In the year 1720, James, Earl of Abercorn, Gustavus, Viscount Boyne, Sir Ralph Gore, Bart., Oliver St. George, and Michael Ward, Esqs., in behalf of themselves and others, presented a petition to his Majesty for a charter of incorporation, whereby they might be established as a bank, under the name and title of the Bank of Ireland. They proposed to raise a fund of L500,000 to supply merchants, etc., with money at five per cent., and agreed to contribute L50,000 to the service of government in consideration of their obtaining a charter. In their petition they state, that "the raising of a million for that purpose is creating a greater fund than the nation can employ." Soon after the above-mentioned petition was lodged, a second application was made by Lord Forbes and others, who proposed raising a million for that purpose, and offered to discharge "the L50,000 national debt of that kingdom, in five years from the time they should obtain a charter." The latter application, being subsequent in point of date, was withdrawn, Lord Forbes and his friends having acquainted the Lord-lieutenant that, "rather than, by a competition, obstruct a proposal of so general advantage, they were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