The enquirer. [volume] (Richmond, Va.) 1804-1815, 1811-07-12


ed into a. Suineas aud one half guinea, or
mo osher COINS III that proportion.
That BY proclamation of the 9TH year
of the reign of King George the First. i'll
was ordered and directed, that guineas and
the several other gold coins therein named
should be current at the rates and values
then set upon them, viz. the guinea at the
rate OF 81 shillngs, and other gold coins
in the same proportion thereby establish
ing. that the gold and silver coins of the
realm should be a legal tender in all mo.
ney payments, and standard measure for
ascertaining the value of'all contracts for
the payment OF money, in the relative pro-
portion of IS 1859 12640ths pounds weight
OF sterling silver to one pound of sterling
gold.
: S. That by statute Of the 18th year of
the reign ofhis present majesty. subsequent,
| ly revived and made perpetual by sta.
tute OF the 39th year of his reign, it is en-
acted, That no tender in payment of mo-
ney made in the silver coin of this realm,
OF any sum exceeding the sum of 25l. at a
ny time, shall be reputed in law, or allow
ed to be legal tender, within Great Britain
or ireland, for more than according to its
value by weight after the rate of 5s Sd. for
/ each ounce of silver
8. That by proclamation of the 10Th.
year OF the reign of his majesty, confirmed
by several subsequent Proclamations, it
was ordered and directed, that if the weight
OF any guinea shall be less than S dwts
8 grs such guinea snail cease to. be ie-
gal tender tor the payment Of any money
within Great Britain or Ireland, and so in
the same proportion for any other gold
lcoin.
2. That under these laws (Which consti-
tute the established policy of this realm, in
regard to money! no contract or underta
king tor the, payment of money, Stipulated
to be paid in pounds sterling, or In good and
lawful money Of Great Britain. can be ie.
! galIy. satisfied and discharged in gold coin.
unless the coin tende, ed shall weigh in the
proportion of 20-21 parts Of S dwts. grs
OF standard gold for each pound sterling,
specified In the said contract: nor in silver,
coin. for sum exceeding %. unless such
coin shall weigh in the proportion of 90
o. OF pound troy of standard silver for
each pound sterling, specified in the con-
tract.
8. That the profnissory notes of the Bank
OF England are stipulations to paw. ON de-
jmand, the sum in pounds sterling, respect
lively specified in each OF the said notes.
3. That when it was enacted by the autho-
lrity OF Parliament, that the payment of the
lPromlssory notes of the bank of England in
cash should for a time be suspended. it was
not the intention ofParliament that any alter
alton whatsoever should take place in the
value OF such promissory notes.
10. That it appears. that the actual va.
lue OF the Promissory notes of the bank of
England measuring such value by weight
OF standard gold and silver as aforesaid. \
has been for considerable period of time.
and still IS. considerably less than what is
Established by the laws of the realm to he
the lesal-tender in payment of any money
|contract or stipulation.
H. That the tall which has thus taken
place, in the value of the promissory notes
OF the bank of England, and in that of the
country bank paper, which is exchanged
oie Tor IL, has been occasioned by too absn-
dant issue of paper currency, both by the
bank OF England and by the country banks |.
and that this excess has originated from the
want OF that check and control on the is
sues OF the bank of England, which existed
before the suspension Of cash payments.
IL. That it appears that the exchanges
with foreign parts have, for considerable
period OF time. been unfavorable to this
country in an extraordinary degree.
Is. mat although the adverse circun
stances OF our trade, together with the large
amount 4 our military expenditure abroad
may have contributed to render onr ex
changes with the continent of Europe un-
iavorables yet the extraordinary degree
In which the exchanges have been denres.
sed for SO long period, has been, in great
measure, occasioned by the depreciation
which has taken place in the relative va.
lue OF the currency Of this country as com
pared with the money of foreign coun-
tries.
Il That during the continuance of the
suspension of cash payments, it is the duty
OF the directors of the bank of England to
advert to the state of the Foreign exchan-
ges. as we'll as to the price of bullion, with
view to regulate the amount of their is
sues
Is. That the only certain and adequate
security. to be provided against an excess
ofpaper currency, and for maintaining the
relative value of the circulating medium of
he realm, is The legal coyertibihty. uhon
demand, Of all hafer currency info iagyfuk
| coin Of fhe realm.
l6. That in order to revert gradually TO
! this security, and to enforce, meanwhile,
due Limitation Of the paper of the bank of
England, as well as of all the other bank
paper of the country, it is expedient to a..
mend t,rr act, wniCn suspends the cash paw
ments of The bank, by altering the time,
I'LL which, the suspension shall continue.
from six months after the ratification of
dehnitive treaty ofpeace, to that OF years
from the present time.
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