FROM THE ARCHIVES:One of the issues to arise during the debate on the abortive Home Rule Bill in 1893 has a surprisingly contemporary ring to it – the problem of people losing trust in Irish financial institutions. It was yet another reason for The Irish Times to oppose Home Rule in this editorial. – JOE JOYCE
IN WHAT position will the depositors of the Savings Bank Department of the Post Office be left under the Home Rule Bill? They are uneasy, and many amongst them who have entrusted their hoard to the Government are anxious to know what security they are in possession of. The following official rejoinder has been made from head-quarters in London to a dissatisfied querist: – “With reference to your letter of the 26th instant, in which you inquire as to the steps to be taken to have your account in the Post Office Savings Bank transferred to the London Post Office, I conclude that your application is connected with the provisions of the Government of Ireland Bill for the transfer of Savings Banks in Ireland to the Irish Government, and upon that assumption I beg leave to point out that the Bill provides that all depositors in the Post Office Savings Bank having accounts opened in Ireland shall have a period of six months from the passing of the Act during which they can if they choose transfer their accounts to Post Offices in Great Britain. You will see, therefore, that it is quite unnecessary for you to take any trouble in the matter at present. If, however, you have any other special object in wishing your account to be transferred and will forward your book to me, the necessary arrangements shall be made.” This intimation bears the signature of a Post Office official, and it is eminently unsatisfactory. The possibility is admitted that the credit of the Government in Ireland is in peril, while the suggestion is made that the Irish depositor may find his best safety in the transference of his account. Such an argumentative answer addressed to an individual very strikingly signalises the doubts and difficulties that prevail, and the employment of such language will create alarm. It is a strange thing that such views as are tendered in this document should be offered. The declaration of them will promote uneasiness and gravely dismay all investors in the Post Office Savings Banks. The Home Rule plan has shattered confidence, and menaces now every mercantile hope. When the savings of the country are endangered the crisis becomes acute, and the first note of warning is sounded that its credit is declining. We cannot afford such a failure in our national interests. We cannot face such a break-down of our prospects. The loss of confidence is a heavy blow, and it will deeply affect all our expectations. The savings of the country are its backbone, and upon them we depend.
If the floating balance of capital is transferred from the Irish Savings Banks we shall lose all our credit, and no borrowing power will remain. The Bill alarms every individual and exasperates every interest.
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