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

IRELAND.

Mr. GROGAN moved the second roading of the Agricul-
tural and Commercial Bank of Ireland Bill..

Mr. WATSON opposed the second reading. He said
that, in 184 ', the bank stopped payment. The managers then
applied to Parliament for a Bill to enable them to wind up their
affairs. 'They had taken no satisfactory steps to carry out the
object. and he did not think they had any claims to come be-
fore Parliament now. Ho concluded by moving that the
Bill be read a second time that day six mantlis.
The SOLICITOR-GENERAL suppported the second
reading of the Bill. The object of the Bill 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
said that he objected to this because it was a partial measure,
and that a general Bill for Ireland should b 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 et as in itself desirable and just.
He lbotiglit it was, and therefore he supported it. He put it
to hi, Honourable and Learned Friend whether, under the cir-
cumstances, 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 he afforded to such persons for so doing.
Mr. BARRY BALDWIN objected to the second reading.
of the Bill, which, if it were passed, would afford to unprin-
tilled persons an opportunity of ruining innocent parties. -
Strangers were then ordered to withdraw, and the House
divided, whim there appeared--
For the second trading of the Bill
Against it
58
Majority in favour of the second reading 11
GOOLE AND DONCASTER RAILWAY.
Mr. B. DENISON said that, on the 21st of April a p.
tition had been presented, by the Hon. Member for Berwick,
against the Goole and Doncaster Railway. That Hon. Mem-
ber was ill, and, 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 Railway.
Sir J. TROLLOPS anti another HON. MEMBER presented
petitions in favour of the Lincoln and Cambridge Railway.
Mr. B LEWITT presented a petition against the South-
ampton and Dorchester Railway.
On the motion of Mr. COLLETT, the Wexford and
Carlow Railway Bill was read a second time.
FOULMIRE INCLOSURE.

The Foulmire Incleisure Bill was read a third time and
passed.
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

NOTICES OF MOTION,
Mr. MUNTZ -gave notice that, in the Committee on the
Bill fur regulating the practice of physic and surgery, he
should move the insertion of a &rife making it imperative on

all practitioners to writr their prescriptions in plain English—
(A laugh )—and on all drugg lots and anotheearie3 to label their
bottles, &c., in plain Eng .—(Reneied laughter,—from and
after the Ist of Ja-uary, 184 i.

Mr. Sergeant MURPH Y gave notice that on Thursday,
the Ist of May next, he she 'old move that the House do resolve
itself into a Committee of the whole House, to take into con-
sideration the subject of ministers' money in Irel Ind.
ADJOURNMENT OF TfIE HOUSE.

On the motion of the. CHANCELLOR of the EXCHE-
QUER, it was ordered %hat the House, at its rising, do adjourn
to Monday next.
IRISH ANI) SCOTCH BANKING.

Sir R. PEEL movedi that the order of the day be read for
the House resolving itself into Committee of the whole House,
on the subject of Irish a nd Scotch Banking.
On 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 ehe House for several nights past,
and during which time it has excited a great deal
of interest—in order to bring under the consideration of
the Noose the proposal cf another measure, which can boast
of the possession of no matter of interest, from its connexion
with such measures as lent all 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, it 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.) The 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 a the Legislature, were passed
in order to regulate the circulation of the Bank of England and
other banks. With regard to the Bank of England,
permission was given to that establishment to
issue paper to the extent of 14,000,000/. 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 notes representing gold, and acting as a sub-
stitute for gold, differ in their character and extent from
other forms of paper currency. That those who issued
t hetn were in possession of a valuable privilege—
valuable to themselves and important_ to the country—and
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, ne 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, ti-is 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—l 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 not 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 13,530,000/. That the 13ank is in
possession, at the present time, in silver bullion, of
273,000/. ; in silver coin, 1,836,000/., snaking a total in the
Bank of England in silver bullion, gold bullion, and gold coin,
of about 150342,0001. I do not find amongst many who op-
pose this measure a disposition to admit that there has beer
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 issue—that if there might have been new banks
of issue, those new banks of issue, with an unlimited right of
issue, acting and being 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 opposed 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. I
have not heard that any such complaints have been made.
Complaints may, indeed, have been made in some 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 i sue, 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 obliged to incur is but a small
countervailing evil, as compared with the increased stability and
seeurity which has thereby been obtained from the banks 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 hare been issued for this purpose ; but these
attempts have been discountenanced by the country banks and
the joint-stock banks. They have shown no lavonr whatever
to these attempts at infraction 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 session 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 now banks of issue,
restricting the privilege of issue to those banks which were
entitled to exercise that privilege in the month of May, 1841.
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 et jey 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 be 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
in 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 he brought forward, that a state-
ment of the intentions of the Government should be made,
re.
In
ns eowduhnb
ccy
eh t ht ihts
canro ti
nebt.
ee—ra(mi
oHnoere ‘ a
and afterwards to disappoint the expectations which have been
i
i)n
tiAmnbde
nt ht e roen can
G obvee nr
nommeenat u
troe
deration of Parliament,' athnadn to
isnubmait
nitheeamsurteo tbaeffeecotninsig-
the monetary circulation of a considerable part of
therefore,th i te d
that Kingdom
he —I (lotules,a:,,val
cdheeceidre. ) w hlett hiesr fi
ttthi nogs
e
entrusted with the management of public affairs shall
repeal this enactment, to which the attention of the House has
speak of this enactment. I
been already drawn. Now, wisest I
must aid, that if I thoughts that thecogeinderal principle of the
torru Pued
Ireland Government
an Scotland a aws without ut au risk '. applied
iliet(ot
injurythe last
I would
those parts of the country,
to propose, either teoretiCally, or even
any measure which could by probability endanger flire!cticapllY' rity of those countries. —( Cheers.) I think it is perfect-dyPrfius-
that the State should exercise a salutary restraint en' the tetin-
rency of the country, provided they do not hazard or derange
lone-estabiished usages, or butt the feelings of the commeie
ciarpopulation of the cuuntry.—( Hear. ) 1 wish to secure
the willing and cordial co-operation of that part of my coun-
trymen to %Omni this measure particularly refers ; but I do
feel that we way apply to joint-stock binks, and to those coun-
tries, the general principles of that measure which was

