The Sun.
London, England, 1802-04-27 00:00:00

BANK OF IRELAND RESTRICTION BILL.

Mr. CoRAI- moved the Order of the Day for the
second reading of the Bank of Ireland Restrietiun
Bill.

Mr. Y ANDELEUR was of opinion that the Re-
striClion on the Bank of Ireland had created a spirit
of Banking, and of speculation in trade, which had
been highly injurious to that Country. 'So much
had this been the- case, he said, that even the smallest
payments had been made in paper. In consequence
of paper being allowed in that Country to be issued
for silver," traders had issued notes for 3s. 6d. 6s.
and Bs. ands inferior shopkeepers for 6d. until
scarce a sixpenceiwas to be seen in any part of the
Country. Thiswas produetive of the greatest in.
jury, as 'many poor persons, possessed of these
small notes, found themselves on a sudden, through
the failure of the source from whence these notes
were issued, reduced to still greater poverty, and:
unable to pay their rent. He thought some Re-'
strietion ought to be introduced into the, Bill, upon
this injurious issue of Paper.
Mr. HENRY THORNTON observed, that this
Bill had been introduced to accompany the restric.
tion on the Bank of England.. With respeCt to the
restriction on .the Bank of England, no danger
could result from it ; that Bank was a body ex-
. tremely respetqable, who were sufficiently disposed
to restrain the circulation of their own paper, and
to linitt, within due bounds, the paper circulation
of the country, which they were the better enabled.
.to do, as they possessed a monopoly of- the issue of
paper in the Metropolis. With respeCt to the Bank
of Ireland, the case was different, other Banks
issued paper in the same place where that existed,
and a restriClion on that Bank would therefore be
ineffeaual. It was important, however, for the
House to bear in 'mind, that too great an emission
of paper produced the ground on which the Con-
tinuance of the restriCtion on the Bank was founded,
as by raising the price of commodities, it impeded
their exportation, and consequently turned the ex-
change against us, Ireland appeared to be extremely
liable to a danger of this kind ;" when, howes;er,
the discontinuance of the restriction on the Bank of
England should be matter' of discussion, the cir-
cumstance of the course of Exchange being against
' Ireland, ought not to operate asa reason against that
discootinuance,tind they must provide in that country,
as in this, cash for their paper. The course of
exchange„between this country and Ireland was at
the present moment 2 or 3 per cent. against the
latter, and between this country and the Continent
5 or 6 per cent. against Great Britain, which, how-
ever, so far as related to Ireland, must be added to
the 2 or 3 per cent. the amount of the exchange
against that country in the intercourse between Ire-
land and Great• Britain. He thoUght some measure
ought to be adopted to prevent too great an emission
of paper in Ireland : he had no local knowledge of
the Country, but he was convinced that the people
must frequently surer from the insufficiency of many
persons whose paper was sent into circulation.
Mr. CORRY said, that- if an Hong Gentleman
(Mr. VANDELEUR), who. had made several obser-
vations upon the Bill, had privately communicated
those observations to him, he should have paid every
- attention to them.. Another Hon. Gentleman (Mr:
HENRY THoRNTON) had done so, and he thought
it highly necessary to pay attention to the ob-
servations of that Honourable Gentleman, as he
was convinced of their justice. He trusted,
however, the situation of the Bank of Ireland would
not be looked upon with any degree- of suspicion ; it
had never yet been called in question, and a former
Bill of -restriction on this Bank had been passed.
_ without any inquiry, its credit being perfeCtly sub-
stantial. This measure was taken up now as an
auxiliary to a similar measure relative to the Bank
of England. Some observations had been made rela-
tive to the course of exchange ; as he understood
the subjea, it depended upon the largeness or
-smallness of the remittances made into any -court-
-try from .otrtier States. However, the course
exchange might, at' the present moment, be
against Ireland, he trusted that the revival of the
Linen
,ManufaClure in that Country, and the Export
of Corn arising from the bounty of Providence in the
last Harvest, together with other circumstances,
would so f'ar amend the situation of the Country,
that no difficulty would occur when this Bill ceased
to operate, in returning to the accustomed channel
of payments in cash. He admitted that this Bill.
ought not to be continued any longer than was ab-
solutely necessary. He had lamented the situation
of Ireland with rdspeCt to the unlimited circulation
of Paper--but he had never been able" to frame a

• ry.
proposition worthy of being laid before rr,l,-
p '
which was calculated to remedy the Eve..
though he could not bring forward. any
measure, be had frequently endeavpured .ta_call toe.
attention of the People of Ireland to the danger
which they were exposed, from the circulation at
base Paper. Some considerable failures had, how'
ever, happened which whilst they were the cause
of much distress to many individuals, serve 4 35-a
lesson to all Parties—it taught those who sent
Paper into circulation, that they could not issue It
to that extent which they had imagined,- ,with°,n‘
exposing themselves to ruin and it taught those
, . er
who incautiously receive Paper, from woatev
therehY
source it might issue, that they frecYjn-d7 to.
exposed themselves and their families to distress
necessary
and poverty. With such lessons before the eyes
of the People of Ireland, he thought it was the less,
for Parliament to adopt any
Restrietion
,upon the circulation of .Paper in
Country—it would be better to leave it to lonn't
its own way by degrees, than to adopt any rocasurc.
which might cause a violent revulsion, still 01°'
injurious than the circulation itself.
The was then read a second and ;me, ,
'pitted for to-morrow. _
measure OS.

The Sugar Average Bill was read a second
and committed for to-morrow.
The French Wines importation Bill was re'
second time, and committed for to-morrow. . lc
Mr. Ab E*ANDEg brought up the Report
Committee of Ways and Means, which
agreed to, and Bills ordered,
Mr. ALEXANDERbrought up the Report of
Port of London Bill, .which was read and agreed
and the Bill to be read a third time to-mot-x*oW'
The Committee on the Irish Linen MaoPiaW
Bill was deferred till tomorrow. 'e
0
The Committees of Supply and Ways and M)
were deferred till Wednesday. C 5
Mr. BRAGdE brought up the West India D° '-
Bill, which was read a first time
,Adjourned at half past sixo'clock till to-110'1°1.

AP.R:. £D,

MAILS,

D L• I.•

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x - - - French - -
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THE SUN.

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