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I TOPICS OF THE DAY.

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I TOPICS OF THE DAY. )! TRANSFERABLE DEBENTURES ON LAND. There is a modest, unpretending little Bill which has drawn itself softly and silently through the ordeal of a second reading in the House of Commons and deserves more fame than it has yet received. It professes to be but a graft Upon the Chancellor's Registration Act. It is to he read together with that Act; and all the sections of the Land Transfer Act which apply to registration and to the appoint- ment of clerks and their payment out of the Suitors' Fee Fund are expressly re-enacted, together with all other neces- sary and desirable provisions, in the new Bill. We think we see at once that it is a simple and innocent system for registering charges upon real property. We are inclined as we glance over the provisions to wish it all possible success, a quiet passage through the Select Committee, and a prosper- ous voyage through the House of Lords to the full fruition of the Royal Assent. Moreover, there is an air of high x farming and scientific husbandry about the measure. Of course it means draining, and steam ploughs, and all that sort of thing. People are to lend money on as easy terms as possible in order that the landlords may improve their land. Who would say anything against such a good work as this ? Rather let every one give a hand to help the I modest little measure which calls itself A Bill to facilitate the Raising of Money by Debentures on the Security of I Land." Yet when we como to look rather closer into this mild little Bill a suspicion arises that it is not quite so unso- phisticated as it would give itself out to be. That word Debenture" attracts a nearer observation. The fact is that, although this Bill is referred to a Select Coramiitee together with other Land Improvement Bills, it is not a Land Improvement Bill at all. It has nothing to do with lands' improvements. It is simply a gigantic currency scheme. It is the realization upon a magnified scale of all that was ever prophesied by Gemini" and other celestial signs of the old extinct currency period. Let us explain. The plan which it is proposed to make legal under this Bill is as follows :-A man has a house or shop, or warehouse, a small farm or a large landed estate. If he is owner in fee so much the better. If he is tenant for life only, and his son next in succession is born, especially if he is of age, it J8 near]' as good. He can go to the Registrar and register his ?nd wIth an indefeasible title. When he has done this, e oUe, or shop, or land, becomes like a lump of figs in a or 61^ ??°?- If the figs turn out not to belong to the ero?' ? "? owner can recover them while they are in th« win!t °W anybody buys them out of the window  '\Tn ow; anybody buys them out of the window they become .? Purchaser's property, without reference to of title. This is the very excellent effect of thpTanJ ransfer Act- an effect which is Dot yet properly linHprat^ J °J- aPP"oiated by the public. Upon this state of Xin? ? '?'sed currency scheme to which we are now eaHin. ?? °?"? has been erected. It is proposed that landowner. M J?rs^ register their property. That being once done fu- once done, ? Bill proposes further that, without even vafuat?' "??' or limit, the landowner may go to the 'BIS rar and. Reiistrar "? any number of transferrable debentures I cha 'd imi*! f land so registered. In fact, every land- < owner? in??y ? has registered his land is to become a Banker ^%u an unlimited right of issue. It is true the Bill do? n? ?P°"e to give power to issue bank-notes, but the nr °lrietor" may issue what is very much the same thin? ??P?res with coupons attached to them. Who th ng Proprietor" is to be does not very clearly appear. From t??-' ? the declaration it would seem that a tenant for iife m ^8Ue debentures and coupons upon his own life estate Tnrt Tran8re:c r.om ?ne ? the incorporated clauses of the  -? ""S? appear capable of being held that if the remaind?e? '? not lodge a caveat against it, such the r not lodge a caveat against it, such debentures ? the whole fee simple. Onr object here, however ''s 'lot to untie any of tbe legal knots In IhlS imbroglio 'but' ??? ? "°"e any of the legal knots  ttns proposition itself sttention to the purport of the property ?f????s, affects to know the value of the real property of En8D<* Scotland. Never mind bow many thousands cf mnL- °S ?' If you take the amount of income t under » property schedules for last year, _rea* Property schedules for last year, and then njulti.ly t. at, first by 40, and the result again by 30 you may f1 "?'°g of the sort of sum that would arise in answer to 8UC^ a question. Now, the most feeble imagination hn unequal to soaring into the highest flights of numertD| can understand that it must be a bold proposition w)- h Id set ikll these Millions and billions of unrealil!ed Iloh would set all these millions and billions of unrealised val al'nS up and down the world in repre- eentative bita f P??' Perhaps it may be considered an absard assumn- °° that every landowner would avail him- Mif of such a f?"