on London for them as has been suggested, the currency of Bank of England paper may in a great measure be obtained in Ireland, by making it a legal tender equally and to the same extent as Bank of Ireland paper is. One effect of this regulation would be the impossibility of an exchange unfavourable to England, because no one would go to 'Change and give a premium for a bill of exchange, when he could get a bank note without a premium, which would answer every purpose of a bill in making a remittance to Ireland; and thus one half of the business of doing away the exchange would be accomplished. But just in the degree and to the extent that Bank of England paper would be sent to Ireland for the purpose of keeping exchange favourable to England, a stock of it would be there established with which the exchange would be prevented from becoming unfavourable to Ireland; for, as the tendency of the exchange to be unfavourable to Ireland withstanding the great presumption, that if an account of all pecuniary transactions between Scotland and England could be ascertained, it must have often happened that the balance was against the one country or the other. This fact gives great force to the arguments of those witnesses who propose that the Bank of Ireland should establish a credit for the like purpose in London; and the present peculiar situation of the Irish Finances not only point out a ready, but an adequate and effective fund, which at the same time that it gives to the Bank of Ireland every prospect of success which has attended the measures of the chartered Banks of Scotland, exempts it from all expence, risk, or difficulty which might attend it; for your Committee must observe, that the Bank of Scotland undertook to provide this fund at their own expence, but the Bank of Ireland has an opportunity of establishing it without expence to themselves; and further, it appears to have been suggested to the Banks of Scot- would arise from the demand for bills on land by their good sense and patriotism, London being greater than the supply, al to try the efficacy of a measure without this stock of Bank paper would come in precedent, while the Bank of Ireland has to the aid of the bills in meeting the deonly to follow an example where success mand for the means of making remithas been already demonstrated by expe- tances. I cannot think that it is proporience." I therefore, Sir, in saying as I sing a very unreasonable thing to require now do, that a common circulating me- that Bank of England paper should be as dium of Bank paper may be established current in one part of the United Kingdom by the Bank of Ireland, say that which is as in other parts, and that, if there is no recommended to be done by this commit- objection to give it that quality in the fartee, upon their finding that a similar mea- thest parts of England, and the most resure had been adopted in Scotland with mote quarters of Scotland, now that Irecomplete success. But, Sir, independant Iand forms one and the same country with of these motives to induce the Bank of England and Scotland, it is but removing. Ireland to make their paper convertible a distinction that ought not to exist, to into Bank of England paper, their own make it as current in Ireland.-I have private interests should have great weight now, sir, stated the several reasons that in pointing out to them the policy of such occur to me to prove the policy of assimia step; for, if it should be attended with lating the currencies of the United Kingthe consequence of preventing future fluc- dom, and I shall now proceed to lay betuations in the rates of exchange, it will fore the house very good authority in suprelieve them, whenever the restriction of port of the arguments which I have made cash payments is taken off, from the ex- use of. The Committee already referred pence of providing guineas to answer the to, in their report say, "if it shall be great demands which are made for them thought expedient to equalize the curwhenever the exchange is unfavourable rency, by making the shillings contain to Ireland; and for the same reason the only twelve-pence, Your Committee subBank of England is also interested in pre-mit the advantage of doing so."-As to venting fluctuations in the rates of exchange, as they are liable to similar demands upon them, whenever the exchange is unfavourable to England. If however, Sir, the Bank of Ireland should refuse to give Bank of England notes in exchange for their own on demand, or to give bills VOL. XIV. the effect of an assimilated currency of bank paper, they say, "Your Committee cannot entertain a doubt of the practicability of what they recommend," [That the Bank of Ireland should pay their notes in Bank of England paper, or in bills of fixed rates on London], "nor that it ought G cent. to the disadvantage of Scotland, im- I do not posed upon them; and nothing can be more in point than what took place at the time of the Scotch Union. I shall next proceed to state the Plan, which upon the fullest consideration, appears to me to be the best calculated to accomplish this measure. Till the reign of The to have the sure effect of reducing exchange to par. In case of such event, they would also strongly urge