The British Press; or, Morning Literary Advertiser.
London, England, 1804-05-19 00:00:00

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F.XTRAC
IRON( MINUTES 07 EVIDENCE
Yakut her re the Cnwitnittee appointed to enquire into the
St ne oflrelaudr 44 to its Circulating Paper ; its Specie and
Cotnnit Coin ; aud, the Exchange between that putt of the
Ctdt.•d Killion and Grant Britain.
The Right Hun. JOHN FOSTER, in the Chair.

(Continued from sin Paper of yestealay .3

WALTLII SOIIIIIO 'ES, UQ.
M,-zhant, at Austin !Friars, London ;-.-Called in, and
Esanlined.
_ _

• What is your opinion of the cause of the high
eechar.ge. isetwetei London and Dublin ? The
withdrawing the common medium of circulation, by
which I mean guineas.
is there any other calm I—Yes ; the depredation
of thinlOof Ireland Notes, which has been the only
iterdiurn•that has been substituted.
Does that depredation arise from withdrawing the
guineas ?-1 think it dyes.
Does it arise from any other cause I—l think the
local situation of Ireland contributes towatois it.
What do you mean by local?—I mean her not
ma=ins a past of (teat Britain; not basin; the
none meona of defence.
Do. you mean her situation as being exposed to
int, Mat rebellion 1--Certainly.
Do you think a iliSAdValltageollShAlanCC J4l trade
an be the cane of depreciation ?—I think roe.
Dtoyou believe on excessive issue of Bank of Ire
land Notes could b-• the cause 1-1 do not.
DP you believe there is an excessive issue of those
anti s to-I at, not.
• lo oheir any excessive issue of private bankirs
noose' in Ireland?---I am not well acquainted with
the private issue of bankers notes in Ireland.
• Can you form any oeinion ?—As tar as I have
heard there is an excess.
D:, you mean country bankers or Dublin bankers,
c both I—Country bankers.
Mott, in your opinion, would be a remedy to ee-
l/owe the eaw-c, you have stated for the high ex-
change ?—I think restoring a common medium tat
Circulation.
D • you think that gold, the common medium of
eieeidatien, could be restored now, with safeo., to
Ire; and 1-1 shoetel think ore ; I mean that tile re-
stria :on the Bank of Ireland could not 3t present
be taken oT with solely.
What otivo common circulating medium do you
. repine ?-1 oe only one I think of, wonld be, the
notes of the Bank of England and Ireland ennso-
Listed.
Do you mean by consolidating the banks, that
th... should issue, when one bank, separate notes for
Ireland, and -er arate notes for England, or that they
should issue n :es in one firm for the whole empire?
—I mean there should be a bank in each country,
with power to issue wee, as nose, in the currency of
each country, but exchangeable in the other at 131
per cent. at all times.
As you mention two separate banks, what=
idea of consolidation?—That the Bank of
should b: a branch of the united Bank.
nave you reasons you would wish to offer to shew
the rises. and the praaicability of this proposed con-
solidation I—The uses I conceive to be, reformine
the currency of paper of Ireland, in case it should
not be threight right to make the notes so issued by
each bank to be changeable at the other at par; but
if you wish to extend the use, and do away the ex-
change, thew the making them receivable at the
other bank would 'Kea this (skied. 1 think the
currency and exchange two distinft things, and that
the depreciation of the one, and the high tate of
the other, may have distina remedies.
State those remedies.—l think the hank in Ire-
land, to constitoted, issuing notes in Ireland, rot
exchangeable in !Andres, would have the effeft of
curing their depreciation in Ireland, by adding to
their security ; and the exchange in that casewonld
in a great degree have been got rid of, by she addi-
tional security given to the notes.
In that e ise when the notes were not exchange-
able m England, what world be the common me-
dium of peying an mffaeourtble balance of debt ?
There would be no cemmon medium that I know
of ; you stop short of making it a common medium,
hi as much as you prevent the eschange of the no:es
at either bank indifferently at SI per cent.
In that cast wh it common medium would you
propose?-1 know . i none; I think it pc:;ealy hope-
less, unless the restriainn was taken off both banks.
Such a limited consolidation then would not be
* perfea remedy I—lt would not, although it would
tend to remove the whole of the depreciation, and
the whole et the rise of exchange, except such part as
iseises out of a balance of debt.
Provided bills (cold be issued by either, or be a
consolidated bank, or a committee of both banes,
payable in either c pantry, with the limited c.spital
and credit the Irish Bonk possesses in case of An in-
vesion of England, and a consequent run on the
Bank cf EnglatJ, might net both banks and each
Country stt&r most materially 1-1 have no idea
1
there could be any material inconvenience, so lone
as restraints shotild confliore against the issue of
. specie.
Explain the pro livability of the consolidation you
propose I—l have had very little opportunity of

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