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

MOR
TT! grw, Lownowl SATrADAT

p, aet Nursers to wri, e their prescription. in plain Enstlish—
( A I,,ugh)—and on all druggists and avoqueaziea to label their
bo.tles. &v., in [:lain English—( Renewed lavgliter)--:rout and
after the Ist of 1.1.'
Mr. ti,,rjrant 1111 P.-1; gave nolce, that on Thursday,
the I.t. of :',/av next, he should move that the -11,,u50 do resolve
tt=e it into a C'onamittee of the whole hens-•. to lake into con-
sideration the subject of ),,inisters' money in Ireland.
ADJOURNMENT IE HOUSE.
On the motion of the CHANCELLOR or the EXCHE-
QUER, it was ordered that the House, at its rising, do adjourn
to Monday next.
IRISH AND SCOTCH BANKING.
_ -

adopted last session by this House. I repeat we
adopt that measure without in the slightest degree affecirt?egsin-
juriously the cureniercial interre.ts of tho•o c
9u rtScotland
(Hear, hear.) The position of Ireland anti of
banking eetoblish-
the position of Ireland, in respect to its
I will
inente. before I enter upon the general
question.of he bank-
is in seine respects the same ; and. I shsll just state
point out the difference which exists in respect
leg establishments in the two countries.
In Ireland yo u
have what you have not in Scotland, a National Bank. In
Ireland you have a bank holding a -charter, which is d_etevrinn-
able upon six months' notice. The Government have i
the
power of dissolving its connexion withk t
and withdrawing from that ban the
Barakxe lu cfsiv
e Ireland,
pr,..
vileee which it now enjoys. In Ireland you .
on the whole, eight banks of is-sue. There are no ne'-.elite b-save,
el.
of issue in that country. 'I here is the Beni'
of Ireland
seven other banks cf issue. There are ;
s'oieet-stock companies,
There are, in addition to the /Lank of Ireland, the
Provincial Bank, the National Bank, three joint-stock
banks of issue at Belfast, arid two others, making, on
the whole, seven banks of issue, being joint •stock companies.
independent of the Bank of Ireland. Now, in Irelani the
general law of banking requ;res deep consideration. There
are statutes of the Irish Parlaioent still in force in that country
--or, at lea:t, which are doubtful whether they are in force
or not—w hieli place joint-,;tock banks, and the partners in
them, on a different footing from that in which they are placed
in this country. 'I hese 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 aie regulated. Her Maje•ty's Government intend
to consider the bearing of those several enactments, and at-a
more leisure moment to take steps to amend and consolidate
them info a general law. But I will not. on the present
occa-ion, divert the House by any details from the main subject,
open 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 the backer of the
Government, anJ conducts the general payment of the
dividends ; has the management of the debt, and
conducts th •• general busioess of the country. The
eapitel of the Bank of Ireland is 2,769,0- 01. The debt
from the Government to the bank is a rather smaller amount,
being 2,630,000/.; and we pay the ha. k interest of 311 per
cent.. The Bank of Ireland has certain exclusive
privLeges. The privileges of the bank are that ne
jeint-stock batik in Ireland can have a house or place of busi-
ness in Lublin, or within sixty-four English miles of Dublin.
No j..int-stock banks can issue bills or promissory notes in
Dublin, or within • sixty-four miles 41`.• 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, lam bound to say,
that these are a description of exclusive privileges which have
been very much complained of in Ireland.—( Hear.) There
arc in that couittry other banks of great respectability, which con-
duct their busieess 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 ofjoint•stock banks
in Ireland with which we have to deal, there are 4,000 share-
holders, and the number of eustomei s 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 hanks 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 OA n 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, an in
fact to confer upon them all those advantages that the Bank
of Ireland now possessed without limitation.—( [fear, 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 governor.; and directors of that establish-
ment have intimated to me that they wese perfectly
ready to content 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 not be removed.—
( Ilear. ) lam bound also to to say that the establishment of
the Bank of Ire!and, 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 Maule) will not disapprove of that areangement.—( 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
that 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 been 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 the 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 clue 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 i
the same rate of interest for ten years longer—l propose to
introduce into the proceedings of the Batik of Ireland the same
rule which has been applied to other banking establishments,
and I intend to subject the Bank of Ireland to the same weekly
return which is made by the Tank of England. 1 propose
that the Bank of Ireland shall publish a statement
weekly of the whole of their affairs—of the amount
of their issues the increas s or decrease of their
circulation, and of the amount of bullion at the time
within their coffers. 1 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 countr '
country he he banks of
Ireland will by this means be placed in
s-oine respects with the
banks in England and Seotlar.d. 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- prerose first to state
what is the general position of the bank; in Scotland, and in
some respects they differed from other banking establish-
ments. I will then go into the circumstancesof those banks.
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 say-(Cheers.)
I will not attempt to f. tter the discretion of Parliament—but
allowing that privilege to exist in its present state, I will not
propose any vexatious interference 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 tod
notes representing a higher value. The banks a Ireland and
Scotland will thus have two advantages—thee will haved the
advantage of a monopoly of issue, by being protected from
opposition ; and they will also retain the, privilegeto
which banks in this count ry were compelled
notes of
relinquish twenty years ago, the privilege Of issuing notes
5/. I will leave them in the possession of those
P which
proposing to apply to them exactly the same principle I
pro_
we applied to the joint-stock banks of this country.o
lation which
pose that we should ascertain the amount of
uireve did with re-
has taken place for some past period, just as :e
any limits-
spect to the joint-stock banks, and not to impose any
p but only
tion in the amount of the future issue
ofP
-amount, that
requiring that for the issue beyond a given that
issue should take place in gold. repeat,
to joint-stock
is the principle which we have appliedwe
ascertain the
banks and private banks in this country.
amount of issue for a certain period before the '2701 of April,
and we limit the future issue to that amount, permitting them
that amount in
to issue for the future the excess above
which
promissory paper of the Bank of 1 1 England, Ido not wish
Bank of England paper was issued upon gold.
to introduce into Scotland or Ireland any compulsory paper
tender; to whether
the paper of the Bank
we propose to clear the doubt as
of England is a legal
tender. The most eminent legal authorities in Ireland
are, Bank of England paper is
I am told, of opinion that 1
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 th at it would be
Banks in Scotland
that their excessive
more acceptable to the .
titan
circulation should issue on specie, rather on paper of the
ar
Bank of England. So far as the public it eeoncerned, it is a
matter of indifference to them whethershould be upon Bank
old l yet, still, as there would be an
of England paper, or on g
objection
to the issue of that raper in Scotland, I propose that
Scotland beyond the permitted
the excess of circulation in
.a_
not e
amount shall be issued on specie, d
I believe necessarily on the
the Bank of England.
paper of .
le also in Ireland. Let us bear in
just to establish that principle
mind that we have a guarantee of the stability of our paper Kingdom
circulation in this part of
in Ireland or beyond
what practically exists
either
over England and Wales Scotland.
We have generally
diffusedait of England can now a great
.Be
specie circulation. The issue no
paper beyonds Coo 14 000 /. , except upon gold.
Wehave not
.
uivalent of papir and gold, but
security for the equivalent
additional uarantee, that ther '
we have this
geirculation, on accounte ois
f thea
great basis in specie for cur .
of coin throughout every part of
almost universal diffusion .
be difficult to
Wales. It might estimate what is
England and
current in this
the amount of gold circulation
that it
. part
do not know that it is necessarily
connected the kingdom. I
but it is aquestion of •
interest to
connected with my subject,
of our gold circulation '
determine what is the amount
(6 . '!'here
has been issued in gold coin from June, 18
~ to the month of
60 116 000 sovereigns—since June, 1842,
June, 1842, about f ,
from the Mint to 'he
there have been issued h flank • ' Bank
1- 013 000 sovereigns;
_I, , 1842 t eput •into •• •
since e
,„ ,i,, uremia-
those I r,°("-'•`l"°. New, it is tion 11,000.000 out of s
satisfactory opinion
ex-
ceedingly difficult to form as to the
a which remains in the
amount of gold circulation w kingdom.
a.mount of light
But, judging from the . . , sovereigns
• 1 at different periods into the bank the
which have been paid .
bear to the total amount of sovereigns
proportion which they
I 1839, of the total sovereigns
taken in is as follows :
21 amount
° Ise. Bank"
of sovereigns paid into t.t . : , per cnt.
13,4„w the l••gat weigh.; ir, 140,
were rejected as
rejected; in le-11, 27 per cent. ;in
28 per cent. were
~ t• . • •
A pro, ,ama ion was is -sued in
1842, 33i per cent. .
-erogris: and from the 10th of June,
June calling in those sos
' 1e43, the
1842, to the 31st of December, . . . amount of light
the circulation was 11,137,0001,
gold coin withdrawn
the r-te ef 33; e •
cent. upon the
Now, if we estimate this at .,:
't
his . willp 1
total -amount of the whole circulation,
diffused show that the
total amount of gold circulation
five
miniothrough )ut the coun-
try varies from thirty to thirty five
make r s'—(.l-lear, hear.)
Now, it we are called upon to an estimate of the
' circulation, and of the iir mint of motes
number of guinea in
li ii; ut". 1.1:. I. t . ' •
og an- alit: by private
below si. Vsued by tile a . ,1,
that the issue of noes below 51 was
bankers, at the period . .
permitted which were in circulation at the time that the
Pe rohiliited 1 do not believe that we
moue of small notes was F ,

