Mr. Fosterpresented a bill for regulating and prolonging the Charter of the Bank of Ireland, and for enabling the governor and company of the said bank to advance a loan of one million and a quarter for the service of his majesty.
§ Sir J. Newportcomplained of the precipitancy with which this bill was forced upon the house. It was, in his mind, a measure of too much importance to be thus hurried forward; and, for one, he had strong objections to it altogether. First, because he thought it was founded on the worst bargain that ever was made for the public, namely, a loan of a certain sum of money to be advanced by the Irish bank to the government of the country, at 5 per cent, the highest rate of interest which the law allowed them to charge upon discounts on any tradesman's bills in this country. Secondly, because, as the Finance Committee had suggested regulations with respect to the bank of England highly advantageous to the public, he wished them to have an opportunity of considering and recommending similar regulations with respect to the bank of Ireland, before the charter was renewed or prolonged. Overtures had been made to himself, while chancellor of the Irish exchequer, for a renewal of the charter; but he had set his face against it, and the only bonus he could see that the right hon. gent, had obtained for the public by this bargain, was, that the bank agreed to forego any claims they might have had for managing the public debt; but surely the government of Ireland was not at so low an ebb of credit as not to be able to borrow this loan of so large a sum, on better terms than the humblest trader paid for discount of his bills at their counter.
Mr. Fostersaid, that, so far from precipitating this measure without allowing time to consider it, the documents had been on the table of the house above three weeks.—The bill was read the first time.