_ Solicitor-General. It was
d 3,000 0001. annually was
Isa-441 the %Ise__ 1
tit "4Pe of interest on mortgages. That sum
m
Sl,,h_l:ll, ilfh? capital would represent 60,000,000/., a s
lir (I poL,` could be saved by legislation, might be ren-
ntahes to the country.
I,:is:e :entt:ctive of enormous advantages
tts 'tig th many solemn reasons, in his opinion, for
stk-tetiede.tl3ill, and he hoped that it might be soon
stt,alli , 'No a law, whereby the encumbered and the
NT' tile' °night be mutually relieved.
ro. 'sleet AILLIE said he regretted that no char
me
tad been
operation of this Bill as a financial
ti?e'svest‘ei been laid before the House. It was a Bill
of ninon 4 eertain portion of the land of Ireland into a
hePtepsi: mediums of exchange, or to give atern sin set
%lee thts°l.3 of land the power of issuingE quer-
It wittegeoetecurity of their property. This might be
ttl'ahl b" to some proprietors of land, but he thought
le'
cedit n e admitted at once to be an experiment,
e ttaiseeexPeriment involving a principle of great
'stated with and, therefore, it should not be pro-
is e'ctore except upon the most clear and
House by
by `'lltttie' grOUnd s, stated to
0 ih, ellor of the Exchequer.
0000 °Perste Hethuenderstood that
hsecoOee .'on of the Encumbered Estates Act
eh et. No of land would be forced into the
ohis No •
reset with w if purchasers had the option of pur
'lie to eh Paper or with gold, which this Bill pro-
lhem DaPse"e thorn, undoubtedly they would purchase
he
°Alto' and consequently it might be taken that
se Nee eworth of paper in the nature of Exchequer-
Those
t 6 ogle
effect °rid its way into the market. What would?
14;e bills of that in the value of Exchequer-bills
tts% ' were
'set of thi now at a high premium, but after the
6kte kahsee,,, a Bills would they continue to be so? And
te,l4lleppil:re, eves there that a similar Bill would not
to S tl d where ho coald assure the
6f the that It there cwoasanmUch occasion for one? He
'tree° qtee " as a tacit acknowledgment on theE partum_
much' t etaneent of the utter failure of the nc
state 13
tss, I time ho ill. He regretted the circumstance..
the suy
theped
that in a desire, no doubt sincere, to
4 gel evils evils which still remained heremedsluebd:
Vtliclepileta by hasty legislation on a difficult
NO_ SoLti.,ynl worse than they were at present. .
ths 4,'Ke to
i'sfrOß-GENERAL said it was quittehaat
t°,l Csetsute-u,P, Pose, as had been stated by some,
sliisitti,e,otiesidt
seyastseemmoefre revival, with trifling exceptions
The
judgment-debts in Ireland.
ttlei4ttiPee-t°,,t,ltee general provisions of the Bill . reduced_
thealv,the— three—first that the Bill was a Bill. to ent
11%; 414) - Prop
erte over again, and that it did no
!lc' leoht,4eet the real object of the Act of last
intolts tt its „:11;IY. it Was objected that it did not carry
eVilt(lePevate nisi
°l3ject ; and, thirdly, it was objected, that
' •,
t g1(31.-a "se unjust towards the landed proprietors.
11t4s -Ppeas.4— '0 the first objection, he admitted that it
howttioe,,iiltlhy
Plausible, and that such was the first n
t'hietettr, he the Bill made. When carefully considered,.n
te•hm the ie;'7,tis sure that that would not be the opium
utlylr'c' It —"i would allow any one to form of its
Pila;sll,l i„"'Lls evident that any one who wishedePeto-
teete : Ireland might burrow money for the
Itiee; tts the
the Encumbered Estates Act,
'era' AtY tie e individual would receive a Parlia-
hrell• 44', he could not be prevented from encume:
tes4% to tosmning that there were twenty personaddan
tetelt,athell WI if they did so now, they produce
4kbetttaeeCe "alageus to the old encumbrances, an. en-
tetbl theunder which the creditor could take pos?es-
ilreeltil the and also the debtor in excutionn.,
II th,ran,es° incidents which belonged to the Irishe
her at ledr with which the House was familiar.
_Now,
4'4 te• were a
Wvie is so pass, purchasers would probably
ithtit modo of borrowing money which was less
,11:1. 41 to the i
144_ espeet crests of all the parties' concerned.
' e 'to 13 to the two other objections, it. did not.
h o nee ,
ees eere,ut eesary that he should state in detail
lite ar (I°l4 MI 8 by which they might he answered, and
ntici Ret- "tf(ire content himself with answering the
Jeevtirßetivral oteervations which some Hon. Members
esil'o°llof t;:gainst the measure. With regard to thcehan_
I,ki4t4tt (4 theeP°ll Member for Inverness, that the
House
aloe eel". Xchequer ought to have given to the h
the it ;14 the financial operation of this measure.
._e
Dsth7orth4e quite as unuecessary as in any private Bill,
iss.thoir,wraertioy,
deids.tern Railwa for instance where the corn-
itt itil
th: ern•P'weTrhe(l.lB to ~,Yisel 060. 00.0%. on debentures,
lEtttt Itktlt
.4 to the
auii
,Bill had also
io4 in te. - ;oat system; u
been assimilated in
ZIN. tI 19, that it wai not a Gbovteirtndmiffeu".tedspfereoum.
4i44t" itt,(l;attibse 14, One), on paper which gradually dege-
thee' a Qc,, a°ltlte vvorthlessncss. It was so far from
Was tie
epflti tnruent speculation that it was a particular
the atheiee.,4.hartieular estate, which particular estate
to Dewnees
()Lai in the particular certificate of charge, and
ihe f°Y aff te the estate were allowed to sell the estate
lltill `)rto a “a charge
tl, era grouee : He thought these objections did
' if ere e ''''' 'my the House should not adopt this
!idea-. alone -•ai one thing which he thought was clear,
tujettsecon); was advanced under this Act it would be
le
thloos th •An objection was, that it would be
Reee.lend4•oPrietors, because the facilities it afforded
fle,lh teiva(4 Money would have the effect ofor en-
dee,,, Nrweuld be
so e"
attr of money to these estates. If the
ethe'lee act the outlay' of money in these
ItLtZ 4 capital thu eircumetance 'would also draw
tittell'tthtt en-e-t, for general investment. Ever bed
" for isqv-e-eY wal transferred every day to the con-
stillynt, and it would be much more advan-