§ Sir H. Parnellrose to pro pose a measure for assimilating the currency of Ireland to the currency of England, and for better regulating the exchanges between the two countries. There were two things principally to be attended to. 1st. The coin which was legally current in Ireland: 2nd. The money of account. The gold and silver coin of England were also the legal coin of Ireland, and current there for the same real value, but for a different nominal va arising from the copper coin of Ireland being 1/11th part less in value than the copper coin of England, and to the Irish money of account being taken from this copper coin 12d of which was equal to an Irish shilling of account, and 20s. of Irish money of account to 1l. Irish. This made the English shilling equal to 13d. The English pound equal to 1l. 1s. 8d. Irish, and 100l. English equal to 108l. 6s. 8d. Irish; and hence arose the par of exchange between the currencies of 8⅓rd. per cent. All who carried on transactions between the two countries experienced considerable doubt and difficulty, in consequence of this difference in the respective currencies. Persons buying or selling did not know what sum to give or receive. Great interruption to commerce was occasioned by this difficulty. It was therefore obviously clear that it ought, if possible, to be remedied. The hon. baronet proceeded to show the disadvantage under which Ireland laboured in consequence of the exchange as between her and this country being so much against her. On a bill drawn at 21days; there would be a loss of 5 per cent, as much as a whole year's interest on the sum. The time when we were about to restore the currency of both countries to its original value was, he thought, the most proper for an endeavour to assimilate them. He did not expect that the committee would be able to carry the measure into effect in this session, but at least their labours at present would go a great way towards 1195 effecting it in the course of the next. He concluded by moving, "That a select committee be appointed to inquire into the expediency of assimilating the currency of England and Ireland."
The Chancellor of the Exchequersaid, he concurred in all the general principles and observations of the hon. bart. and was very anxious to see so desirable an object accomplished; but he submitted to the hon. bart. whether, in the present period of the session, it would be expedient to go into a committee, from which, according to his own admission, no practical result could be immediately obtained. If the matter were investigated early in the next session, as much good might be the result as if it were now gone into. He should, therefore, move the previous question.
§ Mr. Grenfellwould have no objection to the postponement of the committee, if ministers would give a distinct pledge to agree to a committee; and if such a pledge was given, he should recommend his hon. friend to withdraw his motion, and give notice for a motion to appoint such a committee very early in the next session.
The Chancellor of the Exchequerhad no objection to declare that, unless some very unforeseen occurrence took place, he would support such a motion, as he was as desirous as any one to get rid of the present inconveniences arising from the two currencies.
§ Sir H. Parnellthen consented to withdraw his motion, as it was nearly the same thing, and equally secured the object of his present motion.