Dáil Éireann debate -
Wednesday, 29 Jun 1927

Vol. 20 No. 2

CURRENCY BILL, 1927—FIRST STAGE.

MINISTER for FINANCE (Mr. Blythe)

I move for leave to introduce a Bill entitled "An Act to authorise the issue of gold coinage: to make provision for the issue of currency notes having a legal tender quality, to terminate the issue of bank notes by individual banks and substitute an issue of bank notes by a central authority, and to establish a commission to manage and control the issue and redemption of the said currency notes and the issue of bank notes, and to exercise certain other functions in relation to the currency."

This Bill, which it is proposed to introduce, is the Bill which was before the last Dáil; it will be introduced in the form it had reached when the dissolution came about, that is, the form in which it passed the Report Stage.

Leave given. Bill read a First Time.

Mr. BLYTHE

With regard to the Second Stage, I would propose, with the leave of the House, that it be taken on Friday. The Bill has already been discussed at great length. It is based upon the report of the Banking Commission and its principles, so far as general principles are concerned, are very well known. It is desirable that the Bill should be passed with the least possible delay. Every day's delay in the coming into operation of the Bill means a loss of about £100 to the Exchequer. In addition to that, it is desirable that the Bill should be finally disposed of before the adjournment for the summer recess. If that did not happen it would mean that the Bill would have to be held over in the Seanad until the autumn and would come under discussion at a time when the National Loan was being issued and that is not desirable. I hope, therefore, the House will dispense with the usual notice and will take the Second Reading on Friday.

Second Stage ordered, accordingly, for Friday, 1st July.