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

Oat paint interest enight induce the directors to invest in the
hank 01 Etigland,;-or sue foe the benefit of the exchange, if
they were kgally empowered, namely whatever surplus they
have of specie tu their coffins, over and above what they are
allowed by law to or what a due consideration of the
circumstances of Iresznel might skew it !student or necessary for
them to keep there. Of the amount of such surplus your
cementite do nut pretend to forin any judgment ; be it what
it may, lt Isar; codas both to the bank and to the public where
it I way a, d t were tanned by thrift in the earth ; but by being
app,sed to Crew esteliange from the mischiefs which oppre,s 0,
it taiga' be of warmed service. If an unfavourable exchange
should ev.rn take the whole e such surplus nut of the coun-
try, which i• by no means to be sappes,d, a favourable ex•
thanes, which would be the probable eosvequence, mast soon
bring it back again, and meaatime it would not only operate
broeltaally, but might have the advantage of being, at lea;!,
u completely wenrt-vt for thelmsh Bank proprietors as it is now.

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Another means of aiding the endeavours of tee Nankin ere
Mine such a fund of credit in London occur —the vesting the
Gomenment with power to issue Treasury 'ldle to the Bank,
not to Se made use of, nnless they should be tnund necessary to
su:ipon that avdit ; and another and effectual resource still re-
main...their enlarging they capital for the purpose; so that,
upon tee whole of the Government Letns in England, the nt-
dundav ► teens now Ineked up, ilia contingent aid of Treasury
Rd s, and a power to the Bank of enlarging its capital ; your
comm.:nee cannot entertain a doubt of the practicability of
what they recommend, nor that it ought to have the sure effect
of redurirg exchange to par. In CAW of such event, they
would also strongly urge the doing away the name of exchange,
and punitig an end to its calculation, by equalising the tenni.%
of account and monies of circulation in both countries, and the
fixing the future interchange by Rills, at a stated number of
• Ur, adequate to defray the expense of remitting at alt times,
sn as fully to adopt the same practice which preset). between
Fdinburgli and London, and between Liverpool and London.
le mentioning Liverpool (which is divided from Dublin only
by the intervention of the Irish channel), it is worthy of re-
mark, that Mr. living states " the separation of Ireland (num
Great Anal', by the Sea not to be an obstacle to the fixing an
invariable exchange between Dublin and London, because it
seldom Witten. the variation of pusts exceeds many days ;" and
Mr. Mansfield's evidence deserves again to be recurr.el to, when
he says " that 110 inconvenieece of apy kind had r...olteil to
Scotland front the sienna, except the temporary one of the
banks having to pretrial.• funds in London at the commence-
ment of it ;" on the contrary, he aiserts, it was prodative of
the gteutest good.
But all the benefit.. proposed this reeds of remedies would
be of little avail, and of very limited duration, ii it did not
proms eat the same nine to cure the depreciatiim of paper in
Ireland by dirnioisning its over•insue ; a consequence whir+,
your committee are firmly pers..adeda must follow the Bank of
inland's not.. being made convertible into Lusk of England
notes, almost ia the same manner as if the restrictioi ceased,
and they were cocvenikle it se inf4l; for if the fund in London
intim Isiah Bank 'hound be too rapidly drawn CM at any time,
they most limit their i-sue of notes to lessen the demons' on that
fund, their notes would of emirs. lose their depresiatiun' and
became of equal value ash eta Ligiish notes, into winch they
would be convertible, or, in other weeds, win guineas, slid.,
Lt glish notes shall be endepreciated ; and your committee du
t:i capers. terms declare their clear oainien, that it to incum-
bent nit the directors of the Bank of Ireland, and their indis-
pensable duty, to limit their paper at alt times of an Unfavour-
able exchange daring the continuance of the restriction' ex-
actly on the tame principle as they would and must have done
iu case the restriction did not exist; and that all the evils of a
high and fluctuating exchange must be imputable to them if
they fad todo so. Y• air committee have a proof of the effect
which rendeting B ink of England notes procurable in Leland
would have upon the exchange, by the great full of it from
Dublin no LOOlatioll, in the nionthsef March, April, and May,
1797, when Government passed Beck of England notes int
DOA n ; and this further benefit will attend the red oct of
the qsatitity of their paper, that it will cremate as a preparative
fora we speedily t-movi.ue the restriction on the Bank when-
ever other eireumstances than allow the measure to take place.
Your committee, however, do not whit to be untieroned as re
commending the telaction of the paper of the Bank of Ireland,
ot her w ise than cautiously and gradually.

