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able to bearer--a simple cnde lrtmthc t.o tho DopnrLrnent to
embark in the issue of paper money. In each subsequent
edition of the Bill they have corldescended to be more and
more explicit. Now the Draft Rsgulntions give us nll we
can want to know, subject to this difficulty, that theso regulations
may bo revoked and altered, within the limits of the
Act, by the mere fiat of the Poutmaster-General, subject to
the consent of t,he Treasury and the sotnowhat illusory chock
of being laid before Parliament within fourteen days after it
assembles. I feel sure that I express the opinion of every
sound economist when I say that, if me are to have an unlimited
circulat,iou of one pound notes and small fractionnl
currency, that currency mast be issued under conditions clearly
and inflexibly defiued by statute. An examination of this
Bill, however, will shorn that it is for tllc most part nn enabling
Bd; the restrictions, such as they are, are nlostly contained in
the regulatious, and aro revocable by Government without
further appeal to Parliament,. In fact, t,ho second clau~e* of
* As it sccms indispensn1,lc that tho country should know upon
what basis its future fractional currency is to bo issued, I reprint hore
the 2nd clnusc of thc 11 6; 1.2 Vict. c. 88. It is well worthy of
inquiry how far the 16th article of thc Draft Elcgulutions can bo
reconciled with thc Act on wi~icl~ it purports to Le Lsscd ;
“And be it cnactcd, that it shall bo lawful fov tho PostmaRtor-
General, with the consent of the Commissioner8 of Her Najcsty’s
Treasury, at any timc hereafter, to n~akc any rcgultctions or rcstric%ions
relating to money orders, either l~cretoforo granted or iwucd, or to bo
hereafter grauted or issued, aud to tllc payment thcreof, and to tho
persons by or to whom tho samc shall Le pnid, and to tho times at which,
and the mode in which the same shall bo paid, as tho said Postmaeter-
General, with such consent as aforesaid, shall sec fit, and from time to
time, with such consent as aforesaid, to ultcr or repeal any xuch regabtions
or restrictions, and make and establish any new or other regnlatious
or restrictions in lieu thereof; and that all such rcgulationa and
restrictions shall be binding and co11c1wivcJ aB well upon the persons to
whom such money orders have been, or shall be granted or issued, and
the payees thereof, and all the persona interested or claiming under them,
and all other persons whomsoever, as upon all officer8 of the Poet Office;
and all such regulations and restrictions shall have the same force and
effect in all respects as if the same had been and wero contained in and
enected by thb Act ; land that no ection, mitt w other proceeding at hw