The Sun. — London, England, 1804-05-26 00:00:00

EXCHANGE IVITH IRELAND. EXTRACT FROM MINUTES OF EVIDENCE Taken before the Committee appointed to inquire into the State of I relanci, as to its Circulating Paper ; its Specieand Current Coin; and the Excrange between that part of the United Kingdom and Great Britain The Right Hon. JOHN FOS r ER, in the Chair. (Continued from cur Parer of Tisuo:4.) WALTER BORROW ES, ESQ.'S EXAMINATION, CON.. TINUED. Don you consider the fluEluation in Exchange as an evil to the Countries in which it takes place ?--I d o no t, where there is only a balance of trade to produce that flueluation ; but if it arises from a de preciation of currency, I consider it as injurious, as an uncertain measure or weight would he, I mean an uncertain bushel or pound, and that is the bane of commerce and of confidence. Do you net consider the operation you have de_ scribed as having caused the flueluations in iSoo and 18ot ?—I think it had a tendency that way, hut it was •not adequate to produce the whole cf. felt. , Would you consider it as an eligible objet} for Administration to cuter into the market for any other commodities than Bilis of Exchange, for the purpose of raising or lowering the market for such commodities think if Administration confined themselves in the market to one channel of pur chase, and kept down competition arising from their own purchases, there could be no objection to it ; if for speculative pUrposes, I think it would be improper. At the time the Notes wore received at 94- per cent. what was the rate of exchange of Landon on Dublin ?—I believe it was here 104 ; but I am certain as to Dublin, that when the house of Bogle, French, and Co. were taking in Bank of Ire lan:l Notes here for the Loan of i Soo, their Agent in Dublin was drawing upon them to a much greater amount (at p . l) than they %sue exchanging here at th Bank of England.' Why did your correspondent draw at that rate of excange from Ireland ?—Because we had weed with G .vernment to take in Bank of Ireland Notes at 91 for the English proportion of the Loan of z 500,0001. which was about 1,700,0001. to be paid to the Treasury of 'lreland. Did the exchange fall here at any time so low as 9, 1 , during the above operations ?—Not that I re_ member, it would hi've been under the standard if it had ; because a bill on Dublin at 2 t days sight, which regulates the exchange, would not have been so valuable as a Bank of Ireland Note. If the restridi )n on the payment of specie by the Banks of bot , Countries.were taken off, would it relieve the difficulties of Ireland as to currency and exchange ? —Certainly. Could it he taken off the Bank of Ireland with. out being taken off the Bank of En&land' wi t h saf e _ ty ?—I think it could not. Can ycu assign any reasons ?—Because specie being at premium in both Countries ; even if the Bank of Ireland had sufficient to answer its own circulation, the wants of England would extend to it, and bring over the specie. Are you of opinion that the rests if - lion could be safely taken off the Bank of England ?—I think not. The other remedy you proposed being paper, as g(.:ld could not be had for a common circulating me dium, and a consclidation of the Banks being the means in your opinion of procuring a common paper between the Kingdoms, exchangeable in either 'Country, do you think that would he any effcaual remedy ?—Yes, for currency and exchange. Are the inconveniences which Ireland feels, in resped of currency and exchange, temporary ? Yes. Should you think it wise to adopt perpetual means of consolidating the Banks to remove a tern. porary evil ?-1 think that the measure of consoli dation would aa favourably to Ireland during 'War, and that in Peace it could do no harm ; and if un fortunate circumstances should again bring back a renewal of the existing evils, that it would prevent the ill effects now complained of from returning with them, In case the two Banks should disapprove of the consolidation, does any thing else occur to you to alleviate or remove the evils T t 1; 1: such a circum.tance, if a Loan, suppose of 3,000,0001. was raised in London for Ireland, that the taking in of that Loan at the Bank of England in Bank of Ire land Notes, at any fixed rate of exchange below the existing exchange at the time, would reduce the exchange on all operations between England and Ireland to that level, as