1804. ] 
been fuggefted, is the procuring a com- 
mon circulating medium in the abfence 
‘of guineas. 
With this view, a confolidation of the 
two banks of Englend and Ireland, has 
been prepofed and fupported with very 
plaufible’ arguments by Mr. Borrowes; 
but its expediency, feems rather proble- 
matical; and when the rapid advances 
which the manufactures, trade, and agri- 
culture of Ireland have made fince the 
eftablifiment of the bank, and the great 
affiflance which they have received from 
it under the wife and liberal conduct of 
its directors, are confidered, your Com- 
mittee cannot recommend the putting 
tho’e benefits to a hazard, even if the re- 
drefs of a high exchange could be enfured 
thereby: but, ‘putting the hazard out of 
the queftion, the meafure feems imprac- 
ticable without the confent of both banks, 
which the evidence fhews very unlikely 
to be procured. 
Other modes ‘of obtaining a common 
medium, fuch as that of inducing or even 
compelling the bank of Ireland to give 
bank of England notes in exchange for 
their own on demand, or to make their 
own exchangeable for them in London, 
or to give bills of exchange on London 
for them, have been fuggefted ; and there 
is no doubt any of them would have the 
effect of re@ifying the exchange. The 
objeétion that has been made to this pro- 
poial, is the difficulty and expence to the 
bank of Ireland which would attend the 
procuring a fund in London on which to 
draw. On this your Committee obferve, 
generally, that neither the difficulty nor 
the expence attendant on this meafure 
would he fo great as that to which the 
bank, by its conftitution, is .neceflarily 
fubje& at all times when not protected 
by a reftriction from performing its en 
gagements ; and that whatever funds the 
bank foimerly applied, or intend again to 
apply, on the removal of the reftriction to 
» provide for the difficulty and expence of 
obtaining a fupply of gold, might in the 
interim. be applied to the precuring of 
Englifh bank notes. The evidence of Mr. 
Winthrop points out the practicability 
of obtaining a fufficient fupply of bank of 
England notes with fuch a fund; his 
expreffiun is, that ‘+ the bank of Ireland, 
or any perfon, may procure bank notes 
now to any extent if they will pay for 
them.”’ But Mr. Mansfield’s evidence 
fo clearly fhews the praétical mode of 
carrying this meafure into effect, that 
“your Committee cannot imprefs it too 
firongly upon the attention of the houle; 
Report of the Committee on the State of Ireland. 
195 
it fhews, in the example of Scotland, how 
effectually a very {mall fum, vigeroufly 
and wifely applied, did operate, and that 
banks there did eftablifh an adequate 
fund, with ultimate advantage to them- 
felves. 
His account ftates, that ** there was, 
after the peace of Verfailles in 1763, an 
exchange of s,or 6 per cent. againit Scot- 
jand with London, created by perfons 
colleéting gold from the different banks 
there, bringing it to London, and pafling 
their bills at Edinburgh for it, in order to 
put a profit isto their own pockets by 
raifing the exchange. The two chartered 
banks‘of Scotland, feeing that this exchange 
arvofe from artificial means, colleéted as 
much funds as they cou!d to bring to 
London, and by drawing gradually at $ 
or 1 per cent lefs than the others reduced 
the exchange to what they efteemed par 
bills of 40 days date ;"°——at which it has 
fteadily continued ever fince, unaffeéted by 
the failure of the bank cf Ayr; the con- 
vulfions to credit in general in 1792 and 
17933 the failures in 1795; and the dif- 
ficulties which caufed the reftriction in 
1797 in England, but which was not ex- 
tended tothe chartered banks of Scotland ; 
and all this notwithflanding the great | 
prefumption, that if an account of all pe- 
cuniary tranfaétions between Scotland and 
England could be afcertained, it muft have 
often happened that the balance was 
againft the one country or the other. 
This fact gives great force to the argu- 
ments of thofe witneffes who prepofe that 
the bank of Ireland thould eftablifh a cre- 
dit for the like purpofe in London; and 
the prefent peculiar fituation of the Trith 
finances not only points out a ready, but 
an adequate and effective fund, which at 
the fame time that it gives to the bank of 
Ireland every profpect of fuccefs which 
has attended the mealures of the chartered 
banks of Scotland, exempts it from all exe 
pence, rifk, or difficulty which might at- 
tend it; for your Committee muft obferve, 
that the banks of Scotland undertook to 
provide this fund at their own jexpence, 
but the bank of Ireland has an opportu- 
nity of eftablifhing it without expence to 
tbhemfelves ; and further, it appears to 
have been f{uggelted to the banks of Scot- 
land by their good fenfe and patriotifm, to 
try the efficacy of a meafure without pre- 
cedent, while the bank of Ireland has only 
to follow an example where fuccefs has 
been already demonttrated by experience. 
Your Committee has ftated, that the 
great loan, and cther {maller fums to be 
remitted this year from England to the 
Trith 
