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no doubt, of the “ caitiffs,who, pay its notes, if called upon. He in that town, carry on the farce of said, if the people begin to disa purity of election," and who trust the Bank, they will run for are constantly employed in endea- gold; and, if they do this, away vours to get at a share of the goes the bubble; away goes Bank pickings out of the public granary. and away go boronghmongers." But, hang the "rascals : " let us The distrust arose the next year; leave them, and come to our sub- the run for gold took place;

the jeet; namely, the proof, that your Bank could not pay; but, the Bill has not been carried into bubble remained; the Bank and full effect.";

the boroughmongers did not go. I may observe, that, if the Bill Yet, was this opinion of Mr. Paine had gone into full effect, we must falsified? Oh, no! For, who was have waited to see the conse to expect, that a Ministry would quences; i before, we pronounced have been found to propose, a the opinion to have been falsified; Parliament to sanction, and a for, what was clearly the meaning people to endure “Bank-restricof my words? Why, that it was tion?” Therefore, even if impossible to carry the Bill into Bill had been carried into full full effect without producing effects effect, we must have looked to

le that no one could think consequences, before we proof them without horror, I should nounced the opinion of the conhave said, it is impossible that trary to be ill-founded. Mr. Carlile's sister should, un- When we, in talking of public

04 der the name of a fine, be kept in measures, or, indeed of any acts, gaol for life. And, if she were say that it is impossible to do or

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ac-execute them, we mean, and the cuse me of having given a false world understands us as meaning, opinion? Mr. Paing said, in that it is impossible to do or 1796, that the Bank.could not execute them without producing

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something so 'destructive as to dreadful mischiefs in the country, make it monstrously foolish or without producing confusion, and, wicked to think of doing or exe- finally, à blowing up of the Gocuting them. I once, in writing to vernment itself. a person, and upon this very sub- Now, this, as far as the Bill ject too, observedl, “ When I say has gone, has been the effect of " that they cannot do it, you will it. This is notorious; and, there- understand, of course, that I føre, I assert with truth clearly on mean, that they can do it; but ny side, that even if the Bill back

beni 'been carried into full effect, the " that, they cannot do it without

producing something very much prediction would not have been like their own destruction." I say, falsified: Bilt, it has been carried

do para into full effect. - It has not been that you cannot swallow fire. '11 know you can swallowfire, hut, my frepealed' expressly. No law has meaning is that you cannot swal- been passed to say, that Peel's low fire without destroying your-Bilt should be repealed, or that . self. In short, that which is mani- any part of it should be repealed; festly against right, against rea-but'lu'ws have been passed to nule. son, against the interest of the lify your Bill; to render it of 'nos.

$7 parties who are to act, and evi-effect;" to prevent its principala, dently calculated to produce the object from being accoinplished; destruction

of themselves and and what' is 'n to me whether tha all belonging to them, we say Bill be repealed by name, or set is impossible; though we know aside without being named? that the thing may be done; I observed once before, that the that it is withili the power of the SMALL NOTE BILL passed in parties to do it. "My meaning 1822 ; that the Small Note Bilf clearly was, that it was impos- passed last year: 'I observed once sible to carry the Bill into full before that this Bill was, in fact, effect without producing most a repeal of your Bill in part; and

that it would necessarily lessen the | any further, let us have before us, fall of prices, which I had ex- the full, true, and curious history pected to take place immediately of this Bill. after the first of May 1823. Be- In the year 1775(we go a great fore the passing of the Small Note way back), an Act was passed to Bill, I always told my readers to restrain the issuing of smail prolook out sharp for the month of missory notes and bills of exMay 1823, when the country rag- change. The preamble of this Bill men would be compelled to pay says, “Whereas various notes, &c. their each in gold. The Small “ &c. have for some time past been Note Bill made an alteration in circulated in lieu of cash to the the prospect. It procured a little great prejudice of His Majesty's respite for the THING. I shall subjects.", The Bill goes on show by-and-by how this Small then to inflict pecuniary penalties Note Bill works, how the rag fel- for the issuing of such small notes, lows put it forth as a sort of legal this Act is chap. 51, year 15, of tender Bill; I shall show how it Geo. 3. Two years afterwards; works as a respite; and, if I can 17 Geo. 3. chap. 30. another Act find time, I will show that it can- was passed, recapitulating the not prevent the ultimate blowing enactments of the other Act, then up of the bubble; I shall show declaring, that “Whereas the said, that it only blunts the edge of your "Act hath been attended with very scythe, and does not permit it to“ salutary effects." The Bill then cut quite so fast as it would have goes on to enact that no promise cut; I shall show that it cannot sory note shall be issued for an

