The Bank charter was again renewed in 1833, when Bank of England notes were first made a legal tender, and the usury laws repealed so far as they affected three months’ bills. The most important clause in this charter, however, was that which legalised the establishment of joint-stock banks in and within sixty-five miles of London. This led to the establishment of the London and Westminster Bank in 1834, the first of those numerous metropolitan joint-stock banks which now so extensively and beneficially administer to the commercial wants of the country. Up to about this time it had been universally considered that the Bank of England enjoyed the exclusive privilege of joint-stock banking within the above radius, but now the astonishing discovery was made that this was not so, and in fact never had been so; and this discovery was confirmed by the law officers of the Crown. The directors protested, but resistance was useless. The Bank lost its supposed privilege, though it is very questionable whether the Government behaved quite straightforwardly in the matter. This Act, together with one or two subsequent banking Acts, thus completely enfranchised banking, and abolished a monopoly which was, after all, obstructive both to financial and commercial progress. The abolishment of any monopoly is invariably but a question of education and time, and, in accordance with the doctrine of experience, it does not appear that the Bank have really lost anything by the competition engendered by the enfranchisement of joint-stock banking, while commerce and the community have undoubtedly gained enormously.