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Dáil Éireann díospóireacht -
Tuesday, 3 May 1927

Vol. 19 No. 19

ORDUITHE AN LAE—ORDERS OF THE DAY. - MONEY RESOLUTION—CURRENCY BILL, 1927.

The Dáil went into Committee on Finance.

I move:—

Chun críche aon Achta a rithfar sa tSiosón so chun a údarú go dtabharfar amach monaidh óir agus chun socrú do dhéanamh chun nótaí airgid reatha ag a mbeidh cáilíocht tairisgeana dlíthiúla do thabhairt amach agus chun deire do chur le bancanna aonair do thabhairt amach nótaí bainc agus chun tabhairt amach nótaí bainc ag príomh-údarás do chur ina ionad san, agus chun Coimisiún do bhunú chun bainistí agus stiúrú do dhéanamh ar thabhairt amach agus ar fhuascailt na nótaí airgid reatha san agus ar thabhairt amach nótaí bainc agus chun feidhmeanna áirithe eile d'fheidhmiú maidir leis an airgead reatha, go bhfuil sé oiriúnach a údarú—

(1) go n-íocfar amach as an bPrímh-Chiste no as a thora fáis gach costas fé n-a raghfar maidir le monaidh óir do thabhairt amach, agus

(2) go roimh-íocfar amach as an bPrímh-Chiste no as a thora fáis gach suim a theastóidh ón gCoimisiún san chun (a) na nótaí airgid reatha san agus (b) monaidh óir a tugadh amach fén Acht Coighneála, 1926 (Uimh. 14 de 1926), d'fhuascailt.

That, for the purpose of any Act of the present Session 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, it is expedient to authorise—

(1) the payment out of the Central Fund or the growing produce thereof of all expenses incurred in connection with the issue of gold coinage, and

(2) the advance out of the Central Fund or the growing produce thereof of all sums required by the said Commission for the redemption of (a) the said currency notes, and (b) coins issued under the Coinage Act, 1926 (No. 14 of 1926).

So far as the issue of gold coins is concerned, I have stated that that is a part of the Act which it is not anticipated will be put into operation for a considerable time, as it is not likely to come into operation until adjacent countries have restored gold to active circulation, so that for a considerable period ahead no expenditure is likely to arise on that head. In so far as the issues of notes are concerned, there will be no expense to the Exchequer except in the quite unlikely event of any guarantee which exists having to be given effect to. I may say that so far as notes are concerned it may be taken that there will be no payment out of the Exchequer. It is provided in the Bill that there may be advanced from the Exchequer to the Currency Commission sums required for the redemption of token coinage, but that redemption in the ordinary way will only take place if coins are being recalled and replaced by some new issues, or by further coins, so that there will be no payment out of the Exchequer. I think it may be broadly stated, so far as this Bill is concerned, that there will fall no net liability on the Exchequer.

Motion agreed to.
The Dáil went out of Committee.
Question—"That the Dáil agree with the Committee in said Resolution"—put and agreed to.
Barr
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