ege of suing and being sued, at present withheld from joint-stock
banks, would be accorded; the law of partnership would be so altered,
that while the acts of an individual director, or otherwise authorized
partner, would bind the whole, the acts of an unauthorized partner would
not do so; and joint-stock banks in London, at present forbidden to
accept bills for a date of less than six months, would be placed on an
equality with other banks, and allowed to accept bills of any amount and
any date. If the last privilege were abused by the circulation of small
bills, he would then appeal to parliament to correct the evil. All
joint-stock banks would be required to publish a full and complete
periodical list of all partners and directors, and banks of issue to
publish an account of their issues. Joint-stock banks would also be
prohibited from having shares of less than L100, L50, or some fixed
amount; and no new joint-stock bank should be constituted except upon
application to a government department, on registration of prospectuses,
and probably registration of shares and paid-up capital. Reverting
to the proposition respecting the Bank of England, Sir Robert Peel
remarked:--"It is to be allowed issues to the extent of a fixed
amount of securities, L14,000,000. The existing loan of L11,000,000 to
government, at three per cent., will be continued, there appearing no
advantage in change.

"The remaining L3,000,000 will be based upon exchequer bills and other
securities, over which the Bank will have entire control; with
the power, however, of limiting its issues on that portion of the
securities, to restore the exchanges, and so forth: there could hardly
be a case in which the securities could safely be diminished to less
than L11,000,000. The Bank will also be allowed to extend its issues
beyond the L14,000,000 on emergency, but only with the assent of three
members of the government; and in such case the whole of the net profit
on any amount beyond the L14,000,000 will revert to government. A
case might arise such as the sudden extinction of L2,000,000 of the
provincial currency, which would need an extension of the Bank currency
to fill the gap. Without seeing any great advantage in the 'legal
tender' clause, it is proposed to continue it, in order to facilitate
the circulation of bank paper. The pecuniary arrangements between the
Bank and government have to be explained, The Bank retains the privilege
of issuing notes on