Star.
London, England, 1803-05-06 00:00:00

HOUSE OF LORDS, THURSDAY, MAY 5.

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The Earle of GLASGOW and BALCA , and the Bilhop of
Dow t., were Iwo:n, and took their feats.
l'he Order being read or the Commitment of the Dank of
Ireland Raariefti:in Bill, their Lordibips accordingly refolved
into a Committee upon Ake fame, Lord WALSINORAII in the
Caair.
}an of the Bill was farthwith acceded to by the Committee.
lord Kit. o took the fait regular opportunity that preGmted
Hal, for preparing the introduelion of the claufe he bad given
notice of on two former occaliona ; the fulaftanet and fifes.% of
this eiade was. In authorife the Creditors of the Governors
and Company of the Bank of Ireland, to compel, by legal pro-
ccfs, that Corrarati in to pay them the amount of their de-
minds in Bank of England Notes, allowing for the difference
of the currency in Irelan.L The adoption of this meedure the
Noble Lord contended, would in a great degree remedy the '
eviisproduced in Ireland by the depreciation of Its currency,
in colifequenceor the enormous circulation of Bank Notes.—
He pointed out the diflcrence between a real and nominal ex-
change and argued that the biter was by no means Co much
a„rainit:lreland as was generally fuppofed; inannuch as the ac-
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tual balance of trade would be folizid to be in its favour. The
ranks of the unfavourable Itate of t►e Exchange, with refpera.
to ireland, arofe, be contended, chiefly, if not folly, from the
Feat depreciation of its currency. The great objedionagainft
what be propofed was, that it would tend to draw the fpecie
out of the country : this he could not think would he the cafe.
Ile was of opinion, that an adequate fupply of Bank of Eng-
kuld Notes could be procured by means of Bill: of Exchange,
and in the way of commerce. He contended, that unlefs the
r-ufe of the depreciation of its currency were done away,
which his prupoficion would tend more than any other ma-
ture, equally unexceptionable, to do, the confequences mull
eventually be ruinous to that country•. The Noble Lord con-
cluded with moving ills Haute, which wi.s to the cikel above
(tared.

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I be Marquis of Sire.) Lid, nothing could more clearly thew
the difficulty of finding any remedy for the grievance under
which the kith laboured in the high and increafing exchange,
than that a propofition mould come from a Noble Lord, who
had conlidered the fubject Co much with intent to do it away,
which was in no fort practicable, and which, If practicable,
by any potable means, would be prods Live of the molt faious
niifehlefs : his Lordffiip (aid, he had conlidered the fubjed a
great deal, not only as a duty to Ireland, but alto for the pur-
pok of giving fuels local information to their Lordihips as they
might not otherways obtain; and by doing of which, perhaps,
on larch occafions, the feat he had the honour of filling would
be of molt public utility. A Bill for continuing the rettric-
bora on the Bank of Ireland could karcely have any chute ad-
ded to it mote entirdyinconfiltent with its principle, than that
which was propofed ; neither could his Lordirttip poffibly un-
derftand what difference there was between allowing the Bank
to pay their engagements with guineas or with notes from ano-
ther country, which they mutt buy with guineas. It would
open the Bank in the worft manner potable, by allowing all
the fpedc to go out of the country, without circulating any of
it through it for its own internal purpofes. His Lordlidp laid,
the difficulty in confidering money queltlons arofe partly from
not confidering fpecie like any other article of commerce—
Take it in that view, and much of its apparent complicacy 's-
tinted. Gold, it was very certain, bore a premium of above 5
per cent. In Ireland above its nominal value in Bank Notes; but
though he was not prepared to far Paper was inform degree of
depreciation, he would not agree that It was a acreffary conk-
quane refultiog from it; and in the preterit infhnce he was
much inclined to think it was not the cafe ; fpecie, it was well
known, was indifpenfibly neceffary for the lid= trade,the great
Staple manufacture of Ireland, and not needfary,frons any pre-
ference given to it alone by thole who carried on the trade, but
front other very good and fulficient redone. With a limited guar.-
tity of (peck In ;he country, it was very natural, when indif-
peofibly wanting any where, that thole who chanced to hold
what there was of it mould give it an increafed value. A hate
worth yoL at Smithfield lath month might be worth 401 now,
without any depreciation In the Notes of the Bank of England,
and the fame argument would apply to (peck. His Lordfhip
fad, that the high price of bullion in Ireland, and the high
exchange againft that country, were both circumftances much
to be regretted ; and yet, though trains in tome degree as
caufe and effea, they tended to counteract the nib-hie& of
each other; and if It were potable to remove the we with-
out the other. it would be attended with conkquences the
molt ruinous. The high value of fpecie for internal par-
poles kept the money in the country, which otherwife
would be forced ladt by the high premium of the exchange ;
and the high exchange reintbarfed the merchant what be bad
paid for fpecie, without obliging him to add to its price upon
the confuma. The exchange operated as a tax upon all im-
ports, and as a bounty on our own Manufacture; and thus,
perhaps, it carried with it a kind of Sinking Fund, that might
ultimatdy do away a grievance in which it was fcarce potable
to find a dire& remedy; and all the prophets for which were
fo full of difficulty and danger, that in ids mind it was better far
to bear theft& we have, than tette of others Mat we know not
of. With reaped to the auks for the high exchange againft
Ireland, they were pretty generally known: a great Military
Eftablieurient in times when the country was difturbed, had
incurred expenee, the means for which were necefarily got out
of It. The intereft on thole Loons, great in companion to the
wealth of the country, and paid out of it, was one auk. Coals
' imported, and amounting to near (even hundred thoufand
pound. a year, one-ball of which was ufed in Dublin, and paid
fee in fpecie, was another emir- An Mamie of expo= ID
thole win lived out of the country, by the rife in every article
of confumptlonovas another auk. An inereafe of foreign trade
and every other natural caufe for the balances of trade, alas
operated; and it was unfortunately too true what was advanced
by the Noble Lord, that Irdand had not a balance of trade in
her favour with any country in the world. Such were her pee
lent circurnlances, but be hoped and trotted with meek bettor
prokeets before her. His Lordlhip raid, there was cot point
advanced, to which. from perfonal motives, be was particularly
anxious to allude; ft bad been very hadultrioully circulated,
that the high exchange spiral Ireland had been atafioned by
an inereak of abfentea, in cookquenee of the Union, and that
it was a fair price to pay for it. Ha Lords* kid, the fa& was
not to, that was no increak of abfentees worth naming that
he never believed the Unitas would increafe the abfentees, and
that if he bad, be never would have voted for It, not from re-
gard to the paltry funs which a kw individuals might expend,
and which would be provided for by half the value of a Limo
Ship, but becaufe nothing could compenfate any country for
the Woof its rcfident Gentry. The example of their lives, the
encouragement of their countenance to indultry, the protalion
of the weak, and being and enforcing a regular and impartial
adminiftradon ofjultice, were duties which the great awed to
their &salons; they belonged to their refidence, and the want
of them DO advantage could compaitate.
lord King and the Marquis °ratio* fpohe keenly in eze.
planation.
The Earl of Lill um% &only, but decidedly expeeffed hie
difapprobation of the daub, oo the grounds generally urged by
the Noble Marquis,and for the additional and important reeks,
that its Introduction would entirely do away and countered
the intended effects of the 3W; the purpofe of wlikh was, to
restrain the Bank of Ireland Dirators from Kahl (peck.
The queftion was then put, and the prophet' chute was me
petted without a disifion.
Lord KIANG then pupated a feeond provifirm. which he ar-
gued, would be attended with very falutary reeds : It was,
that the Directors of the Bank of Intend Should be required, at
the cod of every month, to publifh the Amount, &c. of their
Notes in C.lrcuirlon.la the Dublin Gazette. This propped.=
was decidedly oppoled by
The Earl of LIMIIIICK, and upon two general gromarh
Firft, as it would tend to cart fume degree of nelle&ion on •
body of men, againft whom, whatever nay be aimed, no
charge whatever of usitrandud was eitablikod ; and, Secondly,
ou she ground of Its Wing Lperfieroue—As the Salk.. o Par -
!impost of We were very long in this country, his Loofah
model have frequent opportunirks of moving toe accounts a-
lp:cling the Notes is mr.ithis.
Aft. r a 6. w wools from lord Erna. the queftino was put,
and the prop .fest claufe was flea-A:tad. Their Lordihips then
went Afoul:. the remaining part se the VII, and the Hook
relomin. ..rdered the report to be received to-num.'s,.
The *shwas Bills lo lore the Houle were forwarded in their
afro:alp. itagee,.....l,ljournied.

