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pose itself to any measures tend- exclusive privilege as to the numing to ameliorate it, but would be ber of partners engaged in banking glad to promote that object, either at a certain distance from the meby fresh exertions on their part, tropolis ? should such be found practicable,
The first lord of the Treasury or by any reasonable sacrifice. and the chancellor of the Exche.
Under the uncertainty in which quer are satisfied that the profits the court of Directors find theme of the Bank would in no degree selves with respect to the details be affected by their consenting to of the plans of government, and such a proposal. the effect which they may have on Convinced of this, and that its the interests of the Bank, this adoption by the Bank is as imcourt cannot feel themselves justi- portant to their own security as to fied in recommending to their pro- that of the public, it does not apprietors to give up the privilege pear that the Bank can be equitably which they now enjoy, sanctioned entitled to claim any compensation and confirmed as it is by the so- for the surrender of this privilege lemn acts of the legislature. of their charter.
No. III. The first lord of the Against any proposition for such Treasury and the chancellor of the compensation the first lord of the Exchequer have duly considered Treasury and chancellor of the the answer of the Bank of the 20th Exchequer formally protest ; but instant.
if the Bank should be of opinion They cannot but regret that the that this concession should be accourt of Directors should have de companied with other conditions, clined to recommend to the court and that it ought not to be made of Proprietors the consideration without them, it is for the Bank to of the paper delivered by the first bring forward such conditions. lord of the Treasury and the chan- Fife-house, Jan. 23. cellor of the Exchequer to the go
No. IV.-At a Court of Direcvernor and deputy governor of the
tors at the Bank, January 26; Bank on the 13th instant. The statement contained in that court the following minute of the
The governor laid before the paper appears to the first lord of
committee of Treasury, viz.-the Treasury and chancellor of the Exchequer so full and explicit on Committee of Treasury, Jan. 25. all the points to which it relates, The Committee of Treasury that they have nothing further to having taken into consideration add, although they would have the paper received from the first been, as they still are, ready to lord of the Treasury and the chananswer, as far as possible, any spe- cellor of the Exehequer, dated cific questions which might be put, January 23, 1826, and finding that for the purpose of “removing the his majesty's ministers persevere uncertainty in which the court of in their desire to propose to reDirectors state themselves to be strict immediately the exclusive with respect to the details of the privilege of the Bank, as to the plan suggested in that paper." number of partners engaged in
After all, the simple question banking, to a certain distance from for the Bank to consider is, whether the metropolis, and also continue they are willing to relinquish their to be of opinion, that parliament
would not consent to renew the row, owe, or take up, in England, privilege at the expiration of the or in Dublin, or within fifty miles period of their present charter; thereof, any sum or sums of money, finding, also, that the proposal by or any promissory note, or bill of any the Bank, of establishing branch such society or copartnership, paybanks, is deemed by his majesty's able on demand, or at any less time ministers inadequate to the wants than six months from the borrowof the country, are of opinion, that ing thereof, or to make or issue it would be desirable for this cor- any bill or bills of exchange, or poration to propose, as a basis, the promissory note or notes of such act of the 6th Geo. 4th c. 42, society or copartnership, contrary which states the conditions on
provisions of the said recited which the Bank of Ireland relin- acts of the 21st and 22nd years of quished its exclusive privilege; this king George the 3rd, or of the 1st corporation waving the question and 2nd of his present majesty, of a prolongation of time, although save as provided by this act in that the committee cannot agree in the behalf. opinion of the first lord of the “And be it further enacted, that Treasury and the chancellor of execution upon any judgment in the Exchequer, that they are not any action obtained against any making a considerable sacrifice, ad- public officer, for the time being, verting especially to the Bank of of any such society or copartnerIreland remaining in possession of ship, whether as plaintiff or dethat privilege five years longer fendant, may be issued against any than the Bank of England. member or members, for the time
The act above alluded to con- being, of such society or co-parttains the following clauses, sections nership, and that in case any such 4 and 18. [See the annexed execution against any member or paper, marked A.]
