The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1857-12-03

ment of the Bank OF England such Of Bank AZ
England together with the Bank OF England notes
then in circuIssa shall be equal 70 the aggregate
Of the securities coin and bullion transferred tAs
said issue depsutment OF the Rank OF England; snd
the whole amounS Of Bank of England notes then !.
circulation including those delivered 20 the banking de-
partmen of the Bank OF England as aforesaid shall DO
deemed to be issued the credit OF such securities
and bullion appropriated and set apart to the said issue
department. and from thenceforth IL shall not be iawfM
for Governor and Company TO increase the amounk
of securities for the time being the said issue depart
ment save hereinafter is mentoned but u Shall 10
lawful for the said Governor and Company to diminish the
of such securities and again 10 increase the same
to any exceeding in the whole the sum OF four
teen million pounds and from time TO time as they shan
from and after such transfer and appro
pration the said issue department. Aforesaid shan
not be lawful for the said Governor and Company TO issue
Bank Of England notes. either into the banking department
OF the OF England or TO any other persons pers
whatsoever exchange for other Bank Of England
purchased for the ..d sse under
the provisions Of this act in exchange for securities &C
CURED and taken in the said issue department under the
provisions herein contained provided always that shan
be lawful for the said Governor and Company in her
banking department to issue all such Bank OF England
notes they shall at time receive from the said issue
department otherwise in the in all re-
specs such issue would be lawful to any other person
s. And whereas is necessary to limit the amount II
silver bullion which shall be lawful for the issue de-
partment Of the Bank Of England to issue Bank Of England
the Bank of England to retain in the issue department.
of the said bank at one time an amount Of silver bull
at such time held by the Bank OF England in the issue do
partmeDt.
day of August thousand eight hundred and forty four
oil persons shall be entitled to demand from the issue dc
partment Of the Bank Of England Bank or England notes
seventeen shngs and nine pence per ounce OF standard
gold provided always that the said Governor and Com
pany shall in all be entitled require such gold bal
lion be melted and assayed by persons approved by tho
said Governor Company at the expense of the parties
s. Provided sways and be II enacted that il any
banker who, the sixth day of May one thousand eight
hundred and forty four issuing his bank notes
shall cease TO issue his own bank notes. shall be lawfH
for her Majesty in Council at time after the cessatna
of such issue upon the application of the said Govesn
and Company TO authorize and empower the said Cover
and Company to increase the amount Of securities in
the said issue department beyond the total vaus
Of fourteen million pounds and thereupon to issue add
tona Bank OF England notes amount not exceeding
such increased Of securities specified in such order
in council and from time to time provided always thak
such increased of securities specified such
order council shall in exceed the proportion a
twohrds the amount OF bank notes which the banker
ceasng issue may have been authorized to issue
der the provisions Of this act and every such order u
council shall be published in the next succeeding Loudos
Gazette.
And be it enacted that account OF the amount d
Bank of England notes issued by the issue department
OF tho Bank OF England, and OF gold coin and a
gold and silver bullion respectively and Of securities
the said issue department. and also an account OF the
pal stock and the deposits and Of the money and
rites belonging the said Governor and Company in the
banking department Of the Bank of England, on some day
in every week, 10 be fixed by the Commissioners a
ernor and Company weekly the said Commissioners N
the form prescribed the schedule hereuno annexed
marked A. and shall be published by the said Commits
soners in the succeeding London Gazette in which
the same may be conveniently inserted
And be 1t enacted, that from and after the said thirty
first day OF August thousand eight hundred aud forty
four the said Governor and Company OF the Bank OF Eng
land shall be released and discharged from the payment
of any stamp duty composition in respect OF stamp
duty upon respect of their promissory notes paya
BILE bearer dcmand and all such notes shall thence
forth be and continue free, and wholly exempt from all
liabi a stamp duty whatsoever
s. And be enacted that from and after the said thirty
first day OF August one thousand eight hundred and forty
four the payment deduction OF the annual Of
hundred and twenty thousand pounds made by the said
Governor and Company under the provisions Of the said
passed in the fourth year Of the reign OF his late Ma
jesty King William the Fourth out OF the sums payable 70
them for the charges of management OF the public unre
deemed debt shall and in lieu thereof the said
Governor and Company in consideration OF the privileges
OF exclusive banking and the exemption from stamp du
ties given TO them by this act shall during the connu
ance of such privileges and such exemption respectively,
but longer deduct and allow 70 the public from the
payable by law TO the said Governor and Com
pany for the charges Of management OF the public unre
deemed debt, the annual Of hundred and eighty
thousand pounds anything in any act or acts of Para
ment any agreement TO the contrary Notwithstanding
provided always that such deduction shall IN respect
prejudice affect the rights Of the said Governor ant
Company to be paid for the management of the public
dett al the rate and according the provided
passed the forty eighth year OF the reign OF h
late Majesty King George the Third nttued IAN Act 10
authorize the advancing for the public service uponcev
conditions, proportion OF the balance remaining In
the Bank OF England for the payment OF unclaimed dvi
the allowances to be made Tor the management OF the
tional debit
And be It enacted that in casc, under the provisions
hereinbefore contained the securities held in the said Vs.
department Of the Bank Of England shall any time
be increased beyond the total amount OF fourteen million
pounds then and in each and every year in which tho
shall happen and so long such increase shall
tnue, the said Governor and Company SHALL In addition IN
the said annual sum Of one hundred and eighty thousand
pounds make further payment allowance to the pub
lie equal In amount Ia the net profit derived in the said
issue department during current year from such add
securities. deductng the of the
penses occasoned by the additional issue during the
pcroJ which EXPENSES shall include the amount of apv
and every composition payment TO be mxde by the said
Governor and Company 10 any banker in consideration u
the disconnuance at any time hereafter OF the issue q
bank by such banker and such further payment
allowance TO the public by tho said Governor and Compa
ny shall, in every year while the public shall be entitled
receive the same be deducted from the amount by Law
payable to the said Governor aud Company for the charges
OF management Of the unredeemed public debt, In the
the said annual sum Of one hundred aid
eighty thousand pounds hereby directed 10 be deducted
therefr0m.
10 And be II enacted that from and after the passing
Of this act person. other than banker, who on the
sixth day q May, thousand eight hundred aud forty
four, was lawfully issuing his own bank notes, shall
make or issue bank notes IN any part OF the United King
IL And he Il enacted that from and after the passing
Of this act u shall not be lawful for any banker 70 draw,
accept make issue in England or Wales any bill OF
change promssory note, or engagement for the pay
ment Of money payable 70 bearer on demand or TO Dor
row. owe take mp, in England or Wales, any
of money the bills notes 81 such banker pays
bic to bearer demand and except that shall be
lawful any On inc tkln nay " way.
thousand eight hundred and forty four, carrying
the business Of n banker in England or Wales, and
then lawfully issuing In England Wales, his bank
notes under the authority of license 10 that effect to
continue issue such notes 10 the extent and under tho
conditions hereinafter mentioned but not further other
wise and the right Of company partnership 10
tnue issue such notes shall not be any pre-
JUDGED affected by any change which may hereafter
take place the personal composition OF such company
Partnership either by the transfer of any shares shro
therein by the admission Of any partner
Der thereto by the retirement " present partner
nj therpfroms prpytapd that shall
lie lawful for any company or partnership consisting
OF only six less than ak persons 10 issue bank notes NJ
any time after the number of partners therein shall cx
coed SIX in the whole.
H. And be enacted, that banker in any part Of
the United Kingdom who after he passing OF this act
shall be entitled 10 issue bank notes. shall become bank