Sept. 18. The bank gave notice that on and after the first day of October then next ensuing, they would be ready to pay cash for their notes, of every description, dated prior to the first day of January, 1817.

1818. The Bank Restriction Act continued from the 5th July, 1818, to 5th July, 1819.

A calculation was made this year, to ascertain the number of days that a bank note of each denomination remained in circulation. The following are the results:

The bank had always been in the practice of detaining the forged notes offered for payment. But two persons, who had forged notes returned to them by the bank, paid the amount and kept the notes. They were charged with having forged notes in their possession, and tried on this charge, but the juries acquitted them. In consequence of this decision the bank have since returned all forged notes to the parties presenting them, after having stamped them in several places with the word "forged."

1819. A bill passed through parliament in the course of two nights to restrain the bank paying away any more gold under its notice of September, 1817, or any previous notice. A committee of the House of Commons had reported that the bank had paid away above five millions in gold; the greater part of which had been taken to the continent, and there re-coined into foreign money.

From an account submitted to parliament, of the total amount of outstanding demands on the Bank of England, and the funds for discharging the same, it appears that there was a surplus in favour of the bank of 5,202,3207., independently of their capital of 14,686,8007.

MR. PEEL'S BILL PASSED. This bill (59 Geo. III. c. 49) contains the following provisions:

1. The Bank Restriction Act was continued, absolutely, from the 5th of July, 1819, to February 1, 1820.

2. Between February 1 and October 1, 1820, the bank were required to pay their notes in gold bullion of standard fineness at the rate of 47. 18. per ounce, but not to be liable to a demand for a less quantity than sixty ounces at one time.

3. Between October 1, 1820, and May 1, 1821, the bank were required to pay their notes in gold bullion upon the same plan, at the rate of 37. 19s. 6d. per ounce.

4. Between May 1, 1821, and May 1, 1823, the bank were to pay in gold bullion upon the same plan, at the rate of 37. 17s. 10d. per ounce, which was the mint price of gold.

5. From May 1, 1823, the bank were to pay their notes in the gold coin of the realm.

6. But between February 1 and October 1, 1820, the bank might make payments at a less rate than 47. 1s., and not less than 37. 198. 6d. per ounce; and between October 1, 1820, and May 1, 1821, the bank might pay at any rate less than 37. 198. 6d., and not less than 37. 178. 10d., on giving three days' notice in the Gazette. Such payments to be made in ingots or bars of gold, of the weight of sixty ounces. The bank were also permitted to pay in gold coin on or after May 1, 1822.

7. All the laws which restrained the exportation of gold and silver coin were repealed, and the coin was allowed to be exported or melted without incurring any penalty.

The bill did not give satisfaction to the bank directors. They wished to be allowed to pay their notes in gold bullion at the market price of the day.

The 59 Geo. III. c. 76, was passed to prohibit the bank making advances to government without the authority of parliament. But the bank were allowed to purchase exchequer bills, or to advance money on them, but the amount of such bills was to be laid annually before parliament.

1820. An Act passed for the further prevention of forging and counterfeiting of bank notes (1 Geo. IV. c. 92). It also enacted, that the names of persons authorized by the bank directors to sign the notes, might be impressed by machine instead of being subscribed in the handwriting of such persons.

1821. The bank commenced paying off their notes under 51. in gold. The directors had procured an Act of Parliament, 1 & 2

Geo. IV. c. 26, permitting them to do so from the first day of May, 1821. The gold coins issued by the bank were not guineas, but sovereigns of the value of twenty shillings, which were now first coined. The gold coined at the mint this year amounted to 9,520,7587., and the silver to 433,6867.

1822. In this year an Act was passed permitting the country bankers to continue the issuing of notes under 57. until the expiration of the bank charter in 1833. As the law previously stood, their notes were prohibited on the resumption of cash payments by the bank. The directors made the following reference to this subject, in a memorandum they delivered to the parliamentary committee of 1832:

"By the resolution of the House of Commons of 1819, the bank were required, within four years, to pay off in gold the amount of their one-pound notes then in circulation (about 7,500,0007.); further, to provide the coin for paying off the country small notes in 1825 (about seven or eight millions more); in addition to which the necessity was imposed of providing the requisite surplus bullion for insuring the convertibility of all their liabilities, which addition of bullion to their then stock could not be estimated at less than 5,000,0007.; making in the aggregate 20,000,000l. of gold as necessary to be provided from foreign countries, within the space of four years from 1819.

"That supply of gold could only be purchased by reduced prices of commodities; the bank withdrawing a given amount of securities, in the first instance, the notes for which might be reissued in payment of the gold as imported. The low prices and general state of trade, from 1819 to 1821, and the withdrawal of the bank's securities, enabled the bank to cancel their small notes in the latter year; and in the following (1822) three years prior to the time fixed by parliament, they were in a situation to furnish the gold for paying off the country small notes, when, without any communication with the bank, the government thought proper to authorize a continuance of the circulation of the country small notes until 1833. The consequence of that measure was, to leave in the possession of the bank an inordinate quantity of bullion (14,200,0007. in January, 1824); and further, to afford the power of extension to the country bankers' issues, which it is believed were greatly extended, from 1823 to 1825."

By a return from the Stamp Office, it appears that the number of country banks this year was five hundred and fiftytwo, and the number of persons in those firms was one thousand six hundred and seventy-three.

1822. June 22. The bank reduced the rate of interest upon bills of exchange from five to four per cent., and extended the time of such bills from sixty-one to ninety-five days.

In this year the government reduced the interest of the navy five per cents. to four per cent. Each holder of 1007. stock received 1057. new stock, bearing four per cent., with a guarantee that the interest should not be farther reduced until the year 1829. This new stock was distinguished by the name of "new fours." The bank agreed to advance the money to pay off the dissentients.

1822. In consequence of the abolition of the notes under 51., the bank found they had many more clerks than was necessary. A good number were, therefore, discontinued; the bank giving them either a pension, or the value of a pension in ready money, at the option of the clerks. The conduct of the bank on this occasion was highly liberal, and met with universal approbation.

1823. Lady-day. The dividend on bank stock was reduced from ten to eight per cent.

The bank engaged to advance to government, between April, 1823, and April, 1828, the sum of 13,089,4197., for the purpose of defraying the charge of military and naval pensions, and to receive in lieu of this sum 585,7407. per annum; to commence from the 5th of April, 1823, and to continue for a term of fortyfour years, and then to cease. This charge is commonly called "the dead weight."

In the latter end of this year the bank commenced advancing money upon the security of government stock. They also lent 1,500,000l. to the East India Company.

1824. The bank extended their advances upon stock, and commenced lending money on mortgage.

The old four per cents. were reduced to three and a half per cent. The new stock is called "Three and a half per cent. reduced."

This and the subsequent year were remarkable for the commencement of a great number of joint-stock companies. The total number of projects was six hundred and twenty-four,

and to carry them all into effect would have required a capital of 372,173,1007. They have been thus classified :-*

The above companies are divided by Mr. English into four classes. First, companies which continued to exist in the year 1827; secondly, companies whose shares had been sold in the market, but were afterwards abandoned; thirdly, companies which published prospectuses, or which were announced in the papers, but which are not known to have issued shares; fourthly, companies the formation of which was noticed in the public papers, but the particulars not specified. The following is the general summary :—

Besides the capital required for the above companies, large sums of money were granted as loans to foreign powers, as appears from the following table:

See A Complete View of the Joint-stock Companies formed during the years 1824 and 1825, by Henry English.