The Statesman.
London, England, 1810-11-17 00:00:00

• Wen yea have read the Title and. PreisObis Of.
fhb Act, you will accompany me in a brief sketch
of its provisioos, which you will find not only cu.
rious and interesting u an object of public atten.
Mien, but also to each of you as individuals,
woo will hence learn,, how far you are compelled
ti receive payment in Batik notes, and in wbst,
way your previous convects have been affected by.
this Act.
• The Preamble of the Act having repeated what
was contained in the Order of Council, and having
declared, that to confirm and continue the refusal
to pay in Gold and Silver, though such refusal was
not warranted by law ; having acknowledged the
illegality of the things done, and declared the neces.
sity of continuing to do them ; hiving made this
beginning, , the Act next proceeds SECTION 1. to
indemnify the Bank Directors and all other persons
tor having done these illegal things ; that is to say,
to protect all such persons against iny'appeal to
the laze that any suffering party might be inclined
to wake. So thst,whatever loss, or hinderance, or in-
jury any man might have suffered from the non.pay.
runt of- the promissory notes of the Bank Coin-
_puny, 4uch sufferer was, by this Act, at once de.
prived of all legal means of obtaining redress. The
stet autoprosides, in Sscrion 11. that the Bank
Avoid be liable to no prosecution for OM
*sent of any of their notes, that the' 'might lie
*tilling to exchange for other notes; and, that In
case the Bank were sued by any one for the non-
qsaylueet of their notes, they might apply to the
rcourt to stop proceedings in such actions, who
might stop them accordingly, and wlthoist Costs to
-the Plaintiff in any action brought aping the Bauk
fur nen.payment of its notes staled; 'the Court
eisould think the action necessary. SEM *llle Per.
ail, the Bank to Issue cash in payment of any sum
loader twenty shillings, or where less than twenty
, should be a fractional part of a sum to
be paid by the Bank. Thii 'was .a very gracious
permission ! The same Seddon allows them to is.
sue cash fur the service of tbnirmy, the Navy, or
'the Ordnance, in putNuattai of an Order of the.
Privy Council. Seems 4V. specifies, that the
-Bank, during the rostrietioo or stoppage, shall not
advance to the government any cash or" notes ex.
ceediug in Amount 600,0001. 'Semen V. Permits
-the Bank to repay cash to those persons that may
choose to lodge cash in the Bank. But the Section per-
mits the. Bank to repay in cash only three-fourths of,
the amount of what shall be so lodged with them.
Sacrioss VI. and VII. Permit the Bank toad.
vanes ic25,0001. to the &inters of ',nation an 4
Scotland. SECTION VIII. Treats of payments be.
• tweets private individuals, and it provid6, that
payments which have been Made, or which shall be,
made during the continuance of this Act, its Bank
of England notes, shall be deemed payments in cast);
If accepted as such. Sic. IX. Contains the great al-
teration made in theta* between debtor and creditor.
We have seen, that, by the Id Section, the Bank
notes were made to be quite equal)* cash in the
case of all demands, made upon the Bank for pay.
meat of its notes, which, therefore, made the notes
of the Bank, as far as, related to debts due from the,
. &Mks GR account of its opts!, a LEGAL TENDER,
which words mean, such money or currency the
4w regards as good in the payment of debts. Gui-
ses% for instance, .are a EEG AL TENDER, because,
thateader or offering of them iu payment is suffi.
edeot to prevent any action or proceeding at law
rattling entertained against the person,' who may have
Lateral them in payment, in quantity equal to the
amount of Ave debt. But,• Bank notes were not
made a legal tendert and they are not now a legal
idsoder, between private' individuals. If a man
owe me money, I can still demand coin in payment;
and the only difference is, that I cannot, if my
debtor tender me the amount of the debt in Bank
ad Englaud notes, cause him to be arrested and
.hold to special buil, 'as I might have done, if this
Act had not been passed. This part of the Act every
waashould read, and, therefore, I have put the 9th
Section its a nobs,. SECTION XPrOVidell the

