The national debt, which consisted before the war of 234,866,500 of external Financial and internal consols ar,d redeemable debts, and and Political 24,2 50,000 of home floating debt, was increased Reoiganizaby 46,21o,ooo of Cuban and Philippine debts, which tion.
In 1886, however, it was enacted that no such extraordinary charge shall be levied on any such grounds so newly cultivated in future; the capital value of the existing charges was assessed, and the payment of interest thereon was made a rent charge on the land payable in priority to all other charges until its redemption, and recoverable in the same way as ordinary rent charge and exempt from all rates, charges and assessments: the charge was redeemable at the capital value, and, saving existing contracts, it was as between landlord and tenant payable by the landlord, any agreement to the contrary notwithstanding; and it is not subject to the Tithe Act of 1891.
In 1707 the islands were granted to the earl of Morton in mortgage, redeemable by the Crown on payment of 30,000, and subject to an annual feu-duty of 50o; but in 1766 his estates were sold to Sir Lawrence Dundas, ancestor of the earls of Zetland.
His chief financial expedient was to debase, or rather ruin, the currency by issuing copper tokens redeemable in better times; but it was no fault of his that Charles XII., during his absence, flung upon the market too enormous an amount of this copper money for Gertz to deal with.
The edict of Moulins (1566) maintained it, as one of the exceptions to the inalienability of the crown-lands; only it was then decided that daughters of France should be appanaged in money, or that if, in default of coin, lands were assigned to them, these lands should be redeemable by the crown in perpetuity.