§ Report brought up. On Question that it be read,
§ Mr. G. Woodmoved, that the legal tender clause be omitted.
§ Mr. Humesupported the Motion. He conceived the clause in question calculated to cause a depreciation of the currency. He was sorry to find that on this subject, the Ministers had abandoned their former principles. He thought the public interest sacrificed by the Bill, and that of the Bank alone consulted.
§ Lord Althorpdenied that a depreciation of the currency would be the consequence of the adoption of the measure.
Mr. Mark Philipssaid, that when he saw the avidity with which the clause in question had been hailed by those who were desirous of altering the standard of the currency of the country, he could not but regret its introduction into the Bill. He should very much regret to see the Bank of England assume the functions of the whole circulation of the country. He was opposed to the clause,
Colonel Torrenscontended, that no depreciation would be caused in the London district; and, in the rest of the country, the only depreciation would be caused by the expense merely of carriage—so small a depreciation that it might be rated at zero.
§ Motion negatived.
§ Lord Althorpthen moved an additional clause, to the effect that all Bills of Exchange, Bank-Post-Bills, and Promissory Notes issued from the branch banks of the Bank of England out of London should be payable only at the places from which they should be issued.
§ Clause agreed to.