JB/010/257/003

Click Here To Edit

is, and how obvious
the remedy, that it
has been suffered to
exist so long; besides
discouraging English
industry, it acts as
a Tax upon Ireland,
by obliging her to pay
dearer for all her imports,
and thereby to
fling away an immense
sum annually,
which is raised upon
the raw materials she
imports doe her manufacture,
and the Grain,
Flour, Seeds, Coal Salt,
and Wines which she
brings in, and upon
the faith Members of
Parliament, and absent
a Landed Proprietors,
English Mortgagees, &
holders of fresh Stock
and Debentures, and
nothing else. If the
Counties of England were
circumstances like Ireland
and England, and
had each of them county
bank notes payable in
their respective counties,
and not exchangeable
between themselves, and
no national bank Notes,
or circulation of specie,
they must have an
exchange open with
each other, which would
always impede, and
in some cases totally
destroy the circulation
of their industry; but
the Legislature when
it took from them
their common medium
of specie (by specie)

---page break---

restraining the issue
of it from the bank
of England) having
wisely given them
a common medium
in its stead viz: Paper
issued by The
Bank of England prevented
any inequality
in exchange, and
kept the industry of
all upon a par and
in full vigour. Scotland
by having this
common medium
extended to it, is put
upon the footing of
a County, as to the
exchange of its industry
with England at
all times, and has
no exchange with
London beyond the
stated time allowed
for collection provision
to remit against drafts
from Edinburgh, for-
instance of London &
the Bankers commission
in London which
is forty one days. Ireland
alone of all the
union, remains without
a common medium;
she has; it is
here, a medium which
is an adequate substitute
for specie in
her own country, but
it is not as specie
was/until the Legislature,
for wise purposes,
thought proper
to restrain the
Banks of both Kingdoms
from paying
a common

---page break---

medium for both Countries,
and hence her
difficulty to pay off
her debts to England,
and the necessity for
her exporting her specie,
at an extravagant
premium, as
English medium,
which must continue
upon the present system,
while the balance
of trade is against
Ireland so long as a
Guinea remains in
that Country. If the
legislature would take
off the restraint on the
Bank of Ireland paying
Specie, and restore
the common medium
she enjoyed of Guineas,
the high exchange would
immediately vanish
and never could return
while she remained
in possession
of a medium common
to both countries. Why
should not the Manufacturers
of Yorkshire,
Birmingham, and
Manchester, with
the Merchants of
London and Ireland
petition an enlightened
and liberal Legislature,
and desire
that the advantages
of the union may
not any longer be
prevented from operating
in all their
force, by the want of
a medium common
to both Countries in

---page break---

Paper, as Specie has
been withdrawn, to

Identifier: | JB/010/257/003"JB/" can not be assigned to a declared number type with value 10.
Date_1	1801-06-09	Marginal Summary Numbering
Box	010	Main Headings	manual of political economy
Folio number	257	Info in main headings field	alarm
Image	003	Titles	extract of a letter to ld lansdown 7th apr 1801
Category	correspondence	Number of Pages	2
Recto/Verso	recto	Page Numbering
Penner		Watermarks	tw 1794
Marginals		Paper Producer	francis hall
Corrections		Paper Produced in Year	1794
Notes public	see note to letter 1632, vol. 6	ID Number	3693
Box Contents