The author examines England's paper currency and the Bank Charter Act of 1844, defending the act's provision for decennial revision and the state's right to redeem note-issuing privileges while criticizing the act's underlying monetary theory as fallacious. He emphasizes the benefits of periodic reassessment for public welfare and for checking the entrenched monopoly of note issuance, argues that banks holding exclusive rights should be prepared to surrender them, and critiques the Act's treatment of country banks. The essay confines itself to English circulation, outlines the law's main provisions and practical difficulties, and offers suggestions toward a practicable reform of the currency system.