that would, indeed, have made a great alteration in the state of things; and, if extended to the Bank of England, would have been, in effect, a complete repeal of Peel's Bill. It was fully expected by the country bankers, that the legal tender clause would have been inserted; but, before it came to the trial, the Ministers gave way, and the clause was not inserted. The reason for their giving way, I do verily believe, had its principal foundation in their perceiving, that the public would clearly see, that such a measure would make the paper-money merely assignats. The legal tender not having been enacted, the Small-note Bill can do nothing towards augmenting the quantity of circulating medium. As the law now stands, Bank of England notes are, in effect, a _legal tender_. If I owe a debt of twenty pounds, and tender Bank of England notes in payment, the law says that you shall not arrest me; that you may bring your action, if you like; that I may pay the notes into Court; that you may go on with your action; that you shall pay all the costs, and I none. At last you gain your action; you obtain judgment and execution, or whatever else the everlasting law allows of. And what have you got then? Why the _notes_; the same identical notes the Sheriff will bring you. You will not take them. Go to law with the Sheriff then. He pays the _notes_ into Court. More costs for you to pay. And thus you go on; but without ever touching or seeing gold! Now, Gentlemen, Peel's Bill puts an end to all this pretty work on the first day of next May. If you have a handful of a country banker's rags _now_, and go to him for payment, he will tender you Bank of England notes; and if you like the paying of costs you may go to law for gold. But when the first of next May comes, he must put gold into your hands in exchange for your notes, if you choose it; or you may clap a bailiff's hand upon his shoulder: and if he choose to pay into Court, he must pay in gold, and pay your costs also as far as you have gone.