?'ty; and so undoubtedly it would be; but howverv ?°* ? ? proportion of the whole would amount ?0 a fiMnr! to a gigantic sur4 Moreover, this Bill would arm every of every I wJth the sacred. attribute of Credit. The value ? every 1.? ''°?r'a estate would be to him what bis depo- sits are to banker. He might borrow on his debentures.? ? interest, and lend again on commercial Mcurities ??- on Personal security at a higher interest, and Pocket th.?rence, thus doing a small banking business, ? ?'s own account. The result would be a enrrenov "hlch the wildest dreams of the one-pound note People n CDmpassed; and the ultimate result, when worked n ? ? the elaborate foreclosure machinery under the Court nf rn. anoery Provided by this Bill, would be a crash such as the opponents of that one. pound note crotchet never n~Ure to foretell: Lands would doubtless change hands under such a system quickly enough to satisfy the deB i res desires » '11 f tbose who are most anxious to destroy all its inho* 6 qI1htles; and the Registration Act would have a SUC0iS8 w^i°b would astonish the Lord Chancellor r himsBlf.|?ou^ kill the Registrar and all his clerks with x- ik.Bu-t what the other results would be upon our society our mil?J™ aerce» and our Government would be as difficult to m! ?'Scuttto r?„ ??? it would be '° tell what would be the exact rp«i,if f ?n alleration in the natural laws which Kovern?P?-sen? tch.ymtcal compositions of our atmosphere. All th«t ??"??. that if this Bill were to become )aw in its present Jer 91B, that if this Bill were to become law in mon »r ^m' V• turn 0Ut 10 be' 80 far as al1 our sure o?I ,f ??'°°? are concerned, a revolutionary mea sure of k-u degree of potency. Perhaps it is some half estim.t u T?oroua intrinaic tendencies in this direction Which h.. recommended itself to its authors.— Time In a subsequent article the Times says-It seems that we were not unnecessarily uncharitable in expressing suspi- cions as to the real object of the Land Debenture Bill. It is now avowed that the intention not only of this Bill, but also of another, introduced by Lord Naas, and of a third, in- tended for Ireland, is to bring into legislative action what 18, with most wicked misnomer, called Free Trade in Land." We are convinced that when these Bills were read a second time all the Members who acquiesced believed they were assenting to some of those Land Improvement Bills which have been so numerous of late years, and which have done so much good in removing the inconveniences attendant upon entailed properties. If we had been told that the intention was to put upon the market two hundred mill;™^ ?ebfnt0re8*hlch ?°"? "P? from hand to 1 HITL L MOR bank-notes," \E think they would have required a little more explanation before they so far accepted the irindDlL. ? nf th proposition as to send it for grave discussion by a Select Committee, who, as we understand, are not to taaC ke » evidence, but are to decide offhand upon one of the most extraordinary and startling novelties ever suggested in a commercial country. The more closely we examine these projeots the more ex- travagant they appear. The proposition is that every man who has any estate or interest in real property shall be en- titled, either himself or through the agency of a Company, to issue Debentures to any extent he pleases according to one English Bill, and to the extent of three-fourths of a nluation by a surveyor of the property according to the other. Thus, either an owner in fee, a tenant for life, or a lessee of any house, shop, warehouse, mill, or land, may, with a valuation by a surveyor, or without any valuation t»L t iii«H.f Debentures upon the credit of his interest in Lnpr. which sball pass from hand to hand as float- int v AAln l tbese Debentures, whether they be the first or the UsA V are f have equal priority; nor is there any necessity fnP be «ff an Cni?ur^n J>U»? that the interest in the land shall ff' 0R (except the va^ gue valuation accordinir to on« UIMUK ?' value of the land shall be equal to ,t1 hp n ♦ "I issued. There is no reason, of court 8 not I88ue Debentures agains'. the "lue Of ? L ??? or hie warehouse, or his land, or his D i ano tT ?enn o his olddJ oS' %?? ? stock-in-trade, or his books, or e!en h18 old clothes. If the P?? will trust him and take securitv to the8e + which must in the very nature hIs Debentures, he has that power now. The question is of things be fallacIOus. Let us consider for a moment how whether the law should give a special sanction and air of1 this mighty change would wOlk. In the first place, all the bankers, and milIowners, and warehousemen, and shop- keepers who are making ten per cent. by trading, and who own their own premises, would ie$ue Debentures upon their premises, as