§ On the order of the day, for the second reading of this bill,
§ Mr. Jamesobserved, that by the law as it at present stood, Bank of England One pound notes would cease to be a legal tender after the 1st of May next. He wished to know whether the present bill would make such notes a legal tender beyond that period.
The Chancellor If the Exchequerre- 1457 plied, that not with standing this bill should pass, every man might be called upon, after the 1st of May next, to pay his just debts in the current coin of the realm.
Lord Folkestonethought this a partial repeal of Mr. Peel's bill. Its object was to get one-pound notes into circulation. The House by passing it would incur afresh all the dangers of multiplied forgeries. He therefore trusted they would pause before they gave their sanction to it.
§ Mr. H. Davissupported the bill, on the ground that the currency was not abundant.
§ Mr. Jamessaid, that as the people were to have the option of receiving either bank notes or sovereigns, those who were so silly as not to demand gold in place of paper, deserved whatever might happen. He thought the bill would sanction a return to everlasting payments in paper, and he would divide the House upon it.
§ Mr. Curwenhoped his hon. friend would not oppose a measure which was calculated to afford great benefit to the country. He knew that people generally preferred small notes to gold.
§ The House them divided: For the second reading, 47; Against it, 4.