adopted last session by this House. I repeat we may
adopt that measure without in the slightest degree affecting in-
juriously the commercial interests of those countries.—
( Hear, hear.) The position of Ireland and of Scotlind
is in some respects the same ; and I shall just state
the position of Ireland, in respect to its banking establish-
ments, before I enter upon the general question. I will
point out the difference which exists in respect of the bank-
ing establishments in the two countries. In Ireland you
have what you have not in Scotland, a National Bank. In
Ireland you have a bank holding a charter, which is determin-
able upon six months' notice. The Government have the
power of dissolving its connexion with the Back of Ireland,
and withdrawing from that bank the exclusive pri-
vilege which it now enjoys. In Ireland you have,
on the whole, eight banks of issue. There are no private banks
of issue in that country. '1 here is the Bank of Ireland and
seven other banks of issue. There are joint-stock companies,
There are, in addition to the Bank of Ireland, the
Provincial Bank, the National Bank, three joint-stock
banks of issue at Belfast, and two others, making, on
the whole, seven banks of issue, being joint stock companies.
independent of the Bank of Ireland. Now, in Ireland the
general law of banking requires deep consideration. There
are statutes of the Irish Parlament still in force in that country
--or, at least, which are doubtful whether they are in force
or not—which place joint-stock banks, and the partners in
them, on a different footing from that in which they are placed
in this country. These enactments come into con-
flict with that Act which passed some years since.
in the Imperial Parliament, and under which joint-stock banks
in Ireland are regulated. Her :11ajesty's Government intend
to consider the hearing of those several enactments, and at a
more leisure moment to take steps to amend and consolidate
them into a general law. But I will not, on the present
occasion, divert the House by any details from the main subject,
upon which lam now addressing them. lam perfectly aware
that the general law in Ireland is in an imperfect and compli-
cated state. The Bank of Ireland acts as Ike banker of the
Government, and conducts the general payment of the
dividends ; has the management of the debt, and
conducts the general business of the country. The
capital of the Bank of Ireland is 2,769,0,.0/. The debt
from the Government to the bank is a rather smaller amount,
being 2,630,000/.; and we pay the back interest of 3it per
cent. The Bank of Ireland has certain exclusive.
privileges. The privileges of the bank are that no
joint-stock bank in Ireland can have a house or place of busi-
ness in Dublin, or within sixty-four English miles of Dublin.
No joint-stock banks can issue bills or promissory notes in
Dublin, or within sixty-four miles of that city ; and no joint-
stock bank being within the limit of sixty-four
miles could issue a promissory note for a less sum
than fifty pounds. Now, I am bound to say,
that these are a description of exclusive privileges which have
been very much complained of in Ireland.—( Hear.) There
are in that country other banks of great respectability, which con-
duct their business in a manner that has hitherto given very
general satisfaction. In those joint-stock banks, which are
limited to seven in number, the whole extent of joint-stock banks
in Ireland with which we have to deal, there are 4,000 share-
holders, and the number of customers carrying on business with
those hanks exceed the number of shareholders by
many thousands. Now it must be admitted that the
city of Dublin is a place of resort to many of those who had
shares in those joint-stock banks which are compelled to be
situated at so great a distance from that city. Dublin was
the seat of the vice-regal court—it was the seat of the
courts of law, and a great emporium for the Irish people
in many other respects. Besides this, it was a great inconveni-
ence to many persons, strangers and others arriving in Dublin,
to find that if they have drafts or demands of any other descrip-
tion upon any of those joint-stock banks in the country, they
are told that there are no branches of those banks in Dublin.
Now, I must own that in my opinion, provided you give good
security against an excess of issue, it would be of great advan-
tage to the Irish people to withdraw those exclusive privileges;
to establish joint-stock banks within 64 miles of Dublin, and in
fact to confer upon them all those advantages that the Bank
of Ireland now possessed without limitation.—( Hear, hear.)
I am bound to say that nothing can be more liberal than the
manner in which the Bank of Ireland has acted in reference to
the subject. The governors and directors of that establish-
ment have intimated to me that they were perfectly
ready to consent to the relinquishment of those
privileges, provided that the joint -stock banks should
be subjected to the same limitations that controlled
them ; and if so, they then saw no reason why other
banks should be prevented from establishing themselves
in and near Dublin. If, then, this House confined the
limitation of the issue of those banks in the man-
ner suggested by the Bank of Ireland, and which
appeared to the Government to be but just, we can see no
sufficient reason why those principles should riot be removed.—
( Hear.) lam bound also to to say that the establishment of
the Bank of Ireland, consisting, for the most part, of persons
professing the Protestant religion, the governors and directors
have intimated to me their desire that that portion of the oath
taken by those entering into their service, which could not
conscientiously be taken by Roman Catholics, should be abo-
lished—( Cheers)—and they have further intimated to me,
that it is their wish that there should be no form of oath dis-
qualifying a Roman Catholic from becoming a gover-
nor or a director of that establishment. —( Cheers. )
I would confine it simply to the oath which is to be adminis-
tered to ascertain the amount of property, and I would do
away with the peculiar privilege of the different oath which is
administered to a Roman Catholic and to a Protestant director
of the Bank of Ireland. When a Roman Catholic director
is appointed for the Bank of Ireland he is sent into
another room to have a different oath administered
to him. By this Bill I propose to do away with the distinction
which is thus drawn between a Roman Catholic and a Pro-
testant director. I hope the Hon. Gentleman opposite (Mr.
Fox Mzule) will not disapprove of that arrangement.—( Hear.)
With respect to the custom which has hitherto prevailed, I
propose that the Bank of Ireland should still remain
the banker of the Government, and I propose
feat the money which has hitherto been owing
to the Bank by the Government should still continue at the
same rate of interest as has hitherto beers paid for it. In con-
formity with that prinicple, I intend that the credit shall still
continue the same, and that the rate of interest shall be three
and a half per cent. per annum for ten years to come, and that
the same rate of interest should be paid on any excess of
expenditure over receipts on the part of she Government.
lam thus giving my support to the same principles which I