long as Bank of -Ireland Notes continued to be so received at the Bank of England, and assist the currency of Ireland in the same degree exaelly as it assisted the exchange. Would not the sending of Bank of England Notes into Ireland have the same effe,!t ? —lt would pre_ ciscly, so long as those Notes arose from a Loan, or any demand whiCh Ireland got upon England. Does- any 'mode occur to you wherein English Rink Notes could receive a currency in Ireland ? I know of no mode short of consolidation, so long as the medium continues unequal ; I mean a Paper issuing on a security nut residing in the Country where it is circulated, and nut having a currency established by Parliament. Would the supposed Loan of 3,0c0.0001. operate as a permanent remedy, or w-ould the measure re quire to be repeated to produce permanently the fa vurable erred. stated ?—I have stated it to be an alleviation of the distress of Ireland, and not a per. manent remedy ; and I think the good effects would last so long as the Loan continued steadily to be taken in at the fixed rate of exchange. Do you conceive that by the operation alluded to the issue of Irish Bank Notes would be augmented —I do not think it would materially. In the for mer Loans transmitted on this principle, the Bank of Irelandliad an interest to enlarge their issue of Notes, in order to bring them over, because these Notes were exchanged in the first instance for Bank of England Nutes, which produced a quantity of Specie in return, and this specie being paid into the Bank, was a justification for an enlarged i s s u e ; but in the present circumstances, Wten the remittance of a Loan probably would not produce the remit tance of a guinea to Ireland, there could be no justi fication for an elarged issue. Do you conceive the quantity in Ireland would be diminished ?—I do not, only during their ab. sence as a remittance into England. Do you not think that carrying English Bank Notes into Ireland 'would diminish the quantity of Irish Bank Notes in circulation ?—lt would not, because the currency is diffeient, and nobody would take them but as aJtmittance to England. Do you not conceive that either of these two re. medies would produce, immediately . on the.expira. tion of their operations, the same, or a greaterfluc tuation in exchange than was experienced in iBoi ? —I do not think they would, because they ad solely as a remedy for existing evils, and cannot a 1 as a c ause upon the future state of those circumstances. Is a high rate of exchange, or a low one between the two Kingdoms, most profitable to the dealers in exchange ?,---The profits of exchange arise from a certain portion of the currency of another Country, which has been procuted for the currency of this Country, and which foreign currency being trans mitted to the place it is payable at, can buy a greater sum of English currency than was paid for it ; which difference, after deducing interest for the time the Bill drawn for the foreign currency has to run; and again interest for the chile the Bill drawn for the English currency has to run, with a commission paid at the place where the foreign cur. rency is paid, and postage, leaves a net profit on the transaaion : suppnsing the net profit to be any given sum, the per centage is largest on the lowest exchange. JOHN PUGET, Esq. again examined. Have you heard the opinions delivered by Mr. Borrowes,'particuiarly as to the consolidation of the two Banks ?—I have ; certainly the consolidation of the two Banks would make their notes passable in both Countries, and reduce the course of exchange ; . but I conceive the measure almost imprafficable ; and certainly, if the consolidation took place, it might at periods prove very prejudicial to the com mercial interests of Ireland ; I should conceive no such consolidation could take place without the • power of administration of the whole was placed in one Court of DireCtors. If that Court, supposing it to be the Court of Diredors of the Bank of Eng land, were to give a limited credit to Ireland, however liberal, it would not answer the effed of permanently lowering the exchange, as by an un: favourable balance of debt, the notes from Ireland might, come over so rapidly as to diminish the cir culation required for Ireland ; and I know of no method by which it coilld be replenished, but from the Bank of England sending over more, or giving the