Opinions of Sir James Scarlett, Sir Edward B. Sugden And Mr. Richards : On the Privilege of the Bank of England 33
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I think it cannot be supposed, upon looking at this statute of Queen Anne, that it was the inten- tion of the legislature to diminish any exclu- sive privilege the Bank of England then pos- sessed— except so far as by implication a permission was given to a number of partners, not exceeding six, to owe and take up money upon their notes. On the contrary, the statute recites in the preamble to the clause the for- mer enactment of 8 and 9 William III. which the legislature appears to have thought... a sufficient prohibition of all parts of the business of banking by other Corporations or Societies than the Bank of England, and then adds the words, "Nevertheless, since the passing of the said Act some Corporations, by colour of their charters, and other great number of persons, by pretence of deeds or covenants, united together, have presumed to borrow great sums of money, and therewith, contrary to the said Act, to deal as a Bank, &c. &c. now for the prevention thereof, be it enacted, that it shall not be lawful for any body politic or corporate whatsoever, other than the Bank of England, or for other persons whatsoever, united or to be united in covenants or partnership exceed- ing the number of six persons, to borrow, owe, or take up any sums of money on their bills or notes, payable on demand, or at any less time than six months from the borrowing thereDf." Now upon consideration of these words, here for the first time introduced with reference to the former Act of King William, and to the recitals in the preamble of the clause in the statute of Anne, where these words are intro- duced, one of two conclusions appears to my judgment inevitable.— Either the Legislature considered the whole operation and essence of dealing as a bank to consist of borrowing and owing money upon notes and bills at short dates, and in that case it meant by these words to prohibit banking altogether by any corpora- tion or partnership exceeding six, or it consi- dered this traffic in borrowing money as only a part of the operation of banking, in which case it must have been the opinion of the Legislature that the Act of King William, which it referred to and recited, had been found sufficient to pro- tect the Bank from all other competition in the business of banking, excepting that described by the words of the further prohibition now introduced.
What to read after Opinions of Sir James Scarlett, Sir Edward B. Sugden And Mr. Richards : On the Privilege of the Bank of England 33?
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To quickly assess the difficulty of the text, read a short excerpt:
I think it cannot be supposed, upon looking at this statute of Queen Anne, that it was the inten- tion of the legislature to diminish any exclu- sive privilege the Bank of England then pos- sessed— except so far as by implication a permission was given to a number of partners, not exceeding six, to owe and take up money upon their notes. On the contrary, the statute recites in the preamble to the clause the for- mer enactment of 8 and 9 William III. which the legislature appears to have thought... a sufficient prohibition of all parts of the business of banking by other Corporations or Societies than the Bank of England, and then adds the words, "Nevertheless, since the passing of the said Act some Corporations, by colour of their charters, and other great number of persons, by pretence of deeds or covenants, united together, have presumed to borrow great sums of money, and therewith, contrary to the said Act, to deal as a Bank, &c. &c. now for the prevention thereof, be it enacted, that it shall not be lawful for any body politic or corporate whatsoever, other than the Bank of England, or for other persons whatsoever, united or to be united in covenants or partnership exceed- ing the number of six persons, to borrow, owe, or take up any sums of money on their bills or notes, payable on demand, or at any less time than six months from the borrowing thereDf." Now upon consideration of these words, here for the first time introduced with reference to the former Act of King William, and to the recitals in the preamble of the clause in the statute of Anne, where these words are intro- duced, one of two conclusions appears to my judgment inevitable.— Either the Legislature considered the whole operation and essence of dealing as a bank to consist of borrowing and owing money upon notes and bills at short dates, and in that case it meant by these words to prohibit banking altogether by any corpora- tion or partnership exceeding six, or it consi- dered this traffic in borrowing money as only a part of the operation of banking, in which case it must have been the opinion of the Legislature that the Act of King William, which it referred to and recited, had been found sufficient to pro- tect the Bank from all other competition in the business of banking, excepting that described by the words of the further prohibition now introduced.
What to read after Opinions of Sir James Scarlett, Sir Edward B. Sugden And Mr. Richards : On the Privilege of the Bank of England 33?
You can find similar books in the "Read Also" column, or choose other free books by Edward Burtenshaw Sugden to read onlineMoreLess
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