DEVOTED CHIEFLY TO FINANCE AND CURRENCY, AND TO BANKING AND COMMERCIAL STATISTICS. "It is the interest of every country that the standard of its money, once settled, should be inviolably and immutably kept to perpetuity. For whenever that is altered, upon whatever pretence soever, the public will lose by it. Men in their bargains contract, not for denominations or sounds, but for the intrinsic value."-Locke on Money. clerk in court (or other officer answering thereunto) and the solicitor concerned in the cause for the party applying, which shall state the cause, and for what parties they are concerned, the governor and company are to deliver, or cause to be delivered, to the said clerk in court, or other officer and solicitor, or one of them, a certificate signed by their accountant, stating the amount of such stocks or dividends, and in whose name such stock is Transfers of stock in the books of the Bank of England-standing in their books, and, if it be particuEffect of bills of lading, &c. pledged to the bank-Esta-larly required, but not otherwise, when such blishment of branch banks. I. TRANSFERS OF STOCK. opinion of the governor and company, may affect their interests, or which might be objected against suffering such transfer of stock or payment of dividends, they are entitled to state such matter to the court by motion or petition in such suit; and execution of process, to compel such transfer or payment, is to be suspended until final order shall be made thereon.* stock, or any part thereof, was transferred, and by whom. But nothing contained in the act is to extend to any case where any further Any of his majesty's courts of equity are discovery is wanted than what is before exempowered, by 39 and 40 Geo. III. c. 36, pressly mentioned, nor to any case where the before or upon hearing any cause depending governor and company claim any interest in therein, to order the governor and company or lien upon the said fund. In such cases it of the bank to suffer a transfer of stock stand-will be necessary to make them a party to ing in their books to be made, or to pay any such suit as if the act had never been made. accrued or accruing dividends thereon, be- If any special matter arise, which, in the longing to or standing in the names of any party to a suit, as such courts may deem just; or to issue an injunction to restrain them from suffering any transfer of such stock, or from paying any dividends or interest accruing or accrued thereon, although such governor and company are not partners to the suit in which such decree or order shall be made. Such courts, however, are to be previously satisfied, by the certificate of the accountant of the corporation, that the stock required to be transferred is standing in their books, in the name of the person required to transfer the same, or of the person of whom he is the legal representative. After due service of a short order upon the governor and company, or their proper officer, which shall contain no recital of the pleadings, or other matter than the title of the cause, and the ordering part of such decree or order which respects the governor and company, like process shall issue to enforce such order or decree as to enforce them against any party to a suit depending in such court.* Upon request in writing, signed by the * s. 1. II. BILLS OF LADING, &c. [6 Geo. IV. c. 94.] Any person entrusted with and in possession of any bill of lading, India warrant, dock warrant, warehousekeeper's certificate, wharfinger's certificate, warrant, or order for delivery of goods, is to be deemed and taken to be the true owner of the goods, wares, and merchandise described and mentioned in the said several documents, or either of them, so far as to give validity to any contract or agreement hereafter to be made or entered into by such person with the Governor and Company of the Bank of England, for the deposite or pledge thereof, or S. 2. CHAPTER II. any part thereof, as a security for any money made payable in coin in such place as well as or negotiable instrument advanced by the in London.* bank upon the faith of such several documents or either of them; provided that the bank shall not have notice by such documents or either of them, or otherwise, that such person so entrusted is not the actual and bona fide owner of such goods, wares, or merchandise, so deposited or pledged, any law, usage, or custom to the contrary thereof in any wise notwithstanding. III. ESTABLISHMENT OF BRANCH BANKS. Suppression of promissory notes under five pounds-Composition by the bank for stamp duties on notes. I. SUPPRESSION OF SMALL NOTES. [7 Geo. IV. c. 6.] If any body politic or corporate, or any person or persons, shall, from and after the passing of this act (22d March, 1826,) and before the 5th day of April, 1829, make, sign, issue, or re-issue, in England, any promissory note payable on de money less than the sum of five pounds, except such promissory note of any banker or bankers, or banking companies, or person or persons duly licensed in that behalf, which shall have been duly stamped before the 5th of February, 1826; and except such promissory note of the Governor and Company of the Bank of England as shall have been or shall be made out and bear date before the 10th of October, 1826; or if any body politic, &c. shall, after the said 5th of April, 1829, make, sign, issue, or re-issue, in England, any promissory note in writing, payable on demand to the bearer thereof, for any sum of money less than five pounds, then and in either of such cases, every such body politic, &c., so making, &c. except as aforesaid, shall, for every such note so