An Act to prevent the Negotiation of Promissory Notes and Inland Bills of Exchange within the said Isle, under a limited Sum.

" Whereas divers Persons have of late years issued Promissory Notes, payable to Bearer, for fractional Sums of Money under twenty Shillings, whereby the public Credit, of the Island hath been most materially injured, and the crime of Forgery greatly facilitated and increased, and the legitimate Currency of the Realm nearly banished from the said Isle. And whereas it is expedient to abolish the issuing and circulation of Notes or Cards for the payment of any sum or sums of Money under twenty Shillings British. We therefore, your Majesty's most dutiful and loyal Subjects, the Lieutenant Governor, Council, Deemsters, and Keys of the said Isle, do humbly beseech your Majesty, that it may be enacted, and be it enacted by the King's most excellent Majesty, by and with the advice and consent of the Lieutenant-Governor, Council Deemsters, and Keys of the said Isle, in Tynwald assembled and by the Authority of the same, that from and immediately after the promulgation of this Act, all the Estate, real and personal, of every description and quality whatsoever, whether Quarterland, or Lands of Inheritance, descendible from Ancestor to Heir, or. acquired in any other manner whatever, belonging to or in trust for, the issuer of any Promissory or other Note, Bill of Exchange, Draft, or undertaking in Writing, being negotiable or transferable, now in circulation, or hereafter to be issued, by any Person or Persons as Bankers, under the provisions of this Act, shall be subject and liable to the payment of all and every such negotiable instrument whatsoever. And be it further enacted, by the Authority aforesaid, that every such Person or Persons as aforesaid, who after the promulgation of this Act, shall make and issue within the said Isle any such Promissory or other Note, Bill of Exchange, Draft, or undertaking in Writing, being negotiable or transferable, for the payment of any sum or sums of Money, less than twenty Shillings British, shall severally forfeit and pay the Penalty of fifty Pounds for each and every offence, one half to and for the use of his Majesty, and the other half to the informer; such penalty to be recovered by Suit in the Court of Exchequer of this Isle in the name of the Attorney-General of the said Isle for the time being. And be it further enacted, that all Promissory or other Notes, Bills of Exchange, Drafts, or Undertakings in Writing, being negotiable or transferable, for payment of any sum or sums of Money less than twenty Shillings British, which are now in circulation within the said Isle, shall, from and after the expiration of three calendar Months from the promulgation of this Act, be, and are hereby declared to be null and void to all intents and purposes whatever; and that the holder or holders of any such unlawful Note, Bill, Draft, or undertaking aforesaid, shall not have or be entitled to any relief or recourse, for the amount of the same or any part thereof, upon or against the Maker or Makers, Indorsor or Indorsors, of any such unlawful Note, Bill, Draft, or undertaking aforesaid, or any other Party, Person or Persons whatever; save and except in cases of Fraud practised upon the innocent. And be it further enacted, by the Authority aforesaid, that, from and after the promulgation of this Act, no Person or Persons shall make and issue any Bills, Notes, or other negotiable Paper or Instrument whatever, for the payment of twenty Shillings British or upwards, by way of a circulating Medium, without the Licence of the Governor or Lieutenant-Governor and Council of the said Isle for the time being, to be granted or refused at their discretion, under penalty of fifty Pounds for every such Bill, Note, or other Instrument issued contrary to this Act; which Licence shall remain in force for one year only, and be renewable from year to year, at the discretion of the said Governor or Lieutenant Governor, and Council, and that the sum of twenty Pounds British shall be paid for each and every such Licence into the hands of the Clerk of the Rolls, to be added to the Highway Fund. Provided also that nothing herein contained shall extend, or be construed to extend, to hinder, prevent, or restrain the making or passing of Notes or Bills of any amount without a Licence, so as the same be done in the common and ordinary course of trade or business, and not in the way of Cash Notes, or Bills, or Banker's Notes or Bills. And be it further enacted, that every such Banker or Bankers as aforesaid be bound to take up and pay all such Notes or other negotiable Paper or Instruments whatever, made and issued by them, or any of them, within the said Isle, by paying the full value in Gold, Silver Coin, of the legal currency of Great Britain, Promissory Notes of the Bank of England, or by direct Bills of Exchange on London, at a date not exceeding two months. - Signed by the Lieutenant-Governor, Officials, and twenty-four Keys.