lent or advanced thereon, and which shall not be redeemed at the time agreed, or within three months after; or in selling such goods as shall or may be the produce of lands purchased by the said corporation; or in lending or advancing any of the monies of the said corporation, and taking pawns, or other securities for the same."

The Bank of Ireland commenced business at St. Mary's Abbey, June 25, 1783.

1784. A bank was established in Belfast. They had scarcely any circulation as they paid in gold. They gave up business in the year 1798, at the time of the Rebellion.

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1791. By 31 Geo. III. c. 22. the capital of the Bank of Ireland was increased from £600,000 to £1,000,000, and the charter extended until the expiration of twelve month's notice after the first day 'of January, 1816, being a renewal of the charter for twenty-two years. The proprietors of the old stock were allowed to subscribe for two-thirds of the new' stock. The whole sum of £400,000 subscribed to be paid into the treasury for the use of his Majesty.

1797. The capital of the Bank of Ireland increased by 37 Geo. III. c. 50., from £1,000,000 to £1,500,000. The proprietors of the old stock allowed to subscribe for the whole of the new stock, in proportion to the sums standing in their respective names.

1797. The Bank of Ireland suspended its cash payments on the 3rd of March. Immediately on the passing of the Restriction Bill, the bank issued small notes and post bills under £5.

1799. A law passed for confining the issue of notes between 20s. and £5 to the Bank of Ireland only. Private banks were permitted to issue bank post bills of three guineas and upwards under certain limitations. This was the first law in Ireland, which restricted the negotiation of bankers' notes.

In this year the following banks were registered in Ireland. Banks were registered when first opened, and when any change took place in the firm :

1800. By the 40 Geo. III. c. 22., it was provided, that, all bankers who had stopped payment since April 1, 1793, or who shall stop payment, and who shall have invested their property in trustees as required by the Bankers' Act, shall be discharged from their debts upon obtaining a certificate, signed by twothirds of their creditors in number and value.

The following banks were registered this year:

George Newenham, George Newenham, Cork,

Robert Delacour and H. Galwey

Thomas Bernard, Simpson Hackett,

Richard Kearney, and William Hackett William Manning, Jun...

Places.

Date.

Jan. 1, 1801.

Mallow,

23.

Birr,

March 23.

Rathdrum, April 13.

Callan,

August 24.

Limerick, Sept.

Geo. III. c. 87.) to

1802. An act was passed (42 enable the lord high commissioner or commissioners of his Majesty's treasury in Ireland for the time being, to sell, lease, convey, or dispose of the parliament house in the city of Dublin, and all the premises and appurtenances thereunto belonging to the governor and comof the bank of Ireland for £40,000 Irish currency, pany subject to such rents as the premises are now liable to. The money to be applied by the treasury as the parliament may direct.

The following banks were registered in this year :

Ross, Jan. 21, 1803.

New Ross, Feb. 18.

Malahide, March 10.

Carlow, April 1.

Wicklow, June 15.
Tipperary, July 1.
New Ross,

Charleville, Sept. 9.
Thomastown, Sept. 29.

1804. In this year a committee of the House of Commons was appointed to inquire into the state of Ireland as to its circulating paper, its specie and current coin, and the exchange between that part of the United Kingdom and Great Britain, and to report the same with their observations and opinions thereupon to the house.

The committee divided their report into three heads. 1. "As to the fact of an unfavourable exchange existing, and to what extent.

2. "As to the causes which have created it.

3. "As to the remedies which can be resorted to for either removing, or alleviating the inconveniences arising from it."

Under the first head, the committee observe→→→

"In Belfast, the bills of exchange are purchased by guineas; in Dublin, by bank of Ireland and other bankers' notes: and if the exchange between Great Britain and Ireland be stated as it actually exists, where guineas are the circulating medium, your committee would be inclined to think, that the exchange is now, and actually has been in favour of Ireland; but if it is to be estimated by the rates which prevail where paper is the circulating medium, the exchange appears to be now, and to have been since 1798, uniformly against Ireland, and to have arisen to a degree wholly unprecedented. The former they would call the real, and the latter the nominal rate; and the difference between them arises, as far as your committee can form a judgment, from the depreciation of the circulating paper."

Under the second head the committee state their opinion that this unfavourable state of the exchange arose from the Bank Restriction Act.

It compelled the bank to refrain from sending into circulation gold, the only common medium between the two countries. It gave occasion to the great issue of paper which followed to replace the gold so withdrawn, and removed at the same time the best and most effective check against the depreciation of that paper, namely, its convertibility into gold at the will of the holder; it tended to encourage an unlimited and overabundant issue, by releasing the bank from performing their engagements, and by taking away from them the former criterion, namely, the diminution of their gold, which they were accustomed to look to for judging when their paper became excessive; it promoted a new and unrestrained trade in paper currency, and excited individuals to speculations which interfered with the steady natural rates of exchange. The number of speculators so encouraged contributed to raise the price of bills on England, which being paid for in depreciated paper, the rate of exchange rose proportionally."

Under the third head, the committee point out as a remedy, that the Bank of Ireland should accumulate funds in London, and draw bills on London at fixed dates; the committee state

"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 expense of remitting at all times, so as fully to adopt the same practice which prevails between Edinburgh and London, and between Liverpool and London."

With respect to the specie and current coin of Ireland, the committee observe:

"The evidence very fully points out the miserable situation of the silver coinage, or rather of the base metal and notes, and I. O. U.'s substituted in its place.

"This evil is clearly to be traced to the unfavourable exchange. The state of the exchange naturally caused the silver currency of Ireland, so long as it was degraded only in the same degree with the silver currency of England, to transfer itself to this country, where it would pass for the same sum as English silver money. The place of the Irish silver coin so withdrawn was supplied in many