356 APPENDIX. [No. XXX. 



From the ' Morning Advertiser,' June 18, 1866. 



SIR, The money-locked-up public heard on Friday, with dismay, the 

 Right Hon. the President of the Board of Trade declare in the House of 

 Commons that Her Majesty's Government did not, as at present advised, 

 intend to apply for an Act to enable liquidators to issue certificates of 

 indebtedness. 



It appears that a singular misapprehension exists as to the nature of 

 the document proposed to be issued, as the sum indebted to the estate is 

 evidently confounded with the sum which will ultimately be paid. 



A certificate of indebtedness would be a certificate of the sum which 

 a bankrupt's estate is liable to pay to the creditor. This differs widely 

 from a certificate for actual payment. The one can be given at once, the 

 other can only be ascertained at the termination of the liquidation ; and 

 the certificates of indebtedness are equally applicable, whether the estate 

 ultimately pays 20s. or only one farthing in the pound. 



Again, some persons have erroneously considered that an Act for the 

 issue of these certificates has been proposed as an exceptional case to meet 

 the failure of certain banks and discount houses ; and because exceptional 

 legislation is bad, they reject the scheme. 



My proposition, however, is not particular, but universal, and instead 

 of applying to one firm applies to every case of bankruptcy and liquida- 

 tion ; for if the stoppage of the Agra Bank has involved its thousands, the 

 failure of smaller firms has involved their tens, and the tens are as worthy 

 of legislative care as the thousands. 



Sufferers cowed by misfortune have not the energy and courage to be 

 outspoken : but justice, no less than charity, demands that a scheme which 

 promises so much good to so many innocent persons, and which may 

 prevent so much wide-spread misery, should be considered either by a 

 Government commission or by a parliamentary committee, that no mis- 

 conception or misapprehension may prevent, if beneficial, its immediate 

 adoption. (Signed) ALFRED SMEE. 



From the Money Article of ' The Times,' July 16, 1866. 



The following note relates to a point that might much mitigate the 

 suffering daily experienced in all parts of the kingdom from the recent 

 panic : 



" London, July 14. 



"SiR, Sufferers from locked-up money earnestly hope that the 

 session will not pass away without a short Act being obtained to enable 

 the liquidators of insolvent companies to issue certificates of indebtedness 

 to bearer. 



" Had this Act been obtained earlier, much needless misery would have 

 been avoided ; but even now it would enable persons to raise funds who 

 are at the present time in the greatest embarrassment, simply because 

 they have money locked up, which will be ultimately paid, but upon which 

 they can obtain no advance, because they have no documents upon which 

 they can borrow. 



"It is now admitted by great lawyers, and most persons conversant 

 with monetary transactions, that certificates of indebtedness to bearer, 

 signed by a liquidator, would command their utmost value to shareholders 



