The British Press; or, Morning Literary Advertiser.
London, England, 1821-03-29 00:00:00

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rectors iiII Ilia elkirettilit - • -.
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brought focemrd • etaitegetegtint fir . .
"iteE
Cemigh ent the gold.Coir of Ali imelm W.
He had, Is • nienermilled with the wry
'error ittitat Rank, lead 'that there wee hut I
tonsdatiost foe dirt stioeineist..-:They had setatOi
fused to weirs gold, or Sr rlierount with thaw sone for,
parties on *hap substance they could rely, that„ beingi
only reetilstin• by which they guided their diedaistile• g
little barkshord'indeid had they been is diecosinipig, thetio
whir the great failures of Irish country banks tread • most.
haring deficiesity In the circulation, they inereeved their
issues SO per evil. (Sr from the,, le nearly bee millbss.
Mr. ELutE sai.t, that it hail come to his kuiristestge that
the Bauk of Ireland huh refused to receive .uuss money
is gold which were uttered to them by was of deposit for the
larredree of manor land ordered by the Coat of mien.
a
They did, 10 eivoseqeenee of a retuoitstrnree, it last do that •
*hick the law required them to du—they received die geld
coin of the realm. At the time of pawing Use i • 1810,
lie hail femme. the diftieelte under which- ibex k le& .
iiethaldellhier ease, arid bail required the House to ens le the ,• • ,
.... to ....e. it. He felt-sure that if the price of gold %humid
derliste at all below Bauk paper, the Banks of England and
Ireland would be subjected to considerable loss, being oblig-
ed to receive gold, sad prohibited from issuisg N. ...
Mr. PEEL defended the cooduct sad principles of the
Bank of Ireland. The fact was, that in consequence of the
Beek being culled on to till up that greet chasm wb:c.h the
failure of the southern Banks had created iu the circulation,
their rotes were in iequest, and, at the period allsded te,
sovereigns were actually worth less thou Bank of Ireland
notes. Thu Bank was pl,.ll.litiiCli from issuing go rude
there were persona Who engaged themselves busily in
siting sovereigns with ale Bank, drawing out paper, ley
witeliiv
that uqt kaii fresh purchases of gold, and on every transaccior
unakhag a profit of one or two per rent. The Bank were
justified it puttergo stop to those t none. He ap-
plauded the.gereral conduct of the Bank of 'retard. They
managed the public debt of Ireland without any composes-
lion—in feet, at • loss. They had to keep an establishmest
of nearly fifty elerlie fur the purpose at their own cost : so
that every public annuitant received snore ntree-feererlMiti
Bark, than the Bas.k received us their behalf from the Go-
vernment.
Mr. ELLICE hound no fault with the Bask of Ireland,
lint with the law which had caused the inconveuience el.
laded to.
Mr, M. FITZGERALD said, that the conduct of the,
Wank of Ireland was extremely good in !Virtue alluded to. '
He pearled the great liberality of the Balk in coming for.
ward us the peering emergency oftbe failure of the chief
southere Banks, wanke up the delicacy*, in the Ciflrlablilol% •
of their own banes. He stated the depreei•tiou of gold
compared with Bark of Ireland paper, to have heen 3 per
cert.—Bask of Ireland paper was of the highest value—Bank
of Englead paper sent, aud gold was lowest. I.segedeposite
'acre, therefore, made in gold, and paper au draws to a •
similar amount. All the merchants bills were paid in gold,
lie-rause threw was an advantage of 3 to the payer. It was
only proper That those t r honor should be put an cud to.
Fir H. PARNELL lamented that the extreme liberality
..
of the Bank of Ireland had not indeeeed then, to make autE-
cleat hares to correct that defect which hail taken place in
the value of gold compered with their own paper, from their
hawing been required to fill up the citculatiou of the
Sousheru Inaultent Banks.
Mr. IRVINIfiI lomierted that the lash. Guth of England
sod Ireland heed rot selleinit mewateifiir difteaine their
sutra—a measure which he ihouelit necessary to lixbtin
the pressure of the diffecukies ruder which the cairn,/
!Abound.
Mr. ELLIS said, that the Bank of Ireland wowid hair
done nothing fur the scanty cliculation of she cuunt.ea elute,
hail received those proffered deposits of gold, sod issued
paper in their stead. As far as they enlarged the circula-