Diredors of the Bank of Ireland power of issuing more notes, as the notes then already issued for Ireland should come into the Bank of England for payment. A limited credit might be detri . mental to the interests of Ireland, as it would pre-- vent the Court of Directors .of that Country, let the necessities of Government or the Merchants should want even temporary assistance beyond the credit given, from making any issue for the purpose. If the Diredors of the Bank of Ireland had the power of an unlimited issue, as the necessities of Ireland might require, it would be in truth giving them the same power as the Court of Diredors of England had. It has in the examination before this Com mittee been frequently mentioned, that the Direc tors in England had on several occasions limited their discounts, of course with a view to di minish their notes in circulation, should a consolida tion take place ; the reasons that induced them to limit their circulations, would also lead them to give similar diredions to the Court of Diredors in Ire land. The measure of diminishing their circulation here might be prudent and wise ; , but if the Banks were not connected , the same reasons might not prevail in Ireland, and the mercantile interest might feel themselves aggrieved in finding their discounts limited, or.their currency reduced, without any ne cessity on their part; for instance, in 1797, when it has been stated - that the Bank of. England reduced the issue of their Paper, the,Direaors of the Bank of Ireland were enabled, by the then state of Ex change, to import large sums of Guineas into Ire land, which by a consolidation of the Banks could not have been permitted by the Court of Directors in England, as they naturally would have looked to the interest of the Bank in England, of which, under any form of consolidation, the Bank of Ire land could only be a branch. Might not much of the notes issued in or for Ire. land, in case of such consolidation, come over to England, and remain in private circulation, with-• out the Court of Directors for England having any knowledge of it, in consequence of no demand being made upon them I—Certainly, as these Notes would be sent in payment of debts to all parts of Great Britain. If there was a power of an unlimited is sue to the Court of Directors in Ireland, any re striaions in England in the issues would prove futile, as there is much reason to believe, persons distressed for discounts in Loudon, would send their p d wer to Ireland, notwithstanding the charges, to be discounted there, and thereby obtain the Bank of England Notes, which were refused them in London. I have heard of another plan of the union of the Banks, which seems to me no fur. they to differ from the.consolidation, than making it a joint instead of a single account ; a third plan has been mentioned, of the Banks mutually paying each other's Notes ; but upon a supposition that the high rate of exchange is to be attributed to the balance of debt against Ireland, the Bank of Ire land Notes would be brought to the Bank of Eng land in considerable sums, by which, of course, the Bank of Ireland would to such amount incur a debt with the Bank of England. The disadvantages of this measure to the Bank of Ireland wou4l that they would be paying interest on their Notes in England, because it would be certainly fair to demand such interest for their Notes, given in exchange for Irish Notes, 'as they Would hive been entitled to had .they advanced those Notes LON 9014 Printed by EUCHANAN WMILLAN, (of Bpw-Street, Covent-Garden); and I' 'he uN„c - .)fi'lcs - , No. Li Z, 4tra'd; wlicrc Advertiiemrlts, Order' 161- on Exchequer. Bills,' or by discount ; and this last meas►►tc, if it was ever intended that the Bank of Ireland should pay the Bank of England for such advances, it could only lower the, ex change for the moment of such exchange of notes continuing, because when the Bank of Ireland should be called on for payment of their debt, they must either go on Change .and take bills for such amount as would raise exchange considerably more than any gradual demand of bills, or they must send guineas for the repayment of their debt out of their Bank; and they might as well make an open issue of specie, independent of the Bank of England, as adopt this last mode of payment, and thus the whole loss of exchange for the whole Country would fall upon the Bank of