to be stamped after it is issued; but if it is, the (24) court will allow no evidence to prove when it was stamped, at least against a person who might not know but that it was stamped when it was issued.

Sect. 14. Notes payable to the bearer on demand for any sum not exceeding 1007. duly stamped according to 55 Geo. 3. c. 184., (25) may be re

(24) Wright v. Riley, Peake, 173. In an action by the indorsee of a bill dated 9th September, 1791, the bill when produced appeared to be properly stamped, but the defendant proved that it was not stamped until some time after it was drawn; Lord Kenyon however held, "That though the commissioners might have exceeded their authority in stamping it against the positive directions of the act, it became a valid instrument when stamped, and a judge at nisi prius could not enquire how and at what time it was stamped; that great inconvenience might arise, and a great check might be put upon paper credit, if the objection were allowed, because it would be impossible for a man taking a bill in the ordinary course of business if it was not unstamped when he took it, to know whether it was stamped before it was issued." The plaintiff had a verdict.

(25) By 55 Geo.3. c. 184. s. 14., it is enacted, "That from and after the 31st day of August, 1815, it shall be lawful for any banker or bankers, or other person or persons who shall have made and issued any promissory notes for payment to the bearer on demand, of any sum of money not exceeding 100%. each, duly stamped according to the directions of this act, to re-issue the same from time to time after payment thereof, as often as he, she, or they shall think fit, without being liable to pay any further duty in respect thereof; and that all promissory notes so to be re-issued as aforesaid, shall be good and valid, and as available in the law to all intents and purposes as they were upon the first issuing thereof."

issued after payment, as often as may be thought fit, without a new stamp; so as such issuing is by the same persons by whom they were originally issued, or some or one of them; or, if they were originally issued by partners, by some one or more of the original partners, either alone, or jointly with some one or more additional partners; and if such notes were at first made payable elsewhere than where they were drawn, an alteration as to the house or place of payment will be immaterial. (26)

But no persons are at liberty to issue such reissuable notes, unless they take out a licence yearly for that purpose. (27)

(26) By 55 Geo. 3. c. 184. s. 15., "No promissory note for the payment to the bearer on demand, of any sum of money not exceeding 100%., which shall have been made and issued by any bankers or other persons in partnership, and for which the proper stamp duty shall have been once paid according to the provisions of this act, shall be deemed liable to the payment of any further duty, although the same shall be re-issued by and as the note of some only of the persons who originally made and issued the same, or by and as the note of or more of the persons who originally made and issued the same, and any other person or persons in partnership with him or them jointly, nor although such note (if made payable at any other than the place where drawn) shall be re-issued with any alteration therein, only of the house or place at which the same shall have been at first made payable."

any one

(27) By 55G. 3. c. 184. s. 24., it shall not be lawful for any banker or bankers, or other person or persons (except the governor and company of the bank of England), to issue any promissory, notes for money payable to the bearer on demand, hereby charged with a duty and allowed to be re-issued

And where they issue notes in several towns or places, they must in general have a distinct licence for each town or place. (28)

without taking out a licence yearly for that purpose, which licence shall be granted by two or more commissioners of stamps for the time being, or by some person authorized in that behalf by the said commissioners, or the major part of them, on payment of the duty charged thereon in the schedule hereunto annexed; and a separate and distinct licence shall be taken out, for or in respect of every town or place where any such promissory notes shall be issued by, or by any agent or agents for or on account of, any banker or bankers, or other person or persons; and every such licence shall specify the proper name or names and place or places of abode of the person or persons, or the proper name and description of any body corporate to whom the same shall be granted, and also the name of the town or place where, and the name of the bank, as well as the partnership or other name, style, or firm, under which such notes are to be issued; and where any such licence shall be granted to persons in partnership, the same shall specify and set forth the names and places of abode of all the persons concerned in the partnership, whether all their names shall appear on the promissory notes to be issued by them, or not; and in default thereof, such licence shall be absolutely void; and every such licence which shall be granted between the 10th day of October and the 11th day of November in any year, shall be dated on the 11th day of October; and every such licence, which shall be granted at any other time, shall be dated on the day on which the same shall be granted; and every such licence respectively shall have effect and continue in force from the day of the date thereof, until the 10th day of October following, both inclusive. (28) By 55 Geo. 3. c. 184. s. 26., "Where any ers, person or persons, applying for a licence under this act, would, under the act of the forty-eighth year of his Majesty's reign, have been entitled to have two or more towns or places in England included in one licence if this act had not been made, such banker or bankers, person or persons, shall have and be entitled to the like privilege under this act.”