the doing away the name of exchange, and putting an end to its calculation, by equalizing the monies of account and monies of circulation in both countries, and the fixing the future interchange by bills, at a stated number of days, adequate to defray the expence of remitting at all times, so as fully to adopt the same practice which prevails between Edinburgh and London, and between Liverpool and London." And then they go on to say, "Before your Committee quit the subject of exchange, they wish to observe, that if their enquiries have failed inly well qualified to perform the task imenabling them to propose any effectual remedy, still a remedy ought to be sought for by the wisdom of the house, for that a great country, now placed as Ireland is under the same legislature with England, forming a constituent part of the united empire equally as England, or any county in England does, its metropolis, not so dis- William III, the currencies were the same tant from London as any part of Scotland, in both countries, and it was only on the Newcastle, Carlisle or Durham, should la-issuing of the new silver coinage by this bour in its pecuniary intercourse with Eng-king that, for the first time, the English land, under a constant varying exchange, shilling was made current for 13d. which the others are free from, is a portion guinea of England was current in Ireland so strange that your Committee cannot be for 23s. till 1736, when it was reduced to lieve it to be founded in the common na- 22s. 9d, so as to correspond in value with ture of things."--But, Sir, I can yet refer the shilling at 13d. The present coin of to a still better authority in support of the Ireland is composed of guineas, which cir policy of assimilating the currencies. Iculate in considerable quantities in the mean to the precedent-the proceedings north, of silver bank tokens, Spanish dolrelative to the Coin of England and Scot- lars, and of copper coin issued in 1805. Jand at the time of the Union afford. At The value of the shilling at 13d. forms the that period there existed a difference be- whole difference between the coin of Iretween the currencies of these countries ex- land and England; and that being the actly similar to the difference between case, it is plain that the way to get rid of those of England and Ireland; the English it, is to make the English shilling current shilling being then current in Scotland for for 12d. The Report of the Committee, 13 Scotch pence, and the rates of exchange to which I have so often alluded, points being 11 to 12 per cent. against Scotland. out this way of proceeding, it states, that Those who were concerned in drawing up The equalization of the currency may the terms of the Scotch Union were so fully accomplished by making the copper penny, impressed of the advantage which would halfpenny and farthing of England equally attend the getting rid of this difference in current in Ireland as the silver shilling and the currencies, and of this unfavourable golden guinea; and the Committee recomexchange, that they framed a specific ar- mend that they should be so made current ticle for the purpose. The 16th Article, in preference to the forming of a new copdeclaring," That from and after the Union, per coinage of a separate device or dethe Coin shall be of the same standard scription for Ireland." The Privy Counand value throughout the United Kingdom-cil, however, did not think proper to adopt as now in England." It is mentioned, Sir, by De Foe, in his History of the Union, that measures were so taken that no incon venience whatever attended the assimilation of the currencies, and that the rates of exchange, which before were 11 or 12 per be this recommendation of the Committee, but, on the contrary, advised his majesty to issue a copper coinage for Ireland in 1805, having a separate device and description. I am ready to acknowledge that this step has thrown an obstacle in the way of the assimilation; but it is one by no means of such a nature as to be insurmountable. It has been suggested to me that this object might be attained by issuing a proclamation declaring that the shilling should be current for 12d. of this coin; but as this measure would be justly liable to the imputation of being an unfair one, I shall not propose it. But I shall adopt the plan recommended by the Committee, of making the English penny, halfpenny, and farthing current in Ireland. In order to carry this measure into effect, it would be necessary to call in the copper coin now circulating in Ireland, and to issue a new coinage of the same standard and value as the English copper coin, and if this new coinage was prepared, so as to be ready to be issued to supply the place of the present one when called in, no inconvenience would be experienced by the people of Ireland. There would certainly be some loss to the revenue on this transaction. As, however, this coin has been issued for more than its intrinsic value, the loss would be confined to the expence incurred in making it, and to the weight of copper lost by the wear of the coin. The expence of making it was 421. per ton for the penny, and 497. per ton for the halfpenny and farthing coins, and 51. per ton for packing, carriage