Ireland ; there may be other oh. jeBions against the measure, such as the difficulty of proportioning the specie bet Ween the two Banks. I beg this evidence to be understood as my indivi. dual opinion, and not that of the Court of Direaors in England: As to the plan of issuing part of their notes for Ireland, and another part negotiable in• England, it would be a considerable check to the objeft of lowering the exchange, as it would reduce the holders of the note; intended for Ire. land, to the necessity of sending them to. Dublin, to get them exchanged for those passable in Eng land ; for it is not reasonable to suppose that any Country Banker would keep, as part of his store, notes not serviceable to him in Ireland. Suppose all money to be remitted to Ireland on the part of the English Government, whether for loans or other causes, was to be sent to the Com missioners of the Treasury of Ireland, in British Bank Notes, to be by them immediately placed as they would, if it was specie, in the Bank of Ire land, would any benefit either to circulation, or to exchange in Ireland, arise therefrom ?—lt would deprive the Treasury of the use of such sums for at least one month, which they now get by drawing their bills at 21 days. If the Government of Ire land received from the Bank of Ireland the value of these notes at par, of course the profit of exchange . would go to the Bank of Ireland, unless they chose to forego such an advantage,. and to give it to the Merchants. If they did do so, would it have any beneficial effe& on the exchange more than the present mode ?- -Only for the moment that they negociated on Change these Bank Notes, and then to the extent of such rate of exchange as they should fix on. Would it not throw the power of fixing the rate of exchange on the Bank of Ireland ?—Certainly, so far as it goe3. Is that more natural to a commeecial Country, than leaving the power in the Treasury ?—That depends very much upon the use each would make of ir. • Which do you think, the Treasury or the Bank of Ireland must likely to consult the Public interest in the regulation of exchange, in preference to pro fit do not know what the condul of the Bank of Ireland would be; but the diredions I have ever received in the condo& of the business of the Trea sury, has been, not to press for the highest price, but to keep the exchange as steady as possible. Is it not the pratlice of the Treasury of Ireland to draw at a rate of exchange below the market rare, with a view to prevent an exorbitant rate of exchange ?—Certainly, they always do draw at the lowest rate of the day, and sometimes under. (74 be conzinued). DUMFRIES,' MAY IS. Ox Tuesday last, the diligence from Edinburgh to Dumfries, with three inside and one outside pas sengers, in descending Moss Fenna path (which is very dangerous and steep, with different windings), the pole-piece gave way, from its insufficiency, upon which the carriage rushed precipitately forward upon the horses, who took fright : the postilion's board was upset, avid the outside passenger thrown tack. ward, beteixt the front of the carriage and the foot board. The driver concluded the carriage with the horses at full flight, through the windings of the path, and stopped them at the rising of the road. The passengers in the carriage .conceived, at the instant, that they saw the outside passenger thrown off his seat, that the carriage, would run over him, and they concluded his instant death as certain ; and the idea of his unhappy fate suspended their apprehensions of their own imminent danger at the•time.—The driver having stopped the horses for the first time, looked round, and, to his asto nishment, found the Gentleman, who was outside. passenger, suspended betwixt the front of the car riage and the foot board, hanging by the board with the one hand, and the springs of the carriage with the other, and who, with his aid, instantly sprung up upon the foot board, leaped off, and seized the horses by the head, for the security of his fellow passengers, till they got out of the carriage, and to their astonishment, they found he had sustained no other injury than a bruised finger. The carriage having proceeded to the Crook Inn, - it, as well as the other carriage proceeding from Dumfries to Edinburgh, were inspefted by a Justice of the Peace, who found both insufficient, and granted warrant for the passengers being 'f,,rwArded. in two post chaises from the Crook Inn, by Moffat, 'to Dumfries, at the expence of the proprietors of the diligence. AGR t ULTUR E.