5 One Bank had started in 1758, and failed during the same year, after a butterfly existence of four months. And yet this was a Bank of great names, for its partners were the Right Hon. Anthony Malone, the Right Hon. Nathaniel Clements, and John Gore, Esq., whose practice was to give receipts for money deposited, payable seven days after demand, with interest, to commence three days after the date of the receipt, at the rate of tenpence a week for every 1001.

I now come to the second period of Banking in Ireland, commencing with the establishment of the Bank of Ireland, - a chartered monopoly closely resembling, in its constitution, powers, and privileges, the Bank of England, and vested with an exclusive range for its operations of fifty Irish miles- equal to sixty-five English - round Dublin. So long as Ireland had a separate government, a separate parliament, and a separate civil and financial administration, there might have been some show of reason assignable for the maintenance in that country of a favoured body like that of the Bank of Ireland corporation; but once the Union between England and Ireland took place, and there was a consolidation of the exchequers and public offices of the two countries, we are at a loss to discover sufficient grounds for continuing the immunities enjoyed by this Bank; immunities highly profitable, no doubt, to the share-holders, but by no means beneficial, in a corresponding degree, to the Irish people.

In the Commons' Report on Joint-stock Banks, 1837, Appendix, p. 124, there is an "Abstract of the Acts of Parliament relating to the Bights and Privileges of the Bank of Ireland." In this document we learn, that the charter was granted in 1782, pursuant to 21 and 22 Geo. III. c. 16, of the Irish Parliament, redeemable on the expiration of twelve months' notice, to be given after January, 1794, and on repayment of the sum advanced to Government under the Act, namely, 600,000l. Irish, being the original Bank capital. In 1791 the charter was extended or renewed, by the 31st Geo. III. c. 22, until the expiration of twelve months' notice, to be given after 1st January, 1816, and on repayment of the 600,000l. Irish, and all interest.

This Act authorized an increase of 400,000l. Irish to the Bank capital, by subscription; which was subscribed accordingly, but not advanced to Government. It also enacted, that in consideration of the power given to increase the Bank capital, the Bank should pay to Government a sum agreed on with the lord-lieutenant; and 60,000l.

Irish were accordingly paid in two instalments. The 37th Geo. III. c. 50, authorized the Bank in 1797 to increase its capital by subscription, in the further sum of 500,000l. Irish, which was advanced to Government. The 48th Geo. TIL c. 103, increased the Bank capital, in 1808,1,000,000l. Irish. 1,250,000l. Irish was then advanced to Government, and the charter was extended or renewed until the expiration of twelve months' notice, to be given after 1st January, 1837. By this Act the Bank consented to continue the management of the then public debt in Ireland, and of all future loans to be thenceforth made for the service of Ireland, free of charge, during the continuance of their charter. In 1821, the 1st and 2nd Geo. IV. c. 72, authorized a further increase of capital of 500,000l Irish, making the whole 3,000,000l. Irish; and this 500,000l. Irish was advanced to Government. By this Act Bank of Ireland notes were agreed to be received in payment of the Government revenue; and the Bank consented to a restriction of its privileges, (previously secured, till 1838, by the Act of 1808,) so far as to permit Banking companies and copartnerships consisting of more than six persons in number, residing and having their houses of business at a greater distance than fifty miles from Dublin, to issue notes, payable on demand, without that distance. And it was expressly enacted, that no further privilege should be granted to any copartnership or society of persons whatever, previous to the 1st of January, 1838, contrary to the provisions of the Bank Acts then in force, save the privilege to such copartnerships of suing and being sued in the name of a public officer, should Parliament think fit to grant such authority.

Two or three Acts have passed since the date of this return, for the purpose of postponing definitive legislation on the subject. The only provision in them claiming particular notice, was one which in 1841 reduced to three and a half per cent, per annum the high rates of interest so long received upon the capital advanced to Government, and left the charter to be dealt with concurrently with that of the Bank of England.

Upon the suspension of cash payments, the Bank of Ireland, like the Bank of England, manufactured money to an enormous extent. In 1797, when that license was made law, the circulation of the Bank of Ireland amounted to no more than 621,917l.; but in 1808 it attained 2,827,000l., and proceeded, still rising rapidly in amount, until the average, in 1809, was 3,068,100l.; in 1813, 4,212,600l.; in 1821, 5,182,600l; and in 1825, 6,309,300l. The reader will not fail to observe, that the years 1810, 1820, and 1825, during which the average circulation was higher than at any preceding period, were years of panic and deep commercial distress. But however other persons may have suffered, the Irish Bank proprietors were in the uninterrupted enjoyment of good fortune. In 1797 their dividend was six and a half per cent.; and no sooner was the restriction from cash payments declared, than the copartners received a bonus of 125,000l., being twenty-five per cent, on the increase. In 1803 the dividend was seven and a half per cent., and the bonus 75,000l., being five per cent, on the capital; and a bonus thence continued to be given almost yearly, until 1815, when the dividend rose to ten per cent., at which rate it continued until 1830, when it declined to nine per cent.; and to eight per cent, in 1837.