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The change in the manner of payment of annuities would have been opposed by Keokuk and his head men, had they been let into the secret, as the annuity money when paid over was principally controlled by him, and always to the detriment of the Sacs' traders who were in opposition to the American Fur Company, the former having to rely almost entirely upon the fall and winter trade in furs and peltries to pay the credits given the Indians before leaving for their hunts.
The balance of them determined to remain and await whatever the consequences might be, and receive the annuities which they were promised for twenty years. But fortunately their expulsion from the State was suddenly stayed, in the years 1850 and '51. By the kindness of the people of the State of Michigan, they were adopted as citizens and made equal in rights with their white neighbors.
An American had visited him during the winter of 1809-10 who informed him that Harrison had no authority whatever from the government to make the purchase; that the Governor had only two years more to remain in office, and that if Tecumseh could prevail upon the Indians to refuse their annuities under the treaty until the Governor "was displaced, as he would be, and a good man appointed as his successor, he would restore to the Indians all the lands purchased from them."
'I can tell you, said Tigg in his ear, 'how many of 'em will buy annuities, effect insurances, bring us their money in a hundred shapes and ways, force it upon us, trust us as if we were the Mint; yet know no more about us than you do of that crossing-sweeper at the corner. Not so much. Ha, ha! Jonas gradually broke into a smile.
They granted two hundred and thirty thousand nine hundred and twenty-three pounds, for the maintenance of twelve thousand Hessian troops; a subsidy of fifty thousand pounds to the king of Sweden; and half that sum to the duke of Brunswick Wolfenbuttle.* The expense of the year amounted to four millions, raised by a land-tax of three shillings in the pound, a malt-tax, and by borrowing of the bank one million seven hundred and fifty thousand pounds, for which annuities to the amount of seventy thousand pounds, to be raised by duties on coals imported into the city of London, were granted to that corporation.
In most instances they have been instigated to resistance by persons to whom the trade with them and the acquisition of their annuities were important, and in some by the personal influence of interested chiefs.
The sinking fund has, no doubt, been considerably augmented since the peace, by the debt which had been paid off, by the reduction of the redeemable four per cents to three per cents, and by the annuities for lives which have fallen in; and, if peace were to continue, a million, perhaps, might now be annually spared out of it towards the discharge of the debt.
In 1720, the greater part of the other annuities for terms of years, both long and short, were subscribed into the same fund. The long annuities, at that time, amounted to £666,821: 8:3½ a-year. On the 5th of January 1775, the remainder of them, or what was not subscribed at that time, amounted only to £136,453:12:8d.
The maxim of Caiaphas IT IS RIGHT THAT A MAN SHOULD DIE FOR HIS NATION is that of the populace and of tyrants; the two extremes of social degradation. It is said that all perpetual annuities are essentially redeemable.
Robert Walpole had projected a scheme for lessening the interest and paying the capital of those debts, before he resigned his place in the exchequer. He proposed, in the house of commons, to reduce the interest of redeemable funds, and offer an alternative to the proprietors of annuities.
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