The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1857-12-22

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THE MONEY QUESTION IN rARLrAuEST-THE BANK
OF ENGLAND INDEMNITY BILL-THE cuAscHLLoR
VA he House "a Commons on the 4th Of December, on
motion OF the Chancellor Of the Exchequcr the House
solved itself into Committee 10 consider the Bank char
ter act (7th and sth Victoria, cap 32)
Mr. irrsRoy In the chair.
The following a copy % the bito indemnify the Go
and Company Of the Bank Of England respea oa
certain issues of their notes. and confirm guch ssues
and 20 authorize further issues for sme be limited
Whereas by the act Of the session holden in tho 7tn
sth years q her Majesty chapter to regulate tho
issue o bank notes and for giving the ,overnor ami
Company Of the Bank Of England certain privileges
limited period, the Governor an Company Of BANG
Of England prohibited from issuing Bank of England
notes eher into the banking department Bank Of
gsnd or TO any persons or person whatever, save
IN exchange for other Bank Of England notes or COR gon
for gold silver bullion received or
Tor the issue department Of the said bank under the proy
sons q that act or ~ exchange for securities acquired
and taken IN the said issue department under the proy
Sons therein contained and whereas under the sad act
and an order IN council issued under the provisions there
of the amount Of securities 10 be acquired and taken n the
said esue department. stands lmsed not 10 exceed the
sum of GAGS 600; and whereas by ctrr dated tho
lh day Of November last the First Lord o. Treasury
and the Chancellor OF the Excheqaer informed the Govern
" and eputy Governor OF the Bank u England that her
Majcstys government had observed with great concern
the serious consequences which had ensued from the
cent failure Of certain joint tanks England and
ScOtand well OF certain large mercantile hrms chiefly
connected with the American that the dscredn and
dstrust which had resulted from these events, and tho
w,hlrawal i,I. o. large amount q tne PAPER CIR
appeared 10 Her Majesiys government to render
IL necessary for them To MORN the Bank of
England that they should be uuabe the present emer
genty 10 meet the dsmands Tor discounts and advances
upon approved securities without exceeding the limits OF
their crcuat prescribed by the act Of s govern
ment would b. prepared 70 propose Parliament upon It's
meetings Bll q Indemnity for any excess ssued and
tbst n order TO prevent that temporary relaxation OF inc
ia being extended beyond the actual necessities az tb
octason, her Macstys government Of opinion that
The hank terms Of discount should not be reduced below
their then present rate and whereas the Governos and
Company ~ the Bank Of England have the sad 2,b
tay'of November, 1851 issued Bank Of England notes in
exchange for securities acquired aud In the said
issue department beyond the limited by law and
il s exredcnt that the acts Of the said Governor and
Company in relation TO the matters aforesaid should be
confirmed and that the restriction the amount O the
securities 70 b. acquired and taken the said sue de-
rarmcnt should be suspended for l.mts time: be IA
therefore enscted by the Queens most excellent majesty
by and with the advice and Of the lords sortua
and temporal and commons in this present Parliament
assembled anil by The authority of the same, ~ follows
l. Ah such issues Of Rank ol England notes a. may
have been made by the said Governor aud Company cr
BY their crder cr direction, the l2th Jay q Noyem.