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Cash Account, or upon the said

Bank of Scotland, or the manager of the said Bank for the time, or upon the manager or agent of the said Bank at any branch office of the said Bank where the said Cash Account may be kept at the time, but also all other advances of every kind which the said Bank at any time shall make or become responsible for, or shall have made or become responsible for, to or on account, or on the credit of the Company of

and generally all sums which the Company of

shall at any time be owing or in any way liable for to the said Bank; the amount of all which debts and liabilities the said Bank shall be entitled at any time to place to the debit of the said Cash Account; But without prejudice always to any other securities held by the said Bank for such debts and liabilities, and Declaring that it shall be in the option of the said Bank to charge the same to the said Cash Account or not, as the said Bank shall think fit; And declaring also that the said Cash Account may be kept at any office or branch of the said

Bank of Scotland at the pleasure of the Bank; And it is hereby specially provided and declared, that although any changes may take place in the copartnery of as at present existing, by the expiry or other determination of the existing contract of copartnery, or by the death or retirement of the present partners, or of them, or by the assumption of new partners or otherwise, we, the said obligants and the said Company of shall still remain bound jointly and severally to the said Bank and their foresaids for the said sum of or such part or parts thereof as the said Bank shall at any time advance or become responsible for, or shall have ad. vanced or become responsible for, as aforesaid, to or on account or on the credit of the surviving and continuing

partner

of the present copartnery under the said firm of

or to or on account or on the credit of any copartnery carrying on business under that firm of which we the said

or of us shall be partners or a partner, or to or on account or on the credit of any person or persons, or any copartnery (whether we or of us shall be partners or a partner in such copartnery or not) who shall carry on business under that firm, and shall deal with the said Bank in continuation of the account and dealings of the present or any other previous copartnery under that firm, or as in the place of the present or any other previous copartnery, with interest and penalty as aforesaid, and generally for all the debts and liabilities of any such person or persons or co-partnery to the said Bank, so far as the same may be charged to the said account, as aforesaid ; but without prejudice to the claims of the said Bank against the other partners of any such copartnery, or any other person or persons who may be bound or liable for the same : It being hereby expressly stipulated and agreed that such surviving and continuing partner

of the present copartnery, or any such new or altered copartnery as aforesaid, shall be entitled to operate under the said firm on the said Cash Account, and that the obligations herein contained, and the security constituted by these presents, are and shall be applicable to all the debts and liabilities to the Bank of the person or persons or copartnery entitled so to operate under this provision and declaration, as well as to all the debts and liabilities to the Bank of the said copartnery of

as now constituted, so long as the said credit shall be continued by the said Bank, or until notice shall have been given by some one or more of the obligants under these presents to the manager, or secretary, or accountant of the said Bank in Edinburgh, that their liability for any such copartnery is to cease; And it is hereby further declared that a stated account, signed by the manager, or secretary, or accountant of the said

Bank of Scotland in Edinburgh, or by any of the agents or accountants of the said Bank at any branch office of the Bank where the said Cash Account may be kept at the time, shall be suffi. cient to ascertain and constitute a balance and charge against us the whole obligants in these presents and our foresaids, and against the said Company, and that such a stated account, or a statement or certificate under the hand of the creditors in these presents for the time, shall suffi. ciently ascertain and fix the amount of interest chargeable on the advances upon the said Cash Account as aforesaid, and that no suspension of a charge or threatened charge for payment of the balance so ascertained, at the instance of us or of us, or our foresaids, or of the said Company, shall be passed, or presented, except on consignation of the sums charged for or claimed by the said Bank or their foresaids.—And we consent to registration for preservation and execution.-In witness whereof, &c.

V.-Letters of Guarantee with reference to Bills Discounted

or Advances. Bill brokers usually give a letter of guarantee instead of indorsing the bills they have discounted with the bankers. And sometimes one party will guarantee to the bank the bills discounted for another, or the overdrafts or advances made to another..

(1.) To the Directors of the

Banking Company. Gentlemen,

In consideration of your discounting to us the bills as specified below, we hereby guarantee to you the due re

payment of the same at maturity, as if they had been endorsed by us.

I am, &c.

(2.) Gentlemen,

Mr. A. B. may have occasion to offer you sundry bills for discount. In consideration of your discounting such of them as you approve of, which I request you to do, I hereby guarantee to you the due repayment of such bills as they respectively mature.

I am, &c.

(3.) Gentlemen,

In consideration of your honouring the cheques of Mr.

or otherwise advancing him sums of money, I hereby guarantee the repayment thereof upon demand to the extent of

pounds sterling.

I am, &c.

SECTION XXVIII.

THE BANK OF ENGLAND.

THE 'HE history, constitution, and administration of the

Bank of England up to the year 1828 have been traced in an early chapter of the present edition, and, later on, are continued to several years after the passing of the allimportant Bank Charter Act of 1844 (7 & 8 Vict. c. 32), the principal provisions of which are as follows:

“I. That from and after the 31st of August, 1844, the issue of promissory notes of the Governor and Company of the Bank of England, payable on demand, shall be kept wholly distinct from the general banking business of the said governor and company; and the business of such issue shall be thenceforth conducted and carried on by the said governor and company in a separate department, to be called the issue department of the Bank of England ;' and it shall be lawful for the court of directors to appoint a committee or committees of directors for the conduct and management of such issue department.

“ II. That upon the same day there shall be transferred, appropriated, and set apart by the said governor and company to the issue department securities to the value of fourteen million pounds, whereof the debt due by the public to the said governor and company shall be a part; and at the same time so much of the gold coin and gold and silver bullion as shall not be required by the banking department; and thereupon there shall be delivered out of the issue department into the banking department such an

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