country.* (* See Joint-Stock Banks, p. 68.)

Amongst other privileges it enjoys is the
authority to issue promissory notes to a certain
extent, representing respectively sums of £5,
£10, £20, £50, £100, £200, £500, and £1,000.

These Bank of England notes, as they are
termed, are absolutely convertible, that is to say,
the bank is legally bound to exchange them for
gold at all times when demanded; and a cer-
tain amount of gold has always, by law, to be
kept in stock for the purpose. Moreover, the
tender of Bank of England notes, the same as
with gold, in payment of a debt, cannot, in this
country, legally be refused. No one, however,
can be compelled to give change; that is to say,
if you owe a person £4 15s., you are bound
in strict law to pay him that exact sum. You
cannot offer him a five-pound note and insist
upon his giving you 5s. change, though, as a
matter of courtesy and convenience, payments
are constantly accepted in that form.

It must be obvious that these Bank of Eng-
land notes are a great convenience, and even a
necessity to the public, as it would be quite
impossible to carry on the enormous business of
the country if such a cumbersome medium as
gold coins was the only legal way of paying