The Sun.
London, England, 1804-05-23 00:00:00

ABSTRACT OF A BILL

FOR BETTER SECURING THE MEGULAR AND SPEPDi
DISTRIBUTION OF PRIZE MONEY, AND FOE.
THE REGULATION OF THE BUSINESS OF tRIZE

AGENTS.

•
Ens Els, That it shall he lawful for the Lord
High Admiral, or the COMmissioners for exe-
cuting the Office of Lord High Admiral of the
United kingdom of Great Britain and Ireland for
the time being, or any or more of them, and
they are hereby required, within months after
the passing of this At, by warrant to nominate
and appoint fit and proper persons (not being
Members of the House of Commons) to be Commis-
sioners for the purposes of carrying this Aft into
execution ; which said persons, so to be nominated
and appointed as aforesaid, shall' be called Connzis.
sioners of Prizes, and shall have a public office or
place of business in one of the Cities of London or
Westminster, which shall be called The General
Prize Office; and that it shall be lawful for the
Lord High Admiral, or the Commissioners for exe-
cuting the Office of Lord High Admiral aforesaid,
for the time being, or any ot more of them,
from time to time, upon proof of misconduct, or for
other good and sufficient cause,- to remove any such
Commissioner or Commissioners of Prizes from his
or their s..id Office or Offices ; and also upon the
decease, resignation, or removal of any such Com-
missioner or Commissioners of Prizes, to appoint
any other person or persons (not being a Member
or Members of the House of Commons) to be a Com-
missioner or Commissioners of Prizes in the stead
of such person or persons who shell have so died,
resigned, or been removed from his, or their said
Office ot Offices ; and such Commissioners of Prizes
shall have such Salaries and Allowances as are in
the Schedule to this Aa specified, and set opposite
to their said respective Offices.
' Commissioners may appoint Clerks, &c. and also
may appoint Agents at Plymouth, Portsmouth,
Sheerness and Yarmouth.

Part of recited AC} relating to appointment of
Prize Agents repealed, and only one Agent to be
appointed for each Ship or Capture.
. Penalty oh Agents permitting others to share in
Commission, and on persons receiving any such
share or ernolumcnt therefrom.

Agents to register their Powers of Attorney.
Agents to give security.
Registers of Courts of Admiralty to enter Powers
of Attorney.
Registers of Vice-Admiralty Courts to transmit
a List of Prizes adjudged.
Agents appointed after condemnation of Prizes
to register their Powers of Attorney.
Registers to transmit to Greenwich Hospital
Copies of Letters of Attorney registered in their
Courts.

True Copies of Letters of Attorney and Registry
to he Evidence of Agency.
Commission allowed to Prize Agents.
Notification to be given by Agents of the pay-
ment of Prize-money.
Notice also to be given of the amount of an indi-
vidual share in each class, &c.
Penalty for negleet of giving notice of payments
of Prize-money, or not .iansrnicing notices.
Notifications registered at the Royal Hospital to
be Evidence of Agency. -
Before payment of Prizes„ a Copy of the true Ac-,
count of Sale to be exhibited in the Court .of Ad.
miralty.
Agents to advertise their exhibiting Account of
Sales,

days a week

Agents to keep Office open
for payment of snares.
Money not distributed by Agent w;thin
months if in England, or abroad, where no
appeal, be paid to-Commissioners.
Commissioners may give further time to Agents.
Remittance to be in Government or Mercantile
Bills not to repeal ptovisions of 4t Geo. 111. C. 96.
Pfoceeds not distributed within the required pe-
riods to be paid ro Commissioners, together with
per cent. on money distributed and paid or re-
mitted.

Lists, Copies, and Accounts, to be delivered by
Agents to Prize Office,—Penalty for uegted or re-
fumal.

When business taken out of the hands of the
Prize Agent, no. Commission to be allowed him on
any proceeds not collected.
Commissioners to give two receipts to Prize
Agents for money or goods given or sent' to Prize
Office.

