Further, there is no doubt but that Mr. Gladstone's Bill, if passed through Parliament, "to amend the law relating to Government Annuities," will have a most important effect upon the Post-Office institution.[138] It is true that under the Savings' Bank Act any person may purchase a deferred annuity through the Post-Office, only the clause making it necessary to pay the purchase-money in one sum has a direct deterrent effect upon the measure. The provisions of the new Bill, on the contrary, allow the purchase-money to be paid in even weekly instalments. Equally important is the second part of the Bill, which empowers the Government to assure a person's life for 100_l._ It is proposed to draft all this extra business on to the Post-Office establishment, and no interest, except the insurance company interest, is likely to say nay. Until assurance or other companies can appoint agents, and open out offices in every town and village, the Government is likely to have a monopoly of any business it chooses to undertake. FOOTNOTES: [130] _Life of Sir James Graham._ By Mr. T. MacCullagh Torrens, vol. ii. [131] Postmaster-General's _First Report_, p. 35. [132] So late as the year 1842, a letter posted at any London receiving-house after _two_ in the afternoon was not delivered at Islington until the next morning.--Postmaster-General's _Second Report_. [133] See Address by the late Mr. Robert Stephenson on his election to the Presidency of the Institution of Civil Engineers in 1855, given in the Appendix to the larger edition of Mr. Smiles' _Life of George Stephenson_, and also a reply to it from the Inspector-General of Mails.--Postmaster-General's _Second Report_, pp. 45-55. [134] Appendix to Postmaster-General's _Second Report_, p. 51. [135] _Fifth Report_, Appendix, pp. 43-8. [136] During the progress of one of these negotiations the following memorandum, written by Mr. Bancroft, American Minister, is so characteristic of his people that we are tempted to amuse our readers with its reproduction entire.--Postmaster-General's _First Report_, Appendix, p. 83. "Approved as far as 'the rate for sea.' What follows is superfluous and objectionable. Make your rates (England) to your colonies and possessions, and foreign countries, what you please, high or low, one sea-rate or a dozen, or none at all; one inland rate or a dozen, or none at all. What your people pay we are willing to pay, but not more, and _vice versâ_. Our security is, that we pay what your people pay from the same place for the same benefit, and _vice versâ_." [137] In America letters are certainly carried much greater distances, at the uniform charge of three cents, than with us for a penny; but it must be borne in mind that there are no official deliveries of letters in the United States.