The Sun.
London, England, 1836-11-24 00:00:00

IRELAND.

Dublin, Nov. 22.

THE BANKS.—For nearly three weeks have the intelli-
gent people of Ireland been seized with a panic. We be-
lieve, however, that we may state that the run on the banks
for gold has subsided, and that business and confidence
are restored to their just position. At three o'clock yes-
terday afternoon, a letter addressed to the people of Ire-
land was received by the -Dublin Evening Post from
Mr. O'Connell, who is the Governor of the National Bank of
Ireland. The expedience of calling a public meeting in
Dublin in order to secure the public confidence in the sol-
vency of the joint-stock banks had been intimated previously
to the publication of the letter referred to. Now, however,
it is thought that no necessity whatever exists for any such
meeting. Indeed the Dublin Evening Post affirms that
" the run is now completely over." It is stated in Mr.
O'Connell's letter of this day, that whilst the run for gold
continued on the National Bank, he would not interfere,
although solicited by persons unconnected with the esta-
blishment, to use his influence with the public "to put a
stop to the unwise demand for gold in lieu of National
notes." He thought the people ought to have shown more
confidence in him. He was grieved to see the people in-
juring themselves. " It also grieved me (writes Mr. O'Con-
nell) to see that the Irish people—intelligent though they
be—did not understand the security against any ultimate
loss, which arises from the constitution of a joint-stock bank,
where every shareholder is liable to the full extent of all his
property. Every bank note is in the nature of a judgment
debt, and binds all the real property of the shareholder. This,
I tell you as a lawyer, and pledge my professional credit
thereupon. For example—the Agricultural Bank has
ceased to pay its notes with bankinc, regularity. lam
sincerely sorry for it—it was kind° and useful to the
farmers and traders. I have no sort of connexion what-
soever with that Bank, or with the respectable class of
persons who are its shareholders ; but I am bound to tell
the people that I am perfectly convinced that every single
note of that establishment will be ultimately paid in full,
and I declare it my opinion that no man should part with
an Agricultural note for less than its full value." Mr. '
O'Connell then proceeds to declare his confidence in the
Agricultural Bank, as well as in the Provincial Bank, with
neither of which he is connected.

Mr. O'Connell says,—" With respect to the Bank of
Ireland—the Government Bank—l beg leave respectfully
to thank their Directors for the liberality with which they
have come forward to sustain public credit. I do not
know of greater madness than that of the people who made
a run for gold on some of the branches of the National
Bank—it was sheer insanity—again striking down the prices
of their own commodities, and taking away the means of
employment." After calling on the people of Ireland to
allow the Banks to do them good, he says, " I instituted
the National Bank merely to do good to the people of Ire-
land--r-I call on them to assist me to serve themselves.
Every shilling of property I have in the world—all the pro-
perty of my eldest son and his family—all the property of
my son-in-law is involved as security for the notes of the
National Bank, together with the property of all the other
shareholders, The run has ceased—the demand is over—
I now only ask the people to return to the tranquil enjoy-
ment of those advantages which I sought to secure to them
by establishing the National Bank of Ireland." Mr. O'Con-
nell confesses that several of the Conservative landlords have
come forward to sustain public credit, sinking political con-
siderations, in order to do good.
Mr. O'Connell's counsel will, no doubt, be promptly
acted upon, and with him we think that " every man will
be the better for taking the advice in this instance" offered
by him.
In reference to the general subject, we give the following
extracts from the same journal in which we find Mr. O'Con-
nell's letter :

" It does, we confess, astonish us, that although more
than a million of sovereigns have been imported to Ireland
within the last month, the reduction of bullion in the Bank
of England only amounts to 264,0001. This would, of itself
indicate that the exchanges are becoming more favourable,
for it would prove—had not the present crisis occurred in
Ireland—that the Bank of England would have shown an
increase of their gold to nearly a million, since the last
quarter's return.
" A large quantity of bullion arrived to the Bank of Ire-
land, and the other Banks are equally well prepared with
specie and Bank of England notes, which are now, it need
not be repeated, a legal tender in Ireland, or tantamount
thereto.

" This, indeed, is absolutely necessary, with a view to the
stability of general credit—for, if the drain for gold con-
tinued on the Bank of England, that establishment would
speedily be drained of all its bullion.
" We are:said not to be friendly to the Bank of Ireland,
and we do not, indeed, pretend to any special regard for
that establishment, continuing to be of opinion, that though
not the cause, they did not act, as they might have done,
with an energy which would have arrested the run. But
waiving, for the present, all considerations" of this nature,
we are glad that the Bank has left it in our power to say,
that of late they have become alive to the alarming conse-
quences of the old system, and that they have evinced every
disposition to comply with the requisitions made upon them,
and with the public necessities. We shall only say, that
had they evinced the same dispositions earlier, we might
have been saved eight or ten days of panic and confusion—
and we are certain that the Agricultural Bank would have
stood its ground."
By the Cork Paper of Saturday, we find that the run
has continued upon the three banks in that city, with una-
bated violence. We copy the following from the Cork
Southern Reporter :—" The ' run' on the three banks here
continues, the ignorant and deluded country people being,
of course, the principal, indeed the only applicants for
gold. When they will cease their folly is as little within
our ken, as when it shall please the Almighty to restore
reason to the madman or sight to the blind. Meantime, let
them draw an instructive lesson from the market notes."

A meeting was held at Mitchelstown, county of Cork,
yesterday, pursuant to requisition, signed by the High
Sheriff, the Hon. Robert King, and by the leading men of
that part of the county, including the Protestant and Ca-
tholic clergymen, with a view of " allaying the present
alarming panic," and taking steps to restore confidence. In
the county of Waterford the run has been more severe, par-
ticularly on the Bank of Ireland branches, than in other
places. We have not received any fresh intelligence from
Connaught, but we are led to believe that this part of the
country is less pressed than others. On the northern
Banks the run has very much subsided. We understand
that on Saturday and yesterday very large sums of gold,
and in Bank of England paper, have been received ; and
we do, therefore, expect, that in a short time the notes of
the Bank of England will become of frequent occurrence
in our circulation. But as the Bank of England does not
issue any paper under 51., the great bulk of the circulation
will be in our own paper. But, notwithstanding all
notwithstanding the entire solvency and security of the
National Bank of Ireland—notwithstanding that it has
showed its strength, and the prodigious extent of its re-
sources, by sustaining a pressure, unprecedented in severity
and duration, still there is an insane disposition to push
demands upon this as well as other establishments.