save the everlasting curse from amount under five pounds, and to destruction; I shall show that it make all such notes void, and then cannot prevent the jews and job- to inflict penalties for issuing such, bers from having the estates of the notes. In the year 1787;; that is, jolterheads : but, before we go in the twenty-seventh year of the

7

late « good old King," an Act|neficial to His Majesty's sub(chap. 16. of that year) was passed jects! to make the two former Acts per- Now then, what was this done petual, because the said Acts for? Why, because the Bank ** have been found to be useful had no gold to pay with. It was and beneficial."

in the year 1797 ; the thirtyVery well, then; so far so good. seventh year of the “good old People were in the habit of issuing King," chap. 32, of that year. small notes, an' Act was passed to It was absolutely necessary to set prevent this, in the fifteenth year these salatary, useful and beneof the good old King.". That ficial laws aside; because a law Act having been found to be "very was now passed to protect the salutary," another Act was passed Bank against the note-holders in the seventeenth year of the that came for gold and silver. It “good old King;" in order to push was useless to pass one Act withthis salutary restraint somewhat out the other. In short, if these further. The Acts were passed salutary laws about small notes for a timited time; but in the had not been suspended, there twenty-seventh year of the good must have been an instant blow old King" they were made pers up; for there would have been no petual, because they had been money at all to circulate. : ; found to be useful and beneficial to This suspension or setting aside,

His Majesty's subjects. Curious, in- having once taken place, it was deed, to observe, thatjust ten years necessarily continued. First it after the passing of this last Act was passed for six weeks; then of the good old King," another for two or three months; then to Act of the good old King” was the end of that session of Parlia. passed to suspend, that is to say, ment, then to the beginuing of the to set aside all these Acts, so very next session, and soon after that salutary and so useful and be- it was suspended until six months after the termixation of the then kowever, have the Act itself. They war. Well, peace came in 1802; dropt all mention of the Act passed and then the suspension was con- in, the fifteenth year of the late tinued again for a year; and, in King's reign; and, indeed, it was short, they went on suspending not necessary to mention it; betill March 1805, when they passed causę, by prohibiting the issue a Bill to suspend further until six of all, notes under five pounds, months after the termination of the the issping, of cone pound notes

en war. The then war having was necessarily included. Let us terminated. ip 1814y the suspen- have the small: Notes Act, word sion was again continued until for word. It is a littļe thing, but 1816. In this year, the fiftysixth a thing of very great importanee, year of the good old King," the and one that we shall have freAct was revived and continued quently to revert 10.291016 25 agaip,i,butungi poy. for any fixed i ALI, Nors Agrita period x but UNTIL TWO.. Whereas, an Aęt was passed * YEARS AFTER THE EX in the seventeentha, iyeurisof the “ PIRATION OF THE REreign of his late Majesty king STRICUYN

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PAY George the Third, i fos restrain"MENTS IN CASH BY THE "ing for sa limited time, the ne

BANK OF ENGLAND.'| | gociation of Promissory Notes Now, also ; 9r, at least in the pre- and Inland BiHk of Exchange vious Act, a very material altera- t for twenty shillings or any pum tion took place, if it be possible, 43 of money. above that suni, and reallyojapd, trulyo touunderstand under five poundss. And wherethese: Agtsnupiled. on upon; one 15 as the saili Act was by an Aet another in the manner in which passed in the wenty-seventh they are to continuing, a reciting, Siyearof the reign of his-sajd date doubled up and doubled down, Majesty made perpetual; And as they, everlastingly are. . Let us, whereas, by an act passed in

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