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Another form of money, if it may be so
termed, is the Bank note. This is simply a
promise to pay, on demand, the amount repre-
sented on the note, in gold or some legal tender.
The most common in use are £5 notes, but there
are others of different denominations, such as
£10, £20, £50, £100, &c. Some country banks
still issue these notes, but they are by law
restricted from issuing beyond a certain amount
fixed by the Bank Act of 1844. No new bank
can issue notes, and those which have the privi-
lege are gradually relinquishing it, so that in
course of time there will be only one bank
entitled to issue notes, and that is the Bank of
England.

The notes of country banks, other than the
Bank of England, are not a legal tender; that
is, it is not compulsory on anyone to accept
them in payment of a debt.

The Bank of England is the oldest joint-stock
bank in the country, and although, in its consti-
tution, it does not differ materially from other
joint-stock banks, yet, being the agent of the
British Government in all money matters, and
possessing other exclusive privileges, it is looked
upon as one of the enduring institutions of the