Commissioners may file Bill in Equity against
'former and future Prize Agents for accounts of
Prize Balances.
At not to take away power of Treasurer of
Greenwich Hospital to sue for arrears, or to abridge
Jurisdiction of High Court of Admiralty.
Money sent to Commissioners of Prizes to be
laid out in Government Securities till required for
distribution, &c.
Commissioners of Prizes to distribute the money
received by them.
In cases of appeal or litigated claims, the proceeds
to be paid to the Commissioners.
Investing proceeds in causes of appeal in Govern.
meat Securities.

Commissioners to advance money to Agents or
Correspondents, for carrying on suits or appeals.
Security under former Act, by claimants appeal-
ing, to extend to interest.
In all cases of appeals, distribution to be made
by Prize Office.
Officers quitting stations before distribution, may
dired proceeds to be remitted to Prize Officers.
Recalls to be made by Commissioners of Prizes,
and money not claimed to be paid to Greenwich
Hospital.
Officers to send an account of captures to Prize
Office.

No Agent to be sued for run men, unless he re-
fuses to pay Prize- money after produlion of the
certificate of, the R. being taken nff.
Notice of distribution of bounty to be inserted
in the Gazette.
Penalties on Agents or persons paying or receiv-
ing money on account of share before notification of
distribution.
Persons running away not to be entitled to Prize-
muneY•

payment or tetiiittatice to Priie °Mee cis Ake Inge
Agents pro tanto froth Any penalties under foririf
Att.
Coriirnisiioneis may send precepts fdr persons, Pico
and High Courts of Admiralty may issue riionitioil
to such persons, and for produdion of books, &c:
CoMmissidners of Priies may examine upon oath
administered by them.
Persons neglecting to attend or to product
counts, &c. or refusing to be sworn, or to answer
questions, may be imprisoned.
No person shall be compellable to answer aay;
question, or produce any accounts, &c. that may
criminate him.
Persons giving false evidence, shall be subjel to
the penalties for corrupt perjury.
Treasurer of Greenwich Hospital may exarni;,-.
the Books of the Com Missioners of PriZes.
No Fees to be taken at the Prize Office.
No•Cominissioner, Clerk, etc. td at as Agent.
on penalty of
Judge of High Court of Admiralty dire& inquiry
into proceedings of Commissioners, and Lords of
Appeal may stay and direEt their proceedings.
Ad may be altered or repealed this Session:

, aka.

EXCHANGE WITH IRELAND.

EXTRACT

FROM MINUTES OF EVIDENCE

Taken before the Committee appointed to inquire into the
State of Ireland, as to its Circulating Paper • its Specieand
Current Coin;
,and the I' xchange between that part of the
United Kingdom and Great Britain
The Right lion. 10 HN•FOSTE R, in the Chair.
(Coltinu4ji.:dm our Paper of Yesterday.)

WALTER 13pRROWES, ESQ.
Merchant, at Austin Friars, London, called in and exa-
mined.

What is your opinion of the cause of the high
Exchange between London and Dublin ?—The with.
drawing the common medium of circulation, by which
I mean guineas.
Is there any other cause ; the depreciation
of Bank of Ireland Notes, which has been the only
medium that has been substituted.

Does that depreciation arise from withdrawing the
guineas ?—I think it does.
Does it arise from any other cause ?—I think the
local situation of Ireland contributes towards it.

What do. you mean by local ?—I mean her not
r4tiling a part of Great Britain ; not having the same
means of defence.
Do you mean her situation as being exposed to in_
ternal Rebellion ?—Certainly.
Do you think a disadvantageous balance of trade
can be the cause of depreciation ?—I think not.
you believe an axcessive issue of Bank of Ire-
land Notes could be the cause ?—I do not.

Do you believe there is an excessive issue of those
Notes ?—I do not.

Is there any excessive issue of Private Bankers
Notes its Ireland ?—I am nor well acquainted with
the private issue of Bankers Notes in Ireland.
Can you term any opinion ?—As far as I have
heard, there is an excess. _ _ .

Do you mean Country Bankers or Dublin Bankers,
or b.. th ?—Country Bankers.
What, in your opinion, would be a remedy to re-
move the causes you have sia:eci for the high ex-
change ?—I think restoring a common medium of
circulation.