considered it necessary to allow when I last year introduced my
measure with respect to the Bank of England. I conceive
that this is due in consideration of the willingness
of the Bank of Ireland to relinquish their exclusive privileges,
and I propose that the debt should continue as I have said, at
the same rate of interest for ten years longer-- I propose to
introduce into the proceedings of the Bank of Ireland the same
rule which has been applied to other banking establishments,
and I intend to subject the Bunk of Ireland to the same weekly
return which is made by the Bank of England. I propose
that the Bank of Ireland shall publish a statement
weekly of the whole of their affairs—of the amount
of their issues the increase or decrease of their
circulation, and of the amount of bullion at the time
within their coffers. I propose, in fact, that the Bank of Ire-
land shall make a precisely similar return to that which is
made by the Bank of England, and which has given so much
satisfaction to the whole of the trading and commercial
community, and which has been a cause of such
justifiable confidence to the country. The banks of
Ireland will by this means be placed in some respects wish the
banks in England and Scotland. The position of the banks
of Scotland is at present in some respects different to that of
the banks in Ireland or in England. I propose first to state
what is the general position of the banks in Scotland, and in
some respects they differed from other banking establish-
ments. I will then go into the circumstances of those bar.k.s.
In Scotland there are altogether nineteen banks. In Scotland,
as in Ireland, there is no controlling power. There are four-
teen companies which have the privilege of issuing notes. Ido
not know whether it would not be unfair to make comparisons
between the two parts of the United Kingdom upon this sub-
ject. But I can say this, without the least wish to
shock the feelings or the prejudices of Ireland, that I have
no intention of injuring either. I mean what I s iy.—( Cheers. )
I will not attempt to f tier the discretion of Parliament—but
allowing that privilege to exist in its pre sent state, I will not
propose any vexatious inteeerence with it. Ido not propose
to establish any proportion between notes above and below
5/. I will leave to the banks of Ireland and Scotland the
privilege which they possess of issuing notes under 51., without
any restriction as to the proportion which their notes bear to
notes representing a higher value. The banks of Ireland and
Scotland will thus have two advantages—they will have the
advantage of a monopoly of issue, by being protected frcm
oppositi•.n ; and they will also retain the privilege
which banks in this country were compelled to
relinquish twenty years ago, the privilege of issuing notes of
51. 1 Kill leave them in the pessession of those privileges,
pro; using to apply to them exactly the same principle which
we applied to the joint-stock banks of this country. I pro-
pose that we should ascertain the amount of circulation which
has taken place for some past period, just as we did with re-
spect to the joint-stock banks, and not to impose any limita-
tion in the amount of the future issue of paper, but only
requiring that for the issue beyond a given amount, that
issue should take place in gold. I repeat, that
is the principle which we have applied to joint-stock
banks and private banks in this country. We ascertain the
amount of issue for a certain period before the 27th of April,
and we limit the future issue to that amount, permitting them
to issue for the future the excess above that amount in
promissory paper of the Bank of England, which
Bank of England paper was issued upon gold. Ido not wish
to introduce into Scotland or Ireland any compulsory paper
tender; we propose to clear the doubt as to whether
the paper of the Bank of England is a legal
tender. The most eminent legal anthorities in Ireland
are, I am told, of opinion that Bank of England paper is
not now a legal tender for gold. I think it right that
there should be no doubts on the subject, and that
we should clear up and declare whether or no the
Bank of England notes should be a legal tender.
Therefore, I have every reason to believe that it would be
more acceptable to the Banks in Scotland that their excessive
circulation should issue on specie, rather than on paper of the
Bank of England. So far as the public are concerned, it is a
matter of indifference to them whether it should be upon Bank
of England paper, or on gold ; yet, still, as there would be an
orjection to the issue of that paper in Scotland, I propose that
the exCase of circulation in Scotland beyond the permitted
amount shall be issued on specie, and not necessarily on the
paper of the Bank of England. I believe it to be perfectly
just to establish that principle also in Ireland. Let us bear in
mind that we have a guarantee of the stability of our paper
circulation in this part of the United Kingdom beyond
what practically exists either in Ireland or Scotland.
We have generally diffused over England and Wales a great
specie circulation. The Bank of England can now issue no
paper beyond 14 000,000/., except upon gold. We hare not
security for the equivalent of paper and gold, but
we have this additional guarantee, that there is a
great basis in specie for our circulation, on account of the
almost universal diffusion of coin throughout every part of
England and Wales. It might be difficult to estimate what is
the amount of gold circulation cut rent in this part
of the kingdom. Ido not know that it is necessarily
connected with my subject, but it is a question of interest to
determine what is the amount of our gold circulation. "liiere
has been issued in gold coin from June, 1816, to the month of
June, 1842, about 60,116,000 sovereigns—since June, 1842,
there have been issued from the Mint to the Bank
17,013,000 sovereigns ; since 1842 the Bank put into circula-
tion 11,000,0(k) out of those 17,000,000. Now, it is ex-
ceedingly difficult to form a satisfactory opinion as to the
am-aunt of gold circulation which remains in the kingdom.
But, judging from the amount of light sovereigns
which have been paid at different periods into the bank the
proportion which they bear to the total amount of sovereigns
taken in is as follows :—ln 1839, of the total amount
of sovereigns paid into the Bank, 216 per cent.
were rejected as below the legal weight ; in 1810,
28 per cent. were rejected; its 1841, 27 per cent. ; in
1842, 33i per cent. A proclamation was issued in
Jur.e Calling in those sovereigns; and from the 10th of June,
1812, to the 31st of Decemer, 1:443, the amount of light
gold coin withdrawn from the circulation was 11,137,0001.
Now, if we estimate this at the rate of 331. per cent. upon the
total amount of the whole circulation, this will show that the
issued by the
totalt amount of gold circulation diffused throughout the coun-
_r_yo:aries from thirty to thirty-five millions.—( Hear, hear.)
bankers, at the ,if we are called u • to k nunaber of guineas '
wasle
below • in circulation and of the amount of notes
au
Of England, and by private'
period that
i Pa:t.nhe issue a oef tec:btienloastve 51f
permitted, which
issue of small notes wasn circulation at the time that the
prohibited, I do net believe that we

