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Bank Charter Act
Bank Charter Act, 1844. The culmination of government efforts to create an effective legal framework to achieve a stable currency, the Act defined the roles of the Bank of England. One department had the exclusive duty of issuing notes having a minimum value of £5 as legal tender in England and Wales. It was to ensure that notes had an equivalent backing of bullion in its vaults, combined with a fiduciary issue defined by the Treasury. The other department undertook banking business, acting as the regulatory body for the banking system with powers which included fixing the minimum cost (interest) of borrowing money.
Ian John Ernest Keil |
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Cite this article
JOHN CANNON. "Bank Charter Act." The Oxford Companion to British History. 2002. Encyclopedia.com. 31 May. 2012 <http://www.encyclopedia.com>. JOHN CANNON. "Bank Charter Act." The Oxford Companion to British History. 2002. Encyclopedia.com. (May 31, 2012). http://www.encyclopedia.com/doc/1O110-BankCharterAct.html JOHN CANNON. "Bank Charter Act." The Oxford Companion to British History. 2002. Retrieved May 31, 2012 from Encyclopedia.com: http://www.encyclopedia.com/doc/1O110-BankCharterAct.html |
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Bank Charter Act
Bank Charter Act, 1844. The culmination of government efforts to create an effective legal framework to achieve a stable currency, the Act defined the roles of the Bank of England. One department had the exclusive duty of issuing notes having a minimum value of £5 as legal tender in England and Wales. The other department undertook banking business, with powers which included fixing the minimum cost (interest) of borrowing money.
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Cite this article
JOHN CANNON. "Bank Charter Act." A Dictionary of British History. 2004. Encyclopedia.com. 31 May. 2012 <http://www.encyclopedia.com>. JOHN CANNON. "Bank Charter Act." A Dictionary of British History. 2004. Encyclopedia.com. (May 31, 2012). http://www.encyclopedia.com/doc/1O43-BankCharterAct.html JOHN CANNON. "Bank Charter Act." A Dictionary of British History. 2004. Retrieved May 31, 2012 from Encyclopedia.com: http://www.encyclopedia.com/doc/1O43-BankCharterAct.html |
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