Sir R. PEEL moved that the order of the day be lead for
the House resolving itself into Committee of the whole House,
on the subject of Irish arid 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 the 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 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 ts hich 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 1
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 ee,sion
of Parliament, the subject of banking in this country occupied
its attention for a considerable period. That measures Gf great
importance were then adopted with reference to the
circulation of the notes of the Bank of England,
and of the different joint-stock bails 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 Gf the Legislature, were passed
in order to regulate the circulation of the Bank of Englandand
other banks. With regard to the Bank of England,
permission was giver► to that establishment to
issue paper to the ex:ent of 14,000,1.00/. The
Wok 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-stock bank of issue,
the average amount of the circulation of each was taken for
the twtive weeks preceding the 27th April, 1844, and these
bank,, 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 gobs defined both in point of weight and in point of fineness.
'1 hat a promissory note ur dertaking to pay so much
undertook neither more nor less than to deliver to

the holder of first 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 neer ssarily subjected. That the issue of
promissory metes 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
them 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, no guarantee for the permanent convertibli:y
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.) I am 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 c. in 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
273,000/. ; in silver coin, 1,886,000/., making a total in the
Bank of England in silver hellion, gold bullion, and gold coin,
of about 15042,000/. 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 hanks 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 Leen 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 SOMil 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,
but 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
security 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 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 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 eoactments 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 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 er joy 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 ifor 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
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 be brought forward, that a state-
ment
measure
to
of the intentions of the Government should be made,
and afterwards to disappoint the expectations which have been
raised by this notice.—
(Hear.
incumbent And
there
ipn can
Government be
aennnou'uhnicceb theirtc
anbemore
intentions, and to submit them to the eonsi?
deration of Parliament, than in a measure affecting
the monetary circulation of a considerable part of
the United Kingdom,—( Hear, and cheers.) It is fitting,
therefore, that the House shall decide whether those
n44.'ed
this enactment, t with the management of public affairs shall
repeal
vhich toe 4ttent;on cf the Houce has
been already drawn, Nwo , when I speala of flue enactment, I
must add, that if I thought that the general principle of the
proposed Government measure could not be applied
I
to Ireland and Scotland without a risk of injury to
those parts of the country, I would be the last
even practically,
h
which could by probability endanger t prnsee.
my eseftsuie
t •e-___(Cneers.) think it is perfectly ti' ti
ng
rity those pun
ercise a salutary restraint en the cur-
to propose, either theoretically, or
do
uld en%vided tees, pot hazard or derange
r hurtf I'of
the ee inga the commer-
ciallong-established usages, o
r thate n e
the country.—( Hear.) I wish to secure
population of
yt the
the State
country, sbo
thin willing cordial co-operation of that part of my coun-
trymen rd this measure particularly refers; but I do
feel that we may apply to joint-stock banks, and to those cowl-
tieu?ra
tries, the 1 principles of that measure which was
wein tog who

