The Sun.
London, England, 1845-06-10 00:00:00

those two banks were conducted on the same: principle of pru-
dence that had hitherto characterised their proceedings, there
would be no doubt of a successful result, an great advantages
would generally result te the country. Those•banks had carried on
their operations by borrowing notes from the Bank of Ireland,
and they would have greater advantages under the present
measure; as the provincial banks would be brought within the
circle. The measure would effect, in a like degree all the
banks in the United Kingdom. He could not give the Hon.
Baronet any hope of his acquiescence in the amendment pro-
posed to the House, for he did not believe it was founded
in justice or in policy.
Mr. REDINGTON contended that the argument held out
by the Right Hon. Gentleman, that equal laws and equal
rights, as regarded the banking system in England and Ire-
land, although very plausible, was not correct. For his part
he would wish the monopoly of the Bank of Ireland entirely
destroyed and a great impulse would be given to the com-
mercial interests of Ireland.

The O'CONOR DON begged to assure the Right Hon.
Gentleman that there was no measure that would give greater
dissatisfaction to the people of Ireland than the present measure.
Sir ROBERT PEEL desired only to promote the perma-
nent interests of Ireland. There was apparently a misunder-
standing as respected the intention of the Bill ; it was intended
solely to prohibit the issue of notes to those banks that had not
been authorized by the measure of last year. In the case of
the Scottish banks, there were several of them who had obtained
their capital, had issued their advertisements, and had even gone
so far as to print their notes, and who had pleaded their entire
ignorance of the law which the Administration intended to put
in force, and jet had been prohibited from issuing their notes.
This was a harder case than that of the two joint-stock banks
in Ireland, which had never possessed the privilege of issuing
notes, and which, without possessing that privilege, had suc-
ceeded in realizing very large profits. It was now endeavoured
to exempt these banks from the influence of the present law ;
but it was quite impossible to acquiesce in the proposition of the
Hon. Baronet to except these two banks from the effect of
the law.
Mr. WYSE argued that the arrangement was adverse, not
only to the existing banks in Ireland, but it would seriously
limit the circulation in Ireland; indeed, so much so, as to be
highly injurious to the whole of the people. It appeared to
him not only to be unwise, but an act of great injustice to
assimilate the banks of Ireland with these of Scotland.
Mr. C. WOOD did not agree with his Hon. Friend, who
looked upon the measure as another act of injustice towards
Ireland. On the c.mtrary, he thought it would be a boon to
the country, and he was somewhat surprised to hear any
Honourable Member connected with Ireland oppose it.
Mr. S. CRAWFORD thought nothing could he more un-
conciliatory than resisting the wishes of the Irish Members,
who were almost unanimous. It was politic for the Govern-
ment to accede to the wishes of those Members, for they re-
presented the feelings of the Irish people. He would support
the amendment.
Sir W. SOMERVILLE said the cases of analogy between
Ireland and Scotland did not hold. They were now going to
interfere with the trade of banking in Ireland by subjecting
them to great competition. He believed there was a scene of
prosperity opening in Ireland, of which no man could calculate
the extent, and he hoped it would not be blasted by any re-
strictive measures. The monopoly of the Bank of Ireland he
considered the most odious of all monopolies, and should resist
such monopoly to the utmost, and divide the Committee upon
the present motion.
After a few words from Mr. COLLET,
The Howe divided, when there appeared—
For the amendment
Against it
Majority against it —6o

The clauses up:to 7' were then agreed to.

On clause 8 being put,
Mr. M. J. O'CONNELL proposed to omit in line 8, "one
year," and to insert " six months ;" in line 9, " first day of
April," and to insert " 25th day of March."
After some conversation—
Mr. RO:A4E considered that nothing could be more reason-
able than the amendment of the Hon. Member for Kerry.

111 r. ROSS expressed himself satisfied with the clause as it
stood.

Sir ROBERT PEEL said, with regard to the restriction
imposed upon the currency, it was done to ensure the perma-
nent welfare of Ireland. It was his firm impression that it
would operate to ensure the prosperity of the country.

Mr. FRENCH complained of the way in which the avenges
had been taken. They were taken at the same time au that
for the Bank of England in 1844, whereas they ought to have
been taken in 1845. This had a material effect on the amount
of the circulation.

