The justice or the policy of these financial arrangements is for my present purpose immaterial.

All that need be observed is that the ordinary taxation of Ireland passes from the hands of the Imperial Parliament into the hands of the Irish Parliament, and that under the new constitution this arrangement is a settlement which the Imperial Parliament is morally bound to respect for a period of at least fifteen years[18].
In Ireland therefore the new constitution abolishes the effective exercise of authority by the Imperial Parliament in matters of administration, in matters of legislation, in matters of finance; every concern which affects the daily life of Irishmen will be under the control of the Irish Cabinet and the Irish Parliament.

The relation of the Imperial Parliament towards Ireland will not be the relation which it now occupies towards the whole United Kingdom, and which under the new constitution it will still occupy towards Great Britain.

The Imperial Parliament, it is true, retains considerable reserved powers; what are the effect and nature of these powers shall be considered in its due place.

The matter upon which I now insist is simply this: the new constitution does in any case transfer the effective government of Ireland from the Imperial Parliament to the Irish Parliament.