The Sun.
London, England, 1845-04-26 00:00:00

IRELAND.

Mr. GROGAN moved the second reading of the Agricul-
tural and Commercial Hank of Ireland 13111.

Mr. WATSON opposed the second reading. He said
that, in 184 ', the bank stopped payment. The managers then
applied to Parhament for a Bill to enable them to n led up their
affairs. They had takoa no satisfactory steps to carry out the
object. and he did not think they had any claims to come be-
fore Parliament now. He concluded by moving that the
Bill be read a second time that day six months.
The SOLICITOR-GENERAL suppported the second
reading of the Bill. The object of the 81l was to enable the
Committee of Management to call upon individual share-
holders to contribute equitably to the liquidation of outstand-
ing liabilities of the concern. His Hon. and Learned Friend
11..1d that he objected to this because it was a partial measure,
and that a general Bill for Ireland should be introduced on the
subject. He (the Solicitor-General) admitted the validity of
this argument, but as he did not understand that any inten-
tion existed to introduce such a general measure he sup-
ported the present Bill. The question before the House was
whether the present measure was in itself desirable and just.
He thought it was, and therefore he supported it. He put it
to his Punnurable and Learned Friend whether, under the cir-
cum.stances, he was not prepared to let the Bill go into Com-
mittee, and if any person could then make out a case against it,
an opportunity would be afforded to such persons for so doing.
Mr. BARRY BALDWIN objected to the second reading.
P
of the Bill, which, if it were passed, would afford to unrin-
ciiled persons an opportunity of ruining innocent parties.
Strangers were then order d to withdraw, and the House
divided, wh n there appeared—
For the second reading of the Bill
Against it
Majority in favour of the second reading 11
GOOLE AND DONCA',TER RAILWAY.
Mr. B. DENISON said that, on the 21st of April a pe-
tition had been presented, by the llon. Member for Berwick,
against the Goole and Doncaster Railway. That Hon. Mem-
ber was ill, arid, in his absence, he moved that the petition be
referred to the Committee of Selection on Standing Orders.
—Agreed to.
The HON. GENTLEMAN then presented several petitions in
favour of the London and York Itailway.
Sir J. TROLLOTE and another HoN. MElterx presented
petitions in favour of the Lincoln and Cambrid4e Railway.
Mr. BLEWITT presented a petition against the South-
ampton and Dorchester Railway.
(in the motion of Mr. COLLETT, the Wexford and
Carlow Railway Bill was read a second time.
FOUL MIRE INCLOSURE.

The Foulmire Inclesure Bill was read a third time and
pared.
CAMBRIDGE AND LINCOLN RAILWAY.
The CHANCELLOR of the EXCHEQUER presented
a petition from the Vice-Chancellor and Senate of the Univer-
sity of Cambridge in favour of the Cambridge and Lincoln Rail-
way Bill.

NOTICES OF MOTION.
Mr. MINTZ gave notice that, in the Committee on the
Bilk 11c1,tr,iiiktinitittor practice of physic and surgery, he
skoW anon `'of a clause making it imperative en
„ ..--- ,

14 --if'

all practitioners to writr their prescriptions in plain English—
( A laugh)—and on all druggists and agotheearie3 to label their
bottles, &c., in plain English—(Renew-ed laughter)—from and
after the Ist of Ja-uAry. 184 i.
Mr. Sergeant MURPHY gave notice that on Thursday,
the Ist of May neat, he should move that the House do resolve
itselt into a Committee of :he whole House, to take into con-
sideration the subject of mini>ters' money in Ireland.
ADJOURNMENT OF THE HOUSE.
On the motion of the CHANCELLOR or the EXCHE-
QUER, it was ordered that the House, at its rising, do adjourn
to Monday neat.
IRISH AND SCOTCH BANKING.