should come to a very different conclusion. I admit ?hat
the data which we have furnished us for the purpose
of forming an opinion upon this subject are very vague and
uncertain, but I think we shall not be far wrong if we estimate
the amount of gold in circulation at present at from thirty to
thirty-five millions. I am bound, however, to
state that the data on which this estimate
is founded are very imperfect. But whatever the sum may
be, there can be no doubt but this general diffusion of a gold
circulation does give great stability to the paper cur-
rency of this country, and adds a guarantee to that
security, more especially when taken in conjunction with the
Act of last session, which does not exist in Scotland or
Ireland. Now I propose with regard to the Scotch and Irish
circulation to take the average amount of issue of each bank at
a certain definite period; and I propose to apply
to them the same general principle which we
applied to the English banks in the last session.
We demanded no deposits by way of security—we required no
amount of gold to meet the issue then in circulation, but we
did take security to meet any increase in the issue. —(hear,
hear.) Now, I propose to apply the same principle to the
Scotch and Irish banks. The question then arises, from what
period are these averages to be taken ?—( Hear, hear.)
Now I propose, as regards both countries, Ireland and Scat-
land, to ascertain the average amount of circulation from the
period which has elapsed since the first announcement of this
measure—that is to say, since the 27th of April last. This was
a period of thirteen lunar months. Now I know that the
variation in the amount of the issues of the Scotch
banks is very great at different periods.—( Hear, hear. )
In May ani in November the amount of issue exceeds the issue
at other periods. I believe that as far as Scotland is concerned
it is a matter of indifference if the average is taken for two
years, or far one year, or for six months; for if we look at the
two periods of extended issue it would be a matter of
great indifference to Scotland whether we take
a period of one year or a period of six months for the calcula-
tion of our average—the amount of circulation would in such
case be nearly the same. I think it but just, as far as the
public interest is concerned, to extend the average over the
whole period, and not to confine it within the limit of six
months, because the two or the three last months will have a
larger issue as compered with the former, or commencement of
the period. I propose to take the average of 13 lunar months,
commencing with the 27th April, 1845. During that period,
according to my proposition, the amount of the issue, taken on
the average, will regulate the circulation.
To questions from Hon. Members on the Opposition side,
Sir R. PEEL said, the average shall extend over the
whole time. Now it will make a material difference in Scot-
land whether we take the whole period in the manner
now proposed, or give the return of the average amount of
issue in the several days. That might give the average amount
of notes in England, but in Scotland the practice is very dif-
ferent. By the Act of 1841, a weekly return of the notes
issued by each bank is required to be given in, made
up to the last day of the week, because the system of
restraint which has long prevailed in Scotland, by exchanging
the notes which have been issued from each bank, prevents
the danger of an excessive circulation, and gives at certain
periods the different circulations of each bank.
I propose that a return of the amount of
notes issued from each bank, on the last day of business in
the week, shall be taken, for it will make a material
difference in the amount of Scottish circulation, whether
you take the daily averages of notes, or whether
you take the return on the last day of circulation.
And that is the reason, I apprehend, why the amount of circu-
lation appears in Scotland so low. The return if you entirely
rely upon it, must be a fallacious one. It would appear from
the return made on the last day of the week, that the amount
of notes in circulation in Scotland, does not exceed
the amount which might be taken at any other period. What
we propose therefore is, after having defined the amount which
each bank shall issue, you shall for the future require each bank
to certify the amount of its weekly issue—or
rather the amount of its issue as it appeared on
the last day of the week. Thus, in Scotland, as in Ireland,
you will take the period of four weeks, and determine the
average of that period of four weeks. If the average of the
four weeks does not exceed the amount of the permitted
issue in that case, no restraint whatever will be imposed on the
bank. But if the issue for the four weeks exceed the permitted
amount, in that case the excess, whatever it may be, shall be
issued in specie. If, as I said before, the bank should issue within
the limited amount, in that case no inquiry will be made. Of
course we are bound to see that every bank, if it should issue
more than the limited amount, is able to pay its notes in speeie
on demand. We do not propose in the slightest de-
gree to interfere with that obligation. A sense
of their own security should and ought to im-
pose on the banks the obligation of keeping suffi-
cient funds, but provided they keep the issue within the
average of the last thirteen months, we shall make no
inquiry. We should trust to their own discretion,
and we propose to apply the same rule as that
which exists in Ireland. We estimate the average amount of
issue of each bank in Ireland, including the Bank of Ireland,
of the last thirteen months, and we permit each bank to continue
its issue within that period. But if they should be in excess
we shall require that excess to be founded on sufficient se-
curity. Now, we are willing to trust to the honour of the
Scotch and Irish banks as to the retention of their
powers. We propose that they shall return to the
Government the amount of specie held by them, and we
propose to give the Government the power of inquiry. I
believe it has never been found necessary to exercise this
in England, and I have every reason to hope that there
will be just as little necessiiy for the exercise of it in Ire-
land as in Scot:and. (Hear, hear.) We will
require from each bank a return of the amount
of the weekly issues, and also a return of each de-
scription of issue, distinguishing between the 51. notes and all
those above 51. ; and also a return of the amount of gold held
by each, but that, of course, shall be a confidential
communication to the Government, who require it be-
cause they deem it absolutely necessary that they should
be put in possession, of the fullest information of the actual po-
sition of each bank. The Government will also require the
fullest information in reference to the position of all
the partners of those banks, just as we do at present in
this country. Of course, as I have already stated, the return of
the amount of gold held by each bank will be a confidential
communication for the use of the Government alone, and no pub-
lic use whatever will be made of it. But in case that any bank