-Mr. John Christian Curwen, of Cumberland, has made extensive experiments on the use of steamed potatoes as a suhstitute for hay to cattle, which have been found to answer hi 3 most sanguine hopes. This Gentleman has brought the method of steaming the pAatoes to considerable per. feelion,-and for two seasons has fed sixty horses upon them, with the addition of a very stoall quantity of straw. The horses during the whole rime were in must excellent condition, He I..as also given steam ed potatoes to milch.cuws and other cattle. This method of. feeding is of great importance both for its cheapness in comparison with hay, and as a sub btitute in case of a taiinre in the hay crop. The process !or file:ldling the potatoes, and the advdn tages attending this method of fe , ding, may. be found decrib't l by Mr. Curwen himself in the 215 t VOL o f the Tranaftions of the Society for the Encou, ragethem of Arts, ManufVlures, and Commerce. _ ti biishni by Alt ae•c ScR vs, (Gt South Moltnn-strut; losvctks:r-,(1Uaro); the raptr, Letters !or the Edrior i &c:,(post-paid), tnwit To THOMAS incumbent upon Esq. m e, t 0 ? „:/, o c n rc i .... Dear Sir, ' No. 9, New Bridge-Street, S -t 1- °- 01 t yitohuearviDear invaluable a t g i u r great e a wi d e c d x i t c r i a n o e r : l L in E ar A y K C t u,,r s e . j,': ~.:. t - ,,, 0 - . ge- tria, 7 . 1.11 - a c : l e i v l e C y ' E9 f 1 irEo ofl - m .' D P I I L s ( L ) S R . D E it, About two years ago, I was attacked with a which I treated rather slightly cl Fl' ll. but the Disease at length spreading all over illy --,,„ le ,, obliged to apply to the most eminent of the Faeu.',-"weng their assistance Worded - only temporary. relief: ' . t br, fOr E s N O I-I : tin',e i through various Courses of Salivation, and from being " I -I,e .. of a corpulent habit, was reduced to a mere skeletom. ,oge. Ulcers that spread all over my Limbs rendered. me a i- r` i e ie plete Object, so that hay Friends despaired of my rec).`..,i.- When brought to this situation, I cosidered deat h a; Int-30,:. table, but a relation of mine commenting upon_the •l il i to Cases in which your Pills had succeeded , I vas fl'it'c'tiii'l - try a Box of them, ‘viii‘::ll I thought 'rather relieved til,oof by persevering- fOr two or throe months, and following . i „ t i from pain, the sores directions, 1 experienced the most unaccountable relax;..,,x God, perfectly recovered, arca "w.ilking out (141 e ,,,.: I Peoll not, but one man, box, 'a hiCh I think cautious to tag c t s establish my health in its orizinal state. - a hsc r"t It is with the most lleartfelt gratitude, that I su myself, Sir, your much obliged humble Servant, „ a tre!• Deansgate, Manchester, jtily - I, ISa . A. r— 1 .. .vy . A • ar tier P. S. For the publie benefit, I do not objea to the btLter gradual{ V, subsiding ; I am 120 :v , t, : :,,,_. being pubii: bed, but le . ave" you to aer as your owl' , . judgment sUall dictate. Prepared and Sold by tae sole Proprietor, , ,,earici THOS. TAY LOP., Member of the Royal College of is"r' London, at his House, No. 9, New Pridee-street,r; vi,ig Where, after a constant - residenve of more tiran I„ tl r t . e os Years, in a praCtice particularly ,diree.ted to the `,...,' a ,., ; of Venereal Complaints, anti those incidental to the t 5 , 0,..„ ), Generation in both Sexes, with that inviolable c. t i c which Men of his Profession should always obscr..‘.:l(',,, flatters himself, the advice and assistance he gl":" , `,11 N' . ly administers to' Persons' taking this Nledicine, ~,,o;0 esteemed by a discerning I'ublic, as an advalicaee ,c' to be obtained, and void of artilaiguity. Also sold, by. his Appeintinenr, for the c(a rivc.. 5t... , \ e . thaseliving at a distance, at the Perfumer's, ,ti u. 3:', ie ) ' , lc t e i; :. ' l ban's-street, Pall Mall ; the ToYihop, No. 1 0 3 , ," a•ll• .. street ; Mr. Disborougles No. 7, Flsh-stroc!:-)l:_ijii , Steel's, Bookseller, Na. I :Union-raw, Little : 0 , ',,,', c i, >‘ Mr. Baxter's Socith-lari,J.,:e, P.:hi:burgh ; iyir. L .A .' ' ; , , , i,. 11 ' l l Duhlin; Mr. Billinee's, Livery , o l ; Mr. Atkluscli'' w o ! , bie chester ; and bj one Pecsoi; in aa'ery e‘onsiiiera ~. ° 0 . , , , Great Britain and Ireland, in Boxre o,f only '2a• !),,,`„,,,,, ) r . Sealed up wirh full and pl.iiii di re alioes, w ileieby 1•. 