.11) you think that gold, the common medium of
circulati )n, could he restored now, with safety, to
Ireland I should think not ; I mean that the re-
striction on the Bank of Ireland could not at present
be token off with safety.
What other cornm,,n circulating medium do you
,propose ? The only one I think of, would be, the
notes of the Bank of England and Ireland consoli.
dated.

Da you mean by consolidating the Banks, that
they should issue, when on Bank, separate notes for
Ireland, and separate notes for England, or that they
should issue notes in one firm for the wh,,le empire ?
—I mean there should be a B ,nk in each Country,
with power to issue notes as now, in the currency
of each Country, but exchangeable in the other at
8 t.tliird per cent. at all times.
As you mention two separate Bankc,' what is your
idea of consolidation ?—That the Bank of Ireland
should be a branch of the united Bank.

Have you reasons you would wish to offer to shew
the uses, and the pradicability of this proposed con-
solidation ?—The uses I conceive to be, reforrning
the currency of paper of Ireland, in case it should
not be thought right to make tic notes so issued by
each Bank to be changeable at the other at par ; but
if you wish to extend the use, and do away the Ex-
change, then the making them receivable at the
other Bank would effed this objel. I think the
Currency and Exchange two distind things, and
that the depreciation of the one, and the high rate
of the other, may have distinct remedies.
State those remedies.—l think the Bank in Ire-
land, so constituted, issuing Notes in Ireland, not
exchangeable in London, would have the effect of
curing their depreciation in Ireland,. by adding to
their security ; ars.? the exchange in that case would
in a great degree have been got rid of, by the addi-
tional security given to the notes.
In that case when the notes were •not exchange_
able in England, what would be the common me-
dium of paying an unfavourable balance of debt ?
There would be no common medium that I know
of; you stop short of making it a common medium,
inasmuch as you prevent the exchange of the notes
at either Bank indifferently, at 8 one-third per cent.
In that case what common medium would you
propose I—l know of none ; I think it pettedly
hopeless, unless the restridion was taken off both
Banks.
Such a limited consolidation then would not be a
perfed remedy ?—lt would not, although it would
tend to remove the whole of the depreciation, and
the whole of the rise of exchange, except such part
as arises out of a balance oldebt.

Provided Bills could be issued by either, or by a
Consolidated Bank, or a Committee of both Banks,
payable in either country, with the limited capital
and credit the Irish Rank possesses in case of an In-
vasion of England, and a consequent run on the
Ban'R uf j.f:,eland, might not both Banks and each
materially ?—I have no idea
country suffer -
there could be any ins,,rerial inconvenience, so long
as restraints should con,'inue against, the issue of

nor ally subordination except what the Proprietors
might direa.
Do you know the opinion of the Direflors or Pro.
prietors of each Bank, as to the eligibility of this
plan ?—I know it would be for the interest of the
Bank of Ireland Proprietors to accede to it ; there..
f re I conclude their concurrence could easily be
got. I have heard different opinions entertained by
the Bank of England Direaors on this subjea, some
approving of the plan, others disapproving of it. I
believe the Bank of Ireland Direaors are against
it. I have no idea of the opinion of the Bank of
England Proprietors on the subjeEt.
Do you think it would have any effea disadvan.
tageous to Great Britain ?—I do not.
Has this proposal been submitted to a Court of
Divaors of the Banks of either kingdom never
heard that it had.