should issue beyond their limit, it will then be necessary
to publish a statement to the effect that the Irish Bank has
issued beyond the amount of specie which it holds, without at
the same time stating to what amount, We will publish a
statement to the effect that the bank has exceeded its issue,
but we will take care that it holds gold to the amount of that
excess, and, of course, the usual monthly publication
will be made from the Stamp-offiee. I do not know that I have
omitted any point that I ought to have touched upon; but if
there be any Hon. Member opposite who has any question to
ask me, I shall be most happy to answer him.
Here an Hon. Member, whose name we could not
learn, put a quession to the Right Hun. Baronet
which was inaudible in the gallery.]
Sir R. PEEL—The question put by the Hon. Member is,
if in the event of a bank exceeding its issue, would it be re-
quired that the excess of specie should be exclusively in gold ;
or, would it be equally satisfactory if part of it
were in silver ? I beg to say that 1 do think
it would be of great advantage to permit silver to form part of
the specie.—( Hear, hear.) Because, in the first place, silver
will be a legal tender for any sum to the amount of 1/. ; and, in
the next place, it will be impossible for any bank to procure
silver without paying the full value for it. It will greatly
facilitate the commercial transactions of the country.
Mr. COLLETT—As the Right lion. Baronet has alluded
to the issues of the Bank of Ireland, and as lie is aware that
the amount of the issues has a material influence upon business
of all kinds, I would wish to ask him what is to be the extent
d rellanhdayperecsitsitleyd
of these issues ?
Sir R. PEEL —0: ptrhoup ose
Governmentt subject the h
obualndk s of
continue
int or
the same regulations in this respect as those imposed by the
banks. if they issue beyond
tmheaatsutrheeof lastdeh debt of
on theyarick(
hot Bank of
I propose that they shall
ten years. That will form necessarily a portion
of the capital of the bank. With respect to other portsons of
the
that
the capital, prati, tstactllre,i
blefodp,rtolupais, propose to t
other
only do it on the basis of the specie which they
Texotetiniotrofbathnakt, sapsecieit,
hold in their coffers. Suppose, for instance, that the issue of
the Bank of Ireland should be 3.300,000/., and they possess
specie in their coffers
stooutnhde agmrnouunndts. of
I\l,o2:o.,oo:ooouonau,eilvewothulastl
t 0
00
thean
grant them the privilegea:fpilsi:aubinieg
I would not permit them to issue beyond the prescribed
sileabesecurity to the country and tend to
amount except upon
this iwill gtrii,,n,eciptlictertevai
confirm the stability of all banking concerns to which it
may be applied, and I am satisfied that it
will tend to promote the general prosperity of the banks
both of Scot:and and Ireland—that it will in no way inter-
fere with their modes of conducting their business, or
interfere with the plan or order of those banks, while
it trill, at the same time, in no way prevent them
from giving the same amount of accommodation to
their customers. Now some of the banks in Scotland
already hold considerable amounts in specie. I believe
that some of the banks in Scotland do not hold
less, at the present moment, than one-fourth of their whole
issue, and some not less than a fifth in specie. Now, let us
see what will be the effeet of these new
regulations en the whole amount of issue of
the banks in Scotland. I hold its my hand a return of the cir-
culation in Scotland during 13 months ending in March 1845,
and I find by that return, that on the 27th April, 1814. the
amount was 2,714,0001.; in the week ending May 25th of
that year it was 3,041,000/. ; and in June it was 3,117,000/. ;
and the highest amount which had been issued was returned
for the week ending on the 7th of December, 1844. In the
week which ended on the 12th of October, of the
same year, the circulation was 2,987,0001., and in the
week ending the 7th of December, in the same
year, the amount was 3,486,0001., being an amount of
excessive issue, in that week, of nearly 500,0001. 1
am aware that this appears an excessive issue from these banks,
as compared with other banks ; but it is well known that at that
period of the year the issues are larger than at any other time.
And in consequence of the peculiar circumstances of this
country, I believe it is a fact that the issue in November
every year amounts to nearly half a million more
than it does at any other period of the year.
The average circulation of the Scotch banks, taking the total
emount of thirteen months, is 3,041,0001. That is
the amount the Irish and Scotch banks are permitted
to issue. Suppose they were allowed to issue 500,000/.
in excess of that amount. What they are required to do is,
merely to bold one-sixth of their circulation in specie. If they
hold the amount of 3,000,00/. among them, they will be
enabled to issue 5A,000/. above that sum. This
is the principle upon which the banks of England are regu-
lated, and is it too much to ask them—retaining, as they do,
the privilege of issuing 1/. notes—that they should retain in
their coffers such an amomit of specie as that which we ask?
Suppose the wants of the country should increase,
and that the circulation should reach 4,000,000/.
would it riot be desirable to have such an amount of coin in
the coffers as would secure stability and prevent a disastrous
shock ?--( Hear, hear.) 'there is nothing so delusive as
to think that this arrangement would cause inconvenience
ir. the transaction of business. I will give you a good specimen
of a hank conducted with due regard to this stability. A bank
of the highest respectability, and which is under no obligation
to contract its circulation, whose members are men
of the highest respectability, and ' whose business
is conducted in a most unexceptionable manner—
' mean the Provincial Bank of 1 reland—that bank
is, as I said before, a most prosperous concern, and
attracts the general confidence of the public. Ido not by this
imply that other banks in Ireland are not equally
solvent and respectable ; but this is the only bank which has
furnishes! me with an amount of its circulation. The amount
of the issue of the Provincial Bank in Ireland, taking trio
circulation up to the first Saturday in March, for several sue-
csssive years, and comparing the amount of circulation
with the amount of specie in gold and silver held
by that bank, except an arrangement with the Bank of Ireland,
is as follows : —On the first Saturday in March, 1838, it had a
circulation of 350,0001,
on the same day it held a deposit ingold
of 395,0001., and in silver of 40,000/., that is, 330,000/. in specie ;
in 1840, on the same day, the notes issued ,amounted to
850,000/—the amount of gold laid by in the bank was
;
330,0001., and the . amount of silver 62,000/.; in 1841, the
amount of notes was 832,000/., and the amount of silver EU
large an amount as 70,000/. being a deposit in specie
of 391,(l00/. Thus the average amount of specie retained in
the coffers of the Provincial Bank of Ireland teas nearly
one-half of its whole circulation, and this, be it remembered,

