THE BANK CHARTER. (Hansard, 13 February 1843)

Lord Mont-eagle

rose to put some questions, of which he had given notice, to the noble Duke. In the first place, he wished to know whether it were the intention of the Government to introduce any measure this Session relative to the Bank charter? The next question which he had to ask related to the system of banking generally. Inquiries had been going on for several years past, relative to the general laws of banking in this country. It was stated last Session, in the other House of Parliament, on the part of the Government, and he thought properly, that the Government had no intention of proposing any further inquiry upon the subject, because they considered the question ripe for discussion, or legislation, if either were required. He wished to know, therefore, whether it were the intention of the Government to introduce any measure this Session on the subject of banking? There was still another point, respecting which he wished to be informed. By the Bank Charter Act of 1833, the usury laws were altogether repealed for a certain period, with respect to one class of securities, namely, bills of exchange of three months' date, or having no longer to run. That provision of the act had been renewed by several temporary acts, the last of which would shortly expire. Now, as many bills in commercial transactions were drawn for as long dates as twelve months, the drawers and acceptors of such bills would be naturally anxious to know whether a Bill would be introduced to continue the provisions of the present act. He wished to guard against any inference being drawn that he was unfavourable to the existing arrangement respecting the Bank of England from the first of the questions which he had proposed.