should come Ito a very different conclusion. I admit that . --ens"wmansinnnereeeso' -
the data ' anich we have furnished us for the purr- ' entirely voluntary on the part of the Bank. On the
of forming• sin opinion upon this subject are very van!, • nre I first Saturda in March in the resent year the amount of
uncertain, /nut I think e e shall not be far wrong f c ' .f
':otl notes
ain.isuedy7as 1,046,0007., andpthe amount of go:d held by
the amounn.of gold in cif eulation atpresentat fic-w- - l''.imate the B k 3960001., and the amount of silver 29,000/., the
thirty-five millions. I am bpolur-12 state that the data on wl-',ffl thirty to ! total amt.unt being 426,0007., voluntarily held by that
however, to bank—a hank which, as he said before, had given the greatest
is feuvule are very imperfect. '
.'eh' this estimate ' satisfacti-n to its' pro nrietors and to the public.
be, thereinan be no doubt be' Lint •whatever the suns may sln those cases there was no such ern-responding amount of
circulation does give
re _. this general diffusion of a gold 1 specie to issue; but I require that there sh4ll
secur coney a this e-
great stability to the paper cur- ;be a certain amount of specie to support the
Act es ity, roe-
auntry, and adds a guarantee to that I issue. Now I propene, in order to give ample time,
- ae especially when taken in conjunction with the 1 that this shall not take effect until the month of
1 . last session, which does not exist in Scotland or , January next, - and I feel perfectly certain that in
ereland. Now I propose with regard to the Scotch and Irish 1 England and Ireland, without the least disarrangement, the
circulation to take the average amount of issue of each bank at 1 bankers will be enabled to make provision for conducting
a certain definite period; and 1 propose to apply their -affairs under the new regulations in that time.
to them the same general principle which we ' What will be the bearins, of this in Ireland? In the case of
applied to the English banks in the last session. all the Irish banks, there
has been a rapid increase of circula-
We demanded no deposits by way of security—we required no tion since April last. In the case of the Bank of Ireland,
amount of gold to meet the issue then in circulation, but we the circulation of that bank increased from 3,600,0001.,
did take security to meet any increase in the issite.—(Hear, as it stood in Ap-il last, to 3,900,0001., at which it
hear.) Now, 1 propose to apply the same principle to the stood :at present. The aggregate circulation of the other
1 Scotch and Irish banks. The question then arises, from what banks increased from 2,357,000/. at which it stood in April
period are these averages to be taken ?—( Hear, hear.) last, to ,3,105,000/., at which it stood at present.
Now 1 propose, as regards both countries, Ireland and Scet- if he compared the increase from August last year,
land, to ascertain the average amount of circulation from the to the 29th of March in the present year, the
period which has elapsed since the first announcement of this increase of circulation of the Irish banks other than the
measure—that is to say, since the 27th of April la,t. This was Bank of Ireland has been from 1,974,000/. to 3,105,000/.
a period of thirteen lunar months. Now 1 know that the Now, I should object against taking the last three months in 1
variation in the amount of the issues of the Scotch Leland as a foundation by which to determine the fu-
banks is very great at different periods.—( Hear, hear.) ture amount of issues. ( Cries of " Hear, hear.") I said
In May and in November the amount of issue exceeds the issue that in the case of Scotland that amount was matter
at other periods. I believe that as far as Scotland is concerned of comparative unimportance, because I am bound
it is a matter of indifference if the average is taken for two to admit that there hss been no excess of circulation
years, or for one year, or for six months; for if we look at the in Scotland ; but seeing the rapid increase of the circu-
two periods of extended issue it would be a matter of lation in Ireland, I think that I am perfectly justified
great indifference to Scotland whether we take in extending the average over the whole year.
a period of one year or a period of six months for the calcula. At the same time I arc not prepared to say that
tion of our average--the amount of circulation would in such this increase has taken place for the purpose of
case be nearly the same. I think it but just, as far as the obtaining any undue advantages. There has been a
public interest is concerned, to extend the average over the great increase,' but I think it has principally arisen
whole period, and not to confine it within the limit of six from this circumstance—namely, that the resins have been
months, because the two or the three last months:will have a mad with reater accuracy of te tan e used to be.
larger issue as compered with the former, or commencement of 'Thee informagtion which has been sla upplihed toth usy within the last
the period. I propose to take the average of 13 lunar months, few years has been more accurate. A portion of this increase
commencing with the 27th April, 1845. During that period, arises also from the gratifying fact that we have had a good bar-
according to my proposition, the amount of the issue, taken on vest, and that we have had an increased demand for capital in
the average, will regulate the circulation. Ireland. All these circumstances have increased the demand
To questions from Hon. Members on the Opposition side, for circulation in Ireland, and augmented the issue of prnmis-
Sir R. PEEL said, the average shall extend over the sory totes. Now, take the case of the Provin.
whole time. Now it will make a material difference in Scot- cial Bank of Ireland. This will nut operate on
land whether we take the whole period in the manner that establishment in the slightest degree. That
now proposed, or give the return of the average amount of bank has a reserved fund of 400,000!,, which will afford a suf.
issue in the several days. That might give the average amount ficient security for an increased amount of issues, if such
of notes in England, teat in Scotland the practice is very dif- should be necessary. I believe, with regard to the Belfast
fereet. By the Act of 184!, a weekly return of the notes bank, and with regard to the National Bank, that the same
issued by each bank is required to be given in, made circumstances prevail. They have each a reserve of specie
up to the last day of the week, because the system of that will enable them satisfactorily to work this measure, with-
restraint which has long p-evailed in Scotland, by exchanging "out derang i
ing their circulaton. of the issue
the notes which have been issued from each bank, prevents of the
Bank of leFland at present The amounts amount
to 3,706,000/.
the danger of an excessive circulation, and gives at certain The amount of the circulation of the other banks of Ireland
periods the different circulations of each bank. amounts to 2,565,000/. ; making the total issue of bank-notes
I propose that a return of the amount of for Ireland 6,272,0,01. Now it is possible this question may
notes issued from each bank, on the last day of business in arise—in England, in the case of the bankruptcy, or the with-
the week, shall be taken, for it will make a material drawal from circulation of its notes by a provincial bank,
difference in the amount of Scottish circulation, whether it is permitted to the Bank of England to step in
you take the daily averages of notes, or whether and supply the void. Now we take the permitted cir-
you take the return on the last day of circulation. culation in Scotland at 3,441,000/. But suppose
And that is the reason, I apprehend, why the amount of circa- the case should arise of the bankruptcy, or withdrawal of one
lation appears in Scotland so low. The return if you entirely of the Scotch banks, how is the void to be supplied ? In Eng-
rely upon it, must be a fallacious one. It would appear from land, the Bank of England can supply the void on giving secu-
the return made on the last day of the week, that the amount rity for two-thirds of the issues. But as the jurisdiction of the
of notes in circulation in Scotland, does not exceed Bank of England does not extend to Scotland, I may be asked,
the amount which might be taken at any other period. What if a void should occur in Scotland, how is it to be filled up? I
we propose therefore is, after having defined the amount which suppose that a bank fails, and that 200,000/, is withdrawn
each bank shall issue, you shall for the future requireeaeh bank from circulation Now the issues of the other banks not
to certify the amount of its weekly issue—or being restricted, this would impose upon Scotland the
rather the amount of its issue as it appeared on necessity of providing an additional supply of gold. We can-
the last day of the week. Thus, in Scotland, as in Ireland, not in Scotland adopt the same means which we do in Eng-
you will take the period of four weeks, and determine the land. Now, I propose in Scotland, as we have uo
average of that period of four weeks. If the average of the other establishments except joint-stock banks-1 pro-
four weeks does not exceed the amount of the permitted pose in Scotland and in Ireland to permit the
issue in that case, no restraint whatever will be imposed on the union and incorporation of the two joint-stock banks.
bank. But if the issue for the four weeks exceed the Permitted 1 repeat that I will Permit in Scotland and in Ireland, too, amount, in that ease the excess, whatever it may be, shall be joint-stock banks to be incorporated, and I am of opinion that
issued in specie. li, as I said before, the bank should issue within this permission will give a more ample security for their sta..
the limited amount, in that case no inquiry will be made. Of bility.—(Hear, hear.) The permission for two joint-stock
course we are bound to see that every bank, if it should issue banks to be incorporated will, I am of opinion, provide an