entirely voluntary on the part of the Bank. On the
first Saturday in March in the present year the amount of
notes issued was 1,0-16,000/., and the amount of gold held by
the Bank 397,0001., and the amount of silt', r 29,0001., the
total atnsunt being 426,000/., vo:untarily held by that
hank—a bank which, as he said before, had given the greatest
sat isfacti n to its proprietors and to the public.
In those cases there was no such corresponding amount of
specie to issue ; but I require that there shall
be a certain amount of specie to support the
issue. Now I propose, in order to give ample time,
that this shall not take effect until the month of
January next, and I feel perfectly certain that in
England and Ireland, without the least disarrangement, the
bankers will be enabled to make provision for conducting
their affairs under the new regulations in that time.
What will be the bearing of this in Ireland? In the case of
all the Irish banks, there has been a rapid increase of circula-
tion since April last. In the case of the Bank of Ireland,
the citeulation of that bank increased from 3,600,0"0e,
as it stood in Aril last, to 3,900,0001., at which it
stood at present. Ihe aggregate circulation of the other
banks increased from 2,357,000/. at which it stood in April
last, to 3,105,000/., at which it stood at present.
If he compared the increase from August last year,
to the 29th of March is the present year, the
increase of circulation of the Irish banks other than the
Bank of Ireland has been from 1,974,0001. to 3,105,0001.
Now, I should object against taking the last three months in
Ireland as a foundation by which to determine the fu-
ture amount of issues. —(Cries of " Hear, hear.") I said
that in the case of Scotland that amount was matter
of comparative unimportance, because I am bound
to admit that there has been no excess of circulation
in Scotland ; but seeing the rapid increase of the circu-
lation in Ireland, I think that I am perfectly justified
in extending the average over the whole year.
At the same time I arr. not prepared to say that
this increase has taken place for the purpose of
obtaining any undue advantages. There has been a
great increase,' but I think it has principally arisen
from this circumstance—namely, that the returns have been
made with greater accuracy of late than they used to be.
The information which has been supplied to us within the last
few years has been more accurate. A portion of this increase
arises also from the gratifying fact that we have had a good har-
vest, and that we have had an increased demand for capital in
Ireland. All these circumstances have increased the demand
for circulation in Ireland, and augmented the issue of promis-
sory totes. Now. take the ca,e of the Provin-
cial Bank of Ireland. This will nut operate on
that establishment in the slightest degree. That
bank has a reserved fund of 400,000/., which will afford a suf-
ficient security for an increased amount of issues, if such
should be necessary. I believe, with regard to the Belfast
bank, and with regard to the National Bank, that the same
circumstances prevail. They have each a reserve of specie
that will enable them satisfactorily to work this measure, with-
out deranging their circulation. The amount of the issue
of the Bank of Ireland at present amounts to 3,706,000/.
The amount of the circulation of the other banks of Ireland
amounts to 2,565,0001. ; making the total issue of bank-notes
for Ireland 6,272,0.01. Now it is possible this question may
arise—in England, in the ease of the bankruptcy, or the with-
drawal from circulation of its notes by a provincial bank,
it is permitted to the Bank of England to step in
and supply the void. Now we take the permitted cir-
culation in Scotland at 3,441,0001. But suppose
the case should arise of the bankruptcy, or withdrawal of one
of the Scotch banks, how is the void to be supplied ? In Eng-
land, the Bank of England can supply the void on giving secu-
rity for two-thirds of the issues. But as the jurisdiction of the
Bank of England does not extend to Scotland, I may he asked,
if a void should occur in Scotland, how is it to be filled up ? I
suppose that a bank fails, and that 200,000/. is withdrawn
from circulation Now the issues of the other banks not
being restricted, this would impose upon Scotland the
necessity of providing an additional supply of gold. We can-
not in Scotland adopt the same means which we do in Eng-
land. Now, I propose in Scotland, as we have no
other establishments except joint-stock banks-1 pro-
pose in Scotland and in Ireland to permit the
union and incorporation of the two joint-stock banks.
I repeat that I will permit in Scotland and in Ireland, too,
joint-stock banks to be incorporated, and I am of opinion that
this permission will give a more ample security for their sta-
bility.—(Hear, hear.) The permission for two joint-stock
banks to be incorporated will, I am of opinion, provide an
ample remedy against any derangement in their monetary cir-
culatien.—( Hear, hear.) I am not aware that there is any
poiut connected with this question, which I have omitted to
state to the House. I think it will be seen that I have accorded to
Scotland and Ireland the principle which applies to joint-stock
banks in England. I require no obligation from them. I ask
for no interference further than this, that they do not exceed
their limits, and that their issue be justified by the specie they
can command. I propose no limitation to their issue, provided
always they have deposited a sufficient amount of specie to
warrant that issue, if Parliament will sanction this measure
they will do much towards the establishment of the circulation
in the United States. A guarantee will be given for the
amount of the banking circulation, nor will that certain
amount be exceeded, excepting it be justified by the '
amount of specie at the disposal of the bank. You
will be adding a guarantee that that circulation will be
only limited on secure principles, calculated to give
prosperity to the countries to which the measure shall
be extended. Some years ago, when the Bank of England
made strenuous endeavours to substitute a gold currency for a
paper circulation, I speak of 1836 and of 1839—and, if it be
necessary, I shall be enabled to show that it is but just to im-
pose upon Ireland, and to impose upon Scotland, the same part
of the burden—a burden, I admit, to be borne by them in
very unequal proportions—of being prepared to meet the de-
mand which any sudden political panic or commercial struggle
might cause. I think this might be done to a very great ex-
tent without interfering with any one interest in the State, and
without diminishing to any extent the legitimate accommoda-
tions which have been heretofore granted, or can be expected
by the agricultural or any other interest in Scotland or in Ire-
land ; and, I do hope that, upon reflection, you will
permit the Bill to be printed, that its enactments
may be known, and when we next come to its consideration, I
expert that you Gentlemen of Scotland, and you Gentlemen
of Ireland, will admit that the Bill gives security to our
general circulation without, at the same time, affecting any of
the interests which you naturally and justly cherish.—( Loud
cheers.)
The Bight Hon. Baronet sat down at twenty-eight minutes
past seven o'clock.
After Sir ROBERT PEEL moved the resolution,
Mr. CHARLES WOOD said that he did not wish to enter
into any discussion at present, but he merely wished to
ask the Right Hon. Baronet a question which would make the
position of the banks in Scotland quite clear. With reference
to the 255. bank-notes, he wished to know whether the Right
Hon. Gentleman intended to interfere with them, or to leave
them as they were?
Sir R. PEEL said that he did not wish to prevent their issues,
without acquainting those who were interested in the matter.
And though he thought it would be an improvement to sup-
press the issue of 255. bank-notes, he would reserve to himself
the opportunity of acquainting the interested parties.
Mr. CHARLES WOOD wished to ask the Right Hon.
Gentleman whether his intention was to continue the returns
of the Scotch banks as they at present were ; whether it was
his intention to compare the monthly average with the
yearly limit, or whether they were to be called upon to make a
confidential return of the amount of specie which they held
at all times, and if this monthly average was within the
year's limit it was to be considered satisfactory, but, on
the other hand, if it was to exceed the yearly limit,
it was to be considered unsatisfactory.—( Hear, hear.)
The banks in Scotland generally held a quantity
of specie, averaging from one-fourth to one-sixth, he might say
one-firth, of the specie which was in circulation. If he were
right in that assumption, that one-fifth of the circulation was
at present held by the banks in Scotland, he would ask whe-
ther they might extend their circulation one-fifth beyond the
yearly limit?
Sir R. PEEL said that that was the principle which
prompted them in England to issue 800,000/. beyond the
yearly limits, but if that were exceeded by 500,0001., then
they were liable. It was precisely the same in Scotland.
They dealt with Scotchmen in the sane way as they did with
Englishmen—they required that they should be responsible for
the extent of issue.

