The Sun.
London, England, 1845-06-13 00:00:00

IRIcH BANKING BILL.

The CHANCELLOR of the EXCHEQUER moved the
order of the day for bringing up the report on the Irish Bank-
ing Bill, and proposed several verbal amendments.
Mr. REDINGTON then rose, and begged to propose the
adoption of the motion of which he had given notice, and
which was a clause to this effect—" That whereat' by an Act
passed in the Parliament of Ireland in the 21st and 22d years
of the reign of his Majesty King George the Third, entitled
an Act for establishing a bank, by the name of the Governor
and Company of the Bank of Ireland," it was, amongst other
matters, provided, that nothing therein contained should be
construed to enable the said corporation, or any person or per-
sons on their behalf, to lend or advance any sum or sums, to be
secured by mortgage or sale of lands, tenements, or heredita-
ments, redeemable, or anything therein to the contrary not-
withstanding ; and whereas such provision is not contained in
any Act establishing er regulating other banks of issue in this
realm ; and it is expedient that the same should be repealed, be
it therefore enacted that the same shall be, and is, hereby fully
repealed." All he asked them to do was, to place the Bank
of Ireland in the same po,ition as the Bank of England, and
the other banks of this country.
The clause was then brought up, and read a first time.

On the second reading being proposed,
The CHANCELLOR of the EXCHEQUER opposed its
adoption. The locking-up of capital on mortgage was a re-
prehensible principle and ought not to be encouraged, as its
tendency was to cripple other branches of industry. The dan-
ger was, that if, in times of danger and difficulty, the Bank of
Ireland was allowed to advance money upon security of the
kind proposed, its proceedings might involve the whole coun-
try and produce the most disastrous effects. It was on these
grounds that he opposed the clause.
Mr. MASTERMAN agreed in the sentiments expressed
by the Right Hon. Gentleman the Chancellor of the Ex-
chequer.
Sir R. FERGUSSON thought it was rather hard to de-
prive the Bank of Ireland of a privilege which was conceded to
the Bank of England.
Mr. ROCHE supported the clause proposed by the Hon.
Member for Dundalk. It was too bad that the Government
itself should be the very first to throw overboard the report of
the Commissioners that they themselves appointed.
Mr. REDINGTON said the Chancellor of the Exchequer
had thrown overboard the principle of which he himself was at
one time a strenuous supporter—that banks should lend money
upon landed security. The Right Hon. Gentleman might
rely upon it that banks would be sufficiently cautious of their
securities, and they might allow the banks to manage their own
business in this respect, without any fear as to the consequences.
There was no statute to prevent it. The Noble Lord was
anxious enough to get a clause that money should be advanced
for purposes in England. He did not go so far as the Noble
Lord. They said that was a legitimate bank in Ireland, and he
only asked for that which was left to every other banker. He
had no hope of carrying his amendment, but he repeated it
again, he only desired that the bank of Ireland might be left to
manage its own affairs, and to enjoy the same privileges as
every other bank in the t,nited Kingdom.
The House then divided, when there appeared—
For the amendment
Against it
Majority against the amendment
Sir W. SOMERVILLE,said that he wished to know how
the proposition would be entertained, of permitting united
companies in Ireland to deposit monies in banks incorporated
by Act of Parliament, or established by Royal Charter. The
question then substantively was—Were banks, so incorporated
or established, to be permitted to enjoy the same advantages as
the banks in England?
The CHANCELLOR of the EXCHEQUER said that
this was the first time he had ever heard of such a question,
and he was not prepared to reply to it. but at the proper
time he would give an answer. The difficulty, as it appeared
to him, was, to ascertain what was the requisite accommoda-
tion for public bodies without either restriction or unneces-
sary looseness, but he would consider the matter, and give a
reply hereafter, for it certainly was a point of considerable
importance.
The clause was then passed.
On the clauses being put for regulating the amount of
circulation,
Sir D. NORREYS said, that he saw no reason which
should influence the House or the Government to restrict the
issues of the banks of Ireland, and merely by an assumed
liberality give advantages to the public banks of enlarging their
circulation which the private banks did not possess.
The CHANCELLOR of the EXCHEQUER said, that if
the Hon. Baronet looked to the principle of the Bill, he would
see that no restriction whatever was intended. The number
of the branches of the public and chartered banks was un-
limited, and it mattered little whether the circulation was issued
by private banks or by branches of the blank of Ireland; all that
he required was, that the circulation should only be increased
in proportion to the gold in their coffers.
After some few remarks from the O'Conoa Dose, and
Mr. REDINGTON, the report with a number of verbal amend-
ments was agreed to.
On the question being put that the Bill be engrossed,
Mr. W. S. O'BRIEN rose to move the re-committal of the
Bill. He said he had sat in the House for the last fourteen
years, during which time he had witnessed nothing but bad
legislation towards Ireland, and this Bill appeared to him to be
in many respects no exception to the rule the House had
hitherto pursued. He complained that due time had not been
given to the people of Ireland for considering the Bill. It was
only last Saturday that a number of persons connected with
banks in Ireland waited upon him on the subject of the Bill,
and certainly, at that time, those individuals had not seen it in
its present form. Some most important clauses bad since
been introduced into the Bill, and as he thought the people of
Ireland ought to have an opportunity of considering them, he
felt constrained to move as an amendment to the motion before
the House, that the Bill be re-committed.
The SPEAKER reminded the Hon. Member that he had
allowed the time to slip by when he should have moved his
amendment. The motion before the House was that the Bill
be engrossed, and the Hon. Member must be aware that
the time when he ought to have moved his amendment was
when the motion was put, that the amended clauses be read a
second time.
Mr. W. S. O'BRIEN—Then I move that the debate on
this Bill be adjourned for a fortnight.
The CHANCELLOR of the EXCHEQUER could see no
reason for the amendment, except it was to put upon record
the ob;ection of a particular party to the present measure.
Sufficient notice had been given to the managers of all the
banks in Ireland and there was no ground for the complaint of
the Hon. Member that time had not been given. He did not
think that the Hon. Gentleman meant to take advantage of
the time of the night. But it was really the fact, that all the
()) jects of the Bill were made known to the Irish bankers be-
fore the Itill ways proposed.
Mr. ROCHE said that not one of the arguments of the
Hon. Member for Limerick had been met by the Chancellor
of the Exchequer. For his own part, he hoped that the Bill
would work better than it was expected to do in Ireland. How-
ever, on the part or his constituents, he must oppose the Bill.
Lord BERNARD supported the Bill, and said that he could
not agree with the Hon. Gentleman opposite, that the people
of Ireland were opposed to it, for he had not received a single
request to present a petition against it. He could not sit
quietly in the House, and hear nine millions of people so talked
of, by Gentlemen who pretended to represent the numerical
majority of the people. But if they represented the numeri-
cal majority, they did not represent the intelligence or the
property of the country.
Mr. P. BORTH WICK said that the Irish Members who
absented themselves from the House had no right to complain
that the Members who attended to their duties in Parliament
were ignorant of Irish feelings and Irish affairs.
After a short conversation,
Mr. S. O'BRIEN withdrew his amendment.
The Bill was then ordered to be engrossed, and read a third
time on Monday.
THE IRISH CONSTABULARY.
Viscount CLEMENTS moved for certain returns relating to
the Irish constabulary, which, after a few words from Sir T.
FREMA NT LE, were granted.
The House adjourned at Half-past One.