The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1903-04-26
R!SRAAN ON
lAKD Bile
Shows How Tenant Is Worse
off Than Ever.
LANDLORD Is HIGH ON TOP
English Bill Is Criticised by
Son of Erin.
LANDLORD Is HIGH ON TOP

A writer in Dublin. signing himself,
| IAN Irishman," writes to the New York
| Post as follows:
| Irish thoughts and interests are now
! concentrated on the bill introduced on the
| 18th of March by Chief Secretary Wynd-
| ham. The object of the measure is to
| offer such pecuniary inducements to land
| lords to sell and to tenants TO buy as
will bring about a wholesale, or very
| large. transfer of ownership without ac-
tual compulsion. So far as the landlords
| are concerned, this has been done.
Whereas the selling price of the land
lords estates in the best of times was on
an average not more than twenty-three
years purchase of the rental, and for the
last twenty years about seventeen years
purchase. the price which the bill pro-
/ poses will be from twenty years pur-
chase for the worst class of estates 10
| nearly thirty-three years for the best.
| Hitherto landlord sellers have been paid
| in 2% per cent stock, worth before the
South African war 113, but now only
worth 60 Under the bill they will be paid
| in cash. The money required is estimated
to amount TO about 100 millions sterling,
| and is to be raised by the issue of stock
carrying 234 per cent interest for thirty
years, after which it will be redeemabie
at par. The payment of the interest on
the stock will be secured a by the an
nuities payable to tenant purchasers; (O
by various grants which are now made
from the exchequer in aid of local taxa
ton, for the support of lunatics police.
and for the educational purposes; 60 by
the local rates, which the Lord Lieutenant
can order to be increased in case of any
loss by default in payment of the land
purchase annuities.
Under the fiscal system which has been
developed by TORY governments during
the last twenty years. the three divisions
of the United Kingdom receive sundry
grants in relief of local taxation, for pur-
poses which previously had been con-
sidered to be the special concern of the
fusion between local and imperial finance
has made all accounts of receipts and ex-
penditure of taxation obscure and often
unintelligible; it has made efficient super
vision and control by Parliament almost
impossible; and the effect of the financial
provisions of the Land Bill on the general
body of taxpayers will be apprehended by
very few persons. However, Mr.. Wynd-
ham was able to assure the British tax
payer that he ran no risk; that the loan
proposed to be issued was secured over
and over again, and England stood to.
win financially. There can be no doubt
about that, though it may be didfficult
to ear-mark the particular Irish funds
that will be successfully liable for the
losses that are inevitable in giving the
landlords prices for their estates far in
excess of any that they ever expected,
or would have taken twelve months ago.
Mr.. Wyndham anticipated that it would
take fifteen years to issue the whole
amount of purchase money: and as there
will be an immediate loss on the issue at
discount of the 22i per cent stock, the
fund made Immediately liable for that
loss is yearly grant of e1S5,000 for edu-
cational purposes-a grant made to bal
ance a similar one arranged last year
for Great Britain. 1t was hoped that the
now well-ascertained and almost uni
versally admitted over-taxation of Ire
land might have been a sufficient reason
for throwing the expenses and losses in
carrying out this great reform on the
shoulders of the whole body of the United
Kingdom taxpayers; but that is not to
be So The British rule is, that Ireland is
not separate financial entity when it
is a question of increased taxation for
British purposes, but that she is. and
must bear the entire cost when il is a
question of expenditure on Irish national
objects. The British Treasury claimed,
when the overtaxation of Ireland was
j.
Commission, that their expenditure in
ireland. pronounced wasteful and de-
moralizing. should be taken as a set-off.
Mr.. Wyndham announced that savings
made in Irish administration during the
last few years amounted to G440. 900. and
that he hoped to effect very much larger
savings; but no intention of allocatlng
these savings to Irish purposes was init
mated. The British Treasury must win.
and VIII win largely, over this business
Now for the tenant purchasers posi-
ton. Hitherto he had agreed to buy for
n lump sum. which he usually reckoned
at so many years purchase of his rent
He could repay this by paying an annui-
ty of per cent on the price for forty
two and one-half years; or he might have
this annuity reduced by 10 or u per cent
at the end of each Of the first three
decades, and then continue paying 21z
per cent on the original loan until seven
ty-two years had elapsed from the date
Of his purchase; or he might pay of the
whole or any part Of the loan al any
time. When he bought he became full
and absolute owner OF his farm. He was
proprietor caelo usque ad inferos
That is not TO be so under the Land
Bill No purchaser will become absolute
owner. nor is he 10 agree to buy for any
known sum He must agree TO buy for
an annuity which is not TO be less than
10 per cent or more than 20 per cent be
low his existing rent: seven-ejghth Of
this annuity will be terminable in sixty
eight and one-half years. and oae-eIghth
IS TO remain perpetual charg9 on the
land. Mines. minerals. rights Of shooting.
hunting, and fishing do not pass to the
purchaser. but are 10 remain the proper
" OF the Statc-i. e. at present. the
Treasury. The purchaser Will not become
the owner: he VIII b state tenant. with
. right 20 use the surface OF the land for
farming purposes only. AID without power
to explore or develop It's mineral resources
II they exist II a tenant wants to know
what price he IS paving for this limited
ownership. he must divide the annuity
he has agreed on with his landlord into
two parts. and multiply one-eighth Of the
annuity by 81. = and seven eighth by ST..
The selling landlord VIII get in addition
bonus Of from Is Her cent or the pur-
chase money ot estates not exceeding
s5.as9 capital value. 10 per cent on e.
sates where the total price exceeds So