the thirty-seventh year of the mons, in this present Parliament :“ reign of his said late Majesty," assembled, and by the authority "the said first recited Act, so far of the same; That the said Act "as the same relates to the making of the thirty-seventh year of void of Promissory Notes, drafts," the reign of his late Majesty, or undertakings in writing, pay-so far as the same suspends seventeenth - “able on demand to the bearer the said Act of thereof, for any sum less than" the sum of five pounds in the year of the reign of his late Majesty, shall be FURTHER “whole, and also to the restrain-CONTINUED UNTIL THE Aing the publishing or uttering and negotiating of any such Minotes, drafts, or undertakings "as aforesaid, was suspended “until the first day of May then Senext: And whereas the said Act of the thirty-seventh year of the es reign of his late Majesty hath FIFTH DAY OF JANUARY This Act was passed just before the close of the Session of Parliament before the fast, and just about three or four weeks before Castlereagh cut his throat. There was a great bustle and noise in the rookery of country fagmen, while this Act was hatching. The by several subsequent Acts been continued land his now in force ast until two years after the expiFration of the restriction upon "payments in cash by the Bunk Bank had began to pay in specie, Atrof Englund pand it is expedient on the first of May 182İ? 03 Your 54 that the same should be further famous Bill permitted it to begin - continued Be it therefore enact-paying in specie on the first of ced by the King's most excellent May 1822; but it was to pay in Majesty, by and with the advice bullion at the Mint price; that is " and consent of the Lords spi- to say, , at 81. 17s. 104d for an "ritual and temporal, and Com- ounce of gold; or, rather, to give an ounce of gold for that sum in | 1823. I thought it was a time its notes. The Bank chose, there- fixed, and was not aware that it fore, to be permitted to pay in was to be so long after the comsovereigns, seeing that people mencement of cash payments at began to come in for the gold bars. the Bank. The Act of 1816 was 1 passed in troublesome times, and An Act was passed, therefore, early in 1821, to enable the Bank I was soon afterwards in America; to begin paying in gold in 1821. so that I missed it; and I supThe restriction on cash pay-posed, of course, when I put ments by the Bank" ceased, there-forth my opinion as stated in the fore, on the 1st May 1821; so above motto, that the small note that, according to the Act of Par-issuing was to cease, seeing that it liament, which was as we have was tolerated merely on account · seen above, passed in the year 1816; according to that Act, all notes under five pounds were to be put an end to; there were to be no more of them, in two years after the Bank began to pay in course, to produce cash pay cash; in two years after the expi-ments, and not small note payration of the restriction upon payments. To pass an Act for the ments in cash by the Bank of issuing of small notes, was, to be England. sure, the oddest way in the world of resuming cash payments. It was the oddest way in the world of returning to our ancient our of the absence of gold, and seeing that your bill was a bill to bring us back to the "ancient standard of value." An Act for the resump tion of Cash Payments, meant, of No wonder, therefore, that the rookery of ragmen was all in a stir in the year 1822 I thought (for I had not then seen the Act of rency."¿uid utb, endi 1816), that the small notes were However, I mean not to avail to be permitted to be made until myself of my want of knowledge two years after the 1st of May of the provision of the law of 1816, We will take the whole as they possibly could after the thing just as it stood after your time arrived for their paying Bill was passed. And, how did in bullion at the Mint price. the thing stand? What was the state of the concern? How stood the law, in the autumn of 1819 It stood thus: your Bill was passed with a preamble, declaring that it was expedient to provide for the payment of the promissory notes of the Bank of England in the legal coin of the realm. It enacted, that there should be no shuffling nion. That opinion was founded However, they procured an alteration in the law; they obtained the liberty of paying in coin a year sooner than your Act permitted; and, therefore, on the Istof May 1823 the existence of all notes under five pounds was to cease. This was the state of the thing when I put forth the above opi upon the provisions contained in and cutting on the part of the Bank, after the first of May 1823. It enacted, that the Bank should the Act which will immortalize then pay in gold and silver. It took away all the law of legal tender after the 1st of May 1823. This was your Bill. Then there was the Small Note Law. But first, 2 two Acts of Parliament; namely, 1 