After a few words from Mr. WILLIAMS,
Sir R. FERGUSON said that neither Ireland nor Scotland
were at all satisfied, and he was surprised to see English Mem-
bers getting up and saying again and again that this measure
was far more favourable to them than to England.—( Hear,
hear.) He was quite astonished that English Members would
stand up and tell them that they knew their own affairs better
than they did themselves.—( Hear. hear.) Instead of being
able to issue as much paper as they were able to do before, it
would oblige them to contract their issues.
Mr. M. J. O'CONNELL would take the liberty of con-
curring in the rebuke which had been just administered by the
Hon. Member for Londonderry to those worthy friends of
theirs who knew their affairs so much better than they did
themselves. He thought, however, that the Member for
Cork had taken the matter too much to heart.
For his own part he was so much accustomed
to be in a minority that he thought nothing of it.
He would not, however, press his amendment to a division, as
he had little hopes of carrying it, and he did so the more
readily as he had one to bring forward of far greater im-
portance. He would therefore withdraw his amendment.
The Hon. Member then moved to omit all words after the
words "at the" to the word " of," and to substitute the
words " several offices or places." It might be answered him
that the principle had been applied to England and Scotland
without complaint, but measures that were applicable to one
might be destructive to another country.
Mr. HAWES considered the complaints of the Irish Mem-
bers groundless, The conduct of the Government in the in-
troduction and progress of this Bill had been liberal in the ex-
treme towards Ireland, and indulgences were extended towards
that country which were neither observable towards England
or Scotland. Still, believing the present clause might pos-
sibly be injurious to trade, he hoped the Right Hon. Baronet
would re-consider the subject.
The CHANCELLOR of the EXCHEQUER narrowed the
discussion to the simple question, whether the Bill would glee
to Ireland such an expansion of the currency as was necessary
to meet the demand of increasing trade and circulation. The
bankers of Ireland had 1,100,0001. available for general pur-
poses, 800,0001. of which was kept at the branches, and
300,0001. at the head-office ; and while the circulation of the
Bank of England was 3,000,0001. he considered that the sum
he had named would be an ample margin fur increased
currency.
Mr. M. O'FERRALL regretted that the Government
would not adopt the amendment, and strongly advised them to
do so.

Mr. S. WORTLEY considered that if a certain amount of
issue were allotted to each bank, there would be no difficulty in
dividing it proportionably between the different branches.
After some remarks from Mr. Ross, Mr. Warburton, Mr.
Redington, and other Hon. Members,
Sir R. PEEL said that he preferred the Irish banking
system to the Scottish, because in Ireland they made their
payments at the branch banks, not at the head office, and that,
he considered, afforded a greater security. If he could adopt
the amendment, leaving full security to the holders of notes, he
should be very glad to do so.
The clause was agreed to without a division.
Clauses up to clause 13 were then passed.
On the proposition of the 14th clause, which would do away
with the fractional notes in Ireland,

Mr. M. J. O'CONNELL said that he hoped that the clause
might, if it could be done, be postponed.
Sir R. PEEL thought it could not, with any consideration
of the public convenience, be delayed; and he hoped Hon. Mem-
bers would not offer any unnecessary impediment to the Bill.
Sir D. N ORR FAS said that this would be a great interfe-
rence with the usages of the country.
Sir R. PEEL thought that if they had fractional notes of
ss. and 103 , they would prevent the circulation of the silver;
and the same argument applied to a 235. note as a ss. note.
He had a very strong impression, that if they were to allow the
253. note, they would prevent the circulatiod of silver. So
long as they had the notes they would not have the silver.
Mr. REDINGTON said that the Right Hon. Bart. had
always expressed a respect for the feelings of the country ;
but when the time came he invariably found some reason for
throwing these feelings overboard ; and if there was to be an
abolition of the small notes, they might have the 30s. note.
'dr. M. O'FERRALL suggested that they might pursue
the medium plan, and abolish the small notes, and retain the
30s. notes.

Mr. C. WOOD advocated the abolition of the small notes,
on the ground that from the evidence laid before the Commit-
tee, it was clear that the small notes superseded the use of
silver specie, which was kept at great inconvenience in the
provincial banks, and the Bank of Ireland, and had in many
cases to be reshipped, because it could not be used in the
country.
Colonel RAWDON apprehended that much inconvenience
would arise from the passing of this clause. It often hap-
pened that people found it very difficult, in their small deal-
ings, to get change of these notes, and therefore the silver cir-
culation would be much more useful.
Lord BERNARD believed that the abolition of the 30s.
notes would be of the greatest benefit to the country, and there
fore he cordially agreed in the proposition.
Clauses 14, 15, and 16. were then read and agreed to, as
were also clauses 17, 18, 19, and 20, with some verbal
amendments.

Clauses 21 to 32 were agreed to, with some verbal amend-
mendments, and ordered to stand part of the Bill.
The House then resumed. The Chairman reported progress,
and the report was ordered to be received on Thursday.
PRIVILEGE.

The SERJEANT-AT•AitMS appeared at the bar, and in-
formed the House that in the action of " Howard v. Gossett,"
execution was levied on Saturday for 4361.
Sir R. PEEL moved that the communication just made to
the House by the Serjeant-at-Arms, be referred to the Com-
mittee on Privilege.—Agreed to.
The standing orders of the day were then disposed of, and
the House adjourned at one o'clock.

HOUSE OF LORDS, June 9.
The LORD CHANCELLOR took his seat on the Woolsack al
the usual hour.