more than the limited amount, is able to pay its notes ins pecie ample remedy against any derangement in their monetary cir-
on demand. We do not, s in the slightest de- culation.—( Hear, hear.) lam not aware that there is any
gree to interfere with that obligation. A sense poiut connected with this question, which I have omitted to
of their own security should and ought to im- state to the House. I think it will be seen that I have accorded to
pose on the banks the obligation of keeping sails Scotland and Ireland the principle which applies to joint-stock
mut funds, but provided they keep the issue within the banks in England. I require no obligation from them. I ask
average of the last thirteen months, we shall make no for no interference further than this, that they do not exceed
inquiry. We should trust to their own discretion, their limits, and that their issue be justified by the specie they
and we propose to apply the same rule as that can command. I propose no limitation to their issue, provided
which exists in Ireland. We estimate the average amount of always they have deposited a sufficient amount of specie to
issue of each bank in Ireland, including the Bank of Ireland, warrant that issue. If Parliament will sanction this measure
of the last thirteen months, and we permit each bank to continue they will do much towards the establishment of the circulation
its issue within that period. :- But if they should be in excess in the United States. A guarantee will be given for the
we shall require that excess to be founded on sufficient se- amount of the banking circulation, nor will that certain
curity. Now, we are willing to trust to the honour of the amount be exceeded, excepting it be justified by the
Scotch and Irish banks as to the retention of their amount of specie at the disposal of the bank. You
powers. We propose that they shall return to the will be adding a guarantee that that circulation will be
Government the amount of specie held by them, and we only limited on secure principles, calculated to give
propose to give the Government the power of inquiry. 1 prosperity to the countries to which the measure shall
believe it has never been found necessary to exercise this be extended. Some years ago, when the Bank of England
in England, and I have every reason to hope that there made strenuous endeavours to substitute a gold currency for a
will be just as little necessiiy for the exercise of it in Ire- paper circulation, I speak of 18:36 and of 1839—and, if it be
land as in Scot:and. (Hear, hear.) We will necessary, I shall be enabled to show that it is but just to im-
require from each bank a return of the amount pose upon Ireland, and to impose upon Scotland, the same part
of the weekly issues, and also a return of each de- of the burden—a burden, I admit, to be borne by them in
scrip-ion of issue, distinguishing between the Si. notes and all very unequal proportions—of being prepared to meet the de-
those above 51. ; and also a return of the amount of gold held mad which any sudden political panic or commercial struggle
by each, but that, of course, shall be a confidential might cause. I think this might be done to a very great ex-
communication to the Government, who require it be- tent without interfering with any one interest in the State, and
cause they deem it absolutely necessary that they should without diminishing to any extent the legitimate accommoda-
be put in possession, of the fullest information of the actual potions which have been heretofore granted, or can be expected
sition of each bank. The Government will also require the by the agricultural or any other interest in Scotland or in Ire-
fullest information in reference to the position of all land ; and, I do hope that, upon reflection, you will
the partners of those banks, just as we do at present in permit the Bill to be printed, that its enactments
this country. Of course, es I have already stated, the return of
may be known, and when we next come to its consideration, 1
the amount of gold held by each bank will be a confidential expect that you Gentlemen of Scotland, and you Gentlemen
communication for the use of the Government alone, and no pub- of Ireland, will admit that the Bill gives security to our
lie use whatever will be made of it. But in case that any bank general circulation without, at the same time, affecting any of
should issue beyond their limit, it will then be necessary the interests which you naturally and justly cherish.—(Loud
to publish a statement to the effect that the Irish Bank has cheers. )
issued beyond the amount of specie which it holds, without at The Fight Hon. Baronet sat down at twent-eht minutes
the same time stating to what amount, We will publish a past seven o'clock. yig
statement to the effect that the bank has exceeded its issue, After Sir ROBERT PEEL moved the resolution
but we will take care that it holds gold to the amount of that Mr. CHARLES WOOD said that he did not wish'to enter
excess, and, of course, the usual monthly publication into any discussion at present, but he merely wished to
will be made from the Stamp-office. Ido not know that I have ask the Right Hon: Baronet a question which would make the
omitted any point that I ought to have touched upon; but if position of the banks in Scotland quite clear. With reference
there be any Hon. Member opposite who has any question to to the 25e. bank-notes, he wished to know whether lbe. Right
ask me, I shall be most happy to answer him,
[Here an Hon. Member whose name we ceuld not them hem
as
intended to interfere with them, or to leave
, em as they were?
learn, put a ques-ion to the Right Hon. Baronet Sir R. PEEL said that he did not wish to prevent their issues,
which was inaudible in the gallery.] without acquainting those who were interested in the matter.
Sir R. PEEL—The question put by the Hon. Member is, And though he thought it would be an improvement to sup-
if in the event of a bank exceeding its issue, would it be re- press the issue of 255. bank-notes, he would reserve to himself
quired that the excess of specie should be exclusively in gold ; the opportunity of acquainting the interested parties.
or, would it be equally satisfactory if part of it Mr. CHARLES WOOD wished to ask the Bight Hon.
were in silver ? I beg to say that I do think Gentleman whether his intention was to continue the returns
it would be of great advantage to permit silver to form part of of the Scotch
banks as they at present were ; whether it was
the specie.—(Hear, hear.) Because, in the first place, silver his intention to compare the monthly average with the
will be a legal tender for any suns to le amount of 1/. ; and, in yearly limit, or whether they were to be called upon to make a
the next place, it will be impossible for any bank to procure confidential return of the amount of specie which they held
at all times, and if this monthly average was within the
silver without paying the full value for it. It will greatly
. .
facilitate the commercial transactions of the country.
year's limit it was to be considered satisfactory, but, on
Mr. COLLETT—As the Right Hon. Baronet has alluded the other hand, if it was to exceed the yearly limit,
to the issues of the Bank of Ireland, and as he is aware that it was to be considered unsatisfactory.—( Hear, hear. )
the amount of the issues has a material influence upon business The banks in Scotland generally held a quantity
of all kinds, I would wish to ask him what is to be the extent of specie, averaging from one-fourth to one-sixth, he might say
of these issues?
one-fifth, of the specie which was in circulation. If he were
Sir R. PEEL—I propose to subject the banks of Ireland to right in that assumption, that one-fifth of the circulation was
the same regulations in this respect as those imposed by the at present held by the banks in Scotland, he would ask whe-
measure of last year on the Bank of England. 1 have stated ther they might extend their circulation one-fifth beyond the
that the debt of the Government should continue for
ten years. That will form yearly limit? necessarily a portion Sir R. PEEL said that that was the principle which
of the capital of the bank. With respect to other portions of
prompted them in England to issue 800,000/. beyond the
that capital, I propose to place the Bank of Ireland precisely yearly limits, but if that were exceeded by 500,000/., then
on the same footing as other banks. If they issue beyond they were liable. It was precisely the same in Scotland.
the prescribed amount, I propose that they shall They dealt with Scotchmen in the same way as they did with
only do it on the basis of the specie which they
hold in their coffers. Suppose, for instance, that the issue of Englishmen—they required that they should be responsible forthe extent of issue.
the Bank of Ireland should be 3.500,000/., and they possess
specie in their coffers to the amount of 12,000,00 Mr. C. WOOD said that he did not wish to argue theol., I would
question, but he wanted to know whether there should be a
grant them the privilege of issuing to the extent of that specie,
publication of the average of each four weeks' circulation, and
I would not permit them to issue beyond the prescribed
amount except upon sound grounds. Now, I conceive that whether that was all they were to have.
Sir R. PEEL said that he had net entered into any engage-
this principle will be applicable to any other batik, as it ment with respect to the returns with any Scotch banker; he
will give increased security to the country and tend to would reserve to himself that which he might think proper to
confirm the stability of all banking concerns to which it inquire into. He would require from the Scotch banks the
may be applied, and I am satisfied that it
same returns as he required from the English ; all the neees-
will tend to promote the general prosperity of the banks sary information would be given, and the names of the parties
both of Scotland and Ireland—that it will in no way inter- concerned should be published.—( Hear, hear.)
