Speeches on Questions of Public Policy, Volume 1Bright, John
History
Speeches on Questions of Public Policy, Volume 1
Bright, John
Great Britain -- Politics and government -- 1837-1901
annuity, a process which, once begun, proceeds generally and
almost necessarily to the exhaustion of the life income. The son
may be an idiot or a spendthrift. He may be tempted to raise
money by _post obit_. If to these not improbable results we
add all the family feuds generated between the tenant for life
and remainderman, in regard to the management and enjoyment by
the former of that estate which was once his own, particularly
with reference to cutting timber, the disadvantages of thus
fettering the dominion will appear greatly to preponderate. At
best, a settlement is a speculation; at worst, it is the occasion
of distress, profligacy, and domestic discord, ending not
unfrequently, as the Chancery Reports bear witness, in obstinate
litigation, ruinous alike to the peace and to the property of the
family. Sometimes the father effects an arrangement with his
eldest son on his coming of age; the son stipulating for an
immediate provision in the shape of an annuity, the father for a
gross sum to satisfy his creditors, or to portion his younger
children, and for a resettlement of the estate. This arrangement,
perhaps, is brought about by means, or imposes terms, which, in
the eye of equity, render it a fraud upon the son; and here we
have another source of litigation.'
Now, what I have here read is exactly that which everybody's experience
tells us is the fact, and we have recently had a notable case which
exactly answers to that referred to in the last paragraph of this
Opinion. The practice of making settlements of this description is
mischievous--leads to endless litigation--and sooner or later the landed
classes must sink under it.
Public-domain text, read in full here on John Shaqi.
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