made, &c., forfeit the sum of twenty pounds.t [7 Geo. IV. c. 46.] In order to prevent any doubts that might arise, whether the Governor and Company of the Bank of Eng-mand to the bearer thereof, for any sum of land, under their charter, and the several acts of parliament which have been made and passed in relation to their affairs, could lawfully carry on the trade of banking otherwise than under the immediate order, management, and direction of the court of directors, it was enacted that the governor and company might authorise and empower any committee or agent to carry on the trade of banking for and on their behalf at any place in England, and for that purpose to invest such committee or agent with such powers of management and superintendence, and such authority to appoint cashiers and other officers and servants, as may be necessary or convenient for carrying on such trade. They are likewise empowered to issue to such committee or agent, cashier, or other officer or servant, cash, bills of exchange, bank post bills, bank notes, promissory notes, and other securities Every promissory note payable to bearer for payment of money. But all such acts of on demand, for any sum of money under the governor and company shall be done in twenty pounds, which shall be made and such manner as may be appointed by any by issued after the 5th of April, 1829, shall be laws, constitutions, orders, rules, and direc-made payable at the bank or place where tions, from time to time to be made by the general court of the governor and company in that behalf, such by-laws not being repugnant to the laws of England. And in all cases where such by-laws, &c. shall be wanting, they are to be supplied in such manner as the governor, deputy-governor, and directors, or the major part of them assembled, whereof the governor or deputy-governor is always to be one, may direct, (such directions not being repugnant to the laws of England,) notwithstanding any thing in the said charter or acts of parliament, or other law, usage, matter, or thing to the contrary. It is provided, however, that in any place where the trade of banking shall be carried on on behalf of the governor and company, any promissory note issued on their account in such place shall be issued; provided that nothing herein contained shall extend to prevent any such promissory note from being made payable at several places, if one of such places shall be the bank or place where the same shall be so issued.‡ The negotiation of promissory notes in England under five pounds, issued in Scotland or Ireland, is prohibited by 9 Geo. IV. c. 65. II. COMPOSITION BY THE BANK FOR STAMP DUTIES. All promissory notes and bank post bills issued by the Bank of England, are exempted * s. 15. † s. 3. 1 s. 2. from all the duties granted by 55 Geo. III. name and place of abode of the person, or the c. 184; and they may re-issue any of their proper name and description of any body cornotes, after payment thereof, as often as they porate, to whom the same shall be granted, shall think fit.* They are directed to deliver and also the name of the town or place where, to the commissioners of stamps, on the first and the name of the bank, as well as the day of May in every year, whilst the present partnership, or other name, style, or firm, stamp duties shall remain in force, a just and under which such notes are to be issued. true account, verified by the oath of their Where any such license shall be granted to chief accountant, of the amount or value of persons in partnership, the same shall specify all their promissory notes and bank post bills and set forth the names and places of abode in circulation, on some given day in every of all the persons concerned in the partnerweek, for the space of three years preceding ship, whether all their names shall appear on the sixth day of April, in the year in which the promissory notes to be issued by them or the account shall be delivered, together with not; and in default thereof is absolutely void. the average amount or value thereof, accord-Every such license granted between the tenth ing to such account. They are to pay into day of October and the eleventh day of Nothe hands of the receiver general, as a com-vember in any year, is to be dated on the position for the duties which would otherwise eleventh day of October; and every such have been payable for their promissory notes and bank post bills issued within the year, reckoning from the fifth day of April preceding the delivery of the said account, the sum of three thousand five hundred pounds for every million, and after that rate for half a million, but not for a less sum than half a million of the said average amount or value of their notes and bank post bills in circulation. One half part of the sum so to be ascertained for each year's composition is to be paid on the first day of October, and the other half on the first day of April, next after the delivery of such account.† I. LICENSES FOR STAMPED NOTES. [55 Geo. III. c. 184.] With the exception of the Bank of England, no other banker or person is permitted to issue any promissory notes for money payable to bearer on demand, charged by the act with a duty, and allowed to be re-issued, without taking out a yearly license for that purpose. Such license may be granted by two or more of the commis. sioners of stamps, or by some person authorised in that behalf by the commissioners, or the major part of them, on payment of the duty charged thereon in the schedule of the act. A separate and distinct license is to be taken out for every town or place where any such promissory notes shall be issued; and every such license shall specify the proper license granted at any other time is to be dated on the day on which it shall be granted; and every such license respectively shall continue in force from the day of the date thereof, until the tenth day of October following, both inclusive.