fere with their modes of conducting their business, or Mr. FOX MAULE rose to thank the Right Hon. Gentle-
iterf wi the plen or order of those banks, while man opposite for the very clear and distinct explanation which
will, at the same time, in no way prevent them he had given of the measure which he intended to bring before
from giving the same amount of accommodation to them. He thought that it would be wrong in him to give any
their customers. Now some of the banks in Scotland opinion under the circumstances; but be could not help
already hold considerable amounts in specie. I believe saying :that it was the b dangerous as they expected ;
that some of the banks in Scotland do not hold and ha would wish the banks to remain as they were
less, at the present moment, than one-fourth of their whole and that this matter would he settled upon amicable terms, and
issue, and some not less than a fifth in specie. Now, let us without interrupting that confidence which Scotland had, in
see what will be the effect of these new its long-continued and unimpeached system.—(Hear, hear. )
regulations on the whole amount of issue of He came down to the House under the impression that it would
the banks in Scotland. I hold in my hand a return of the cir- be for the benefit of those who were interested in the measure,
culation in Scotland during 13 months ending in March 1545, and that an explanation should go down to Scotland to that and I find by that return, that on the 27th April, 1844, the effect, without any ulterior steps being taken. With regard to
amount was 2,714,0001.; in the week ending May 25th of that, his opinion was altered. He thought there could not be
that year it was 3,041,000/. ; and in June it was 3,117,000/. ; anyt,
objection to the Right Hon. Gentleman bringing in his and the highest amount which had been issued was returned Bill, and in its printed form they would be better able to judge
for the week ending on the 7th of December, 1844. In the of it. Al] he had to say on the present occasion was, that on
week which ended on the 12th of October, of the assenting to the introduction of the Bill, he did not conceive
same year, the circulation was 2,987,000/, and in the they were bound to any of the details contained in it. He said
week ending the 7th of December, in the same that it was not for Lim to enter into the particulars of the
year, the amount was 3,486,0001., being an amount of plan. He did not think, however, that it would in any way
excessive issue, in that week, of nearly 500,000/. I affect the currency in Scotland that it would not
am aware that this appears an excessive issue from these banks, impose upon the banks of Scotland to hold one sovereign
as compared with other banks ; but it is well known that at that more than was necessary for their respaonsig tie thought
And tanodughitt
period of the year the issues are larger than at any other time. would not add to the security
of the bnk
sthose And in consequence of the peculiar circumstances of this from the way they were about to deal with
establish-
country, I believe it is s fact that the issue in November ments that in this country
Scotland,
there
would sooner or later be one
and Ireland. He thought
if
every year amounts to nearly half a million more bank of issue for England,
than it does at any other period of the year. it was his duty, the Right_ Lion.
dsuchan o
Baronet at the head
toef
The average circulation of the Scotch banks, taking the total her Majesty's G
amount of thirteen months, is 3,041,000/. That is refer him to a workoyeorfnmoennetofhtahre
aaibirleest writers on currency'
the amount the Irish and Scotch banks are permitted namely, the Secretary for the Home
dangerous
Department,
than suchwhichnt,inan
it
to issue. Suppose they were allowed 40 issue 500,0007. is is stated that nothing could more
in excess of that amount. What they are required to do is, establishment. He would
discussion lclask,
tillbef the time
orehesat
theydost shn,poonl(-1
merely to hold one-sixth of their circulation in specie. If they poring all freedoma should hold the amount of 3 000,000/. among them, they will be have the Bill before
them, whetheroona
capitalcon of o
considering the
enabled to issue 510,000/. above that sum. This three million
is the principle upon which the banks of England are regu- of 100,000/. thatthau of
ld
be paid p
that three millions, so limited in its amount,
hated, and is it too much to ask them—retaining, as they do, was perfectly sufficient for the security of the extensive trade
the privilege of issuing 1/. notes—that they should retain ice of Scotland'? He would
and another bank should ould alsoaskifanybank shoooultdefxaelleeshdoirtt,
their coffers such an amount of specie as that which we ask? of its monthly average,
Suppose the wants of the country should increase, whether that should not be held as the test? He thought
and that the circulation should reach 4,000,0001. that there
three
elmd i
ibi
ieenasn,
or aggregatewiia twhatever
w a
was average,
the statedand that
maximum, i f it did
would it not be desirable to have such an amount of coin in not exceed h
the coffers as would secure stability and prevent a disastrous it should be a proof that there was no excess. He should say
shock ?—( Hear, hear.) There is nothing so delusive as no more than that the Right lion. Baronet, in his opieion, re-
ouß Lan in
to think that this arrangement would cause inconvenience deemed the.pledge which he had made more in $ d t- ' -
for the 'teloiscerxetion theyhi had used. If
in the transaction of business. I will give you a good specimen substance.
limitedtlianks naturetto
her
of a bank conducted with due regard to this stability. A. bankion Mr. COGLoQveUrnllmOetnltN
observations of his Hon.
of the highest respectability, and which is under no obligation Majesty's
to contract its circulation, whose members are men there was to be an interference it shoulp;hesesof as
ELOPEMENT AT BRIGHTON.—A publican at Brigh-
of the highest respectability, and . whose business and from what he gathered from the obser •
is conducted considered that er Majesty's Gov
in a most unexceptionable manner— Friend he 'h
•
(government had ex- ton, of the name of Nye, eloped on Monday with the wife of a
I mean the Provincial Bank of Ireland—that bank ercised a remarkab'y sound discretion on this measure and also penny concert singer, leaving a wifi and. two children to shift for
is, as I said la fore, a most prosperous concern, and on that of the Scotch poor-laws. He thought that' the ar- themselves. As soon as they were gone, three boxes belonging to
attracts the general confidence of the public. Ido not by this rangement might act in some degree badly in dis- broken
benefit societies held in the house were discovered to be A
imply that other banks in Ireland are not equally tricts, yet that in towns the plan which was agricultural proposed.. was warrant has been issued for .Nye's appreheicisoinetna.i
open, and their contents gone. One box solvept and respectable ; but this is the only bank which has perf.ctly fair., He thout;ht that at certain periods ft would
eunt of its cis culation The amount, press sorely upon the commercial Ani aeri •Itr ' 1
Mr. 11 UM E would assure the 11. ' '
furnished me with an am
ctk Ural Interests.
.c4peetin....igut Hon, Baronet that he 1 fIEI:ILITN‘I
of the issue of the Previncial Peek in Io lend, tel, nen the
came don nto the Howse NOOI-) !e)NarelaNtadrtAoN'
nooth, Ws
cireuirition up to tl.e first Saturday in Alarch, for
fs,-,,,,,1 ~,_ O
stateU R
that O Fa
pTelitt i Ft i o
ntont GRANThede
ta
wbooTutoth :11-oef
A Parliament, in favour of the increased grant to
K that he would do
cessive years, and c•impasing the amount s eii enlation thaf lio wteeld do mischiet, hat he was 1 ' - .
given of its
with the amount of specie in gold and slier,. hew Would be able t• - ti 'ow nenvoiced that he yesterday. Although no pubt.c ammuncemen
including
aneem-nt with the }link of Ireland,o tarry out ea the propo,,als-extp ,t thit in rabit number of names,
more,
a" been drawn op, and was submitted for signaturer onsva:tah3e Exchange
by that bank, except an art*
, ,
in . point already referred ta• It •d 1) h ' - manufacturers, who,
}tiffs Klwa ; —Oa the first 'Saturday Starch, 1838, it had a appeate yt e emlenee t.s,a,n those of many of our leading merchants and
from two intelligent*
very e men, that in. t t , • existence, it received a conside
Circulation of 350,000/. ;on the same day it held a deposit in goldtwo periods 'or the year, as a body, certainly
when parties came doyen}'
exclusive meetings which b
of 305,000/. , and in silver of 10,000/. , that is, 350,000/. in specie • - • the i •
tO H ghlands for the putnioie.af. mitigated at the different .
, trafficking, it was of
ter auardran.
have
in 1840, on the same day, the notes issued amounted
and Mrs. Dawson .
860,0001—the amount of gold lent by in the to I would not be limited to what was prosed. The Right Hon. . The Right • Iron. George .
by the demise of .
Mr George
nne,ooo/., and the ameent of silver 40001. ; bank was i Baronet would find that in taking the averaa-s they were not -in 1841, the ' - vhich li.e BnStained. a heavy anlicti°4. - Rifle brigade their second
do not participate in the
_liii_be7ialveir
......r. re,--4.
' in the rime
amount of notes was te32 Mon , and the amouat of at all times equal. That was the olneetion s
of
detail -Beinsfoirtd,
diedon Monday morning. He was p
large an amount as 70,000/. beien a deposit silver £0 would make ; ar,d as it was a
me"
mact:i.erto it. ire soil,
who
having attained his twenty third year. The de-
in specie i he was sure the Right Hon, Baronetwloould o
had been gradually declining iii latilth
of 391,1;00/. Thus the average amount of
concede
than the
ceasedof' gentleman
specie retained in I defied the banks of. Sootland to issue
the coffers of the Provincial Bankof
Scotland would remain as it
some
months.
Dawson, late of the
Ireland was nearly 1 wants of the eole. The issue of
to Ireland
one-half of its whole eircteation, and th' b •
is
thought that it was
, e-it remembered, was. Lie of great importance

