Publisher's Synopsis
Excerpt from Sir Robert Peel's Act of 1844, Regulating the Issue of Bank Notes: Vindicated
The object of the Bank Charter Act of 1844 was, so to regulate the issue of bank notes, that the paper money, conjointly with the metallic money of the country, should, in all respects, be governed by those natural laws by which the amount of money would be determined if the currency were entirely metallic. With this view it prevents the establishment of any new banks of issue imposes a limit on the amount of notes to be created on the credit of securities; and provides that any notes in addition to the amount of that limit shall represent bullion deposited in the Bank of England.
The Act was followed by the Acts of 1845, which are a corollary to it, for the regulation of the paper money of Ireland and Scotland, on a similar principle, but on a modified plan. The Act of 1844 precluded the establish ment of any additional banks of issue in the United King dom. The Acts of 1845 extended to Ireland and Scotland the provision by which the amount of notes to be issued on credit by then existing banks of issue is restricted to the amount of their average circulation at a specified date. This amount is usually termed the fixed issue of those banks.
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