* Where any banker or other person, however, applying for a license under the act, would, under the act of 48 Geo. III.† have been entitled to have two or more towns or places in England included in one license, if the act 55 Geo. III. c. 184, had not been made, such banker or other person is entitled to the like privilege under 55 Geo. III. c. 184. The banker or other person applying for any such license, is to produce and leave with the proper officer a specimen of the promissory notes proposed to be issued by him, to the intent that the license may be framed accordingly. And if any banker or other person (except the Governor and Company of the Bank of England) shall issue or cause to be issued by any agent, any promissory note for money payable to bearer on demand, charged by the act with duty, and allowed to be re-issued, without being duly licensed so to do, or at any town or place, or under any other name, style, or firm, than shall be specified in his license, the banker or other person so offending, shall, for every such offence, forfeit the sum of one hundred pounds.§ * s. 24. According to 48 Geo. III. c. 149, s. 17, a separate and distinct license was to be taken out for every town or place where notes were to be issued, with the exception that one yearly license was to be sufficient for blished branch banks previously to the passing of that all towns or places where the party licensed had estaact. Every such town or place was to be notified to the stamp office, in order that it should be specified in the first license granted under that statute, and an affidavit of the fact was directed to be transmitted to the stamp office, at the time of applying for the license. Where any such license shall be granted to sight. They may also draw and issue, on any persons in partnership, the same is to unstamped paper, bills of exchange, expressed continue in force for the issuing of promissory to be payable to order on demand, at any penotes duly stamped, under the name, style, or riod not exceeding seven days after sight, or firm therein specified, until the tenth day of twenty-one days after date. But such bills October inclusive following the date thereof, of exchange must be drawn upon a banker in notwithstanding any alteration in the partner- London, Westminster, or Southwark, or at a ship.* town or place where the drawer is licensed, upon himself or his copartners, payable at any other town or place where he is also licensed to issue such paper.* Any banker or other person who shall have made and issued any promissory notes for the payment to bearer on demand, of any sum of money not exceeding one hundred pounds A separate license must be taken out in each, duly stamped according to the direc- respect of every town or place for this pur tions of the act, may re-issue the same from pose; but no person need take out more than time to time, after payment thereof, as often four licenses in all for any number of towns as he shall think fit, without being liable to or places in England. A banker after having pay any further duty in respect thereof. All obtained three distinct licenses for three towns promissory notes so re-issued are to be deemed or places, may have as many more as he as valid to all intents and purposes as they chooses included in a fourth license. The were upon the first issuing thereof.† No pro- license must set forth all the particulars almissory note for the payment to bearer on ready required by law to be specified in li demand, of any sum of money not exceeding censes taken out by persons issuing promis one hundred pounds, which shall have been sory notes which are payable on demand, and made and issued by any bankers or other allowed to be re-issued. If granted between persons in partnership, and for which the the tenth of October and the eleventh of Noproper stamp duty shall have been once paid, vember, it is to be dated on the eleventh of shall be deemed liable to any further duty, October; if granted at any other time, it is although the same shall have been re-issued to bear the true date. Every license, at as the note of some only of the persons who whatever period it may be granted, continues originally made and issued the same, or as the in force from the day of the date thereof until note of any one or more of the persons who originally made and issued the same, and any other person or persons in partnership with him jointly; nor although such note, if made payable at any other than the place where drawn, shall be re-issued with any alteration therein only of the house or place at which the same shall have been at first made payable. It is not lawful for a banker or any other person to issue any promissory note for the payment of money to bearer on demand, liable to any of the duties imposed by the act, with the date printed therein, under a penalty of fifty pounds for every promissory note so issued.