The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1845-05-21

demand for banking facilities existed during the
extensive receipts Of that staple, and look for q
gradual decline in the bank movement of the State until
revival of business. the maturity of another CROP
calls for an increase OF capital
The bill introduced into Parliament by Sir Robert Peel
to regulate the promssoy note currency in Scotland
and Ireland with the notifications and alterations meet
win genera iavor The measure is not of restric
ton, buta measure of regulation. 1t will produce no
effect upon prices alter in the slightest degree the
operations Of trade Its tendency is to raise the value
Of all bank stock but that of the Bank of reand the
monopoly OF which is to be broken, by allowing compe-
ttion IN Dublin and the sixty -four miles surrounding IT,
and consequent reduction in the charges Of that bank
the intention of the Premiere introduce into Ire.
land and Scotland, system somewhat similar to that
adopted in England last August. The new plan having
worked so well, it is supposed like it will work
well in the whole kingdom. The organ of the joint
stock banks thinks that Sir Robert Peel has come to
premature decision in relation to the working of the
new system. 1t is only about eight months since the
enforcement of the pan and it has not tried in
commercial or financial CONFUSION in times of ex
tensive speculatons in articles of trade. The expe
rence Of the past eight months has been sufficient
to test the SYSTEM to teach what may be the effect
OF high prices or short harvests upon it, II has
been in operation long enough, to justify extension
OF the experiment into other parts of the kingdom but
the ministry appears to be determined upon SO doing
and only necessary to examine the bill introduced
for the purpose of marking the difference between the
English and the proposed Scotch and Irish system In
the new plan the issue of notes under five pounds is
still to be continued. II proposes to ascertain the
amount of circulation, which, for past period has
been issued by the banks in Ireland and Scotland and to
limit the issues to the average of certain period The
average for the thirteen months following April ath
1874 be taken and issues over certain are
to be made in SPECIE in Bank of England notes. which
to be made legal tender in all parts of Great Br
tain The weekly returns, instead of giving the ave.
rage issues for the days. merely give the amount
ia circulation on the day they made, giving the ave-
rage every four weeks.
The issues Of the Scotch Banks the 9th of April
1874, amounted to E27l40O0 May 25th, to e. 4l OOO
June to fsli700o Oct l2th to f29s7 900. Dec. 27th
to e. 1000, making the average issue under the
plan, f304l 000 The Bank of Ireland will be permitted
to issue e. Othcrrbanks in Ireland 60 sos 0O0
Total OO0 making the grand total for Ireland and
Scotland, f9ai2000 The proposed change in the bank
ing systems of these two sections of the Kingdom is not
SO great as first contemplated, but II sufficient to create
strong opposition II cannot be expected that any
sure affecting these banks will be suffered to pass in the
same tranquil the measure for the regulation
of English banks Of tissue did. An experience of $50
years has proved the value present Scotch system
and tcommands the unanimous approval Of the whole
people. The English banks have repeatedly submitted
to changes while the Scotch banks have for century
and half remained unaltered. The introduction of q
banking system that has been in practical operation only
eight months substitute for Of one hundred and
fifty years standing which has been the successful
system known in any country experiment ha-
zarding the popularity of the prime minister much more
than might by less presumptuous leader, be deemed