and freight. There were made 152 tons of pennies, and 448 tons of halfpence and farthings. The whole expense being 41,3361. But all this sum would not be lost to the public, if the new coinage could be made upon the same terms as the last, because this was issued at a clear profit of upwards of 20,000!. But, though a loss should be to be incurred equal to the difference between the expence of making the last coinage and the profit of issuing 600 tons of new coin, it will be of little consideration when compared with the advantages to be derived from the transaction. As to the loss by the wear of the coin, this could very little, in consequence of its having been so recently issued. I shall now, Sir, advert to the silver money of Ireland. If that had continued to consist of mint silver as it did till 1804, no difficulty, whatever, would present itself on this head; but as there is now no mint silver in Ireland, and as its place is supplied by bank tokens, it is to be considered what shall be done with them in the arrangement for accomplishing the assimilation. They consist of pieces bearing the value of 6s. 30d. 10d, and 5d. Those be for us. have been issued by the bank of Ireland on their own account, each token is a Spanish dollar newly stamped; and as the dollar is now current in Ireland for 4s. 10d. it circulates in these tokens for 14d. more than its true value. The amount of them in circulation is 232,3521. The other tokens had been issued by the bank on account of the government, under the 45 Geo. 3, c. 42, and 48 Geo. 3, c. 31. By these acts the token for 5d. contains 1-13 part of a Spanish dollar; for 10d. 2-13, and for 30d. 6-13 parts: thus giving to the dollar the value of 5s. 5d., being 7d. more than its true value*. The amount of these tokens in circulation is 743,4047.-As, however, these tokens were issued to serve a temporary purpose, and to supply the place of mint coin, till a fit opportunity should present itself for issuing a new silver coinage, I shall propose, sir, in order to render the silver currency of Ireland, the same as that of England, that a new coinage shall be issued common to both countries, and I feel that I am fully warranted in making this proposal so far as England is concerned, because it is quite notorious that there is an absolute necessity for a new coinage in this country.-What I have proposed to be done so far, can be accomplished by the executive government, but this will not be sufficient, I have other measures to propose, but these must be carried into effect by act of parliament. As, Sir, I am most anxious that the alteration in the value of the currencies should not be attended with any injury to individuals, and that they should not have any grounds for entertaining even apprehensions of suffering injury, I shall propose that an act of parliament should be passed to declare that all contracts for sums of money, made previous to the day, on which his majesty should fix by his proclamation the assimilation to take place, should be construed as sums of Irish currency, unless otherwise expressed by the contract; and that all contracts for sums of money made subsequent to that day, should be construed to be for sums of British money, unless also otherwise expressed. Such a regulation would secure the *It is impossible that any arrangement of the value of these tokens, could have been more against the spirit and advice of the report of the Committee than this, because 30d. 10d. and 5d. Irish are not convertible into any adequate sums of English currency. faithful performance of all contracts, and prevent the possibility of any injury being sustained by the parties to these contracts. -I have also to propose, that it shall be provided by act of parliament, that no banker shall issue notes for sums in Irish currency after the same period; and in order to secure the currency of Bank of England paper in Dublin, with a view of obtaining an assimilation of paper currency as well as of the currency in coin, I shall propose that this paper shall be made a legal tender in Ireland equally with the Bank of Ireland paper. I conceive, Sir, it is quite sufficient to make the bank paper of one country current in the other, in order to obtain a common currency of paper, and that it will not be necessary to make Bank of Ireland paper a legal tender in England, because the power of converting Bank of Ireland paper into Bank of England paper in Ireland, which must be the result to a great degree of making the latter a legal tender there to the extent proposed, will give to the Bank of Ireland paper all the qualities of the latter. These, Sir, are the several measures which I propose to have adopted, as forming a plan calculated to accomplish the assimilation of the currencies of the two countries. And, I feel quite confident, that each of them is not only practicable, but, in every respect calculated so as not to injure any one. I am very well aware of the great difficulty of arranging a plan for such a purpose, and was it not that I find such good authority for every thing that I have proposed, in the report of the Committee of this house and in the precedent of Scotland, I should be very backward in recommending it with the degree