Sir R. PEEL moved that the order of the day be read for
the House resolving itself into Committee (et' the whole House,
on the subject of Irish and Scotch Banking.
Oa the order of the day being read,
Sir ROBERT PEEL said, Sir, I am about to propose the
temporary postponement of the further stages of the
discussion of a measure which has now been under
the consideration of the House fur several nights past,
anal during which time it has excited a great deal
of interest—in order to bring under the consideration of
the House the proposal cf another measure, which can boast
of the possession of no matter of interest, from its connexion
with such measures as lent an interest to the other measure
to which I have alluded. My present proposition is one
which can only be decided by the weight and
authority of the arguments which may be brought
to bear in favour of it. It is upon one ac-
count, and upon one account only, that I would presume
to make this interposition—and that is, the occasion of
the other debate, which I have mentioned, hav-
ing occupied the attention of the House for so many
nights to the total displacement of other business possessing
equal importance, and, therefore, if it should be supposed that
I may not be able to do justice to this measure during
the short period I shall occupy the attention of
the House, I beg to say that I would not have
presumed to have brought it on now, but that I see so
many of the Hon. Members, the representatives of Scotland, in
the House.—( Hear, hear.) But I do hope the House will
bear in mind the position in which we have been placed
for several nights past—( Hear, hear)—and if my explanation
of this measure should be deemed to be less perfect than It
ought, I trust at least the House will hear me with for-
bearance—( Hear, hear)—and allow me to refer shortly to the
different clauses of the measure which I propose to
submit to their consideration.—(Hear, hear.) rho House
will bear in mind that in the last session
of Parliament, the subject of banking in this country occupied
its attention for a considerable period. That measures of great
importance were then adopted with reference to the
circulation of the notes of the Bank of England,
and of the different joint-stock banks and country
banks in this part of the United Kingdom ; that the
House will allow me to refer slightly to the different enact-
ments which, under the sanction of the Legislature, were passed
in order to regulate the circulation of the Batik of England and
other banks. With regard to the Bank of England,
permission was given to that establishment to
tune paper to the extent of 14,000,('00/. The
bank was permitted to issue promissory notes on fourteen
millions, but with respect to the further issue, that was only to
take place in specie, the public being entitled . to de-
mand notes in exchange for specie, or coin in exchange
for notes, and the free circulation of the Bank of
England being determined by the free action of the public de-
manding either notes or gold as they might require. With
respect to the issue of the other banking establishments provi-
sion was made at the same time, that in respect to every
private bank of issue, or joint-stack bank of issue,
the average amount of the circulation of each was taken for
the twelve weeks preceding the `27th April, 1844, and these
banks were required to confine their future issue of their
own paper within that limit. No proposition has
been made that the increase of promissory notes
should be extended beyond the prescribed limits—the
issue should be Bank of England paper, that Bank
of England being founded upon gold. I apprehend that the
House sanctioned this measure upon the following assumption—
that the standard of value in this country is a certain quantity
of gold defined both in point of weight and in point of fineness.
That a promissory note undertaking to pay so much
undertook neither more nor less than to deliver to
the holder of that note a definite quantity of gold of
defined quality. The House assumed that the issue
of that promissory paper must in fairness be subjected
to the regulations to which other forms of paper credit
are not necessarily subjected. That the issue of
promissory nett s representing gold, and actin as a sub-
stitute for gold, differ in their character and extent from
other forms of paper currency. That those who issued
them were in possession of a valuable privilege—
valuable to themselves and important to the country—arid
the House would have a perfect right at any time to subject the
issue of that paper to such restrictions as might be deemed ex-
pedient for the public weal. The House acted upon another
assumption—that with a perfectly unlimited and un-
regulated competition in the issue of paper, there was,
of necessity, no guarantee for the permanent convertiblity
of that paper, or, I should rather say, that the House
considered no guarantee existed where the competi-
tion was perfectly unrestricted and unlimited; and
that, consequently, there was no safeguard against the
sudden and violent contraction of the circulation,
thus deranging the monetary transactions of the country, and
shaking confidence in public and even in private life.
On these general assumptions, this House and the other House
of Parliament sanctioned the measure proposed by me, as the
organ of the Government, for imposing a certain limit on the
issue of promissory notes. lam quite aware that the interval
has been short since that measure has been in operation.—
( Hear, hear.) lam as well aware as any one can be, of
the necessity of being cautious in drawing inferences as to the
effect of that measure on the circulation and public credit of
the country, from so short an experience. But I must say, as
far as we can judge from that experience, we have a perfect right
to be satisfied with the measure passed last year. Admitting
that experience to be short, as far as it has gone it has been
decidedly in favour of the policy and justice of
the measure sanctioned by this house in the
course of the last session of Parliament. Sir, since
that measure was adopted, we have had a period of extra-
ordinary activity. We have had a great demand for the ap-
plication of new capital to manufactures, and other
branches of industry. We have had an extraordinary, at least
an unusual degree of speculation in projects connected with
the internal improvement of the country--I refer more
particularly to the extension of locomotion by means
of railways, and I find that the restriction imposed
last year has not in the least degree cramped or
fettered the commercial enterprise of the country.—( Hear. )