Mr. C. WOOD said that he did not wish to argue the
question, but he wanted to know whether there should be a
publication of the-avevage of each four weeks' circulation, and
whether that was all they were to have.
Sir R. PEEL said that he had not entered into any engage-
ment with respect to the returns with any Scotch banker ; he
would reserve to himself that which he might think proper to
inquire into. He would require front the Scotch banks the
same returns as he required from the English ; all the neces-
sary information would be given, and the names of the parties
concerned should be published.—( Hear, hear. )
Mr. FOX MAULS rose to thank the Right Hon. Gentle-
man opposite for the very clear and distinct explanation which
he had given of the measure which he intended to bring before
them. He thought that it would be wt ong in him to give any
opinion under the circumstances ; but he could not help
saying :that it was not so dangerous as they expected ;
but he would wish the banks to remain as they were
and that this matter would he settled upon amicable terms, and
without interrupting that confidence which Scotland had, in
its long-continued and unimpeached system.—( Hear, hear. )
He came down to the House under the impression that it would
he for the benefit of those who were interested in the measure,
and that an explanation should go down to Scotland to that
effect, without any ulterior steps being taken. With regard to
that, his opinion was altered. He thought there could not be
any objection to the Right Hon. Gentleman bringing in his
Bill, and in its printed form they would be better able to judge
of it. All he had to say on the present occasion was, that on
assenting to the introduction of the Bill, he did not conceive
they were bound to any of the details contained in it. He said
that it was not for him to enter into the particulars of the
plan. He did not think, however, that it would in any way
affect the currency in Scotland that it would not
impose upon the banks of Scotland to hold one sovereign
more than was necessary for their responsibility, and it
would not add to the security of the banks. He thought
from the way they were about to deal with those establish-
ments that in this country there would sooner or later be one
work Government
o f
ocoduoniltuseelli
ask,msf
sbhi,teaoh harboured
boat,etirbi
fl
lioeerdrs
el
whether
tat hni,
,seghtrieeci
trthioe
considering
aosesant
onstnith,dhl
acoecnu,nnsrug,es
cnhopinion,c,o,o3
the
should
bank of issue for England, Scotland, and Ireland. He thought
y
it was his duty, if the Right Hon. Baronet at the head of
ary for the Home Department, in which it
currency—
namely, ecafrienreAlhyli:Mi
the
eoy
Secretary
cr
i
e:soatnvaseitlnral
post-
poning
tsehhdaeml
itehnfuarttei.l
el nothing
:Hbtmiele: :orgssfe.
h
three millions should be paid upon a capital of upwards
of 100,0001. that that three millions, so limited in its amount,
was perfectly sufficient for the security of the extensive trade
of Scotland ? He would also ask if any bank should fall short
of its monthly average, and another bank should exceed it,
whether that should not he held as the test? Ile thought
that there should be an aggregate average, aid that if it did
not exceed three millions, or whatever was the stated maximum,
it should be a proof that there was no excess. Ile should say
no more than that the Right lion. Baronet, in his opinion, re-
deemed the pledge which he had made more in sound than in
substance.

