4tr> A. D. 1797. 



rellraining the circulation of thofe under five pounds in England, wei'e 

 now fufpended, fo far as tbey relate to notes payable on demand, till 

 the 1" of May 1797 ; and notes under five pounds, and even under 

 twenty (hillings, were allowed to be ifl"aed in any part of England or 

 Wales. Perfons negleding for three days to pay their notes, iflued by 

 virtue of this ad:, may be compelled by the order of one juftice of peace 

 to pay the amount with cofi:s. [<r. 32] 



March 27"" — The ad, 5 Geo. Ill, c. 49, which prohibited the cir- 

 culation of notes under twenty fiiillings in Scotland, was alfo repealed : 

 and the banks, and all banking companies in Scotland, who had ifllied 

 notes before the i"of January 1797, were now authorized to ifllae notes, 

 payable on demand, for any fum whatever under twenty fliillings fterling 

 till the 15'" of May 1797, in the fame way that notes for twenty {hil- 

 lings and upwards had been iflued fince the i" day of June 1765. 



May 3" — The governor and company of the bank of England having, 

 in compliance with the minute of council of 26'" February, ' forborne 

 ' to iflue cafli in payments, except for purpofes for which the ifTue of 



* cafh was deemed unavoidable ; and it' being ' necefiary, that the re- 

 ' flridion contained in the faid minute, although not warranted by law, 

 ' fliould be confirmed, and fliould be continued for a limited time by 



* the authority of parliament,' all things done by the governor and 

 company of the bank in purfuance of the order of council were con- 

 firmed ; they were indemnified for the illegality ; and any fuits, that 

 might be brought againft them for refufing to give calh for their notes, 

 were declared void and of no efFed. 



The governor and company were now prohibited by law from ifTuing 

 cafh in payment of any debt or demand whatfoever, except in fums un- 

 der twenty (hillings ; and they were (heltered from all profecutions for 

 withholding payment of any of their notes, for which they are willing 

 to give other notes of equal amount in exchange. The bank is reftrid- 

 ed from ilTuing in loan or advance to the treafury, either in cafh or 

 notes, any ium exceeding ^600.000 during the continuance of the re- 

 flridion from paying in cafli. But, notwithftanding the reftridion, the 

 bank may pay in calh any fum, ordered by the privy council, for the 

 fervice of the army, navy, or ordnance. They may alfo, after the 1 7'" 

 of April, repay in cafli three fourths of any fum, not under ;^500, 

 lodged with them in cafli. They may alfo advance to the bankers of 

 London, Weftminlter, and Southwark, cafh not exceeding ;(^ 100 ,000 in 

 the whole, in fuch proportions as they think proper, and to the two 

 chartered banks in Scotland ^^25,000 each : and they may pay any fum 

 on giving previous notice of five days to the fpeaker of the houfe of 

 commons. All payments in notes of the bank of England dated after 

 26 '' February 1797, if accepted as payment, fliall be deemed fuch in 



