CHAPTER III

than as aforesaid; any law, statute, or usage to the contrary notwithstanding."

The importance of this latter epoch-making clause is vital. It is the first enactment of a law of tender in the history of English monetary legislation, and it was the first step towards the shaking off the incubus of that mediæval currency system which was even then only coming to be understood in all its fatal perniciousness. For statesmanship, the only parallel to it is that Act of Henry III. of France, which proved so shortlived in its adoption (see supra, pp. 87-88). It was the first step in the evolution of that system of a safeguarded currency which was finally constructed in 1816.

This Act prohibiting the importation of light silver was renewed in 1776 for a further two years, and was again, in 1778, continued until the 1st day of May 1783, and from thence to the end of the next session of Parliament. On the 21st June 1798 the Act, being then expired, was revived and further continued to the 1st day of June 1799 by a new statute, and on the 12th July 1799 the Act was made perpetual by statute of 39 Geo. III. c. 75.

The later legislative action with regard to silver belongs to the final construction of the English currency system. In the main, the recoinage of gold was accomplished in the year 1774, though it lingered over the three succeeding years as appears by the items in the Appropriation Acts. Page 237

The accounts of grants for recoinage were as follows:—