The Sun.
London, England, 1839-06-27 00:00:00

June 3Oih.

THE CONSTITUTIONALIST will be the Size of the
Lamest Single-folding Sheets Printed, and consequently the
Cheapest Newspaper published. Every Man who values his
Political flights should read the First Number.
Office, 12, Catherine-street, Strand.

THEATRE ROYAL, COVENT GARDEN.
The Public is respectfully informed, that the
PRESENT MANAGEMENT WILL TERMINATE

WITH THIS SEASON.
THIS EVENING, JUI:F.
Will be erformed Shakspeare's Play of
TIIE WINTERS TALE.
After which,
INKLE AND YARICO.

ROYAL SURREY THEATRE.
THIS EVENING, JUNE 27,
Will be rerr,F(n+cd the Operatic Drama of
THE SLAVE
Captain Malcolm, Mr. Braham ; Zerlinda, Madame Inez
Tc conclude with the successful Drama, called
ALICE GRAY, THE SUSPECTED ONE.

ROYAL SURREY ZOOLOGICAL GARDENS.
Under 11,r MAJESTY'S IMMEDIATE PATRONAGE.
GRAND "PROMENADES MUSICALES ET CHAM-

PETRES!! !
THIS EVENING, THURSDAY, June 27,
By a splendid Band, composed of the most distinguished Instru-
mental Performers in the Metropolis,
Selected and conduced by Mr. Godfrey.
Commencing at Six o'clock, and terminating at Nine.
Admission One Shilling.

TO CORRESPONDENTS.
We cannot insert the letter of a " Portuguese Jew" till he
points ont Frociscly the Member who used the words he
refers te, and the day on which they were used.

111,:11 %VATEIt AT I.ONOJN BRIDGE TO-MORROW
Morning ,9 minute after 3. I Fvenin3 26 minutes after 3,

tin;47 r 3-•

Zfle

LONDON:
THURSDAY, JUNE 27, 1839.

It is now generally understood that the CHA N-
CEL LOR of the EXCHEQUER intends to renew the
odious monopoly of the Bank of Ireland. Had it
been asserted this bold proposition was entertained
by any other Minister or individual than Mr.
SPRING RICE, we own we should have disbe-
lieved it. We think, however, Mr. SPRING
RICE will experience more obstinate difficulty be-
' fore he can strike so fatal a blow on the trade and
commerce and prosperity of Ireland than he yet
dreams of. He will find opposed to him every advo-
cate of free trade and disciple of AIN HUSKISSON ;
the entire Joint Stock Banking interest, as 'Well as
every one, both in and out of Parliament, interested
in the improvement of Ireland. For our own part,
we hate monopolies of all kinds, and especially
Banking monopolies. We have the experience
of Scotland, and of Ireland, upon which to
test this opinion, and which justifies us in
venturing to affirm that had the Banking Laws
which prevail in both countries been reversed, Scot-
land would have experienced no small share of the
misery and pauperism of Ireland, while the internal
prosperity of Ireland would have had some chance
of being on a par with the present condition of Scot-
land. Of the two how much greater are the natural
advantages of Ireland But it is impossible to calcu-
late the spring, under every disadvantage, a nation is
capable of taking when the efforts of its people are
set free.
The history of banking in Ireland, up to the esta-
blishment of the Provincial Bank in 1826, presents
one continued series of disasters, while in Scotland
since the establishment of the first Joint Stock Bank,
at the latter end of the seventeenth century, scarce
any Bank failure has occurred. In this respect what
has been the experience of Ireland ? All the private
Banks that existed in 1804, about 50 in number,
with the exception of seven, and a few who withdrew
from business, have failed. So much have these
failures been ascribed to the existence of Bank
monopoly, which interdicted the establishment of a
safer system, and so much did the successive
Governments of 1821, 1824, and 1826 feel the
force of these facts, that on three occasions have
they applied to the Bank of Ireland, even before
the expiration of its charter, to surrender a portion
of its monopoly, and enable them to place the
banking system in Ireland in a situation to combat
its constant monetary difficulties by the establish-
ment of Joint-stock Banks within fifty miles of
Dublin.

As regards the Bank of Ireland monopoly, this has
been the deliberate conviction of both Government
and Legislature of those days, founded on reports
and evidence taken before Parliamentary Commit-
tees of 1804 and 1826, and amply confirmed by
the evidence before the Committee of 1838. Yet,
in the teeth of this, when the monopoly, after thirty
years' duration, has expired, Mr. SPRING RICE has
the consummate modesty to propose to reinstate the
Bank of Ireland in all its revolting privileges. We
have heard, indeed, he intends to reduce the rate of
interest paid by the Government to the Bank on its
capital, and which for the last 30 years has been one
per cent. higher than money could have been ob-
tained from the public. This advanced rate of
interest on a capital, between 1808 and 1821, of
2,500,0001., and since 1821 of 3,000,0001., is
nearly equal to a public gratuity of 30,0001. per
annum, amounting at simple interest to a sum of
900,0001. sacked by the Bank of Ireland within
thirty years. We apprehend before Parliament
will sanction any privilege being granted to the
Bank of Ireland, it will rigidly examine into the
utility of that institution—it will first be satisfied
that the existing monopoly does not sit like an in-
cubus—restraining within the narrowest limits the
energies and enterprise of that country—prohibiting
the extensive introduction of capital into Ireland,
throughout a variety of industrial inlets—of manu-
factures and general agricultural extension and im-
provement, simply because of the paucity, and, in
proportion to the wants of the country, the weakness
of its present monetary arrangaments.
We doubt not the Legislature will pause before
it again inflicts on Ireland that baneful monopoly
which has destroyed the trade of its metropolis—
made, with its listless unoccupied clerks, its Cus-
tom-house almost a mockery—suppressed its ma-
nufactories—and produced that state of inactivity,
with the best natural capabilities, that never fails to
be remarked by every traveller that visits Ire-
land. It is not, then, surprising that the nation
1 should pant after the opportunity which the expired
Charter eierds,
•
life and vigour for throwine-
yoke, or be
animated off this intolerable
e,
mated by the desire to see the new
our which a better state of chines
b
would infuse into every channel of productive indus-
try. Can the CHANCELLOR of the EXCHEQUER
pretend to say that the Bank of Irelaed per-
forms one function of a national charact,.;r (the
;;.pa, ,of dividends on stock held in Ireland can..
considered) that should entitle it to a mo-
grounds
similar to those which might
• h t

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