I cannot find that there has been the slightest check on the ap-
plication of capital, or the slightest ground for any complaint
that prices have been unduly affected, or that the increased
demands of the country could net be met on account of
the restricted circulation.—( Hear, hear.) I find at this
present time the amount of specie in the Bank of England, in
gold coin and gold bullion. I find there is of both kinds in the
Bank of England about 13,580,000/. That the Bank is in
possession, at the present time, in silver bullion, of
273,00( ; in silver coin, 1,886,0001., making a total in the
Bank of England in silver hellion, gold bullion, and gold coin,
of about 15,4'42,000/. I do not find amongst many who op-
pose this measure a disposition to admit that there has been
decreased confidence in the monetary transactions of the country.
I do find a disposition also to admit that, if during the recent
speculations there had been an unlimited power of creating
new banks of issee—that if there might have been new banks
of issue, those new banks of issue, with an unlimited right of
issue, acting and bring reacted upon by this speculation
mania, this fever of speculation which prevailed throughout
the country, I do find, I say, an impression amongst
many who opposes] the measure of last, year, that the
state of our credit and of our paper circulation would, pro-
bably, have been much less satisfactory than at present.
Sir, I have not heard that there have been any complaints on
the part of the bankers as to the effect of those restrictions.
have not heard that any such complaints have been made.
Complaints may, indeed, have been made in soma few in-
stances, but, at all events, they have rarely reached
that department with which I am connected. I have heard
but few complaints of the effect of restriction even from the
rural districts. I have heard of many bankers, in consequence
of this restriction of issue, who have been obliged to provide
for their increased issues by providing Bank of England paper,
hut they all agree in opinion that the slight expense which
they in consequence have been oblged to incur is but a small
countervailing evil, as compared with the increased stability and
security which has thereby been obtained from the hanks gene-
rally throughout the country. Sir, I say that I believe that the
joint-stock banks and the country bankers generally have
acted fairly and honourably in the execution of their
duty. We have occasionally heard of attempts at
evading the law. In some districts of the country new forms of
paper currency have been issued for this purpose ; but these
attempts have been discountenanced by the country banks and
the joint-stock banks. They have shown no favour whatever
to these attempts at inf. action of the law, and although I
should be perfectly prepared, as I said last session, if those
attempts prevailed, to apply to Parliament for in-
creased means to meet these attempts at infrac-
tions of the law, yet I must say that, up to the present
time, it does not appear to me that Any necessity has
arisen for the interference of Parliament. The law has
worked in such a way as to give general satisfaction,
and the Government has met with the cordial co-operation of
those whose circulation has been restricted, but who have
yielded a willing, a general, and a cheerful obedience to the
law. Sir, the enactments to which I refer apply ex-
clusively to this part of the United Kingdom. One
of the measures of last sessien imposed restrictions on
the circulation of the Bank of England and of the
issues of the joint-stock and private banks. Another enact-
ment, passed simultaneously, imposed equal restrictions on the
issues of all English banks, and prevented the establishment in
any part of the United Kingdom of new banks of issue,
restricting the privilege of issue to those banks which were
entitled to exercise that privilege in the month of May, 1844.
The consequence of this has been that the existing banks of
Ireland and Scotland, although their circulation has not in any
respect been interfered with, had yet been protected against
competition by this other enactment, and erjey the
monopoly which that enactment is calculated to secure for them.
The question now is, whether we shall repeal these prospective
advantages by submitting them to the general enactments of
the law which was passed by this House, whether we shall ap-
ply that law to those parts of the United Kingdom.—( Hear,
hear.) I was requested the other night by the Noble Lord,
the Member for Sunderland, to postpone the consi-
deration of this measure for another session.—( Hear,
hear.) I felt it to he my duty to resist the
suggestion made by the Noble Lord, because I thought that if
it were right to consider the question at all, the sooner it were
done the better.—( Loud cheers.) I conceive that there
is nothing more calculated to have an injurious effect
ira a matter of this important and peculiar character,
than to give notice that at a certain time a question of so gene-
rally important a nature would be brought forward, that a state-
ment of the intentions of the Government should bo matte,
and afterwards to disappoint the expectations which have been
raised by this notiee.—( [fear.) And there can be no measure
en which it can be more incumbent on Government to
announce their intentions, and to submit them to the consi-
deration of Parliament, than in a measure affecting
thereenpt
therefore,eruaist Unitedtehd s
enactment,wt
htwith
t tht Kingdomhee management
ai(
nwoi
sulhges Hear, and
nhashallnteld
the monetary circulation of a considerable part of
o
otpticedahnekec publicioodr
nsfe.
this
o)fi whetherhleaffairst
is
ufisttetshihhno:aesles:
been
must alreadyadt
ebnalctmapenoti,edl
hadtraifwlnihoNugohwt, that the general principle •f the
proposed Government measure could not •
to Ireland and Scotland without a risk of injury to
those parts of the country, I wouldr venelastbe the
to propose, either tleoretiCally, o
practically,
any measure which could by probability endanger the prospe-
rity of those countries.--(Cheers.) I think it is perfectly fitting
that the State should exercise a salutary restraint en the cur
rency of the country, provided they do not hazard or derange
long-established usages, or hurt the feelings of the commer-
cial population of the country.—(hear.) I wish to recure
the willing and cordial co-operation of that part of my coun-
trymen to whom this measure particularly refers ; but I do
feel that we may apply to joint-stock banks, and to those coun-
tries, the general principles of that measure which was