§ MR. SINCLAIR (Falkirk, &c.)I beg to ask the Chancellor of the Exchequer whether, under the present law regulating the issue of bank notes, the Bank of England is bound to pay five sovereigns (or other equivalent gold coin) for each £5 note of their issue, and similarly for notes of a larger denomination, or whether the Bank can legally tender for such notes 40s. in silver and the balance only in standard gold coin?
§ MR. GOSCHENNo, Sir; the Bank of England cannot tender 40s. in silver in part payment for a £5 note. They are bound to pay the whole amount in standard gold coin.