The British Press; or, Morning Literary Advertiser.
London, England, 1804-06-22 00:00:00

EXCrlkNer PIETNYEEN ENGLAND AND IRELAND,

Tie Cmtmittee upon the State of Exchange between Eng-
l./14 and Ih-eland have made their Repot F.,r the sake of
ir,rsnicuity, they have cons.dercd the subject under the three
foliowing head; :
let. Antra the fact of an unfavourable exchange existing, and
to what extent :
24 As t., the causes which have created it
14. As to the remedies which eau be restated in for either
removing or alleviating the inconveniences arm. g +-omit
The lot and 2d tiervi• hese been tufly e:nentaied in the to.
pions extracts wnich we bare oetasionatty mad • Iron, the Ni.
Torres of the Esideuce b,tore the Comnintee The l.i head,
v•r. the remed,e. recommended in the Report for the incen-
venieo.ce, is as follo•v.:

- -
The gre..it And effectual remedy to the high and finetuiting
rite+ of the e‘olianae, undoubtedly, would be the repeal of the
Restnettun Ant, from whence all the evils have flowed; the

common circulating medium being thereby restored. the vise. of
exchinge pr would be limited to the eivience of toms-
ining spueie, and impr heing convertible into c its depre-
tl3llnll would be prev,nted. The expense Mitt rtiffirultv to
the Sink of 'rebus.; and other banxt might be exposed,
in the event of the risnictmn being taken olf, tinder the pie-
s•mt eireurn.t.inoi: of the exchange, form, however, a strong ar-
giunent against the :Olin ad.rotion of such a measure.
No other lesion arising from commercial rriovves bat suggest-
.. ._

el its •Ifto your committee for its continuance in Ir land, more
.elp.ctally if the real exchange be favourable, .s they have al
ready stated that it Inure be in tl.eir bpinion ; but u its coati,
wren.s may be conciectel with political considerations, the dii
COI./ 1/1 of which would :evolve your committee in a very ex-
tended and tedium enquiry, thiy abstain from entering into the
renewal expesitency of removing or continitin.; the restriction
at thc present tante, or into any conjecture of the period when
it ma., bt expedient.
Such remedies, Cierefrre, aa may answer to give redress dur•
in` w cntitinaance, are next to be considered ; arid the great
cohject of mane of those which ham been suggested, is the pm.
enring a comm..). circulating medium in the Ounce of guineas.
With this view, eroocilidation of the two Ba .la of England
Mul Ireland has triton proposed, and supported with very plau-
sible a/gement. be Mr. Borrowee; but its ILTpIIdTIICI WWI
mower i and when the rapid wiriness which the
manufactures. trade, and at:culture of Ireland have made
stem the restaborMineot of the bank, and the great as istance
vihieh the- have received front it, under the woe and 'diesel
er.ndect of its director., are conoCe-cil, tour committee cannot
reconoil the puma( those truths. to • hazard, own if the
redrew Ma Melt exchange cuu'd w ensued therebs : but, put-
ting the hazard out of the question. the measure mums ignore&
ticaole ttanut the Consent of mint banks, which the evidence
shrews very wiliicely to la, procure.
Outer modes of obtaining a com mon medium such as that of
incLicing or sum compelling the Bank of Ireland to give Bank
of Eaglaud Mach-130 for their awn on demand, or to
wake their owes recnang able fen th•mi ou Lond.m, or to
Rye boils (1/ e: change nit 1...nd0n for them, have been smug.
gait. and there is ins .butt any of Meal would hays the
eifict of re:Cl:Stag •he exchange. The objection Mat h.:s been
made to this nro,.sata.:, is the ditfieu'ty and =pence to the Bank
of Ireland, would attend the procuring a fund in London
on which to d,. ton Chi the rriur committee ob. 'rye, generally,
that 'a-Attics the drfficue, nor the expe.ice attendant on tnis '
measure would be so great as that to which the bank, by its
constitution, is necersarily sunjese at all times, when riot pro-
tected
by a reeriction from rriormang its engagements; and
that whatever funds liar hank formerly applied, or intend again
to api.fy, WI the Femoral of the restriction to pr • de for the
difficulty and expenee of obtaining a supdlinf gold, might in
the interim be applied es the procuring of English bank notes;
the evidence of Mr. Wiathrop points out the practicability of
Witainffig a sufficient supply of Bank of England tintea with
such a fund j his expression s, turd " the lurk of Pe'and, or
any prelim, may poseur, ba"k notes now to any extens, if they
will pay for Owls ^ But Mr. Macisfiedirs evidence so ch,irly
strews the practical mode of causing this measure into effect,
that yew commatee cannot imps.- it toe stror.!'y upon the
attention of the ; it alums, in the example of Scotland,
hoe eTectuallu a vi..y small rigoroinly and wisely appli•
ed,did rip. wax, and that banks ;here did establsh an adequate
tumid, with ultimata edrantate Gs therriselses.
HI/ account states, that r• there was, atter the peace of Ye,-
'aides in 1;64 ..a exehange M 5 or 6 poi cent. against Scritlard
With London, created by per. •ns collecting gold from the dif-
ferent build butte, briuging it to Londou, and pawing their
built at Edieburgh for it, in order to put a p.utit into their own
pockets by raising the exchange. The teo ettaite,e4 Bank. of
S etland,meing that tin, exchange arose from artificial means
collected as much foods a. they could to tiring to London, and
by dewiest gradually at or 1 ,sir cent. less than the other.,
reduced the each wee to what they esteemed par bills of 40 days
date •*--et winch it has aboulils continued aver since, un.iirectc
•ed Unt failure of the Bank of Ayr; the ru,•vubion- to cr. dit
ha general ice 179,1 and 179f1; the failures it 1191 and the
ficulti:s which caused ties reatriction us 1797 in England. but
winch was not extended to the clustered banks of Scotland ;
and all this notwithyrasiding he great prenimpti:in, that if ao
account of all pecuniary transactions bearers Scotland and
Znglauid could be riireeitained, it must hate often happened that
the balance was ag invo the one tountry or the other.
Thu tact gives g eat face to the arguments oi those wit.
twines who propose that the Bank of Ireland th.rald estat,!Sli a
credit fa the like pays.: in Laudon; neither presc.it peculiar
siteattou of the f..-h Munn's um only palms out a ready, hut
an adequate and effective fund, which, at the Are tarnethat it
glues to the Bank ot Inland every prnspect of success which
teas attended the IMAM/WTI of the charter!! balks of Seotl eid.
exempts it horn al *merle ", risk, or difficultc, whirls iteght
attend it ; for you committee must observe, that the Batik of
Scotland undertaalt to iimrady this find at their own expcnce ;
but the Banker Ireland has an opportunity of tstablishing it
Mithrott rxpeou- to theimeleeS; and further, it appears to
have been sogeMted in the hanks of lsontlmell by their lewd
seam end patriotism, tn try the "rot t of a lIWISUIV without
precAent, while Cie Rank of /ream) has emits to follow an
example where success has been areal} deuse..strand by tape.
rmore

