Peel obtained

Posts : 3 Join date : 12/01/2011

Peel obtained

In , Sir Kobert Peel obtained the enactment of a law regulating the Scotch banks, somewhat similar to the act of regulating the English banks. It prohibits all issues of notes under £, and no bank created after May , , can issue tory burch outlet notes at all. The banks existing on the st May, , may continue to issue notes, but are limited to the amount of their average circulation during the year ending on that day. Any notes issued beyond that amount must be represented by an equivalent amount of specie in their vaults, the idea being; as in England, to maintain a uniform amount of the entire circulation by means of a maximum amount of issues by each bank. Two or more banks may be consolidated into one, and the consolidated bank becomes entitled to issue the same amount of notes that could have been issued by the old banks before their consolidation. All the banks are obliged to forward to the directors of the stamp office, in London, weekly returns of their condition, which returns are published every four weeks in the Macleod, Theory and Practice of Banking, vol. i, tory burch shoes pp. London Gazette. They are also obliged to send, once a year, a list of the names of all their stockholders.All these limitations and prohibitions are as arbitrary as they are unreasonable. tory burch flats Why prohibit notes under £, when the notes of less amount had never been found injurious, but on the contrary advantageous ? Why forever fix the relation of circulation and specie for a future unknown to all, particularly when all the writers on the subject, all the persons who testified before the committees appointed by Parliament, all the reports of those committees, bore the highest testimony in favor of the managementof the Scotch banks and of the tory burch sale results of their operations ? Why prohibit new banks of issue ?