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We will restrict the population to the decadal cult only; we will change the market-days, so that no believer shall be able to buy fish on a fast-day. We have nothing more at heart than this war against Catholicism; no article on our program will be carried out with more determination and perseverance. The question involved is truth.
Hence it is that there is widespread anxiety in Ireland lest land is being sold under the zones at prices which the Land Commission, had it been entitled to inspect, would have been unable to sanction as offering a safe security, seeing that the purchaser must pay his annuity for sixty-eight years without hope of reduction a danger, in the event of bad seasons, which might have been diminished if the sinking fund had been fixed at a higher rate and the decadal reductions of earlier Acts retained, so as to reduce the incidence of the burden in its later stages.
The sinking fund remains at 10s. and the interest £3 is, for the first time since land purchase was attempted, placed at a higher rate than in the preceding Purchase Act, whilst the whole instalment of £3 10s. is raised, not only above the rate of the Act of 1903, but also above the rates, diminished by decadal reductions, of purchasers under still earlier Acts.
"Decadal reductions" under the Act of 1896 had, as I have said, diminished the instalments of purchasers under the Act of 1891 to £3 8s. 7d. after ten years with further prospective diminutions, and subjected the instalments of purchasers under earlier Acts to a similar process.
Gerald Balfour, in 1896, permitted the purchaser to write off the amount repaid by sinking fund during the first and two successive periods of ten years. These "decadal reductions" were optional. If the purchaser forewent them he paid £4 per £100, and extinguished his debt in 42-1/2 years.
But owing to the rise in the value of gilt-edged securities, Irish Land Stock, with a face value of £100, became at one moment worth as much as £114; the purchaser's interest was at 2-3/4 per cent. i.e. the existing rate on Consols; but his instalment, prospectively fined down by decadal reductions, enabled him to offer an acceptable price and yet pay far less to the State, by way of instalment, after purchase than was due to his landlord, by way of rent, before purchase.
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