English Economic History: Select Documents

by Unknown

4. That this meeting cannot separate without expressing its deep sympathy with the present privations of that great and valuable class of their countrymen who earn their daily bread by the sweat of their brow; many of whom are now suffering from hunger in the midst of boundless fields of employment, rendered unproductive solely by those unjust laws which prevent the exchange of the products of their industry for the food of other countries. So long as a plentiful supply of the first necessaries of life is denied by acts of the British legislation to the great body of the nation, so long will the government and the country be justly exposed to all the evils resulting from the discontent of the people. With a view to avert so great a danger by an act of universal justice, this meeting pledges itself to a united, energetic, and persevering effort for the total and immediate repeal of all laws affecting the free importation of grain.[397]

[397] The Anti-Corn-Law League was created on the recommendation of a delegate meeting, March 20 following.

18. The Bank Charter Act [Statutes 7 and 8 Victoria 32], 1844.

An Act to regulate the Issue of Bank Notes, and for giving to the Governor and Company of the Bank of England certain Privileges for a limited Period.

Be it enacted that from and after the thirty-first day of August, one thousand eight hundred and forty-four, the issue of Promissory Notes of the Governor and Company of the Bank of England, payable on demand, shall be separated and thenceforth kept wholly distinct from the general Banking business of the said Governor and Company; and the business of and relating to such issue shall be thenceforth conducted and carried on by the said Governor and Company in a separate department, to be called "The Issue Department of the Bank of England," subject to the rules and regulations hereinafter contained; and it shall be lawful for the Court of Directors of the said Governor and Company, if they shall think fit, to appoint a committee or committees of directors for the conduct and management of such Issue Department of the Bank of England, and from time to time remove the members, and define, alter, and regulate the constitution and powers of such committee, as they shall think fit, subject to any bye-laws, rules or regulations which may be made for that purpose: provided nevertheless, that the said Issue Department shall always be kept separate and distinct from the Banking Department of the said Governor and Company.

II. And be it enacted, that upon the thirty-first day of August, one thousand eight hundred and forty-four, there shall be transferred, appropriated, and set apart by the said Governor and Company to the Issue Department of the Bank of England securities to the value of fourteen million pounds, whereof the debt due by the public to the said Governor and Company shall be and be deemed a part; and there shall also at the same time be transferred, appropriated, and set apart by the said Governor and Company to the said Issue Department so much of the gold coin and gold and silver bullion then held by the Bank of England as shall not be required by the Banking Department thereof; and thereupon there shall be delivered out of the said Issue Department into the said Banking Department of the Bank of England such an amount of Bank of England notes as, together with the Bank of England notes then in circulation, shall be equal to the aggregate amount of the securities, coin and bullion so transferred to the said Issue Department of the Bank of England; and the whole amount of Bank of England notes then in circulation, including those delivered to the Banking Department of the Bank of England as aforesaid, shall be deemed to be issued on the credit of such securities, coin, and bullion so appropriated and set apart to the said Issue Department; and from thenceforth it shall not be lawful for the said Governor and Company to increase the amount of securities for the time being in the said Issue Department, save as hereinafter is mentioned, but it shall be lawful for the said Governor and Company to diminish the amount of such securities, and again to increase the same to any sum not exceeding in the whole the sum of fourteen million pounds, and so from time to time as they shall see occasion; and from and after such transfer and appropriation to the said Issue Department as aforesaid it shall not be lawful for the said Governor and Company to issue Bank of England notes, either into the Banking Department of the Bank of England, or to any persons or person whatsoever, save in exchange for other Bank of England notes, or for gold coin or for gold or silver bullion received or purchased for the said Issue Department under the provisions of this Act, or in exchange for securities acquired and taken in the said Issue Department under the provisions herein contained: provided always, that it shall be lawful for the said Governor and Company in their Banking Department to issue all such Bank of England notes as they shall at any time receive from the said Issue Department or otherwise, in the same manner in all respects as such issue would be lawful to any other person or persons.

IV. And be it enacted, that from and after the thirty-first day of August, one thousand eight hundred and forty-four, all persons shall be entitled to demand from the Issue Department of the Bank of England, Bank of England notes in exchange for gold bullion, at the rate of three pounds, seventeen shillings and ninepence per ounce of standard gold. Provided always, that the said Governor and Company shall in all cases be entitled to require such gold bullion to be melted and assayed by persons approved by the said Governor and Company at the expense of the parties tendering such gold bullion.

V. Provided always, and be it enacted, that if any banker who on the sixth day of May one thousand eight hundred and forty-four was issuing his own bank notes, shall cease to issue his own bank notes, it shall be lawful for Her Majesty in Council at any time after the cessation of such issue, upon the application of the said Governor and Company, to authorize and empower the said Governor and Company to increase the amount of securities in the said Issue Department beyond the total sum or value of fourteen million pounds, and thereupon to issue additional Bank of England notes to an amount not exceeding such increased amount of securities specified in such Order in Council, and so from time to time: provided always that such increased amount of securities specified in such Order in Council shall in no case exceed the proportion of two thirds the amount of bank notes which the banker so ceasing to issue may have been authorized to issue under the provisions of this Act; and every such order in Council shall be published in the next succeeding London Gazette.

XII. And be it enacted, that if any banker in any part of the United Kingdom who after the passing of this act shall be entitled to issue bank notes shall become bankrupt, or shall cease to carry on the business of a banker, or shall discontinue the issue of bank notes, either by agreement with the Governor and Company of the Bank of England or otherwise, it shall not be lawful for such Banker at any time thereafter to issue any such notes.

XIV. Provided always, and be it enacted, That if it shall be made to appear to the Commissioners of stamps and taxes that any two or more banks have, by written contract or agreement (which contract or agreement shall be produced to the said Commissioners), become united within the twelve weeks next preceding such twenty-seventh day of April as aforesaid, it shall be lawful for the said Commissioners to ascertain the average amount of the notes of each such bank in the manner hereinbefore directed, and to certify the average amount of the notes of the two or more banks so united as the amount which the united Bank shall thereafter be authorized to issue, subject to the regulations of this Act.