Star.
London, England, 1821-03-29 00:00:00

CASH PAYMENTS BILL.

The CHANCELLOR of the Excazqunrt moved the
Order of the Day for the House resolving itself into
a Committee on the Cash Payments Bill.
Mr. GRENFELL rose, and adverting to a state-
ment made some time back in that House, of the
Bank of Ireland refusing to take sovereigns as a de-
posit, said, that he was authorized to contradict that
statement in the most positive manner; as also the
assertion that they had refused to discount the bills
of those merchants who had been forward in import-
ing gold coin into Ireland. The Hon. Member corn-
mended the general conduct of the Governors of the
Bank of Ireland; and stated, as an act that deserved
general approbation, that when the circulation of
Country Bank notes was stopped so suddenly and
fatally in the South of Ireland, the National Bank
raised their issues by nearly fitly per cent.
Mr. ELLICE (of Coventry) said, that be had heard
from undoubted authority, that the Bank of Ireland
had refused to receive sovereigns tendered to them
to complete certain sales made under a decree of the
Court of Chancery, and it was not until after some
time that they consented to do that which, by the
law, they were bound to do. In truth, it was natu-
ral enough that the Bank of Ireland should refuse to
accept gold at that moment, and give out their paper
in return, for he had predicted that it would be a
consequence of the Bill of 1819, that there would be
a fall in the price of
gold.
Mr. PEEL said, that if the Honourable Gentle-
man extended his inquiries sufficiently, he would find
that the Bank of Ireland only did that which they
believed, and which he also believed, was for the
public good. It should be recollected, that at the
time when the Bank were stated to have refused a
tender of sovereigns, there was difference of ex-
change between 'the two countries in favour of Ire-
land, by which means the importers of gold into Ire-
land were enabled, by getting Irish notes in exchange
for it, to make on those sovereign About two or
three per cent. The Right Hon. Gentleman bore
personal testimony to the disposition of the Corpora-

Ition of the Bank of Ireland to forget their own luta
rests. in those of the Country, and stated, that they
had for a considerable period managed the public
debt, not only without remuneration, but at a very
great expense.
Mr. ELLICE disavowed any intention of throwing
injurious imputations on the Bank of Ireland ; he
only complained of the law.
Mr. M.FITZGER ALD highly eulogized the Bank
Directors, who, he said, had in the case of the recent
failures in the commercial world in Ireland, con-
ducted themselves most wisely and liberally towards
the Public, regardless of their own profits. With-
respect to their refusal of sovereigns, they might
have done it in some instances, where parties had
drawn paper by design for gold, and made a profit
of 3V2 per cent. on the transaction.
Sir H. PARNELL complained that the Bank had
not regulated their issues of notes prudently ; and,
as regarded the statement of the liberality of the
Bank in managing the National Debt for nothing, it
should be recollected that they, at the time they un-
dertook to do so, had some greit advantages be-
stowed on them : for they were permitted to create
a considerable quantity of new Stock, in considera-
don of their so doing, on terms highly advantageous
to themselves. He complained that the Bank of Ire-
land, whilst it enjoyed all the advantages of mono-
poly as a National Bank, wished to conduct them-
selves as a private body, and to oppose any sacrifice
for the public advantage.
Mr. IRVING thought the Bank should have re-
ceived gold as deposits, and issued notes. He con-
sidered the monopoly of the Bank as prejudicial to
the great interest* of the People. The Honourable
Gentleman wished that there should be Branch Banks
established in Ireland, as there were in Scotland.—
He thought the same argument would apply to the
Bank of England also.
Mr. ELLIS (of Dublin) defended the conduct of
the Bank : at the time they refused to take gold,
there was an extensive speculation going on in Dub-
lin, the object of which was a profit of at least three
per cent. If they had refused to issue notes for the
discount of bills, he would have joined in censuring
them ; but he defied any one to produce a single
instance in which they had refused to discount a bill
.fairly offered to them. At the time of the failures
in Ireland, when property to the amount of a million
of money was in an instant annihilated, and distress
was excessive, Parliament placed £500,000 in the
hands of Commissioners, to be applied to the relief
'of the sufferers : only £lOO,OOO of this sum was
ap-
plied for, the liberality of the Bank having rendered
other aid unnecessary.
Mr. RICARDO considered that the Bank of Ire-
land had been placed in very difficult circumstances,
and had acted with an energy which, perhaps, would
not have been displayed in this country. The exten-
sive failures in Ireland amongst private Banks called
for an increased circulation on the part of the Bank,
and they did, in fact, increase their circulation nearly
.50 per cent. a very great exertion on their part, and
one very difficult to carry into effect. But they
would have enlarged them still more, could they
have found securities on which to do it. The Hon.
Member eulogized the Bank of Ireland for their
liberality in managing the National Debt, and ob-
served, they acted in this respect very differently
from the Bank of England.
Sir J. NEWPORT reminded the House that there
was a subject before the House which had a claim
upon its immediate attention, and suggested the
postponement of the measure now under considera-
tion until to-morrow.

The CHANCELLOR of the EXCHEQUER, af-
ter observing that it had not been kis intention to
take up the time of the House with any observations,
but that a conversation having arisen upon the sub-
ject which was likely to continue, he would move
that the further debate upon this motion he postponed
till to-morrow, which was agreed to.