Mr. Foster ,conformably to the. notice which he gave on Monday last, moved for leave to bring in a bill to restrain the negotiation of promissory notes and Ireland Bills of Exchange under a limited sum in Ireland. The right hon. gent. observed, that he should have moved for this bill long since, but that he had waited for a silver currency, now coining, to supply the place of those small, or silver notes, as they were termed. Every person in the least acquainted with the state of Ireland must acknowledge and lament the ill effects produced by the issue of notes under 5l. in that country: the object of the bill, therefore, was to restrain the further issue of a paper medium, which has inundated Ireland, and injured it most materially in every respect.
§ Mr. R. Martinsaid, he was inclined, at first, to oppose the intended restriction, but he had since changed his opinion, and now approved heartily of the measure. He could not but congratulate the country in in having a chancellor of the exchequer who 130 was capable of effecting so desirable an object. He hoped, however, that the right hon. gent. would see the propriety of allowing private banks to issue small notes, on a plan similar to that recognized by parliament in England. Private banks in this country had leave to issue small notes under 5l.; he trusted, therefore, that the same indulgence would be granted to banks of the same description in Ireland, not for the benefit of the banks, but for the accommodation of the public.
Mr. Fosterreplied, that the policy of granting such a privilege to private banks, as that suggested by the hon. gent. required serious consideration; it would be competent, however, to the hon. gent. to bring forward the subject at some future period; he should not then trouble the house with any further observations, but confine himself to the object and substance of the bill for which he had the honour of moving.
Mr. Magenssaid, that as the right hon. gent. had mentioned an intention of the bank of Ireland to issue silver tokens, to relieve the necessity of silver notes, he would be glad to know the nature of them.
Mr. Fosteranswered, that, in addition to the Spanish dollars now in circulation Ireland to a considerable amount, bank tokens of 10d. and 5d. each, in order to answer Irish currency, would be issued.—The motion was then read from the chair, and leave given to bring in the bill.