a
competition, obstruct a proposal of so general advantage, they were
willing to desist from their application." The former was accordingly
approved of, and the King, on the 29th of July, 1721, issued letters of
Privy Seal, directing that a charter of incorporation should pass the
Great Seal of Ireland. ("Comm. Journ.," vol. iii, Appendix ix, page cc,
etc.)

When the parliament of Ireland met, on the 12th of September following,
the Duke of Grafton, lord lieutenant, in his speech from the throne,
communicated the intention of his Majesty to both houses, and concluded
by saying, "As this is a matter of general and national concern, his
Majesty leaves it to the wisdom of Parliament to consider what
advantages the public may receive by erecting a bank, and in what manner
it may be settled upon a safe foundation, so as to be beneficial to the
kingdom." The commons, in their address, which was voted unanimously on
the 14th, expressed their gratitude for his Majesty's goodness and royal
favour in directing a commission to establish a bank, and on the 21st
moved for the papers to be laid before them; they even, on the 29th,
agreed to the following resolution of the committee they had appointed,
"that the establishment of a bank upon a solid and good foundation,
under proper regulations and restrictions, will contribute to restoring
of credit, and support of the trade and manufacture of the kingdom;"
but, when the heads of a bill for establishing the bank came to be
discussed, a strenuous opposition was raised to it. On the 9th of
December Sir Thomas Taylor, chairman of the committee to whom the matter
had been referred, reported "that they had gone through the first
enacting paragraph, and disagreed to the same." Accordingly, the
question being proposed and put, the house (after a division, wherein
there appeared 150 for the question and 80 against it) voted that "they
could not find any safe foundation for establishing a public bank," and
resolved that an address, conformable to this resolution, should be
presented to the lord-lieutenant. (Comm. Journ., vol. iii, pp.
247-289.)

The proceedings of the House of Lords resembled that of the Commons; on
the 8th of November they concurred with the resolution of their
committee, which was unfavourable to the establishment of a bank. A
protest was, however, entered, signed by four temporal and two spiritual
peers, and when an address to his Majesty, grounded on that resolution,
w