Alexandria gazette & daily advertiser. [volume] (Alexandria [Va.]) 1817-1822, 1819-05-24
ALEXANDRIA,:
ORIGIN OF THE BANK OF ENGLAND,
MO.ND.4Y, MAY "a, 1919.
And ats Utility TO that Country.

lind ats Uftlty TO that country.
The name is derived from the Italian
word 6anca-the bench on which money
changers ancienlly sat in the public mar
kets.
The first bank for the security ofprivate
property, was that of Venice, formed in
the twelfth century and all the forms CT
transfer, according 20 the present practice,
was then regulated.
The bank of England vas projected in
the reign OF William and Mary, by Mr..
William Patterson, merchant, who sub.
mitted his scheme to the privy council. 1t
was, after considerable deiberatioR, es.
tablished by act of parliament, executed
on the 9th July, in the year 1894 And
the statute enacted that their majestieS
might take particular subscriptions tor one
million two hundred thousand pounds OF
any persons, foreigners or natives, whom
their maJesties were Empowered to moor
porate, with a yearly allowance of one
hundred thousand pounds-Viz. ninety
six thousand pounds, or eight per cent, tor
interest, till redeemed, and four thousand
pounds to be allowed to the bank for the
expense of management. The title ct
Il" Governor and Company Of the Bank OF
England" was conferred, and their fund,
above mentioned, to be made redeemable
upon years notice after the 1st OF August,
1905, payment Of the,piincipal, and then
the corporation to cease. Its establish
ment from the day of institution has never
been shaken. They were originally pro-
hibited from borrowing more than one mil
lion two hundred thousand pounds, excep!
on parliament funds but on the Sd. Of
February, 1903, their capital was en-
larged and the Goth Of August, Ills, the
royal assent was given for its being further
extended, in order to raise sum of nine
hundred and ten thousand pounds for the
service Of the public.
In the year TIT the bank lent govern
ment two millions and half at FIVE per
cent. In the year l742, the further sum
of one million six hundred thousand pounds
was advanced for renewal Of their char
ter: and though in i760 they were enabled
to lend government one million more, they
were so pressed the preceding year, during
the rebellion, that on the Goth September
they began making payments in iurthsl
loan Of one million four hundred thousand
pounds. at three per cent.
In the year l749-50, the Bank ana
South Sea Directors agreed TO the redus'
lion of the interest OF the national deo'
upon proposition of parliament; and 10
two days the sum subscribed was tory
millions.
Their notes in 1896, bore twenty PEI
cent discount, and were unde- par in l'4o'
when the merchants OF London associated
and agreed to receive them as specie
Under the administration Of The br's
William Pitt, they acquired credit on 'n'
continent, and after the peace Of 1853 were
universally current through Europe. sma"
notes Of ten and fifteen posnds each were
not issued till the year 1859.
Baltimore, May f9:
John White has been appointed Cash'e'
Of the Office of Discount and Depo't ~
this city, in place Of James W. h'Cul'0H'
removed.
FROM CANTON.
The ship Hope Capt. Dizzy, has a'r''ea
at Philadelphia. A letter, dated CAS1o''
5tb Jauary last, with which we have oes'
favored, says-"The ship Thomas Sca's'
good is aground down the river; she "eD
on at very high water; part OF her eae
viii be taken out in boats. GInsens
very bad article at present; 1t may o''ps
3oa 35if very good.-The ship ofol'D'