§ the tenth of October then next following, II. LICENSES FOR THE ISSUE OF NOTES ON all his stamped promissory notes payable to UNSTAMPED PAPER. bearer on demand, which he might have lawfully issued and re-issued under his previous license. But where a license is taken out, s. 1. ts. 3. § s. 2. [9 Geo. IV. c. 23.] All persons carrying on the business of banking in England, (except within the city of London or within three + s. 4. miles thereof), who are duly licensed for that s. 5. The 16th section of the act provides, that, if any banker who has taken out a license for unstamped purpose, may issue, on unstamped paper, pro- paper, shall have in his possession stamps which shall missory notes for any sum of money amount-be rendered useless in consequence of his electing to ing to five pounds or upwards, expressed to be payable to bearer on demand, or to order at any period not exceeding seven days after + s. 15. § s. 18. * s. 28. † s. 14. issue unstamped paper, the commissioners shall cancel and allow such stamps, and repay the amount thereof in money, deducting one pound ten shillings per cent. provided proof be made on oath or affirmation, to their satisfaction, that such stamps have not been issued; and provided application be made for such allowance in the first instance, for the issue of unstamped | notes and bills of exchange issued or in cirnotes, the banker must adhere to that species culation during such half year, the sum of of paper so long as his license continues; and three shillings and sixpence for every one he cannot issue, for the first time, on stamped hundred pounds, of the said average amount paper during that period.* or value of such notes and bills in circulation, according to the true intent and meaning of the act.* Before any person can obtain a license for issuing on unstamped paper, he must give security by bond that he shall from time to time enter, or cause to be entered, in a book or books kept for that purpose, 1st, An account of all unstamped promissory notes and bills of exchange which he shall issue or draw, specifying the amount or value thereof respectively, and the several dates of the issuing thereof. 2d, A similar account of all such promissory notes as, having been issued, shall have been subsequently cancelled, and the dates of the cancelling thereof. 3d, And a similar account of all such bills of exchange as shall have been paid, and the dates of the payment thereof. 4th, Also that he shall from time to time, when thereunto requested, produce such accounts to, and permit them to be inspected by, the commissioners of stamps, or any officer of stamps appointed under their hands and seals for that purpose. 5th, That he shall deliver to the commissioners half yearly, that is to say, within fourteeen days after the first of January and the first of July in every year, a just and true account in writing, verified upon oath or affirmation, (which any justice of the peace is empowered by the act to administer), to the best of his knowledge and belief, and of his cashier, accountant, or chief clerk, or of such of them as the commissioners shall require, of the amount or value of all unstamped paper issued by him under the provisions of that or of any former act, in circulation, on a given day; that is to say, on Saturday in every week, for the space of half a year prior to the half-yearly day immediately preceding the delivery of such account, together with the average amount or value of such notes and bills so in circulation, according to such Every unstamped promissory note payable to bearer on demand, issued under the provisions of the act, is, for the purpose of payment of duty, deemed to be in circulation from the day of the issuing to the day of the cancelling thereof, both days inclusive; the period, however, being excepted during which such note shall be in the hands of the banker who first issued the same, or by whom the same shall be expressed to be payable; and every unstamped promissory note payable to order, and every unstamped bill of exchange so issued, is for the same purpose deemed to be in circulation from the day of the issuing to the day of the payment thereof, both days inclusive. But every promissory note payable to order, and bill of exchange which shall be paid in less than seven days from the issuing thereof, is to be included in the account of notes and bills in circulation on the Saturday next after the day of the issuing thereof, as if the same were then actually in circulation.† The commissioners, on granting a license, are authorised to require such of the persons to whom it is to be granted, as they shall think fit, to be the obligors in the bond, which is to be taken in the sum of one hundred pounds, or such larger sum as the commissioners may judge to be the probable amount of the composition or duties that will be payable during the period of one year. They are to fix the time for payment of the composition of duties, and to specify the same in the condition to the bond. They may also, at their discretion, require every such bond to be renewed as often as the same shall be forfeited, or the parties to the same, or any of them, shall die, become bankrupt, or insolvent, or reside beyond the seas. If any alteration, from whatever cause, be made in any copart6th, And, finally, that he shall pay, or nership of persons who are parties to such cause to be paid, to the receiver-general of bond, a fresh bond must be given by the new stamp duties in Great Britain, or to some or remaining firm; and the new bond is to other person duly authorised by the commis- be taken as a security for the duties previously sioners of stamps to receive the same, as a owing in respect of unstamped notes and bills composition for the duties which would other-issued before the change and then in circulawise have been payable for such promissory account. within six calendar months next after the passing the tion, as well as for those to become due with reference to notes and bills issued or to be issued by the persons composing the new or remaining copartnership. This rule does not |