of confidence that I now do.But, before I quit this part of the subject, I beg leave to call the attention of the house to some observations upon the probable operation of this plan. In regard to money on account, or the way in which accounts are stated, it will be optional to adhere to the mode of stating them in Irish currency, or to adopt the money of account in use in England. It certainly will be most convenient to state them in English currency because the money of account will correspond with the money of circulation. In respect to payments of money, those made with guineas, mint silver, or bank notes current for guineas, the operation of making them will be exactly the same as it now is. The guineas, will pay 22s. 9d. Irish currency, just as it now does, the half crown 2s. 8d., the shilling Is. 1d. Every one, therefore, receiving or paying rent, or interest money with them, will receive or pay just as much, both nominally and really, as he receives or pays under the present state of things. But payments made with bank notes current for so many pounds British currency, or with the new copper coin will appear to be differently made; though in reality they will not be so; for though 12d. of the new coin will pay what 13d. of the present one pays, às 12d. of the new coin will contain as much copper as 13d. of the present coin, the value of 12 pennies of one will be equal to the value of 13 pennies of the other. So the pound note for 20s., though it will pay what the pound note for 20s. Irish pays together with 1s. 8d. Irish, as it will be worth 20 shillings, and each shilling will be worth 12d. of the new coin, it will be exactly of the same value as the Irish pound note, together with the 1s. 8d. Irish; and, therefore, the difference in way of making payments with those notes will be a nominal and not real one. For if a landlord shall receive 1081. 6s. 8d. of his rents as stated in Irish currency, by the payments of a note for 100l. of the new currency, he will receive the full value of his rent, because he will be able to obtain for this note of 100l. as many guineas, shillings, or pence, as he could get with 1081. 6s. 8d. of paper of Irish currency; or rather, sir, to speak with greater accuracy, he would be able to purchase with this note for 100l. as many commodities as he could purchase with the 1081. 6s. 8d. of Irish currency. It being an established maxim in the science of political economy, that the real value of a commodity does not depend upon the value of the money with which it is purchased, but upon the proportion which the supply bears to the demand of such commodity. If, sir, I was not perfectly convinced of the truth of this maxim, I never would have proposed any alteration in the currency of Ireland. For if landlords should be injured by it, I have many reasons to be adverse to it; and I should hope that I shall have credit given to me when I say, that the last thing that I would ever undertake would be a measure by which the tenantry of Ireland should be clandestinely injured.-I have now, Sir, only to make a very few observations as to the time of carrying this plan into effect. I conceive, sir, that no time can be so fit as the present, because it so Ireland paper a legal tender here? And he happens that exchange is nearly at par. Mr. Foster said, that though he agreed with the hon. gent. as to the eligibility of doing away the exchange between the two countries, yet he could not subscribe to the measure which he proposed, as he did not consider it calculated to produce the end; even if it were, he did not know by what legislative measure they could enforce the adoption of it. Remittances, however made, must be made in money, and both banks were tied up from issuing a guinea beyond a certain sum. He thought it impossible to put down the exchange altogether; perhaps the most they could expect was to prevent the fluctuations to which it was now subject. The hon. gent. recommended that the bank of England paper should be a legal tender in Ireland; but he (Mr. F.) would ask, was the bank of Mr. O'Hara said, that the cause of the exchange between the two countries was, that one was in debt to the other, in which case, the exchange was always in favour of that which was the creditor. Ireland was much in debt to England. Mr. H. Thornton said, that he was a member of the committee to which the hon. gent. had referred, but when the committee recommended the measure he had quoted, they had a view to an antecedent measure, which did not take place. Mr. Ponsonby said, that though he entertained the greatest respect for every thing that fell from his hon. friend, who had, upon that occasion, displayed great ability and knowledge; still he was of opinion, that his plan would, after all, be attended with considerable difficulty, if it was not altogether impracticable. While the restriction with respect to the issuing of money from the Banks existed, he thought im-ney there was a great obstacle to it; nor did he think that the equalization of the coin would produce so great an effect upon the exchange as the hon. gent. seemed to think. A bill which had been brought forward by an hon. friend of his, the member for Waterford, (Sir J. Newport) per |