Circular To Bankers, October 31, 1828 : Front Page

Publication: Circular To Bankers October 31, 1828

Circular To Bankers (Newspaper) - October 31, 1828, London, Middlesex . J * t. * 1 > 4 ´┐Żnd'jdlVdr9 issue notes upon unstamped paper, under the Composition Act, he may continue to issue his old notes upon stamped wanted in that manufacturing sirai lar trade might, we should think, be forced adv^htctgeotikly are worn out: but he cannot obtain fresh by other bankers the towns of thtt mining stamps to issue new notes upon stamped paper, after once manufacturing districts, by their drawing bills at fourteeii issuing composition notes. twenty-one days date on their London banker i ex- The mode of reckoning the amount of notes in circula- tion, upon which to pay the composition duty, is just and to the Bankers who issue them :-The duty is to be change for cash. The persons who want the sovereigns and silver for wages pay the banker's co mission charged upon those notes only that are in actual circula-tion; and all notes in the drawers of the issuers, or in the Nothing is more common than to find precisely opposite , ver- Wh en hands of their London agents, are not to be included in interpretations of the same act of the amount of notes chargeable with duty. Some Bankers bally, by different functionaries at the Stamp-o have formed a different opinion of the tenor of the act, however, a formal opinion is given, in writing, by the on considering merely its strict literal.signification. But Commissioners, we may pretty safely conclude that that We have the best this interpretation of it is that which the secretary of the opinion will remain the rule of action, the Commissioners of Stamps has given in a formal reason for asserting that the 10th clause of the 7th of manner. George IV. (see Circular, p. 46) is at the All Bankers who compound for their notes, and have Stamp-office to mean, that notes must be paid by Bankers several Branch Establishments, are exempted from, the where they are originally made and issued. paying for more than four licenses, although compel them to pay those notes at necess the number of their banks exceed four. It does not any Branch Bank, or Several of those Bankers who have compounded for stamps, have done so solely because they are enabled by week tpr th it to issue bills at not exceeding twenty-one days' date, in the disjunct the same manner as the Bank of England, and have no - No. 15. at any office which is occasip business at a market fair for banki 7 if t-i # * mone r nv, or "had been and/' and the clause had stood ;

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Publication: Circular To Bankers

Location: London, Middlesex

Issue Date: October 31, 1828