The Sun.
London, England, 1804-06-14 00:00:00

.EXCHANGE WITH IRELAND.

EXTRACT

FROM MINUTES OF EVIDENCE

Taken before the Committee, appointed to inquire, into the
State of 1 reland,a3 to its Circulating Paper ; its S'pecieand
Current Cain; and the Exchange between that part of the
United Kingdom., and Great Britain.
The-Right I-lon. lOHN FOSTER, in the Chair.
(Continued from our Paper of Yesterday.)

BEN lAM I N WINTHROF, ESQ. CONTINUED.

Do you conceive that the existence of private
Bankers in Dublin issuing paper in considerable
quantities, does not rend to the depreciation of paper ?
—I understand the Bankers in Dublin are people of
high credit, and. likewise the paper is in high credit,
but I am not so intimately acquainted with circum-
stances of this sort.
• May not that high credit tend to facilitate an over
issue of paper, and of course to depreciate it ?—lt
:possibly may ; it is very likely.
Dues not the paper of those inconsiderable Coun-
try Banks of Ireland, of which you have spokes,
pass in the same manner, and at the same price, with
paper of the private Dublin Banks and the Bank of
Ireland ?—I do not know.
Do you not understand that the paper of all the
Country Banks of Ireland is exchangeable for Bank
of Ireland paper ?—I understand that any man hold.
ing the paper of any Country Banker, may demand
payment of it in paper of the Bank of Ireland ; but
I understand there arc Bankers in the Country who
issue Silver Notes.
Are 11,1 t those Silver Notes also exchangeable for
Bank of Ireland Notes, when those in the hands of
one person amount to a sufficient quantity to be
capable of such exchange ?—I should suppose so.
The persons who issue them are hound to pay them,
arid they can only pay them, in Bank of Ireland pa.
per, I should suppose.
D nor then the whole paper circulation of Ire-
land n& ce,sarrly conform itself to whatever is the cur-
temt value in exchanoe for goods of the paper of the
Bank iit Ireland cannot answer that question.
Du you not conceive that an augmentation of the
circulating medium of Ireland necessarily tends to the
augmentation of the nominal price of commodities ?
I believe so.
Is not he nominal price of commodities in Ire-
land at this time, that is to say,, the price of com-
modifies, as compared with Irish Bank Paper; higher
than the nominal price k ilcommodities in Gresßri-
tain, that is to say, of commodities in exchange far
English Bank Paper ?—I do not know.
Must it nth necessarily-be the case, since there is

a difference of about 101. per cent. in the exchange ?
—I apprehend that a man in Ireland.holdins- an
Engli,h Bank Note must submit - to nearly t I.e'l6ss
in the exchange that he would by negoti-itinra
Bill, the Bank Note being payable at sight, may be
negotiable at 4- per cent. higher than a Bill tliai is
payable at 31 days..
Cannot the owner of a Bank of England Note for
cool. buy with it more goods in England than. the
owner of a Bank Note in Ireland can buy in Ire_
land with a Bank Note of Ireland amounting to
roB. tip. Bd. which is the par of exchange ? I can.
ri answer.

Supposing a man to be able to buy the same quti.n,
tity of goods in England for Tool. English,
he can buy in Ireland for toBl. 6i. Bd. Irish, must
there not be an extra profit of to per cent. on the
exportation of British go ,sis to Ireland, inasmuch as
the proprietor of tool. English Bank Note, can
buy with that Note a Bill fur about z all, in Ire-
land ?,---.1-11:re is doubt' but the importer of
Engiish goods in Iceland, must increase. his price
in ptoportion to the rate of exchange at which /40
pays for
,them..

.Do you . then consider the ro per' cent. Oar,
which has lately existed in the exchange beViveen
England and Ireland, an indication that there 'may
ha-ve been a general augmentation in the nominal
price of commodities in Ireland of about to per
rent conceive there must, on commodities
ported from England.
M.►y it not be presumed that there must have
been tree same rise on all that class of commodities
which are exported from Ireland to England, inns.
much ai there must otherwise have been an extra
gain of to per cent. on such exportation ?--It seems
probable there must be a proportionable rise on the
goods exported from Ireland. '
If•it is presumable that there has been a rise
equal to the rise in exchange in the Irish price of
all gocis exported both from England to Ireland,
and from Ireland to England, may it -not also be
presumed that there has been nearly a similar rise
on articles produced in Ireland, and used for home
consumption 1-1 think not.

Do you not think there must have been such a
rise, if by the term rise is meant a higher price than
would have subsisted if there had been no augmen.
tation of paper, and no rise in the exchange-I—l
am unable to answer that question ; but, on reflec-
tion, with respe to goods exported to England
from Ireland, I apprehend the exporter may sell the
goods exported at a lower price in England, on ac-
count of the high exchange he obtains for his Bill,
than he would if he negotiated it at a more mode.
rate one.