This proposition of Mr. Birrell is without doubt the most stupendous
munificence ever offered by any government to its subjects. The money
thus appropriated does not pay for any service performed. It is a direct
appropriation from the public treasury to the people of Ireland for the
simple purpose of relieving their poverty and placing them in
circumstances which will permit them to enjoy life without the hardships
and sufferings and fruitless labor which they and their forefathers have
for generations endured.
The advances of the British government to the Irish peasants, if this
bill becomes a law, will reach nearly $1,000,000,000, but it is to be
repaid by them in small installments. Mr. Birrell, in his explanation of
the purpose of the bill to the House of Commons, stated that up to the
31st of October £25,000,000 in round numbers (which amounts to about
$125,000,000 in our money) had already been expended by the estates
commissioners in purchasing farms from the large landholders in Ireland
for the benefit of the tenants who occupy them, and that £52,000,000
(which is the equivalent of about $260,000,000) is due to other
landowners who have sold their estates under the Act of 1903. These
transactions have been completed with the exception of payment of the
price.
The transactions concluded under the Land Act of 1903 up to Oct. 31,
1908, provide farms for about 126,000 Irish families, at a cost of
$385,000,000 to the British treasury, which is to be refunded by the
owners of the farms in sixty-eight years, with interest at 3-1/4; per
cent. Three-fourths of 1 per cent of this annual interest, to be paid by
the man who owns the farm, goes into a sinking fund to meet the
principal of bonds which have been issued to provide the purchase money.
The remaining 2-1/2; per cent is paid by the farmer in lieu of rent, and
is used to meet the annual interest upon the bonds. Thus the farmer gets
his land in perpetuity by the payment of sixty-eight annual installments
of an amount equal to 3-1/4; per cent of its present value. The average
cost of the 126,000 farms thus far purchased is $1,790.
The British government advances the money and becomes responsible for
the payment of the interest and principal. The annual interest is only a
trifle. In some cases it is only a shilling a week, and it runs up to as
high as a pound or two a week in special cases, the average being
estimated at $59 a year for the 126,000 farms, or $5 a month for the
purchase of a farm, and whatever improvements may happen to be upon the
land. If these improvements are not adequate, if the house is not
comfortable, and if barns, stables, fences, and other permanent
improvements are needed, the government advances the money to provide
for them upon the same terms,--sixty-eight annual payments of 3-1/4; per
cent of the cost.
Public-domain text, read in full here on John Shaqi.
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