Allem of id-founded or exaggerabil tains in different parts
of the muldiit appeared, stye who saw measure WO ON- •
asediately taken. there might be reason to apprehend a want of
' saffielent supply of cnsb to answer the exigencies of the public
service; it was declared to he the unanimous opinion of the
Board, that -it was iodispeosiday insceoter.i for the public ser-
vice, tnat the Directors of the Bank of England should firbear
issuing any cash in payment until the sense of Parliament coald
be taken on that sob.ject, and the ,proper..goemotres adopted
tbereupos for osaintamlne-, the means of circulation and sup-
potting the public and commercial credit of the kingdom at
this importhat conjunclare ; and it-was ordered, that a coliy of
the said Minute should be sramouitteil to the Directors of the
Bank of England, and. they were thereby required, on the
grounds of the exixeney of the ease, to conform- thereto until
;the seine of Parliament coitd be taken as aforesaid And
whereas, in pursuance of the %liaete, the said Governor and
Company of the Bank of I•'.ogland, have, since the aria! 26th
day of k ebruary, 1797, forborne to Issue cash in payments, esi-
eept for purposes for which, the ieine of cash was deemed ono,
width& it is necesiary that the Restriction In the said Minute,
although net warranted by Lee, should he confirmed, and
should be continued for a Welted time, by 'the authority of Par-
, liaised: Be it, therefore, eimpedt Ste. &c.
- - - - - - - - _ • .

• Suction he it further enacted by the authority
aforesaid, That during the eontinpance of the restriction on
payments by the mid Govertior and Coompauy in crib, imposed
by this acts tso persoo Shall be held to special bail upon any pro.
ems listong out or ant timely uoteseiimoilidatit which shall he,
Mode for that purpose aecordiag to the provisions hi the
the twelfth year of the reign of his late Majesty King George
the First, for ravening frivolous and vexations arrests, shall
potonly contain the several matter. required by the said Act,
but also that no offer has bceu made to pay the stun of money
kitsch affidavit mentioned, and therein sworn to, tiff the pur-
pose of boldior any person to special bail, in notes of the said
Utiveroorand.Gompany, expressed to be •pdyalge on demand
(fractional parts of the sum of twenty shillings only excepted);
and. if any process shall be issued against any person upon
Which such person might have been held to special' tmil before
' the passing of this Act, and no affidavit shall bo.sondens afore-
said, that no such offer of payment ho notes of the Governor
and Company had been made as -aforesaid, such, person shall
noa be arrested on such process, but proceedings sioall he had
against Sock porticos in the same manner as if to affidavit had
.kstif made for the purpose of holding such person to special
boil under the proshiotts of the said Act of ins said late Ata.
*My King George the First; and all provisions in such Act,
:oe in any other Act of Parliament, for preventing frivolous mid
Ilexatious arrests, shall be applied to the provisions in this Act
'emstaboed, to far as the same arc capable of being so applied;
ye. idoOnl ways, that if affidavit shalt he made upon which
^any persou or persons might have been held to special bail up-
",any such process as uturesaid, before the passing of this act,
mut it shall be likewise iworn in such affidavit, that suck offer
at payment has been made as aforesaid, so that the period or
persons who might have been arrested and held to spe-
aks' bail upon suqh proem, if this Act had not bens
'shade, Moot, by realms of such barer, and of the prey!.
'ikons in this act entrained, be so pl ret•ted mid held to ;pr.
,efts hail, it shall he lan tul for the court out of which suck
process shall issue, tor fur any judge of such court, in a item
soars ways to strike the defendant pr defendants in the actirfal
in* Inch sych process sha issue, stud who might bast so held-to
wrial bait as aforesaid if this Act had not been made, lot
time notes of the said -Governor and Company, expressed to
be payable oulemaud to 411stirolust of the suswor money fun
t : -• a 4.*

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