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It may be material Aso to assist their endeavours by a dhoti-
nation of the is.ue of paper from Finest. Hankers and other
dealers ; to effcct which much attention should be given to re-
strain the naper of the country banks, by a strict enforcement
of the law, reopening the registry of bankers, and the full pay-
meat of stamp tholes. It will else deserve oonsideration, miss
th;:r, at a future time, all !sinkers whatever, except the Rank of
Ireland. should nut be prevented from issuing asiv note* or
past-bills under 101. nr 10 Guineas, as yr. Roush mentions ;
and, sa soon as a preler and sudiesent tits es esti rem: sr is so.esired,
it would seem expedient that the issue anises note, should be
entirely suppressed.

F is re your Committee quit the eubjefh ef exchange, they
Isiah to ohm, ee, that if their Martinet have failed in enabling
them to pm-rose any effectual remedy still a reme•ly ought to
h, &aught for by the wisdom or the flume, for that a great
country, now placed as Ireland is under the same Leiristatur:
with England, forming a constituent part of the united empire
edistily as England, or any county in England doer, its metro-
onto, not on distant from London a. any part of Scotland, Nco•
castle, Carlisle, or Durham, should labour in to pecuniary in-
teruiune with England, under a eminent varying ',change,
which the others am free from ; that the urtemeotren of a oar
row era, with regular daily packets, and speedy means of
mutual transport, should cause at. ii,euntlaranee iii the maw]
int• rehange of money, which dares ryq east where the
by land is gmater, and the communion:ern by ;ant not more
f.eiuenr, imr more expeditmus; that there should be no ex-
Change; or en erchang., committed for a regular number of
days b. merit Edinhergli, and Liverpool, and aristsloinith Lon
don, am, the' an exchange must egin or is incapable of such
commination between, Im'and and Len.dol and eh it the evils
which this long inluire hare ins.-sa=lted should be entire::
without remedy. are ;inoittonr so strange, that your Caniorittee
earmot henry,- than to be founded in the common nature of
thirtzr, annl must innipote, to mein wen ineuteinot investiga-
tion, or want of smarter, the not having pointed out an ade-
quate remedy, If they have farted to de es. They wil. only
add, with respect toll. money dawn from Ireland, that retro.
tower to absentees did exi-t before the restriction to a con-
siderable e, tent, wile:it producing an exchange coititontny
iinfariouraLle; and that if the high rates of ex-nange mal.y
operate eta tat on them, rears not appear po.ntre or rea•oni-
able to continue any such tax, whit a view to encumber the
retort oisny kith aukcet to the seat tif Government, and to the
depodt oil -• neoirer resort of pottier, more than that of are
Jellaba rot of Sc .tilUld,4l,Jety county of Eng'aud; and when it
it euniiri-:cd, that if, in tne aatural order of thine, undoterba
to soot a MMUS.. as the restriction on specie, the rimarrances
to etematera, by can-rug a balance of pecuniary inter•uurA
against Ireland, would tore, an et- out from thence wherewith
to pay nt, and restore the level. it :nay be fairly enoclndad, that
the abeenteet, by bringing over then money to England, force
the manufacture or produce to follow them, which, but for
their coming, they would Isecesterily have ease;od to he used at
hornet the only difference s, that the pruritic* or rosoufactures,
whi:h their incomes netorally pmmete would come to be con-
sumed or cued in Eagarid, in the etes:l of being consented or
wad in Ireland, and thus the eneouragement to the prodoctive
iiithistry oflreland may be uid to operate in both cases, though
reortioly the nno.rendence of men of fortune on their estate',
is, in mane respects, a great aud lamentahle midortune to the
coutor:. be the tithe. side of the account, tenth regard to
the tain;yora-y nolux of onney to Ireland, from loans for fre-
t/Lod ni England, tire ternyorary mmittance of which has been
said to operate at a motif against the drain of the absentees,
ranch as they May occasionally tend towards reodriang the
hal and of course the exchange favourable, your Coo-
mire.? cannot recomMend them as &enable on that account.
It should be remembered, that the relief they afford is temp.-
rvy, eh?, the Jraie of interest arid Munro which they create
• is pernothent, and that the advantages which the great luen of
this fear mutt produce to the fro:hide, Ot ib trainentilliOn,
ought not to superwsle re toting also to a drnhiuotiot, of pope',
at a means of permanently rectifyirog the exchange. Then
injurooit effect, r still farther ; eacb Man, by *Kielring a means
of ray ing ana balance ofdollod ue to Fogland, interrupts th- nate -
.ral effect of that debt, to forme wit export and check its
a- in allow thrtpicosey ace...ants to right the:fleeter'', and pm-
duce the proper-level ,• it also, by the same operation, ennuis
rages 'mfr.'', in providing a ready fund 01 h•-reirith to ply for
; and it •ill appeat from the peers befiee your committee,
thut the it peons of Ireland ire-wed during the last fore yeens
(is each of ablch a considerable Inert WM made), reespend
IRA the fire kreeadiag years, at the amuse rats et lA:4OW.

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