.!enseenentenewanesse
that there be no increased issue. Ireland would then n♦
under the same system as Sewland, and he was per• fectly satisfied that they would-. have none of those ir-
r:,gularities wh;ch arose from the existence of monopolies..
Mr. BARING was inclined to agree with the merits of the
measure of the Right Hon. Baronet, but he should reserve
his opirli,n,, upon the details ur.t l aroth+•r stage of the. Bill.
Mi. SIIEIL approved of the measure so far as it related to
Ireland.
Mr. WARBURTON asked if banks making an excessive
issue would be allowed to pay their notes when 401. in value in
silver?
Sir R. PEEL replied that there would be no alteration in
the present system of paying in gold.
After a few Words from Mr. HUNIE 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-
dered to be brought in.

Y.
On the order of the dAayNOOTH being read for the House going
into Committee to vote the grant to Maynooth,
Mr. Fox Maule, Mr. Law, Mr. Stewart, Mr. Spooner,
Mr. Hume, Mr. Bright, Mr. llnnerman, and several other
Hon. Members, presented petitions against the grant.
On the question being put for the speaker leaving the chair,
Sir R. PEEL rose to ask his Hon. Friend the Recorder for
the City of London, if he would consent to postpone his mo-
tion of ,hich he had given notice until a later stage of the Bill?
It was quite impossible, after hearing a lengthened address on
so fatiguing a question, that his Hon. Friend could secure the
attention of the Houee then, and he thtrefore hoped his Hon.
Friend would accede to the gen' rat wish of the House, and
postpone his motion until they went into Committee on the
Bill.
Mr. LAW said he was prepared to accede to the request of
the Right Hon. Baronet; but stated that, in Committee, he
would give notice that, on the bringing up of the report, it was
his intention to move that it be received that day six months.
The House then went into Committee.
On the question being put that 30,00 A be voted to her
Majesty, out of the Consolidated Fund, to defray the expense
of Purchasing lands, and erecting such buildings as might be
required for the College of Maytiooth,
Air. LAW gave notice that on the bringing up of the re-
port, he would move that it be received that day six months.
The resolution was then agreed to, and the House having
resumed, the Chairman reported progress, and the report was
ordered to be received on Monday.
SUPPLY.
On the motion of the CHANCELLOR of the EXCHE-
QUER, the House went into a Committee of Ways and Means,
and voted a grant of Exchequer Bills to the amount of
9,379,000!.
The House then resumed, and the Chairman reported ac-
cordingly.
The Physic and Surgery Bill was after a short discussion
read a second time.
The College of Surgeons and Physicians Bill was also read
a second time.
The Infeftment (Scotland) Bill was read a third time and
passed.
The other orders of the day were then disposed of, and the
House adjourned at five minutes past Nine o'clock.

