In the outset, it was stated that the currency consisted mainly of a large mass of paper, whose convertibility had been provided for by Sir Robert Peel's Bank Bill of 1844–45, with which paper, and the gold set aside for it, the author did not propose to meddle. But alongside of the paper there circulated a large quantity of gold, and the object of his paper was to economise it. Now, gold having only three uses—as currency, in the arts, and to discharge debts abroad—it was desirable that some arrangement should be thought of which might relieve it of the first mentioned service, in which it suffers much waste, and set it free for the two others.