302 ON THE STATE OF IRELAND. [BOOK III. 



those who profit by the increased safety of their funds 

 (who, in point of fact, receive, in many instances, nearly 

 the whole rent, and may therefore be almost considered 

 as landlords) have no right to complain, if the individual, 

 who perhaps receives but a minute portion of the rent, 

 be not made liable for taxation as affecting the whole. 

 The rate of interest in Ireland is six per cent., a rate 

 which in the present times can only be obtained from dis- 

 tressed landlords. It will be in the power of persons now 

 receiving that rate of interest, if indisposed to let their 

 loans remain out on their present security, when charged 

 with the proposed incumbrance, to call in the principal 

 at any time. But should they feel disposed to do so, they 

 could not easily find an investment for the money again 

 to better advantage. 



Then as to incumbrancers who receive a less rate of 

 interest ; if they choose to call in their money rather than 

 allow the rate out of it, and the borrower be content to 

 pay the difference rather than repay it, a new arrange- 

 ment can be made between the parties, by which a higher 

 rate of interest may be given, so as to make up the amount 

 of the rate ; for we do not contemplate such a rate as 

 would exceed the difference between the interest obtained 

 on good security in general and six per cent. 



We therefore recommend that persons paying any an- 

 nual charge in respect of any beneficial interest in land 

 shall be authorized to deduct the same sum in the pound 

 thereout that he pays to the poor-rate, as in the case al- 

 ready put of successive lessees. 