PARLIAMEN TAR Y DIVISIONS.

(From the Totes and Proceedings of the House of Commons.)
TiluttsDAY, ArRIL 24.
MAYNOOTH COLLEGE (GRANT FROM CONSOLIDATED
FUND).
Order for Committee read; Motion made, and Question propoSed,
" That Mr. Speaker do now leave the Chair :"—Arnendment pro.
posed, to leave out from the word " That" to the end of the Question,
in order to add the Words, " it is the opinion of this House, that
any provision to be made for the purposes of the present Bill ought
to be taken from the funds already applicable to Ecclesiastical pur-
poses in Ireland," instead thereof:—Question put, " That the words
proposed to be left out stand part of the Question." The House
divided :

MAJORITY—AYES, 322.
Ackers, James buncombe, O. Martin, C. 11-,
Acland, Sir T. D. 1)u I're, C. G. Martin, T. B.
Aeland, T. D. East, J. B. Marton, George
A'Court, Captain Eastnor, Viscount Westerman, John
Acton, Colonel Egerton, Sir P. Maunsell, T. P.
Adderley, C. B. Egerton, Lord F. Maxwell, J. P.
Ainsworth, Peter Emlyn, Viscount 3leynell, Captain
Alexander, N. . Entwisle, Wiliiam Mildmay„ll. St, John
Alford, Viscount Escott, Bickham 31ilnes, R. M.
Allix, J. P. , Estcourt, T. G. 31ordaunt, Sir J.
Arbuthuott, 11. Feilden, W. Morgan, Octavius
Archbold, Robert Fellowes, Edward Morris, David
Archdall, Captain Ferguson, Sir It. A. 31undy, E. M.
Arkwright, George Ferrand, W. B. Neeld, Joseph
Arundel, Earl of Fitzmaurice, W. Neeld, John
Ashley, Lord Fitzroy, Henry Neville, Ralph
Astell, William Flower, Sir J. Newdegate, C. N.
Baillie, Joseph . Ffolliott, John Newport, Viscount
Bailey, J., jun. Forbes, William Newry Viscount
Baillie, Colonel Forman, T. S. Nichol?, John
Baillie, 11. J. Fox, S. L. Norreys, Lord
Baird, William Fremantle, Sir T. Northland, Viscount
Baldwin, B. Fuller, A. E. O'Brien, A. S.
Itankes, George Gaskell, J. M. Ossulston, Lord
Baring, F. T. Gladstone, W. E. Oswald, Alexander
Baring, Thomas Gladstone, Captain Owen, Sir John
Baring, W. B. Godson, Richard l'acke, C. W.
Barneby, John Gordon, Captain Pakington, J. S.
Barrington, Viscount Gore, Montague Palmer, Robert
, Barron, Sir IL. Gore, W. It. Patten, J. W.
Bateson, Thomas Gore, W. R. 0. Peel, Sir It.
Beckett, William Goulburu, Henry Peel, Jonathan
Bell, Matthew Graham, Sir J. Pennant, Colonel
Belibow, John Granby, Marquis Philipps, Sir It. B.
Bentinck, Lord G. Greene, T. Pigot, Sir R.
Beresford, Major Gregory, W. H. Pluniptre, J. P.
Bernard, Viscount Grinisditch, T. Polhill, Frederick
Blackburne, J. I. Grirnaton, Viscount Powell, Colonel
Blackstone, W. S. Grogan, Edward Praed, W. T.
Illakemere, Richard Hale, It. B. Pringle, Alexander
Bodkin, W. 11. Raiford, Sir 11. Pusey, Philip
Bolder°, 11. G. Hamilton, J. IL Rawdon, Cennel
liorthwick, Peter Hamilton, G. A. Reid, Sir John
Bottield, Iteriali Hamilton, W. J. Reston, G. W. J.
Bowles, Admiral Ilaini ton, Lord C. Richards, Richard
Boyd, J ohn Hampden, Reim Rolleston, Colonel
Bradshaw, James Hamner, Sir J. Round, John
Bramst on, T. IV. Harcourt, G. G. Rous, Captain
Brisco, M. Harris, Captain Itumbold, C. E.
Brbadley, 11. Hayes, Sir Edmund Rushbrooke, Col.
Broadwood, H. Ileallicote, G. J. Russell, Charles
Brooke, Sir A. Ilcatheote, Sir W. Ryder, G. D.
Browne, W. lieneage, G. it. W. Sanderson, Richard
Brownrigg, J. S. Henley, J. W. Sandon, Viscount
Bruce, Lord E. Henniker, Lord Seymour, Sir H.
Bruce, C. L. C. Hepburn, Sir T. Shelburne, Earl
Urn, n, Colonel 'Herbert, Sidney Sheridan, It. B.
Bruges, W. IL nervey, Lord A. Shirley, E. J.
Buck, L. W. Hind; J. H. Shirley, E. P.
Buckley, Edmund Hodgson, F. Sibthorp, Colonel
Buller, Sir J. Y. Hogg, J IV Smith, Abel
Millbury, Thomas Holmes, W.l'A'Court Smith, T. B. C.
Burrell, Sir C. Hope, Charles Smythe, George
Burroughs, li. N. Hope, Alexander Smollett, A.
Cardwell, }Award Hope, G. W. Somerset, Lord G.
Carew, W. 11. P. ' llornby, John Somerton, 'Viscount
Carnegie, Captain Hotham, Lord Somes, Joseph
Castlereagh, Viscount Howard, I'. 11. Sotheron, T. H.
Chapman, Aaron . Hughes, W. B. Spoolu.r, Richard
Charteris, Francis . Hussey, Ambrose Standish, Charles
Chelsea, Viscount Hussey, Thomas Stanley, Edward
Chetwode, Sir J. Ligestrie, Viscount Staunton, Sir G.
Cholmondeley, 11. Inglis, Sir It, H. Stewart, John
Christopher, It. A. Inuit, Samuel Stuart, Henry
Chute, W. L. James, Sir W. C. Sturt, H. C.
Clayton, It. It. Jermyn, Earl Sutton, 11. M.
Clerk, Sir George Jocelyn, Viscount Taylor, Edward
Clifton, J. T. Johnstone, Sir J. Taylor, J. A.
Clive, Viscount Johnstone, llope Tennent, J. E.
Cockburn, Sir G. . Jolliffe, Sir W. Thesiger, Sir F.
Codrington, Slr W. Jones, Clytain Tollemache, John
Cole, H. A. Kelly, Fitzroy Tomline, George
Colebrooko, Sir T. Kemble, Henry Tower, Christopher
Collett, W. It. =night, H. G. Trench, Sir F. W.
Colquhoun, J. C. Knightley, Sir C. Trevor, G. IL
Colvile, C. R. Law, C. E. Trollope, Sir J.
Compton, IL C. Lawson, Andrew Trotter, John
Connolly, Colonel - Letroy, Anthony Tumor, Christopher
Coots, Str-C. H. Legh, G. C. Verner, Colonel
Copeland, Alderman Lemon, Sir C. Vernon. G. H.
Corry, Henry Lennox, Lord A. Villiers, Vlseaagt
Courtenay, Lord Leslie, C. P. Vivian, J. Enuis—
Cowper, W. P. Liddell, H. T. Wellesley, Lord C.
('resswell, Baker Lincoln, Earl Whitmore, T. C.
Cripps, William Listowel, Earl Wilmington, Sir T.
Darner, Colonel Lockhart, W. Wodela use, Edmond
Darby, George Lowther, Sir J. 11. Wood, Colonel
Davies, I). A. S. Lyall, George Wood, Colonel T.
Dawnay, W. 11. Lygon, General Wortley, Jarnea S.
Deedes, William Mackenzie, T. Wortley, John S.
Denison, E. B. Mackinnon, W. J. Wrightson, W. B.
Dick, Quintin Maclean, Donald Wyndham, Colonel
Dickinson, F. IL M`Geachy, F. A. Wynn, C. W. W.
Douglas, ,Eir 11. M'Neill, Duncan ' Yorke, E. T.
Douglas, Sir C. Mahon, Viscount
Douglas, J. D. S. Mainwariim, T.
Dowdeswell, W. Manners, Lorde C. S.
Drummond, 11. H. Manners, Lord J
Dugda;e, W. S. March, Earl