tion in ore way,they would have diminished in another.
They must have given and received equivalents, and the
circulation would have remained as before. But he cos-
tended aud challenged inquiry upon the point that their
liberality in discounting had beets esti eme. Their issues
had only bees limited by the want of more good securities.
They bed best lee generous in this respect, that of the
500,0001.euted for the stipples of Irish credit, and the I 00,0001:
at another lime, only 100,0001. had be. u applied fur of these
two extraordioary grants altogether, the Bask of Ireland
having so fur made good all the deficieucies of circulation
with their own paper. A pear of the extent to which they
bad accommodated the public was found in the exports of •
grain, which last year exceeded by three times their former
usual amount. . . ,
Mr. IRVING explained.
Mr. RICARDO wished to correct what he thought a con- "
siderable error its the srgnments of most of the Hosinoralde
Members who had preceded him. It was sit entire mistake to
suppose that any lucrative trade could be carried uu In ex-
changing gold for Back of Ireland paper. It rat impish..
ble that there could be • greater sake in Bauk notes than
in gold; or this any better facilities existed fur making pay.
ratite in paper than in gold; ur that soy real ads adage
could be derived by depositing coin and taking out the
amount its notes. The fact war, that the Batik of Ireland
f d itself surrounded with dulls uties, and hail met therm
with a degree of energy, which, he was sorry to say, was•
not to be found in the condact of the Bank [wee. Cireum..
Istances hail treated a eternity for • great increase of circii.
!ahem.. This could only have been effected iu coin or hi
Omsk of behind paper. The Bank made this latter effoi t;
by augmenting their issues bit per cent., and ibis nut being
enough fur the exigency, they were willing to have advanced
still more bail there been 'noir vivid securities to have '
advanced elem. Those securities were not to be had, and
the Bank woad not have acted properly is advancing with.
out Rims. It would hate effected nothing to lave received
de/maim of gold, and issued their amouat in paper : that
woad have been to have left the amount of the ciecularees
in the same sitar as before. It was too snitch lo say that
the Bank, issuing an increase of piper, seas bound to take
in gold, which it WI; prohibited from issuing. It by no •
rreaus followed that the Rank, by thou: issues, tank the
sovereizus out of circulation. As to the manage meet oldie- ,
Irish di hi, it was st .teal that the Bank.iriemeteieivned:ootigrebesol-
it
iteration. It had been contended, on the other band, is: t
the Bank of Ireland did receive coniik
terms of their charter; at any rate their rompeniatiou could
nut bear any resemblance to that paid by the Government
for the maisagensent of the Emitted! il.i.• ~,,,,,virmswg,4,4 .
o2f7sth°4e)°Bla• htAagrieraetladieitalli .nha ilisile*-3reasisnaegiiiirocimuatathoestiujiilncyctrmsitlefocinliigetbtsa praa
from le
ti
nines lt
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ease ore-union. The term was illnilflp.`r ill its application.
wNiuthtloautiktiveo;l:d.revrert
it. It was a mistake toiosafepre.pdley"rivtithihigterm liberality toseeeh ii /
IrAelleiiiili. One more observation and he mental cenetelle.
It was Ila'g that the circulation of Ireland was fumed its
er:rt rater thine earsurdinary it.:ilin of Bank notes. Tarig
remedies afered themselves at the time—to i , dm"
circulation either h-i new issues of paper, reify the thing.-
of money. The former was found unadvisatele--the hitter
bad slowly, but el the result woad pruve, far mute b•
cially operated the relief of Inlaid.
Kr J. NEWPORT co.nplained of V.:.• iletir; heapg been
led into a lengthened Oisconion en the subject, while h .
sr:eusaisPejlearec33:l:!ecind:dlehrr.leiteleCosd:roleclikidluuretuiractilliCteutialialdtheulsel*of‘u:Hileullilitrdaleb;""beaidijo'ini iltrual'irrswe' cellasisail"ililtio:4stomuafthlatS:.-17:::-
eunveninit opportunity. •
The CHANCELLOR Of the EXCHEQUER acquiesced
and the Carnsittee was plummet. till hamoniow. '
Several other Orders were peetpeeed. •
ROMAN CATHOLIC BILL.
Sir JOHN NEWPORT moved the O. der of the

he .1
ed. le•

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