Have you observed that the periods of the greatest
alarm in Ireland have been those when the depreci-
ation was the greatest, and the exchange the most
unfavourable ?—I suppose the question alludes to
the Invasion in 1796. and the Rebellion in 1798. In
1796, the Bank of Ireland were paying in specie,
therefore there could not be any depreciation; and
the exchange was from the same cause, as well as
the balance of debt being greatly in favour of Ire-
land, kept under par. In 1798, the Loan raised in
England of 1,500,0001. for the Service of Ireland,
was remitted by the Administration in Bank of Eng-
land Notes, which, meeting a currency not depre-
ciated, and an exchange highly favourable, were
negociatcd at various rates of exchange, not exceed-
ing 6 per cent. by ‘s Lich means the Paper of the
Bank of Ireland was kept on a par with specie at the
time the Rebellion was at its greatest height, and
close to Dublin ; and these two moments of the
greatest alarm to Dublin, therefore passed without
producing any efreet either upon her Currency or
Exchange.
Do you conceive the period immediately pre-
ceding the Rebellion to be a period of alarm ?--I do.
Do you conceive, that if it had not been for the
measure adopted by Government alluded to, that
the Exchange would have been more unfavourable to
Ireland in 1798, than at the present time ?—I do.
think that for a part of that period it would.
Do you believe that the excess you have described
in the Private Bank Paper of Ireland, could have
taken place, if there had been no increased issue of
the National Bank Notes ?—I do not think that the
issue of National Bank Notes assists in any manner
the extension of the issue of private Bankers' notes :
think that the means of Countries, like individuals,
are limited, and if Ireland possesses a medium of
one kind equal to her property, which is usually
represented by a medium, that it is impossible for
her to hold another ; therefore, if possessed of Bank
of Ireland notes equal to this object, that there is no
room for the issue of private Bankers' notes : and I
do not think that the issue of paper in Ireland is
too great, because I think the property of Ireland
buried under ground, exceeds what is circulating in
the shape of paper, and that in fat she has two
capitals.

-Do you not think that a medium may represent
more at one time than another do, inasmuch
as it is subjeft to depreciation.
Do you believe that 6 per cent, is the legal inte.
rest of Ireland ?—Yes.

Do you believe that the Bank of Ireland is under
the necessity of discounting ats per cent ?—By their
Charter they are precluded from taking a higher
rate.

Have you heard that there are distina Treasuries
in Ireland for the Board of Ordnance and Barrack
Board; and that die payment of the Army and Yeo.
manry are intrusted to the Military Agents ?—I
never heard there were Treasuries attached to those
Boards, but I have heard there are Agents for the
payment of the Army and Yeomanry.
Can you form any opinion of the 'issues of a cir-
culating medium necessary for the payment of those
establishments ?—I cannot.

Do you conceive it to be a million ?—I do.
Do you think if Dublin private Bankers have ac-
quired sufficient influence with the respeaive agents
of such military bodies, and the treasuries of such
establishments, to pay in their private paper all
claims upon such establishments, and to distribute
through the kingdom all pay to such military bo-
dies, that it is weakness of credit in the National Bank,
and not the superior activity of such Banks which
pushes private paper into circulation ?—I think the
credit of the Bank of Ireland ought to stand higher
than the credit of any individual Bank, and that its
Notes should be preferred in all payments, and there.
fore I think these Bodies should be paid in the Na.
tional Paper. •

Do you conceive ths. upon the whole, the paper
currency of Ireland bears a greater proportion to
its wealth and trade than it did for some years
previous to the Bank restrilion ?—Making an al-
lowance for the quantity of gold withdrawn from
circulation, from being locked up, and otherways,
I do not think it bears a greater proportion.
Have you any mearr. of knowing, with any de-
gree of certainty, that the circulating medium of
Ireland is not excessive ?—I have no certain means;
but when I recollea the quantity of guineas which
went to that country, and have no knowledge of any
large proportion of them coming back, I do not
think the paper exceeds in amount the ordinary
proportion which paper bore to gold.
Do you conceive that the augmentation of the

quantity of the circulating' medium of a country
tends to produce a depreciation of it ?—I think it
does, when pushed beyond the means of the country.
Do you not conceive that an extremely had state

of the exchange is an Indica.ion of such deprecia-
tion ?—I think it is an indication of it, though not
a certain proof of it.
Do you conceive that the depreciation of the Irish
Paper;itrises from a want of:confidence in it ?—I do.
Po lots mean by want of confidence, a doubt
tkhetber the Banks which issue it are ultimately
solvent do not-; I am perfthly satisfied that
nubody questions the .solvency of the Bank of Ire-
land, or the judicious administration of it ; and
that it arises solely from political causes, external as
well as internal.