have been delivered to the party to be charged (m): and such party may, on a proper application, obtain an order referring such bill to be taxed, and staying all proceedings to recover the amount thereof in the meantime (n). An order may also be obtained directing an attorney or solicitor to deliver his bill (when he has not done so); and also an order for his delivering up, upon payment of what is due, all deeds, papers and documents in his possession or power touching the business in such bill comprised (o).

It is, however, provided that none of the above enactments shall extend to the examination, admission, rights, or privileges of any person appointed to be solicitor to the treasury, customs, excise, post-office, stamp duties, or any other branch of the revenue: or appointed solicitor of the city of London; or the assistant of the council for the affairs of the admiralty or navy; or the solicitor to the board of ordnance (p).

Moreover, by 33 & 34 Vict. c. 28 (" The Attornies and Solicitors Act, 1870"), an agreement with a client respecting the amount and manner of payment of past or future services is for the first time made legal. But there is a provision that bills sent in 'under such agreements must receive the sanction of a taxing officer, and the interests of third parties are not to be affected by such arrangements. By this Act, also, the attorney is for the first time permitted to take security from his client for future costs; and it moreover contains an express direction that on any taxation of costs the taxing officers may have

(m) 6 & 7 Vict. c. 73, s. 37. As to the delivery of an attorney's bill, in compliance with this section, see Cozens v. Graham, 12 C. B. 398; Haigh v. Ousey, 7 Ell. & Bl. 578. As to its delivery when the party to be charged is a joint-stock company, see Blandy v. De Burgh, 6 C. B. 623; Mant v. Smith, 4 H. & N. 324.

(n) Before this statute a bill was

not liable to be taxed unless the whole or part of it was for business done in court. As to taxing bills for agency business, see Smith v. Dimes, 4 Exch. 32.

(0) 6 & 7 Vict. c. 73, s. 37. See Brooks v. Bockett, 9 Q. B. 847. (p) Sect. 47; and sce 23 & 24 Vict. c. 127, s. 16.

regard to the skill, labour and responsibility involved in the services rendered.

By 34 Vict. c. 18, the disability under which a practising attorney or solicitor previously laboured of being appointed justice of the peace for any county was taken away. This disability, it may be noticed, never extended so as to prevent him from being a justice in a county corporate, or in any city, town, liberty, or place having justices by charter, commission or otherwise.

CHAPTER XIV.

OF THE LAWS RELATING TO BANKS.

THE invention of banking appears to be due to the Republic of Venice. So early as the year 1171, Jews were accustomed there to keep benches in the market-place for the exchange of money and bills; and banco being the Italian for bench, banks may have taken their denomination from this circumstance.

In our own country, the business of banking was originally carried on chiefly by the goldsmiths; and accordingly we find it recited in an Act of the 22 & 23 Car. II. "that several persons, being goldsmiths and others, by taking up or borrowing great sums of money, and lend"ing out the same for extraordinary hire or profit, have gained and acquired to themselves the reputation and name of bankers" (a).

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Afterwards, in the reign of William and Mary, the project was conceived, (in imitation, as it would seem, of the banks of Amsterdam and Genoa, already founded,) of establishing in England a national institution of the same description (b); and in 1694, parliament was accordingly prevailed upon, though with difficulty (owing to apprehensions then entertained of the policy of the measure), to pass an Act sanctioning the creation of that great corporate body, which has since become so celebrated,

(a) See Jacob's Dict. in tit. Bankers.

(b) Its principal projector was Mr. William Paterson, a Scotch gentleman.

under the denomination of "The Governor and Company of the Bank of England."

Our present laws relative to banking apply to the Bank of England, to private banks, and to certain establishments of recent origin, commonly denominated joint-stock banks. In proceeding to give some account of the legal history of the first, we shall be led by necessary connexion to notice that of the two latter also.

The Act already referred to as the origin of the Bank of England, was the 5 W. & M. c. 20. It empowered their Majesties to incorporate, by letters patent, "The Governor and Company of the Bank of England;" but lest the lieges should be oppressed by the said corporation, by their monopolizing or "engrossing any sort of goods, wares or merchandize,"-such corporation was prohibited from buying and selling goods (f). But the Act declared the Bank entitled, nevertheless, to deal in bills of exchange; or to buy and sell bullion, gold, or silver; or to sell any goods whatsoever, which should be left with it in pledge, and not redeemed at the time agreed upon, or within three months after; or to sell goods, the produce of lands which it should have purchased (g): and from the time of the passing of the Act, or soon afterwards, we find that the Bank began the practice, which it has ever since maintained, of issuing its own notes (h).

By subsequent Acts it was provided, that no other bank, or company in the nature of a bank, should be established by act of parliament within this kingdom (i); and that it should not be lawful in England for any other corporation (or for more than six persons united in partnership) to borrow, owe, or take up any money on their bills or notes, payable on demand, or at less time than six months from the borrowing thereof(k). And though these

(f) 5 W. & M. c. 20, s. 27. (g) Sect. 28.

(h) See the Bank of England v. Anderson, 3 Bing. N. C. 653, 654.

(i) 8 & 9 Will. 3, c. 20; 15 Geo. 2, c. 13.

(k) 6 Ann. c. 22; 39 & 40 Geo. 3,

c. 28.

exclusive privileges, (popularly called the Bank Charter,) have been since in part relinquished, they are also in part still extant, as we shall have occasion more particularly to explain in the course of the chapter.

Subject, however, to the Bank Charter, as from time to time modified, the trade of banking has, from its first introduction, been always free; and other banks, besides the Bank of England, have consequently been long established among us, and that both in London and the country; though, as between the country and the London banks, the following distinction has practically obtained, that some of the former have carried on business, like the Bank of England, as banks of issue; that is, have made payments by their own notes: while, on the other hand, the latter have been banks of mere deposit; that is, have made payments in cash and Bank of England notes only, and not in notes of their own.

The character of the Bank of England, and of its transactions, has always maintained, nevertheless, an importance far greater than that of any of these establishments (7): for while it has carried on the business ordinarily incident to banking,- such as taking deposits of money, issuing its own paper, and discounting mercantile bills, it has also been employed as a great engine of state, in paying the interest due to the public creditors (m), for which it receives an allowance from the public (n); in circulating exchequer bills; in accommodating the government with immediate advances, on the credit of distant funds; and in assisting, generally, in

(1) See 35 & 36 Vict. c. 34, An Act to amend the Law relating to the Election of Directors of the Bank of England.

(m) See 33 & 34 Vict. c. 71; 34 & 35 Vict. c. 29, authorizing the bank to pay dividends by sending warrants through the post.

(n) As to the bank allowance

for managing the public debt, see 24 & 25 Vict. c. 3, s. 2; 33 & 34 Vict. c. 71. By 24 & 25 Vict. c. 3, previous provisions on this subject contained in 48 Geo. 3, c. 4, and 56 Geo. 3, c. 97, and some of those contained in 7 & 8 Vict. c. 32, are repealed. As to the public debt, vide sup. vol. II. p. 574.