Restriction on Cash Payments Act 1797
| Jurisdiction | UK Non-devolved |
| Citation | 1797 c. 45 |
| Year | 1797 |
(37 Geo. 3) C A P. XLV.
[3d May 1797]
'WHEREAS, by Minute of his Majesty's Privy Council, made on the twenty-sixth Day ofFebruary one thousand seven hundred and ninety-seven, upon the Representation of the Chancellor of the Exchequer, stating, that, from the Result of the Information which he had received, and of the Enquiries which it had been his Duty to make respecting the Effect of the unusual Demands for Specie that have been made upon the Metropolis, in consequence of ill-founded or exaggerated Alarms in different Parts of the Country, it appeared, that unless some Measure was immediately taken, there might be Reason to apprehend a Want of a sufficient Supply or Cash to answer the Exigencies of the Public Service; it was declared to be the unanimous Opinion of the Board, that it was indispensably necessary for the Public Service, that the Directors of the Bank of England should forbear issuing any Cash in Payment until the Sense of Parliament could be taken on that Subject, and the proper Measures adopted thereupon for maintaining the Means of Circulation and supporting the Public and Commercial Credit of the Kingdom at this important Conjuncture; and it was ordered, that a Copy of the said Minute should be transmitted to the Directors of the Bank of England , and they were thereby required, on the Grounds of the Exigency of the Case, to conform thereto until the Sense of Parliament could be taken as aforesaid: And whereas, in pursuance of the said Minute, the said Governor and Company of the Bank of England , have, since the said twenty-sixth Day of February one thousand seven hundred and ninety-seven, forborne to issue Cash in Payments, except for Purposes for which the Issue of Cash was deemed unavoidable; and it is necessary that the Restriction contained in the said Minute, although not warranted by Law, should be confirmed, and should be continued for a limited Time by the Authority of Parliament:' Be it enacted by the King's most excellent Majesty, by and with the Advice and Consent of the Lords Spiritual and Temporal, and Commons, in this present Parliament assembled, and by the Authority of the same, That all Actsdone by the said Governor and Company of the Bank ofEngland , or by their Order or Direction, in pursuance of the said Minute of Council, shall be, and the same are hereby ratified and confirmed; and that all and every Persons and Person who have or hath been concerned in doing any such Acts, or any Matter or Thing relating thereto, shall be, and are and hereby saved harmless, indemnified, and discharged, in respect thereof, as well against the King's Majesty, his Heirs and Successors, as against all and every other Persons and Person; and that all Suits and Proceedings whatsoever touching or concerning any Matter discharged by this Act, shall be, and the same are hereby made void and of no Effect to all Intents and Purposes; any Law, Statute, or Usage, to the contrary notwithstanding.
II The Rank not to issue Cash but according to Provisions after mentioned.
II. And be it further enacted by the Authority aforesaid, That, from and after the passing of this Act, it shall not be lawful for the said Governor and Company to issue any Cash in Payment of any Debt or Demand whatsoever, except according to the Provisions hereinafter contained; and that during the Continuance of the Restriction hereby imposed on Payments by the said Governor and Company in Cash, no Action or Suit shall be prosecuted against the said Governor and Company to compel Paymentof any Note of the said Governor and Company expressed to be payable on Demand, or to compel Payment of any Note of the said Governor and Company made payable otherwise than on Demand, which the said Governor and Company shall be willing to exchange for any Note or Notes of equal Amount expressed to be payable on Demand, or to compel Payment of any Sum of Money whatsoever by the said Governor and Company, which the said Governor and Company shall be willing to pay in Notes of the said Governor and Company expressed to be payable on Demand; and it shall be lawful for the said Governor and Company, during the Continuance of the Restriction aforesaid on Payments in Cash, to apply to the Court wherein any Action or Suit shall be brought, or shall be depending, against the said Governor and Company, to stay Proceedings therein, in a summary Way; and in case such Action or Suit shall be brought to compel Paymentof any Note or Notes of the said Governor and Company made payable on Demand, it shall be lawful for the said Governor and Company to apply to the said Court to stay all Proceedings in such Action or Suit until the Expiration of the Time hereinafter limited for the Continuance of such Restriction as aforesaid, and such Court shall stay all Proceedings accordingly; and in like Manner it shall be lawful for the said Governor and Company to apply to any Court in which any Action or Suit shall be brought or depending for the Purpose of compelling Payment by the said Governor and Company of any Note of the said Governor and Company payable otherwise than on Demand, or of any other Debt or Demand whatsoever, to stay all Proceedings against the said Governor and Company in such Action or Suit, on Payment of such Sum of Money as shall appear to be justly due, or which might be recovered in such Action or Suit, by Delivery of Notes of the said Governor and Company for...
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