The British Press; or, Morning Literary Advertiser.
London, England, 1805-03-22 00:00:00

Great Britain and. Ireland ought to be at par, what-
ever variance there might be In their mutual remit-
tances, from time to time—yet, upon the whole,

, .
they liquidated each other in the end ; and, if there
was any difference, it should probably be in favour
of Ireland. He acknowledged with the Noble Lord,
that all the pecuniary difficulties of Ireland owed
their origin to the unfortunate circumstances
which rendered it necesary to resting payment
! • in specie by the Bank.—This it was which
created a set of money-jobbers never known before,
and who •mver could have any existence with-
out it. It was a rule confirmed by experience, that
whenever the coin of a country was depreciated,
the exchange must be against it, as had been ex-
emplified in Great Britain during the reign of
William 111. and it even now happened that in those
' P .- parts of Ireland where payments are made in gui-
neas, the exchange was in their favour. With re-
gard to the present motion, he said, that though
many of the inconveniencies it stated must be al-
lowed to exist, yet, asthis was not the timewhen the
proper remedy for them, namely, the removal of the
restrittion on the Bank, could beobtained, he did riot
see how any good objed could be accomplished by
it. and the.efore should move the Order of the Day.
Lord HENRY PETTY said he fully agreed
with the whole of the doßrine laid down by the
Right Hon. Gent. respefting the fictitious nature of
the balance of exchange against Ireland. He also
concurred with him in considering the Motion made
by his Noble Friend to be.a dire ft charge against
the Lords of the Treasury in Ireland, in general,
but by no means of a hostile nature against that
Right Hon. Gent. many parts of whose conduCt he
coesidered as entitled to the highest degree of ap-
peollstion. When the Lords of the Irish Treasury
estillfeileed to the old custom of drawing bills
upon England at par, none of the losses or incon-
veniences were experienced which occurred in the
instance now before them. It was the deviation
from ancient price which caused that flutuation
in the exchange against Ireland, by which the coun-
• try sustained a loss of at least 40,0001. But in ad-
dition to this loss, he had to charge that Treasurer
with a departure from, and violation of, what was
called the Responsibility At, which strictly prohibit-
ed them to make any application of public money,
unless by warrant from His Majesty, or the autho-
rity of Parliament.
The CHANCELLOR of the EXCHEQUER
could not perceive how the condnc of the Irish
treasury could have been represented in this in-
stance as affording a partial benefit to individuals,
whoa the terms were declared and openly adver-
tised a fortnight before the time demanded for
making bargains. It was their duty to have the
remittances in time for the loan, the negleit
of which would be highly reprehensible. Ho
would not then enquire, whatever his own opi-
nion may be, how far the restriftion on the Bank
of Ireland was alone the cause of the disadvant-
ages complained of, or, whether they may not
be, in an equal degree, attributable to the deprecia-
tion of the paper, a. well as of the coin, in Ireland.
If it arose from the depreciation of paper, it would
of itself account for the balance of exchange being
against that country ; for, as our paper circu-
lation was not depreciated, it followed that,
between the two countries, there must be a dif-
ference in the circulating medium. The difference
of exchange must, in a great measure, be regulated
by the 'Wince of political reMittances and that of
merchandise between the two countries ; and as the
large remittances making at that time from Rag-
land, threw the weight of balance in the other
male. it was reasonable for the Irish Treasury to
coeclude, that the rate of exchange would naturally
be kept down by them. On these and other grounds,
be could not agree that the charge contained in
*se resolutions was by any means made out.
Mr. FOX said, he was glad to find it now offi-
cially acknowledged that the great mischief arose
from the depreciation of money, instead of the fan-
tastical ideas sometimes thrown out in that House,
tespefting the comparative value of money. Ano-
ther acknowledgment he was glad to find was, that
the depreciation of the paper currency originated
in the restridion of payment in specie by the Bank;
and to these was added another confcsicm, the
two former Were the causes of the nominal rates of
exchange. It was true, he said, that the quantity
of e,-„1, remittances to either of the countries for poli-
tical purposes, or (CT mercantile objets. must, in
this respect, have a very great effelt. But these
principles being so established, he must still con-
ceive great blame to attach to the Irish Treasury
for deviating from the ancient custom of drawing
upon England at the current price of exchange.
The operation of the new mode had the effeet of in-
ducing a general belief that the intention of the
government was to bring the exchange between the
two countries at par, which, being confirmed by
other circumstances, produced speculations in the
monied interest. that occasioned a considerable loss
to the public.
Mr. LEE said, that having been a member of
the committee upon Irish affairs, and having attend-
ed carefully to the evidence they produced, he had
some good reasons to saspeft the Committee is hat*
been mistaken, in having ascribed the depreciationfla
Ireland to the over-issuing of oaper by the Bank.
The issues of the Bank of Ireland were ascertained
and well known ; but it was the less surprising, that
the paper of that company should be depreciated at
home, when ever, the paper of the Bank of England
experienced in that country a depreciation of 341. per
cent.
Mr. ALEXANDER also considered the depre-
,ciation to be owing to circumstances altogether un-
connefled with the Bank of Ireland ; for the private
Bankers, even about Dublin, aftually circulated
notes beyond the issue of the National Bank ; which
being, by one of its bye-laws, obliged to discount
mercantile bills at one per cent. below the legal in-
terest,gave to other Banks a greatadvantage over it.
Mr. LATOUCHE expressed himself favourable
to the motion. on the ground that the Lords of the
Treasury in Ireland, by the mode they adopted in
this instance, obtain at last the terms for the public,
which they might have done, even under the cir-
cumstance of the times. Much was certainly lost,
by the generally credited report, that the exchange
of - to be reduced to par, and
eon contradifted by the Go-
perfenly well acquainted with
-rocesture deterred the rner.
--I on the oceasiun.

of the tr►o con; tries was to
the report not having been co
'eminent. which was perfetil
its esistence. and its proce%:‘
diem from coming forward
•