Your Committee has stated, that the areal loan, and other
teialler Melt to be sensilbei the year Vint I nte Ind to the [rub
Government, amounts to 5,000,1'n01. Irish • thee have also
rhewn that there i. nano° to believe the ro4e wird by the
Irish T.,..ourv, of bringuie mer the loans from England, 4.0 i
been pre• oid,el4l to the ea.:bangs; and the whole weight of
evidence toes to it could be much more advantarouily
ntanag d by the Plank of Ire:and; thee therefore recommnid
that inamediale ineaauns should be taken with the lank of

Jrcland for that purpose, and for their establidung an offAtual
fund in London for their drawng on, whereby they nue gta.
dually reduce the e•citiatire in the manner somewhat rest n-
• tiling that which .as adopted ay the Edinburgh banks. If may
arguments should be thought neemsary in aid of the string
prartiral example which Scotland affords, they would refer to
lie evidence of Mr. D'Olier, and of others, but particularly
• WI. Ir‘ing, who states, " that if the tank were toinvest part
• at he capital in Eng,and, thereby furnishing a feud which
would at ail times give it the means of drawing, it would in
. sods case have a minion.; over eachange operatioes,, of such
?neer as to enable it at all fishes to regulate the exchange ,'
a•-•I says aeain, " that he is• ol•I consider a loan of 2, J, or
England fur .1,- the invent of
land, paid it:tattle Bank of to he placed theta to the
credit of the Rank of Ireland, to topeTVC 10 311 intents and pis.-.
poses es suck fund." Mr. Irvuti adds," that the •eatleri of
such a toad in I.u.nlau ingot, and most probably would, ba
attended with considerable expenoe to the banks but the esii
of the expuice wawa he temporary, the real would be per.
marten' to the hank and to the piddle." Thi, plan, he .sys,
" would neemeattly oblige the Bank of Ireland to be &eh,n in
exchange, which would be a new ammo nt okaatage that
aratild i• ore than competnafe the additional 114 and troublo."
A committee are inclined to think that the Lining eie•-
Pure make- it expedient that .booted deal en saw, attateuft
vo,eht have been their Interest or plarece befero, and that it u
tat dote et both lgaiiks ...Weaves/. tb d, utmost of their
power, to regular d.e mosey stealth, between the two coun-
tries an free front itetuat aitilSt as Steal( par at ail times,
es it is b.de ern or L i eq.twil and ; and they
.rro nodose with that rentie.,ilii n. "TTut a
hank, hiving ass exe.4111.4,1 charter, evets from its dirretora
twerfold4uty y • duty to the poprietc.rs, and a dozy to clic pilb-
tic, which, uperniug igether,wuuld make the dinetors at ~td
114,65Ch1i OIL+ il.it r 'await& the public to the int:: st
yrovnisors." In t. 'a ease,tioweee,iltA interest-of the propri-
etors/11f the Bank of IseleudaM the inabre seen:s to be the
tars% and 'bars prsibly sad probaLly is aa•thet fed, which

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