New-York tribune., 1903-04-08
THE IRISH BARGAIN.
Making Peace by Cash Bonus and
a HeaUy Investment.
London, March 26


IN presenting the Land bill. The Chief Secretary
had an intricate subject, but he not
whelmed either with dulness or a sense OF
spensibility. Tall. handsome. suave and courtly
he smiled pleasantly when mathematical call
cuIations were at the tip of his tongue: and
even when experts alone could follow him in
the technical passages Of his speech he sue
ceeded in interesting House and galleries alike
Ir his method Of exposition II he lacked the
solemn earnestness and majestic presence Of the
Grand Old Man in the Home Rule debates. ne
spoke huently and with distinction Of manner;
and apart from other graces Of delivery there
vas iuciditE of treatment without which a
speaker on financial subject would be power
less to interest audience. The House listened
10 him almost without interruption and in
silence fer hour and half. and then united
in spplaudng him heartily for debating per
1ornance OF high order. Many members re-
feTred TO him subsequently a future Chan
oeiior OF the EKchequer.
Mr. Wyndharn justified fresh legislation for
Ireland by series Of generaiizati tiens which
were indisputable. Public interest required that
agriculture in Ireland should be prosperous
rather than preearious- The Land acts, al
though constantly amended and reconstructed.
were not operating satisfactorily. Constant liti-
sat3na caused by them end the land was
starved from lack of capital. Landlords were
financially ruined, tenants were morally ruined,
ana there was a charge Of S240.oo0 annually
upon taxpayers for the Land Courts and the
police The Land Purchase acts on the other
hand. had been introduced with uniform sue
cess Purchasing tenants die their best for the
land when il once their own; repayments
the Treasury were punctually made; the state
had not lost penny from its advances and ex-
ReFienoe had shown that land purchase was a
safe credit operation. The government had con-
seQuently determined 10 respect the wishes Of
the land owners and tenants and TO apply the
purchase system universally. It proposed free
gift Of 100000 and credit operations approx
inaiing flo0en0O00 for the gradual extinction
OF dual ownership by the purchase Of tenanted
land 10 The value of 100000 year in second
Term rents. Three Estates Commissioners would
supervise purchase and would have the cash
benus Of fl20toGe0 to use in order to accelerate
transfers and TO terminate the present system
of rent fixing While il would be advanta geous
for the landlord sell his property the pur-
chasing tenant would be promised reduction
ir trstainents, as compared with existing rents,
OF from 10 TO 30 per cent on second term hold
.nss and from 20 10 40 per cent on judicial
rents arranged before 1896 Advances would be
made wherever landlords and tenants came to
sa agreement OF these lines among themselves:
and whfn there was no bargain the commission
could purchase the land and resell it to the
tenants, and when # uneccuped 20 claim
ants well. including evicted tenants. The
period Of repayment would be sixty-eight and
one-half years; there would be stringent provi-
siens against subdivision and mortgagi ging Of
holdings; aEe-eighth Of the purchase money
would be kept a perpetual rent charge and
seven-eighths would take the form OF ternnina-
bic annuity.
Ny wyndharn explained in detail the method
Of financing this scheme Of land purchase. The
selling landlord. whether making a bargain with
the tenants or dealing with the Estate Com
raissioners. would be paid in cash. and the neees-
sary funds would be provided by the creation OF
24 per cent stock. practically secured against
loss through discount by charge upon new
grant 10 ireland. The bonus employed in fe-
c.litatiRg these transactions would range from
= 20 IS per cent Of the purchase price, Mr..
Wyndharn admitted that over E1ae.oo0.oO0 would
hs available for these advances, but he con-
si6ered fleoeNooo0 a free estimate of the
amount required for the purchase Of al saia BILE
land. He contended. however. that the fnan-
eial strain would be systematically reduced;
that not mere than 100000 would have TO be
raised for each of the first three years begin
Hing with the operation Of the act in November;
Ghat ~ least fifteen years would be required for
the completion Of the transfer Of Irish land;
that the bonus Of $4,000 Gp0 would be drawn
upon gradually. and that t39ooo would be a
maximum charge for any single year and thst
Il least Ee5o 200 Of this sum would be made UP
by administrative economies Mr. Wyndharns
optimism Was not infectious. Spectators with a
talent for mental arithmetic readily computed
that Ele0neOaQ0 on a basis of 100000 second
term rents meant twenty-five years purchase,
and they inferred that as the bonus Of tIz.-
60bOo0 VAS equivalent 10 three years purchase
added as a gratuity the landlords were dealt
with 50 generously that there would be a pre-
ciptate rush 10 avail themselves Of the pur-
chase scheme. Scepties were not convinced
either that the annual charges could be kept
within 100000 or that saving Of f25ooo
could be effected IN administration Mr.. "yho-
ham. however. received general credit for hav-
ing made an honest attempt 10 grappie WIN eA
isting evils in Ireland. and for having pre-
kented his scheme OF land purchase Win coii-
suramate skill and admiFable lucioity
The chief objection raised by Mr- Redmond 10
the measure related 10 the permanent rent
charge. The landlord viii receive IN cash 'iie
capitalized value Of the purchasers instalments
ssven-eighrhs Of which will constitute an an.
nuitv terrninabIe in sixty-eight and one-half
Yssrs while tlae remaining ene-eighth VIII re-
main practically as a permanent ground rental
This nro.-lsior will convert the occupiers into
ground tenants of the crown for life; ana 10
thar extent 1andlordisn will not he abolished
Tha state however will be easygoing land-
Ior6 u,bo nuts the occupiers at once In complete
r,ossession of the property and enables them 10
-av for il on the easiest possible terms; ailo
the permanent rent charge will be sa1eguaro
against subletting mortgaging and SUBDIVISION
q tFe holdings The Irish members may at
tenn, to reduce the proportion OF the rent
charge. but the principle Of reserving poruon
of the snnuities IN order to give the state con-