TRANSACTIONS OF TI1E SECTIONS. 
137 
There is another difference between England and Ireland. If any banks cease to 
issue, the Bank of England may extend her issue to two-thirds of the amount with¬ 
draw. In a similar case, the Bank of Ireland may extend her issues to the whole 
Mount thus withdrawn — Why this difference? we do not know. 
' Waiter of the Bank of England at the termination of twelve 
smiths' notice, which may be given by the Government, at any time after the 1st 
. D f August next. It is not the object of this paper to examine any of the enact* 
nents of the Act.of 1344 that have a reference to the Bank of England. But when 
w subject is Brought under consideration, mean* should be employed to obtain 
‘jmc modification of those clauses that have n reference to the country banks. The 
country circulation should be preserved in its integrity — should be rendered capable 
'‘ expansion, so as to meet the demands of a more numerous population, higher 
nuT*’ i increased taxation, — its issue should be regulated by the demands of 
.^! icultUre in respective districts in which the banks arc established, 
blunges be rcn dcied as much as possible free from the operation of the foreign 
!, u'actui? *? iat * n . 1 S4 4, when the country circulation had greatly declined, we took 
drcul.itin *^ cu a, lun of *' 1C then existing country notes, and made it a maximum 
^iucwl ih’. ao ‘"UTangement which necessarily, from the fear of incurring penalties, 
mj *iunim t amo . Unt actual circulation below the maximum. We apply this 
If. then °,f circulat '°a that fluctuated very much in different parts of the year. 
Aug ns t' plow tile maximum in April, we necessarily fall much lower in 
upon every * a ' a maximum among 277 hanks, and impose heavy penalties 
‘* lsl tencls'to°”{i ^ S ' la " cx ceed his portion of the maximum,—a circumstance 
,Q tocv Us iga UC6 1 further the actual circulation. No one is forbidden to 
1 ' r( k can h G S,,C aS |- ow a * ho phrases j and if be abandon* it altogether, only two- 
"P 111 * tlio un D |f'^ 1Lt *’ aud 'bat b y permission of the Government; and then only 
'“•tiling by th e Ca 1011 a bank whose head-qilnrlcrs are in London, who is to get 
^dured bv ih °^ er£lllon i and whose issues are governed by lawn which have been 
b y the country bankers to 
be inapplicable to the operations of n local 
currency ^ Luuncr y 
to . , * 10 requirements of domestic industry. This maximum 
C ‘!' lr *' we not nil CC i : ’ ' v ***^ e those banks that previously issued Bank of England 
'Mowed to b e CR )„Kr i ° r08urno their own circulation, and no new bank of issue is 
," r h«l issue in li, . The result of this arrangement has been, that an au- 
‘"'W2,460 andih ! i «,.S53, is now reduced to an authorized issue of 
rr Q hulo w 0 hftt tire actual circulation is generally helow .-£'7,000,000, and has 
compelled tn ’. w h‘le every bunker, in certain seasons of the year, has 
, c h attend p U( m u h t vo ‘ 38Uc nl his notes, lest he incur those enormous penalties 
*•» «deavott|S t aCCKlcntal violation of the Act. 
■ L ?4rd to thp. • 0 re in°ve these inconveniences, we would be governed bv a 
." n,J|| g the modifier.!', 30 IS ‘ l E and attempt only to correct its practical evils. 
’ ■'I'fciHi consideration” 8 ljL ‘ 8 nggeated, perhaps the following may deserve 
).. , r J^eks should n.,, i 'at. the present maximum which applies to an average of 
oL ,,irir ied agreemivil- *?,, an , aVcrn l? e of twelve months ;—that all the banks who 
liic drf • (whether * nCc ta ken place, should be redistributed among the 
htljum , nc y has taken nlnIT SLDt ,.‘ 89U ‘ nB or n °n-issuing), in the district in which 
fixed am,* allowi “K the existing ^ . ado ** t tll£! enactments of Scotland and 
,JtBj tehea° ant ’ htovided they hUL^n , ua " c to f xtcn ‘ 1 thdr issues beyond their 
‘ 3 aS*W?«SL‘?^' ta ‘ th< ' , '™‘ 1 the 
r‘ thl ^ iniro 111 and can ll ” WM 5 , B V d 03 Bant of h’ngland notes are a 
[‘•ring i an . c ^’ he placed u»on an ’l t0 go,d u,,OD demand, they might 
S° ,d; - that banks of issue, not 
“cy m,;.,. " ,tvi1 “¥*««« their fixed inw in the same 
^ Ue »ithS aU ? D b e madnSrni‘ r rP aVtnerS to a ?"*** number than six ; and 
her banks that have taken nW 8 ' as 1° ,Dclude a11 un,ons of banks of 
nave taken place s.ncc the year 1814 ; and further, that 
