1804. ] Report of the Committee 
prevails betwen Edinburgh and London, 
and between Liverpool and London. In 
mentioning Liverpcol (which is divided 
from Dublin only by the intervention of 
the Irifh channel) it is worthy of remark 
that Mr. Irving ftates ‘¢ the feparation of 
Treland frem Great Britain by the fea not 
to be an obftacle to the fixing an invaria- 
ble exchange between Dublin and Lon- 
don, becaufe it feldom happens t! e€ varia- 
tion of polts exceeds many days;’’ and 
Mr. Mansfield’s evidence deferves again 
to be recurred to, when he fays ‘* that no 
imconvenience of any kind had reful‘ed to 
Scotland from the fyftem, except the teinpo- 
raryone of the banks having to provide funds 
in London at the commencement of it; 
-on the contrary he afferts it was produc- 
tive of the greatelt good.” 
But all the benefits propofed by this 
mode of remedies would be of little avail, 
and of very limited duration, if it did not 
premi‘e at the fame time to cure the de- 
preciationof paper in Ireland by diminith- 
ing its over iflue; a confequence which 
your Committee are firmly perfuaded 
muft follow the bank of Ireland’s notes 
being made convertible into bank of Eng- 
land notes, almott in the fame manner as 
if the reftri¢tion ceafed, and they were 
convertible into gold; for if the fund in 
T.ondon of the Irifh bank fhould be too 
rapidly drawn on at any time, they muft 
limit their iffue of notes to Jeffen the de- 
mand on that fund, their noses would cf 
courfe lofe their depreciation, and become 
of equal value with the Englifh notes, 
into which they would be convertible, or 
in other words with guineas, while Englifh 
notes fhall be undepreciated; and your 
Committee do in exprefs terms declare 
their clear opinicn, that it is incumbent 
on the direSors of the bank of Ireland, 
cand their indifpenfable duty, to limit their 
paper at all times of an unfavourable ex- 
change during the continuanc of the re- 
ftriétion, exacily on the fame principle as 
they would and muft have done in cafe 
the reftrigtion did not exiit; and that all 
the evils cf a high and flu&tuating ex- 
change muft be imputable to them if they 
fail to do fo, Your Committee have a 
proof of the effect which rendering bank 
of England notes precurable in Jreland 
would have upon the exchange, by the 
great fall of ic from Dublin on London, 
in the months of March, Apriland May 
1797, When government pafied bank of 
England notes in Dublin; and this fer- 
ther benefit will attend the reduction of 
the quantity of their paper, that it will 
Opelate as.a preparative for more {peedily 
on the State of Ireland. 197 
removing rhe reftriftion on the bank 
whenever other circunftances fhall allow 
the meafure to take place. Your Com- 
mittee however do not with to be under- 
ftood as recommending the reduction of 
the paper of the bank of Ireland, other- 
wife than cauticufly and gradually. 
t may be material alfo to affit their 
endeavours by a diminutiou of the iffue of 
paper from private bankers and other 
dealers; to effect which much attention 
fhould be given to reftrain the paper of the 
country banks, by a ftriG& cnforcement of 
the laws refpecting the regiliry of bankers, 
and the fuJl payment of ttamp duties. It 
will alfo delerve confideration whether at 
a future time all bankers whatever, ex- 
cept the bank of Ireland, thould net be 
prevented from iffuimg any notes or pot | 
bills under £.10 or 10 guineas, as Mr. 
Roach mentions ; and as joon as a proper 
and fufficient filver currency is procured, 
it would feem expedient that the iffue of 
filver notes fhould be entirely fuppreffed. 
Before your Committee quit the fubjeé& 
of exchange, they wifh to obferve, that if 
their enquiries have failed in enabling 
them to propofe any effectual remedy, ftill 
a remedy ought to be fought for by the 
wifdom of the houfe, for that a great 
country, now placed as Ireland is under 
the fame legiflature with England, form- 
ing a conitituent part of the united empire 
equally as England, or any county in 
England does, ifs metropolis, not fo dif- 
tant from London as any part of Scotland, 
Newcaftle, Carlifle or Durham, fhould 
labour in its pecuniary intercourfe with 
England under a conftant varying ex- 
change, which the others are free from, 
that the intervention of a narrow fea, with 
regular daily packets and fpeedy means of 
mutual tranfport, fhould caufe an incume 
brance in the muteal interchange of mo. 
ney, which does not exift where the dif- 
tance by land is greater, and the commu- 
nication by poft not more frequent nor inore 
expeditious; that there thould be noexchange; 
oranexchange,commuted foraregularnums 
ber of days between Edinburgh and Liver- 
pool, and Briftol, with London, and that 
an exchange muff exilt, or is incapable of 
fuch commutation, between Ireland and 
Londen; and that the evils which this 
long enquiry have inveftizated fhould be 
entirely without remedy, are pofitions fo 
ftrange, that your Committee cannot be. 
lieve them to be founded in the common 
nature of things, and muft impute to 
their own infufficient inveftigation, or 
want of fagacity, the not having pointed | 
out an adequate remedy, if they have 
: failed 
