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Extract of a Letter to
Ld. Lansdown 7th Apr 1801
Knowing that your
Lordship wishes to receive
any information
that concerns the United
Kingdom, I take the
liberty of sending under
another cover a
letter from a friend
of mine, whose sentiments
I had requested
on the general
state of Ireland. He is
a man of sagacity
& of information in
the commercial line
and I am sure his
statements may be
relied on – indeed the
facts are generally
acknowledged. Your
Lordship will probably
advert to his reasoning
on the very high
price of Exchange which
seems to me to be very
just and is now coming
to pass. This
evil which must be
felt most sensibly by
the non resident proprietors,
is I fear is
without remedy, but
one, namely till the
Balance of Trade equalizes
the sum of
remittances to England
for Absentees, Interest
&c an event probably
that no men living
will ever see to happen.
Last year at a time
that the Exchange
was very high, there
was an expedient
which took its rise
in the English Treasury
---page break---
to remedy the evil viz:
That the Notes of the
Bank of Ireland should
be received by them at
the current price of
Exchange on the Exchange
of Dublin, &
sums to a very considerable
value were
negotiated in that
manner, which by answering
as remittances
made from Ireland, of
course caused a fall in
the Exchange of 1 and 2
per cent, but these negotiations
(as I am informed)
caused a charge to the
Nation of above £50,000
and is never to be taken
up again. –
Letter referred to in the
foregoing. –
Our last crops of
Wheat Oats and Barley
in Ireland, were certainly
the best in quantity
and quality we have
had for many years,
but it is also as certain
that in the memory
of any man
living, we have not
had so dry a summer
and so great a
failure in the quantity
and quality of our
Potatoes, which being
the sole food of three
fourths of the people
of Ireland, we cannot
from experience estimate
what may be
the effect whole extent
of the effects of such
an unusual event.
The Barley and
Oats which in common
---page break---
years went to the
Distillery, will in this
year by its being stopped
assist in materially
feeding the people and
Government have
long since given orders
to import very
large quantities of
Indian Corn and Indian
Meal, and Rise
Meal from America
which will arrive in
Summer and Autumn,
and will, with many
other measures of Economy
and exertions
for early crops of Potatoes
and various vegetables
I hope bring
Ireland through as to
food, but wheat and
flour we cannot hope
to import as England
wants these articles
much more than we
do.
The circumstance
new as to Ireland
but which will not
strongly appear untill
we cease to borrow annually
three or four
Millions from England
and call in our paper
currency is our state
as to money matters,
and the effects on the
price of Exchange
which for these three
or four years has been
kept from rising from
to twenty or thirty
per cent above par
owing to the Loans
made in England
which have enabled
us to pay two or
---page break---
three millions to absentees
and also our Interest
to the British
Creditors (now fully
a Million annually.)
Our Balance of
Trade with the whole
world for the four years
ending in 1799 had
fallen to an average
of half a million only
in our favor & last
year and the present
will be against us. –
Judge then how will
the Irish absentee and
British Creditor get
nearly of four millions
a year unless England
lends us the money to
pay them, for all the
cash in Ireland, (when
set free) will not pay
these debts for many
months and we must
resort to the course of
things, a high exchange,
which will liquidate
our debt (as Bankrupts
do) by paying
so much in the pound.
The Irish absentee
and British Creditor
must either submitt
to a very heavy loss
by exchange of come &
live in Ireland or sell
their lands and stocks
to residents. –
These matters I
must beg leave to repeat
will not appear
until Ireland ceases
to borrow money annually
from England,
which, Loans have
done and now do
and will do so long
---page break---
as they keep these money
calamities from
being seen felt and understood.
The man who outspends
his income &
mortgages, dont feel
his distress whilst
his Loans come into
his hands and his
paper has unbounded
credit and circulation
but his distress and
Ireland's must come
at last with accumulated
weight.
It is taking great liberty
to dwell on these
points with you which
I do to make you
turn your mind to them
and no person will
sooner see their weight
and importance. In
truth we have not
only voted money for
some years past, quite
above our purses but
agreed to pay at the
union a proportion quite
beyond our ability.
This is neither croaking
or party, and
when England ceases
to lend us money
the bubble bursts.
From the Newspaper
The state of Exchange
between England & Ireland
is matter of great inconvenience
to all the
Irish Members of Parliament,
and to the
Merchants of both
Countries; it is really
surprising considering
how great the grievance
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1801-06-09 |
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010 |
manual of political economy |
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257 |
alarm |
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002 |
extract of a letter to ld lansdown 7th apr 1801 |
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correspondence |
2 |
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recto |
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tw 1794 |
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francis hall |
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1794 |
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see note to letter 1632, vol. 6 |
3693 |
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