upon the real security, at low rates of interest, and would add the sum to their capital. We have not much to say upon this, except that it would at once throw sixty millions of these Debentures on the market. But carry the operation on to the landowners. Take a country gentleman with an estate of £:WOO a year. His estate is worth ?60 000 He has a right, therefore, to raise ?0,000, or, according to Lord Naas's Bill, E45,000, on Debentures. You will say he =rWR n°t 'I"ttVal,ethi8 money, because if he does he nav upon it. True. But Lord Naas esta. blishes a great Company. His Bill confines all Debenture °Pa? Companies, and gives them a mono- polv of thesp n k f Lord Naas's Company says to the Squire °° Sir, you have a credit to the extent of £ 45 000 whwih io?th fr'o? whA??P?'? all ?''?°- 1 can make it iouh from? a yeaa1r 1 t0 you* You can borrow by our flni«PP ??' or perhaps three per cent. We on that rea!l S m,ni d Comm"<:lal operations, can make ten per cent of the per cent. of the  Make over to U8' then this charge of E45,000?on Your estate, ? ? make us your bakers. Our Comfpany Ww? ill tu?rn p?.h ??Se into Debentures and sell them. w them. We wl1\ speculate-we mean, operate-with the produce. We can very well afford to pay the interest on your Debentures, Bnd also to give you one or two per cent, for the use of your credit °' upon your -?'? charge you would, without acrneydi?ro. ?' outlay, and '?P'? by the use of the credit of your 1?'? a profit of E450 or £ 900 to add to your straitened incomer ? temptation ? Is not this a bait wh  w?ould m? ? ?°' temptation ? I8 not this a bait which would hrm» Jn i dreds and thousands of landowners t? beonmo partners in all the bubble schemes which several hundred of these transferable Debentures would raise in ??.??? "?? The landowners will sell the security of their land a?ns the insecurity of commercial operations, and pocket a norii of the difference. This sounds very good for the landowners and so it would be if the present value of money and the present relations of commerce could continue when the jalue of a great proportion of the fee simple land of Eng- land was floating about in paper securities. If two or three landowners could do it, or 'if fifty landowners could do it, U I. I s they wig. ma e' and could keep the privilege to themselves, they might make 'neirpto&t so long as the Company with which they dealt continued prudent and prosperous. But in the nature of things there would be a rush for such a tempting arrange- mem Thousands would do it. What would happen, then, "ith these hundreds of millions of Debentures floating about while the enterprising Companies were seeking opportunities all over the world to place their money at any risk for a pro- fit j j.. at we have never yet seen, or even dreamt of on the ,-10 ??? now imagined but it is not difficult to to foretell ^v, general character of what would happen. The hiiiiDtf^ victims of the vast catastrophe would come back in c l oud# in clou?.'?)?????""tyandwoutd eat up the land ??. ? each his little dividend after the liquidators ond the IAwYere h?d filled themsehcs full. There is as much difference between landed property as we see it at the present day, and landed property as these gentlemen pro- pose to make it, as there is between an honest piece of brown Windsor soap lying ready for our domestic use, and the same piece of soap whipped into suds and floating about the air in beautiful bubbles. l Let us have free trade in Land. Land cannot be too free. Let Titles be simplified to the utmost extent. Lot Convey- ances be short and Registration perfect. Lot Mortgages, if you will, be facilitated. Let there be no unnecessary impe- diment to charging upon tlie land any expenditure upon it which will be permanently profitable to its culture. But for none of these purposes is it requisite or desirable that a landowner should be specially encouraged to draw against the fee simple of his estate as he would draw against the current account at his banker's. Still less is it desirable that the land of the kingdom should become, like the nuoleus of a comet, the only bit of density in an atmosphere of credit which is beyond measurement and computation, and only sets men wondering as they mark it rushing through all space. Surely this gigantic absurdity we are now contemplating must have bsen first conceived by some disordered mind ? It is too sublime for more sober sanity. It must have been sailing about as a mere wild idea until some practical mind saw it ard divined to what use it might be fashioned. There is in it a millennium for Joint- stock Companies, and for projectors of all kinds, and for Directors and Secretaries, and share-jobbers, and all the great staff of gambling speculations.

IEARL RUSSELL OX REFORM.

rM' ,.1 . JULIUS CiESAR.I

WOMEN "ASSOCIATES."I

RUSSIAN PROSPECTS. i

THE STATE OF THE MONEY HRKET.I

THE FLIM-FLAMS OF CONVOCATION.…

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