The British Press; or, Morning Literary Advertiser.
London, England, 1803-05-04 00:00:00

IRIS!: RANK RESTRICTION BILL.

The Order of the Day for the second reading of
his Bill bcirg moved and read,
Lord KING rose, and discussed the subjea of
the Bill at considerable length. It turned, however,
.so much upon figures and calculation, that it would
he no easy matter to follow his .Lordship; suffice it
that we state, that among ...he main objeas on which
he dwelt, the increased issue of the Bank of Ireland
notes, since the year 1797, the rise in the prices of
exchange between Lngland and Ireland, and the
depreciation of the Irish Bank Paper were the prin-
cipal. His Lordship imputed abuse of the discre-
tionary powers with which they were vested w the
Dire tors ; and when speaking of their dividends
said, he had almost said their divisions of the plun-
der of the public, which by their misconduct they
had got into their hands. He detailed the different
rates of exchange distinguishing the price of ex-
change each year, from the year 1797, to the pre-
sent day, and assigned a great variety of probable
causes to account for the increase that had lately
arisen. In order to check the multiplication of
notes, issued by the Bank of Ireland, he said, he
meant in the Committee to move the insertion of a
clause, obliging the Bank of Ireland, after six
months from the passing of the Bill, to pay all their
notes when presented for payment, in English Bank
notes, and thus the payments in England and Ire-
land would he put on one and the same footing.
His Lordship dwelt on these topics at great length
and with considerable ability.
The Earl of LIMERICK, in a copious and mas-
terly speech, answer:al the argument of the Noble
Lord who had just sat down. He began with re-
turning )cis thanks to the Noble Lord for the having
called the attention of the House to the Bill under
consideration, and complimented him on the great
obligence he had manifested in investigating the sub-
it a, and on endeavouring to make himself master of
it ; but he could by no means agree with the Noble
Lord in the general scope of his arguments, although
on some points he was ready to admit that the
Noble Lord was correctly right, but from these pre-
mises he must be allowed very different inferences
from those deduced by his Lordship. On, a former
dal, he had heard from the Noble Lord an imputa-
tion thrown out against the Dire6tors of the Bank of
Ireland of having been at fault, and even that they
had abused the trust vested in their discretion. That
imputation had been repeated in the speech the
Noble Lord had just delivered, but he could not only
assert, but prove beyond all question that the con-
du& of the Directors of the Bank of Ireland had
been uniformly wise, prudent, and exemplary, and
I most of the charges brought against them by the
Noble Lord, when properly explained and rightly
understood, would be found to be so many proofs
of their active, cautious, and judicious conduct.
The Noble Lord had commenced his account of the
issue of notes of the Bank of Ireland from the Bank
of Ireland, and put into circulation, as well as the
rate of exchange from the year 1797, of which the
Noble Earl had stated to be the first year of which
he could procure a correct account. He happened,
Lord Limerick said, to have in his hand an account
a year earliev. viz. the year 1796 ; in that year a
most unnatural rebellion was forming, and at the
head of it were some men of considerable rank and
talents. Their plan was to distress the Govern-
ment, and embarrass it by forcing a run upon the
Bank of Ireland, through the medium e:' a run
upon the private .Banks of Ireland, who must ne-
cessarily produce the first object as an inevitable
consequence. The Directors of the Bank of Ireland
became apprized of this, and they felt it to he their
duty to be provided against the meditated mis-
chief; they, therefore, issued an adequate number
of notes to meet the exigency, wilich no man
who knew the cause, would consider in any
other light than as a measure founded in pro-
vident caution, sound judgment, and true po-
licy. Let the situation of political affairs, at the
time, in respea to Ireland, also be taken into the
account. A French fleet of force was riding at
anchor for a considerable time, in one of the bays
in the Western extremity of Ireland at tha time.;
and as the people of that Isle always looked upon
England, and its fleets and armies, for protection,
they were on that occasion disappointed ; the British
fleet being by adverse winds and storms locked up
in their own harbours. This incident unavoidably
produced consequences which pressed on the Bank of
Ireland ; but they bore up against it, and firmly sus-
tained the shock it occasioned. The Bank of Ireland
had also to encounter the pressure of other public
events, that agitated the country and depressed the
credit of Ireland ; a raging rebellion had commen-
ced, and the Isle was invaded by the enemy, who pe-
netrated far into the interior of the country, and
spread waste and desolation wherever they came.
Yet, notwithstanding theseadverse circumstances, the •
Bank of Ireland, by the wise and exemplary condua
of the Directors, was enabled to maintain its cre-
dit, and administer, in an eminent degree, to the
accommodation and convenience of the merchants,
and by that means to preserve the country. His
Lordship took occasion, while bestowing due praise
on the Directors of the Bank of Ireland, to pass
a very high eulogium on Lord Auckland, de-
claring that his having instituted the Bank of Ire-
land, in 1782, was a most essential service both
to Ireland and England, and better entitled to
the gratitude of the whole nation, than all that
Noble Lord's various services, great and impor-