Mr. COLQUHOUN wished 'to express his thanks to her
Majesty's Government for the discretion they had used. If
there was to be an interference it should be of a limited stature,
and from what he gathered from the observations of his Hon.
Friend he :considered that her Majesty's Government had ex-
ercised a remarkably sound discretion on this measu'e, and also
on that of the Scotch poor-laws. Ile thought that the ar-
rangement might act in some degree badly in agricultural dis-
tricts, yet that in towns the plan which was proposed was
perfectly fair. He thought that at certain periods it would
press sorely upon the commercial and agricultural interest!.
illrs HIJNIF. would assure the Right. lion. Baronet that he
came down to the House expecting that he would do more, and
that he would do mischief, bat his was now convinced that he
would be able to carry out all the proposals except that in
point already referred to. It appeared by the evidence taken
from two very intelligent men, that in two periods of the year,
when parties came down to the Highlands for the purpose of
trafficking, it was of the utmost importance that the issue
would not be limited to what was proposed. The Right lion.
Baronet would find that hi taking the averages they were not
at all times equal. -That was the objection which he
would make; and as it was a mere matter of detail
he was sure the flight lion. Baronet would concede to it. Ile
defied the banks of Scotland to issue 10,0001. more than the
wants of the people. The issue of Scotland would remain as it
Was. lie thought that it was of great importance to Ireland

that there be no increased issue. Ireland would then come
under the same system as Scotland, and he was per-
fectly satisfied that they would have none of those ir-
regularities which arose from the existence of monopolie3.
Mr. BARING was inclined to agree with the merits of the
measure of the Right Hon. Baronet, but he should reserve
his opinions upon the details until another stage of the
Mr. SHEIL approved of the measure so far as it related to
ft-eland.

Mr. WARBURTON asked if banks making an excessive
issue would be allowed to pay their notes when 40s. in value in
silver ?

Sir R. PEEL replied that there would be no alteration in
the present system of paying is gold.

After a fiw words fiom— Mr. HOME and Mr. STEWART
WORTLEY the resolution was agreed to.
The House then resumed, when the report was received,
and a Bill conforming with the terms of the resolution was or-
dertd to be brought in.