New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1851-05-10
IHury In lrelaAd,


10 the Editor Ct The TribuHs.
SIR Having seen & statement attributed by
you 10 your correspondent b to the effect that
although the Usury laws in England do not apply
to or control the amount o. discount chargesble
on bills OF exchange, yet the discount never ex-
ceeds the legal rate Of interest, feel compelled
TO give you my experience n respect to the mat
ter. The history of ono establishment with which
I am perfectly familiar will be sufficient.
The Bank of Ireland hal 'or long time, and
has yet, TO a certain extent great monopoly
AS one example, no other banking establishment
could issue notes in Dublia or within fifty miles
Of it, Its internal management was, or at least
was said to be, conducted on principles Of fuan-
cial narrow m indedne,s and religious intolerance
The frs. requisite Of L, golisble psper was that
il should be of orthodox Protestantisn; the sec
end that it should be of the true Tory hue-and
then it had a chance Of being considered A
Presby terian had but slight hopes, Catholic none
Several attempts We're made TO break down
this multiplex monopoly. Other banks were es'
tAbshed, the head quarters of which were fixed
in the provincial cities. But two evils, which
they did not reach, were still loudly complained
u
meHts a disinclinstOn to accommodate Catholics
and secondly 10 note of the amount needed by
the poor would be discounted at all. On these
two evils was based the project Of the National
Bank of Ireland. A large capital was subscribed
10 London on patriotic principles. The late Ar.
0 Connells popularity sad influence were Sc
cured. Great men or great humougs combined.
Ireland was aeitsted from end to end. speci-
men pote was exhibited, enGreRthed with shan
rocks and other insignis Of clsptraP. The shares
were placed within the reach OF everyone, aud
everyone was TO have bis paper casned for any
amount down to IS. The project had instant
and universal success. The parent branch was
in London, and offices in every considerable town
in Ireland The directors and controllers aud
swirders Of the concern, forming the Board were
/ of course Englshmen. They made Mr. D Con.
nell Governor at a salary of $4,000 per annum,
and the enterprise became not alone secure bat
iudestructible. Now for its working
Money was brought to the door OF the poor man
He wanted / and he had 1t 10 get lie had
however, a few preliminaries to comply win
Item No |, be Rad 70 get two or three solvent
neighbors 10 iDdorse the bill II he lived In the
country they all three or four had TO walk 10 the
town and spend a whole day. Item No >, he bad
TO buy a stamp for Is Cd. British. Item No. 3, he
had 10 20 before the bank witness and pay MN
/ 3d. for each Signature Item No. t. he paid 2s Cd.
discount for three months, at the rate Of 10 per
cent, which was divided thus; discount proper b
per cent, commission p per cent. trouble / per
cent.
In many instances the remainder was given to
the landlord, while the crop that was TO pay for t
was scarcely in the ground. At the end OF three
months the bill should be renewed, and It would
/ only be renewed for two months, and then there
uas a shilng additional charged for disconnt
! that 10 80. cd. This occurred three times before
il could be paid. Let US calculate now for min
ute what the FIVE pounds cost for nine months
/ Fret months-slamp s Cd, witness 90, discount
D.
Second period (Only two mOnths)-slsmp IT, Cd,
Wines discount 70 ~ INSTRUMENTATION. 10. ID
/ ftird period two mOplhs)-slsmp Is sd witness
cd discount - IL ~
Fourth period Two monhsl-sIsmp 10 Cd, witness -,
Sd discount q ~ a.
Lose for nine months .......................l8s 81
AID one uunh for The rem ainder OF The yesr.. 10 T.
One years coat OF the loan OF s5........ei Sc ID.
Or at the rate OF per cent per annum, t23 IS. 4d
Of which the banks charged for the first months
at the rate OF 10 per cent and for the rest Of tho
year at the rate OF IA On the whole, it would be
much better for the poor man 20 20 to the pawn
oihce.
1 am ready TO vouch for this. and shall do so
with my name if any one controvert single hg-
it I laou 20 md