Note 195 — Chapter X

We have not space to go over the ground of the change; nor is it necessary, seeing how imperfect was the amendment introduced in 1853. Mr. McCulloch, however, in his Statistical Account of the British Empire, vol. ii. p. 712, may be said to have summed up in the following sentence the reason which sufficed to induce the Legislature to amend the Act of 1834:—The influence of the Act (1834), so far as it extends, is subversive of accumulation, and goes to encourage the selfish and unsocial propensities by tempting individuals to consume their whole property during their lifetime, without caring anything for those who might come after them. Had Government given facilities to the middle and lower classes for insuring sums for their wives and children in the event of their death, it might have been highly advantageous. But the system they have set on foot does not encourage providence, but extravagance; and if extensively acted upon, would be so very hostile to the public interests, that it would have to be put down by legislative interference. We should think that there could not be much chance of successful legislation if it were based upon such arguments as the foregoing; and successful it was not.