Tauzin,.
Young, John
Baring, 11enr7

MINORITY—NOES, 148.
Aglionby, R. A. Easthope, Sir J. Mints, G. F.
Aldam, William Ebrington, Viscount Napier, Sine.
Anson, Colonel Ellice, .Rt. Hon. E. O'Connell, M. J.
Armstrong, Sir A. Ellis,Wynn - O'Ferrall, R. M.
Bailie, Walter Elphinstone, H. Ord, William
Barclay, David Elwell, Ralph Osborne, Ralpk
Barnard, E. 0. Evans, William Paget, Colonel
Bell, John Ewart, William Palmerston, 'Viscount
Berkeley, Craven Fielden, John Parker, John
Berkeley, H. F. Ferguson, Colonel Pattison, James
Bernal, Ralph Fitzroy, Lord C. l'echell, Captain
Blake, Mark Forster, Matthew Philips, G. R.
Blake, M. J. Gibson, T. M. ' Ponsonby, Q. F. A.
Blewitt, R. J. Gore, Robert Protheroe, Edward
Bouverie, E. P. Granger, T. C. Pulsford, Robert
Bowes, John Grey. sir George Rice, E. R.
Bowring, Dr. Grosvenor, Lord R. Noche, E. B.
Bright, John Guest, Sir J. Roebuck, J. A.
Brocklehurst, J. Hall, Sir B. Russell, Lord J.
Brotherton, Joseph Hallyburton, Lord Russell, Lord E.
Bulkeley, Sir It. Hatton, Captain Rutherfurd, A.
Buller, Charles Hawes, Benjamin Scrope, G. P.
Buller, Edward Ilayter, W. G. Smith, Benjamin,
Itusfeiid, Williatn Heatlicoat, John Smith, Vernon
Ilyng, G. S. Ilindley, Charles Stanstield, W. R. C.
Carew, B. S. liohhouse, Sir J. Stuart, Lord J.
Cavendish, C. C. Holland, Robert Stuart, W. V.
Horsman, Edward STtirisicrkultallyid,irShiormGaa.
Howard, E. G. Strut t, Edward
"111 11 :u 'II
vli l' 171 j:
Viscountro)s: Joseph
pA
lh den a n Tattered,l'ra ill ,Gtx)llr* g\ eV W.
Christie,(. Chapman,uelldilh%',B( G.
.11'
Clay, Sir W.
I,ni la' Pe nr y '
\lll
N';ul:afaitrii:bery liul:
r: t
J 141:
ill
Charlesr.r.
Cobden, Richard
Trelawny, J. S.
Colborne,
Collett,
jolhi:; li.
31Lniaunbotite,usIVhlieNllriii,a.
Troubridge, Sir R.
Collins, William
Corbally, H. E. Lam tort, H.
rja., i:laior , , try
Craig, W. G. Langston,maenama Tuite, H. M.
Currie, Raikes Leveson, Lord
DCDuaint:l-cisun:3l7e.L, oiClra.dptain l:s..11:174:1„-aa3rt.' ,l'S'ilrtj. I):N\r',:l'ilti issti
le
el, I,,e'S a::11'n::,:e 1
am :I\lllll aaulri
jsgoll
reaislb,l
a,
HlNlkV.spilliSan 111,Nlilde, Sir T,
Nlatrrsland, Henry
Denison, W. .T.
1111:::eulisnilhii
et:i,(liin:::idtjo'ioti,(ll:l.l III':
Worsley, Lord
D'Eyncourt, 'Williams - vim
Duke, Sir J.
\je:i.scrro.tint 331'i t etilt:ej, ohn
HenryoQd, Charles
Matheson, James Vorka, 11. R.
Dundas, Admiral TELLIAft.
:Mitchell, T. A.
Dundas, David Ward, H. G.
Morrison, JaVes Berkeley, Captain

In the present Major_sity o.' .-ere were 124 Members who voted in the
Minority on the Sewn:, neading ; and 38 who did not vote on that
occasion. 1,4.
voted wi th. Minoritv 99 supported Mr. Ward's motion who
„, ,i•-):''.t Ministers on 'the Second Reading; and 27 who west
"os°.:lt. on the previous occasion.

We are requested to state that Mr. Bannerman's name was acci-
dentally emitted in the Parliamentary List, that gentleman hating
voted for Ur. Ward's proposition.