members, for the time being, of (A)-"Provided always, and be such society or co-partnership, it further enacted, that nothing in shall be ineffectual for obtaining this act contained shall extend, or payment and satisfaction of the be construed to extend, to enable amount of such judgment, it shall or authorize any such society or be lawful for the party or para copartnership, either by any mem- ties so having obtained judgment ber or members thereof, or by their against such public officer for the agent, or any other person on be- time being, to issue execution half of such society or copartner- against any person or persons who ship, to pay, issue, or re-issue, at was or were a member or members Dublin, or within 50 miles there- of such society or co-partnership, at of, any bill or note of such society the time when the contract or conor copartnership, which shall be tracts, or engagement or engagepayable to bearer on demand, or ments, on which such judgment any Bank post-bill, nor to draw may have been obtained, was or upon any partner or agent who were entered into. Provided almay be resident in Dublin, or ways, that no such execution as within fifty miles thereof, any bill last mentioned shall be issued of exchange which shall be payable without leave first granted on moon demand, or which shall be for tion in open court, by the court in less amount than 501., nor to bor- which such judgment shall have been obtained, and which motion The first lord of the Treasury shall be made on notice to the per- and the chancellor of the Excheson or persons sought to be charged; quer cannot conclude without adnor after the expiration of three verting to that part of the paper years next after any such person or of the Bank which respects branches persons shall have ceased to be a of the Bank of England. In member or members of such society their paper of the 13th of January, or co-partnership."
the first lord of the Treasury and Resolved, -That the foregoing the chancellor of the Exchequer recommendation of the committee have stated the reasons why they of Treasury be agreed to ; and that are of opinion that, under all the the
governor and deputy governor present circumstances, the estabbe requested to lay it before the lishment of branches of the Bank first lord of the Treasury and the of England would not of itself be chancellor of the Exchequer. sufficient to meet all the exigen
No. V.-The first lord of the cies of the country ; but they are Treasury and the chancellor of the so far from wishing to discourage Exchequer have taken into con- the establishment of such branches, sideration the paper delivered to that they are decidedly of opinion, them by the governor and deputy that the formation of them, under governor of the Bank, on the 27th proper regulations, would be highly instant.
advantageous both to the Bank They think it right to lose no and to the community. time in expressing their concur- Fife-house, Jan. 28th. rence in the proposition which has been sanctioned by the court of
No. VI.-At a general Court of Directors , as to the exclusive pri- Bank of England, Friday, Fem
the Governor and Company of the vilege of the Bank of England, and are willing to agree that the bruary 3rd : two clauses inserted in the Irish Resolved --That this Court do act last year, and referred to in the consent to the terms proposed to paper communicated by the gover- the Bank, in the papers now read, nor and deputy governor on the and do request the court of Direc27th instant, shall be inserted in tors to carry the arrangement into the bill, which will be necessary to effect. give effect to the new arrangement.
REPORT from the SELECT COMMITTEE of the House of COMMONS,
on PROMISSORY Notes in SCOTLAND and IRELAND.
As it appears to your committee The first notice of banking in to be advisable to consider the state Scotland, which occurs in the Staof circulation in Scotland, sepa- tute-book, is an act of king Wilrately from that in Ireland, they liam the 3rd, passed in the year will, in the first instance, report 1695, under which the bank of the result of the inquiries which Scotland was established. By this they have made with reference to act an exclusive privilege of bankthe case of Scotland.
ing was conferred upon that bank ;
it being provided, “ that, for the and prohibits the issue of any properiod of twenty one years from missory note of a sum less than the 17th July, 1695, it should not 205. be lawful for any other persons to
With respect to the issue of proset up a distinct company or bank missory notes in England, an act within the kingdom of Scotland, was passed in 1775, prohibiting besides those persons in whose fa- the issue of any such note under your this act is granted.” No re- the sum of 20s.; and, in the year newal of the exclusive privilege 1777, restraints were imposed by took place after the expiration of law on the issue of notes between the twenty-one years.
the sum of 20s. and five pounds, The bank of Scotland first issued which were equivalent to the
pronotes of 20s. in the year 1704; hibition of such notes circulating but the amount of notes in circu- as specie. lation previously to the Union was In the year 1797, when the revery limited.
