§ SIR EDWARD BIRKBECKI beg to ask Mr. Chancellor of the Exchequer whether it is a fact that the Bank of England have been instructed not to issue any more half-sovereigns at present, but to put into circulation instead as many double florins and crowns as possible; and whether, taking into consideration the serious inconvenience likely to arise there from to farmers during harvest he will at once allow the usual issue of half sovereigns to take place?
§ * THE CHANCELLOR OF THE EXCHEQUER (Mr. GOSCHEN, St. George's, Hanover Square)No, Sir; instructions have not been given to suspend the issue of half-sovereigns altogether, but I have requested the Bank of England to limit the issue of this most expensive coin as far as possible, and in consequence of the numerous complaints made in this House and elsewhere with regard to the difficulty of obtaining sufficient silver coin, I have urged the Bank to do their best to meet these complaints. The proportion of half sovereigns in circulation is immense. The remonstrance of my hon. Friend comes from the only quarter of the kingdom from which so far any murmurs have reached me. They have been stimulated by a circular from a private bank stating erroneously that I had altogether suspended the coinage of half-sovereigns. As to the question of inconvenience in the greater use of silver, I admit the possibility of somewhat greater trouble to bankers and employers; but, on the other hand, far from being inconvenient to those who receive the coin, in the great majority of cases one of the first things which the receiver of wages hast o do is to change the sovereign or half-sovereign which has been given him, and that change in many quarters of the country has not been readily procured. I understand that an employer of labour in the eastern counties said he wanted £2,000 in half-sovereigns every week. That is more than any single individual has a right to demand of that particular coin. The wear and tear of a half-sovereign is nearly as great as that of a whole one. The percentage of loss, 1478 therefore, is nearly double on it. There are supposed to be £20,000,000 in circulation of half-sovereigns—i.e., 40,000,000 of this coin. They may not circulate in equal proportions in all parts of the country; but the sum total seems to be much more than enough to perform the functions at present expected from this coin.
§ MR. H. H. FOWLER (Wolverhampton, E.)Have the Bank of England increased the circulation of double florins and double half-crowns, and will the right hon. Gentleman give directions to have the value of the coin stated on the reverse of either of those two coins, to obviate the difficulty which many persons experience in distinguishing between them?
§ * MR. GOSCHENThere is practically the same difference between the four-shilling piece and the five-shilling piece in design as there is between the two-shilling piece and the half-crown, but no doubt the amount is not stated on either of the two coins. The matter has been brought to my attention, and if I could be sure that the circulation of this class of coin, which I believe to be not at all inconvenient to many of the working classes, would be increased by a change, I should be glad to consider the point.
§ MR. BROADHURST (Nottingham)Is the right hon. Gentleman aware of the great difficulty that has been experienced in obtaining small silver coins?
§ * MR. GOSCHENI have given an answer once or twice upon that point, but am glad to repeat it. There is a large stock of shillings and sixpences at the Bank of England. If they have not been circulated in the country so extensively as may have been desired, it has been because the bankers themselves did not pay them out to their customers. So far as the Mint is concerned there are large stocks of the coins, and the profit upon them is sufficient to make the Government desire to stimulate their circulation.