HOUSE OF
The followitng are the names
softies, appointed by ballot, to
Ete‘tioa and Return for ths Bo
land
Jofaph Falter Barham, Efq.Sir I. D. King, Bart.
Right Hon.Cbarles Braggs
Sir John Cote Hippilley
Charles Duneombe, Efq.
Sir R. W. Vaughan. Bart.
Thomas Johns, Efq.
Str J. S Erildne, Bart.

COMMONS.
on the reduced Lift of OM Coat-
try the merit' of the amtefted
rough of Itircudbright, la Sem-
iEllab Harvey, Efq.
Francis FMK, EN.
Lieut. Viint Clausal'
M. Archdale, Efq.
Hon. T. Nevrcomen
J. Fonblanque, Efq. and
Clte I.ord Advocate of Scot•
land.

Mr:to L g.a a. !Mtn the Taunton Committee,, repotted,repotted,that
William Morland, Efq. and John Hammet, Efq. were duly
chard ; and that Mr. Rabinfaa's Petition was not hivolons or
vexatious.

The Committees on the Irit Compenfation, and the Irlib
Courts Bills, were feverally ordered fur to-morrow.
Mr GIIICGOa moved for an Account of the Bountiespaid for
Corn, Meal, Flour, and Rice, imported from the toth 00.ober,
aoa, to the sth April, 1305, dillingudhing each quarter, fo far
as the fame can be made up.—Ordered.
He alfo moved for an Account of the Arrears of the addi-
tional Affeffed Taxes, and the Arrears of Duties on Shipping,
due to the sth April, tBo3, fo far as the fame can be made up.
—Ordered.

The SECRITAIT It WAR moved, thlt the Report on the
Militia Families Bill be received to•morrow.—Ordered.

The Conunlttees of Supply and Ways and Means were or-
dered for tomorrow. _ _

A Metige from the Lords informed the Houle that their
Lordfhlps had paCed a Bill for the relief of Soldiers and Sailors,
and provifion for their families, in cafes therein mentioned, to
which they defired the concurrence of this Houle.
The Bill was read a firit time, and ordered to be read a fc-
cond time on Tucfday next, and to be printed.
The Call of the Houle was fixed for Thurfday, and the
names ordered to be taken down of thofe Members who arc
abfent, &c.