banker or bank

Except that houses which had established branch banks or agents elsewhere than where they had their chief establishment before 10th October, 1808, may include the places where such branch banks or agents were established in the licence for the place where they have their chief establishment; and that houses in Scotland who issue notes in more than four towns or places, need only take out four distinct licences. (29)

And the issuing re-issuable notes without a licence for the purpose, is subject to a penalty of 100%. (30)

And re-issuing notes or bills which ought not to be re-issued, subjects the person re-issuing them

(29) By 55 Geo. 3. c. 184. s. 25., “No banker or bankers, person or persons, shall be obliged to take out more than four licences in all for any number of towns or places in Scotland ; and in case any banker or bankers, person or persons, shall issue such promissory notes as aforesaid, by themselves or their agents, at more than four different towns or places in Scotland, then after taking out three distinct licences for three such towns or places, such banker or bankers, person or persons, shall be entitled to have all the rest of such towns or places included in a fourth licence."

or

(30) By 55 Geo. 3. c. 184. s. 27., "If any banker or bankers, other person or persons (except the governor and company of the bank of England), shall issue or cause to be issued by any agent, any promissory note for money payable to the bearer on demand, hereby charged with a duty and allowed to be re-issued as aforesaid, without being licensed so to do in the manner aforesaid, or at any other town or place, or under any other name, style, or firm than shall be specified in his or their licence, the banker or bankers, or other person or persons so offending, shall, for every such offence, forfeit the sum of one hundred pounds."

to a penalty of 50%. and the duty; and any person knowingly taking them to a penalty of 207. (31)

(31) By 55 G. 3. c. 184. s. 19., "All promissory notes hereby allowed to continue re-issuable for a limited period, but not afterwards, shall, upon the payment thereof at any time after the expiration of such period; and all promissory notes, billsof exchange, drafts or orders for money, not hereby allowed to be re-issued, shall, upon any payment thereof, be deemed and taken respectively to be thereupon wholly discharged, vacated, and satisfied, and shall be no longer negotiable or available in any manner whatsoever, but shall be forthwith cancelled by the person or persons paying the same; and if any person or persons shall re-issue, or cause or permit to be re-issued, any promissory note hereby allowed to be re-issued for a limited period, as aforesaid, at any time after the expiration of the term or period allowed for that purpose; or if any person or persons shall re-issue, or cause or permit to be re-issued, any promissory note, bill of exchange, draft or order for money, not hereby allowed to be re-issued, at any time after the payment thereof; or if any person or persons paying or causing to be paid any such note, bill, draft, or order, as aforesaid, shall refuse or neglect to cancel the same according to the directions of this act, then, and in either of those cases, the person or persons so offending, shall, for every such note, bill, draft, or order as aforesaid, forfeit the sum of fifty pounds; and in case of any such note, bill, draft, or order being re-issued contrary to the intent and meaning of this act, the person or persons re-issuing the same, or causing or permitting the same to be re-issued, shall also be answerable and accountable to his Majesty, his heirs and successors, for a further duty in respect of every such note, bill, draft, or order of such and the same amount as would have been chargeable thereon in case the same had been then issued for the first time, and so from time to time as often as the same shall be so re-issued; which further duty shall and may be sued for and recovered accordingly, as a debt to his Majesty, his heirs and successors; and if any person or persons shall receive or take any such note, bill, draft or order, in