'duce either sex Indy cure theimeives with ease, ;;; ,ced, tw ill' safety. • ' - ' , • • tnissol;s, 1- I' a-e a stamp, on wiinio, by favour of te, a-)1.. • : ,.. e .,„ uri , r; _ ect, at the Sramp-odiec, •..' T. TaY l ''' , !"'' 9 ' , are l'''' '' N. B. Every PoX sold in Great Britain is e.: - ; ,l e . j . il . l .',iiit• street," to ininate whicn is felony, alai, 00 Other. . terfeits.. _____.,,----4 fill rl led. DNNC INC CONGRESS. —In took place on the e 3 1 Ult. in the House sentatives upon the Bill " for altering the tit 1. • the next meeting of Congress," Mr. iiUGFt other arguments against meeting in N,•vemb er ',. served, that very little business was ti,Ually "" n t at the commencement of a Session. Ile said tiv % - after some indispensable b us i n e s s had been 3 "' the opening of the present Session, very W a4 ' transaaed till after Christtnas.—The Mernheo. from place to place, inattentive to the IL'''l ness of the House. . Mr. SLOAN . , an oddity, from New jersey, rising on tiptoe, and sucking down his hair, Observesl,.. with great gravity, that the statement mane " his friend" frOm South Ca ro lina was ‘oo'c°,' ; for himself, he could safely affirm " that had not been at a d ance th e , w h o l e Session ; he not know how to dance." Mr. HooE R replied that he never sucpeaed " friend'' from New. Jersey of dancing in the tr:o;lner in which he had been understood by that Gent man ; but if his friend had a wish to possess IV: - self of that acc ?mplishment, 'he would inforin that he could have a fine opportunity at the near' Session, for he had lately observed that there I. l 't s, ' a dancing.master in town, echo -advertised that Lt eons dancing-master to the Attornej- GeNera Of United States. ; SALMON Fistaryszcs.- 7 -On Wednesday se'n- n --O At -- the House of Lords gave judgment in the ;till' from the Court of.Session,.7ames HuNte.,-, o f Seao" e i Esq. and other, against the Earl cf Kinnotel, Gray, and others ; fiffrmi/p- the decree. The go es " Lion is interesting to all concerned in the Saimaa Fishings in Scotland. Mr. Hunter, having righ t trr a fishing in that part of the Tay where there. is tral of sands coversd at high tide, and left dry - the ebb, lett the fishing to certain persons, who 10 ; • troduced a new mode of catching the salmon an' { other fish, by inclosing a great part of the sand; with net-work, so framed as to ler in the fish whe n the tide flowed, anti prevent their escaping wirli 11 4 , ebb, together with a leader of the same mater ials, to decoy the fish into the encloiure. The Req 3 " (fr dents, owners of the fishings in the higher ya rns °i the river, complained of this to the Court Of , sion, as an illegal mode,, injurious to them. ' 1 - 7 — Court declared it illegal, and ordered the Machina/I'. to be removed. Against which decree this aPP t r 3 l . was brought. The cause haVing been argue d a . several days, die LORD CHANCELLOR delilere f his opinion shortly, that the decree of. the Coots ° Session appeared to him perfeetly right, and he Oe n " tioned that the Earl of RosL IN concurred with hi.. As some children were playing; one or theM into the 1.\.-w River, near Hertford ; • the rest-alarmed the neighbours, when two' iiroms,ll ran to its assistance: the first plunged . in, I?dt, out of her depth, she unfortunately . sunk ; a recolleding there was a long With a 11 ')° 1 ': t 's neighbour's, went for it, and'af:er sometime bro Ugh up both woman and child, to all appearance dea d " The gratuitous delivery of the LompoisT 1-Itrmi‘ ' N ;ll Soci ETV'S plan was providentially em t ot ed I success—au only child, in about half an restored to its fond parents ; and the woman, w o . had been deprived of life in her humane eff""% preserve an unknown child, was happily resusc it a te°. i'l to the 'great joy' of tht: spectators, and her numeNuT • MARRIED. On Tuesday' ast, at Gitliug, by the Rev. Tit William limes; Esq. of Sandside, in the County of•C e A '` ness, North Britain, to Miss Cradock, daughter of Sh Cradock, Esq. of Hartforth, near Richmond, Yorkshire;tv: Lately, at Limorick, 'Lieutenant Deale, of the 45tp to Miss Knight, daughter of the late Sir Christopher . DIED.(f CO On Sunday last, at Bath, Fowler Walker, Esq. °-' Feld Lately, well, in the County of Berks. , t oe I Lately, at Charkof, Dr. Willich, whither he had • the quality of Professor. , .