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Front Page arrow Titles (by Subject) arrow SUPPLY—BANK OF IRELAND 2 February 1821 - The Works and Correspondence of David Ricardo, Vol. 5 Speeches and Evidence

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SUPPLY—BANK OF IRELAND 2 February 1821 - David Ricardo, The Works and Correspondence of David Ricardo, Vol. 5 Speeches and Evidence [1819]

Edition used:

The Works and Correspondence of David Ricardo, ed. Piero Sraffa with the Collaboration of M.H. Dobb (Indianapolis: Liberty Fund, 2005). Vol. 5 Speeches and Evidence 1815-1823.

Part of: The Works and Correspondence of David Ricardo, 11 vols (Sraffa ed.)

About Liberty Fund:

Liberty Fund, Inc. is a private, educational foundation established to encourage the study of the ideal of a society of free and responsible individuals.


SUPPLY—BANK OF IRELAND
2 February 1821

Mr. Grenfell asked the Chancellor of the Exchequer whether he was prepared to give any information as to the refusal of the Bank of Ireland to receive the coin of the realm as deposits. The Chancellor of the Exchequer was unable to give any information.

Mr. Ricardo observed, that paper in Ireland having become at a premium above the price of gold coin, persons had been under the necessity of incurring the expense of conveying gold coin to Ireland, to remedy an evil arising out of the deficiency of circulation from the failures in the south.1 If the Bank of Ireland had filled the void so occasioned, as it was their duty to have done, the evil would have been avoided. He was still of opinion, that the system established with regard to the Bank of England,2 two or three years ago, ought to be perpetuated. If the Bank contemplated paying in gold coin in 1823, as they were now by law required, they must purchase a quantity of gold for that purpose; and to this cause was to be attributed the present disproportion between the price of gold and silver. He hoped, that his right hon. friend would be of opinion, that the system now existing ought to be permanent, and that he would take an early opportunity of bringing forward a measure for that purpose.

[See further p. 98 below.]

[1 ]In 1820 eleven banks had failed in the South of Ireland.

[2 ]i.e. the system of payments in bullion.