striction as to payments in cash The bank of Scotland continued was imposed upon the Bank of the only bank from the date of its England, the provisions of the act establishment in 1695 to the year of 1777, with regard to the issue 1727. In that year a charter of of notes between 20s. and 5l.,
were incorporation was granted to cer- suspended. By an act passed in tain individuals named therein, for the third year of his present macarrying on the business of bank- jesty, the suspension was continued ing under the name of the royal until the 5th of January, 1833, bank; and subsequent charters but now stands limited by an act were granted to this establishment, of the present session to the 5th enlarging its capital which now April, 1829. amounts to one million and a half. The general result of the laws
An act, passed in the year 1765, regulating the paper currency in is the first and most important act the two countries respectively is of the legislature, which regulates this: the issue of promissory notes in That, in Scotland, the issue of Scotland.
promissory notes, payable to the It appears from its preamble, bearer on demand, for a sum of that a practice had prevailed in not less than 20s., has been at all Scotland of issuing notes which times permitted by law; nor has circulated as specie, and which any act been passed, limiting the were made payable to the bearer period for which such issue shall on demand, or payable at the op- continue legal in that country. In tion of the issuer at the end of six England, the issue of promissory months, with a sum equal to the notes for a less sum than 5l. was legal interest from the demand to prohibited by law, from the year that time.
1772 to the period of the Bank The act of 1765 prohibits the restriction in 1797. It has been issue of notes, in which such an permitted since 1797, and the peroption as that before mentioned mission will cease, as the law at is reserved to the issuer. It re- present stands, in April, 1829. quires that all notes of the nature Your committee will proceed to of a bank note, and circulating like give a general view, deduced from specie, should be paid on demand; the examination of witnesses, and Vol. LXVIII,
from the documents called for by purchase of an estate in that the committee of the laws which country is secure until the seisine regulate the business of banking (that is, the instrument certifying in Scotland, and of the mode in that actual delivery has been which it is at present conducted. given) is put on record, nor is any
The general provisions of the mortgage effectual until the deed law of Scotland bearing upon this is in like manner recorded. subject are calculated to promote In the case of conflicting pecuthe solidity of banking establish- niary claims upon real property, ments, by affording to the creditor the preference is not regulated by great facilities for ascertaining the the date of the transaction, but by pecuniary circumstances of indivi- the date of its record. These dual partners, and by making the records are accessible to all
persons, private fortunes of those partners and thus the public can, with ease, available for the discharge of the ascertain the effective obligations of the Bank with which which a banking company possesses they are connected.
of discharging its obligations; and There is no limitation upon the the partners in that company are number of partners of which a enabled to determine, with tolerabanking company in Scotland may ble accuracy, the degree of risk consist, and, excepting in the case and responsibility to which the of the Bank of Scotland and the private property of each is exposed. two chartered Banks, which have There are other provisions of very considerable capitals, the the law of Scotland which it is not partners of all Banking Companies necessary minutely to detail, the are bound jointly and severally, so general tendency of which is the that each partner is liable, to the same with those above mentioned. whole extent of his fortune, for There are at present thirty-two the whole debts of the company. banks in Scotland, three of which A creditor in Scotland is empow- are incorporated by Act of Parliaered to attach the real and heri- ment, or by royal charter, viz. table, as well as the personal The Bank of Scotland, the estate, of his debtor, for payment Royal Bank of Scotland, and the of personal debts, among which bank called the British Linen may be classed debts due by bills Company. The National Bank of and promissory notes, and recourse Scotland has 1,238 partners. The may be had, for the procuring pay- Commercial Bank of Scotland has ment, to each description of pro- 521. The Aberdeen Town and perty at the same time.
County Bank has 446. Of the Execution is not confined to the remaining banks there are three in real property of a debtor merely which the number of partners exduring his life, but proceeds with ceeds 100; six in which the numequal effect upon that property ber is between 20 and 100; and after his decease.
seventeen in which the number The law relating to the esta« falls short of 20. blishment of records gives ready The greater part of the Scotch means of procuring information Banks have branches in connection with respect to the real and heri- with the principal establishment, table estate of which any person each branch managed by an agent in Scotland may be possessed. No acting under the immediate direc