Cash Payments." It also stands condemned by the community in general as a most unrighteous, unjust, and unwise measure, carried by the undue influence of the great Capitalists, against the true interests of the Country at large, as the rich man's law, by which the rich are made richer, and the poor are made poorer; as the Usurer's law enhancing, by artificial restrictions, the value of money above its natural price; and as a complication of deceptions and delusions, disgraceful to the intelligence of an enlightened and enterprising people.

Such is the effect of the Bank Charter Act of 1844.

But it is not intended by these remarks to impute to the promoters of this measure anything more than an imperfect knowledge of the principles on which alone our artificial monetary system can be established on a safe basis.

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CHAPTER VI.

THE BANK ACTS.

It will be convenient now for some readers to take a short review of the Bank Acts, commencing with the BANK RESTRICTION ACT, passed 3rd May, 1797. The following are the princi pal features of this Act:

1. That the Bank should not be compelled by any Action at Law to pay its Notes on demand, otherwise than in its own Notes, and the Bank had power to apply to the Court to stay proceedings. No Costs were allowed in the Action against the Bank, unless the Court were of opinion that the Action was brought to ascertain the amount of the debt demanded.

2. The Bank to issue Cash only for sums less than 208. and for the services of the Army, Navy, or Ordnance, by an Order in Council.

3. The Bank not to issue any money in Cash, or Notes, by way of loans or advances to Go

vernment.

4. The Bank may receive sums of money not

under £500, and engage to pay three-fourths in Cash of the sum deposited.

5. A sum not exceeding £100,000 may be advanced for the accommodation of the persons dealing as Bankers in London and Westminster, and the Borough of Southwark, in such manner as the Governor and Company shall deem expedient.

6. To the Bank of Scotland, and the Royal Bank of Scotland, £25,000 cash may be advanced to each.

7. Payment in Notes to be considered payment in Cash, if accepted as such.

8. The Public Revenue to be received in Bank Notes by Collectors of the same, except in sums less than 20s. or fractional parts of a pound.

9. The Bank may pay in Cash by giving five days' notice to the Speaker of the House of Commons.

It is remarkable that in this Act no provision was made for rendering the Notes of the Bank of England a legal tender, probably from the hostility which at that time existed against the introduction of such a principle.

THE BANK ACT OF 1819.

The following is an Abstract of the Act of 1819, commonly known as Sir Robert Peel's

Act, from the influence which he exercised in passing it through Parliament. But it will be seen that, as it had reference only to the Bank of England, it could, therefore, exercise very little influence over other Banks of Issue, either as regards their solvency, or, what is called, the general convertibility of the bank notes.

This Act, 59 Geo. III. c. 49, passed 2nd July, 1819, continues the Restrictions contained in several Acts on payments in Cash by the Bank of England, until the 1st May, 1823, and provides for the resumption of Cash payments, and permits the exportation of Gold and Silver.

Sect. 1. Sets forth the object of the Act, and continues the restriction of Cash payments by the Bank until the 1st May, 1823, and after that date the Bank to resume payments in Cash.

Sect. 2. Requires the Bank to pay its Notes in gold, on demand, at the rate of £4. 18. per ounce, from 1st February to 1st October, 1820.

Sect. 3. Requires the Bank to pay its Notes in gold, on demand, at the rate of £3.198. 6d. per ounce, from 1st October, 1820, to 1st May, 1821.

Sect. 4. Requires the Bank to pay its Notes in gold, on demand, at the rate of £3. 178. 10d. per ounce from the 1st May, 1821, to the 1st May, 1823.

Sect. 5. The Bank is permitted to pay its

Notes in gold, on demand, at a less rate than £4. 18. Od. per ounce, from the 1st February to 1st October, 1820, and between the 1st October, 1820, and the 1st May, 1821, at less than £3. 19s. 6d., but not less than £3. 178. 10 d. per ounce, by giving three days' notice in the London Gazette, specifying the particular rates at which the payments shall be made.

Sect. 6. Payments only to be made in ingots, or bars, of 60 ounces of standard fineness.

Sect. 7. Sums of less than 40s. to be paid in Silver Coin.

Sect. 8. The Bank may pay in the coin of the realm from 21st May, 1822.

Sect. 9. The Bank is required to deliver weekly Accounts to Government, and to publish Quarterly statements of its Accounts in the London Gazette.

Sect. 10. The gold and silver coin of the realm may be melted down, manufactured and exported without any restriction or penalty..

Sect. 11. All the Acts which prohibited the melting or exportation of gold and silver, from the 9th of King Edward the Third, to the 13th and 14th of Charles the Second, are repealed.

Sect. 12. Oaths respecting the export of silver, and so much of the Act 6 and 7 William the Third, as prevented persons, not being a trading