your name, and the Small Note Act of 1816, being year 56 of Geo. III. chap. 21. With regard to the first of these Acts there has been no positive repeal, except in as far as relates to the 8th clause of it, which permitted the Bank to pay in gold on the 1st of May 1822; but, with respect to the. let me observe that your Bill permitted the Bank to begin paying in coin on the 1st of May 1822. It was manifest that they would pay in coin at that time; because small note law, it has been totally if they paid in bullion, they would set aside. No wonder there was lose a great deal by it. They such a cawing in the rookery of gain by the coining; and were the ragmen : no wonder they therefore to pay in coin as soon were all scampering up to Lon Van, like a parcel of little pigs not of your Bill by name; but of the parcele nozzling an old sow no wonder another law, the repealing of 1 te bom immed WHO OH org nobno.I - that little Van and the wise and which causes, in effect, a repeal enlightened Castlereagh that cut of a considerable part of the very zus bus kistrotzo, ¿siye ned 9ZTOW PIC his throat so soon afterwards no essence of your Bill. If a law 8 18 2978 ¥90001 wonder that they were in such a were passed by the Collective The 41 9101902wollstedt tud odv alsoar bustle about a Small Note Bill; for Wisdom of the nation for the if had suffered the Parlia- knocking down of Westminster 90 9760 of Tov69ba9 blog ment to separate last year without Bridge on the 1st of May next; | passing that Bill, there would not and if another law were passed have been a ragman in the king-by the Collective to command dom whose shop would not have people to pass, on f foot, in carbeen shut up in a month after-riages and on horseback, from wards. The law, as it then stood, Bridge- street, Westminster, di B50 and as it stood when I put forth my opinion, will put an end to the ragmen there could not have been on the 1st of May last one single small note in the kingdom. rectly to Lambeth Marsh Gate, after the 1st of May next, having these two laws before me, I assert, that it is impossible to carry the second law into effect. I as The small note law has establish- sert this in the most positive man| is to say, if ner, I keep saying that the Bill ed the 82 sanat it shall please the Lord to protect must be repealed. But, behold! อ them against puffs qut, and all other accidents; the small note Bill has established the ragmen for ten years longer that is to say, for many years after their rags and the whole of the System will be blown to the devil. before the 1st of May arrives, the Collective, Wisdom pass a law, ordering the Bridge to stand for another ten years! Aye, aye! The second law can now be carried into full effect; people can go right across to the Marsh Gate B but on foot, on horseback, and in car-distress on his goods and chattels. riages; but who except the in- By subsequent acts the three days famous "cailiffs," as Walter calls were extended to seven days; hshaog on : wor bio na guwon them, of the London press, who now this summary mode of pro1 & 29909 lay doide bus pain. dt bro uso but these "caitiffs, wretches, for- ceeding is swept away altogther, by sił to freq sidingbiznos & on rook may comp gers, worse than spies, extorters and any rag 6 11 In 2007 to 9092290g "of money, knaves, liars and you to bring your action at law, bollo di vd boasq 3794 rascals;" who but the fellows before he will give you gold for rows 7 rot, goitened to mob.j'W of which Walter speaks thus, his rags. agnes to web bons that here is another thing in would endeavour to make the reader's believe that my opinion the way of destroying the effect of had been falsified ions i bus your Bill. Here then is something Besides the repeal of the Small approaching as nearly as posNote Bill, besides the new persible to legal tender. The law does mission to issue the base rags, the not say so. The law does not say present Small Note Bill', or, rather, that the tender of notes shall be a the state of the law with regard to legal tender; but, by taking away By the small notes, is much more in the summary proceeding, it doe's favour of the rag-rookery than the in fact, take away the means of state of the law was, under the men in moderate circumstances former Small Note Bills. Accord- compelling" ragmen to pay for Ugo Vector ing to those Bills, Bills, people might their rags. The Bank of England issue small &ñotes; But, if they is protected in the same manner. were hot paid in gold and silver There is no tegat protection as în three Udy's after demand, any said before nothing express; justice of the peace might order nothing positive: but, like all the payment with costs; and on neg- rest of the System, a sly, underlect to pay, on the "part of the mining, base, malignant, destruc note issuer, such filistice might tive influence is every where set order the amount to be levied by to work. |