Burlington free press. [volume] (Burlington, Vt.) 1827-1865, 1847-02-19

court-yards into other luildings, as
seem, though really the same, until wearied and T
exhausted, you are glad to get out of the laby.
rnth in the most expeditions way possible |
Some 800 clerks find shelter under these roofs.
besides we know not how many workmcn and
servants ofdiierent kinds.-Every thing that is
necessary to carry on the operations of the Bank
finds accommodation within its spacious walls
There is printing establishment and a binderv.
as well as apartments for smelling and coming
gold and silver. The machine for printing and
at the same time registering the bank notes. is
curious As fast as a note is printed. lis number
is registered by the machine. the figures drop
ping. and new ones taking their place, as the
process of printing proceeds. In the vaults may
be seen bars of gold almost literally by the cord ;
much of it placed on small carriages, ready to
be rolled off to the mint when needed. Nearly
all the gold that finds its way into the bank is
melted and recoined it generally being found
slightly short in weight, in consequence Of the
necessary wear in passing from hand to hand.
The quantity of gold and silver that is brot to
these vaults aud that is kept continually in thea
is enormous. You may sometimes see in the
courtyard adjoining the mint one or more draws.
drawn by two or three horses, loaded with gold
and silver and in the appropriate room. which
is quite long one, the ready coined gold and
silver is piled up by millions This room is
finished with pigeon holes, extending its whole
length on either side closed by light doors
These pigeon on one side are filed with small
bags OF specie ; and on the other side. with bank
notes. An order comes for a thousand prounds
a small bag is drawn from its resting place. and
the order is executed. Another comes for $500
900 in notes six small slips Of paper ARE hand
ed out to meet the draft.
This same Bank Of England is most won.
deriul and all-powerful moncd establishment.
The lowest amount of bullion that it has Ind in
MS vaults Tor many years, was = IL millions
pounds sterling, or over u millions of dollars
and at the present time. it probably has nearly
seven times that amount
There is no bank in the world that will COM
pare with the Bank of England as bank OF de.
post and circulation. Its greatness may be at
trbuted mainly to the peculiar favor of the En-
glish Governments Bank was founded ia
1894 and from a short time ttcr its establish
ment Q7OS) till 1926. no company with Aor.
than six partners was allowed to issue notes pay
able on demand in England or Wales and even
now, the same restriction and prohibition CONT
nues IN force within Is miles of London. The
Bank OF England is the Government Bank. re-
cevng for Government the produce Of all the
taxes, loans, &c. and paying the interest on the
public debt, the drafts Of the Treasury and of al
other departments of Government. For this SER
vice the bank receives about tl3O.0JOa wear.
and the use OF all balances of public money in
her hands. The Government is also il borrower
from the Bank to the amount of above eli Co.,
OO0. This furnishes Il security TO the public for
the payment of the notes of the bank ; for all OF
this enormous sum must be sacrificed before the
private stockholders or depostors OF the bank
can lose any thing
Notwithstanding the enormous amount of
bullion in her vaults, and the uncqualled advan-
tages which this bank enjoys from government
patronage, audit unrivacd occupancy of Lon
don, the centre of the monied interests of the
world, yet the Bank OF England has once at least
been compelled to suspend specie payments.
This was in l796-l797 but its credit was not
much affected, for the bank was able, even then,
to show a surplus stock, after all her debts were
paid, of no less than fl5,573,000 and lis notes
were consequently regarded as practicaliya le-
. gal, tender, and kept in circulation.
There is something noticeable in the present
position of the Bank of England. The amount
of bullion in her vaults for the past two years
has been at least double the average amount for
, 6S wears previous while the circulation of her
notes has not increased in any such proportion.
; For example, in May, 1916, s. e had fliO52,-
926 in bullion, while her circulation was only
; E2O256,777; and for two years last past, the
bank has never had less than &I32O5, 1876 in
bullion, and has never had circulation over
f22 1877 ,9l2 and never but once so high as that.
In previous years, in 1899, 40, Al and, AZ, sine
circulated from Is l-2 to lS IA millions of no.
ties, with bullion in her vaults varying from 8
Ia to 2 I-2 millions and for Is years in sue.
cession, between 1902 and 1917 inclusive, with
bullion varying from f9,6s0 $40, to e. ,0369lO,
the bank hada circulation OF from Els, Sc, $50 ia
E27, 1897, 800. 1t would seem, therefore, that
the bank is anticipating some crisis in business
affairs which many occasion a heavy drain on
+ her specie, 1t has been suggested that the Di.
rectors are apprehensve OF the railway specula.
tons, or of some other mania, should money be-
come plentiful, as it might be made by free is.
sue OF their notes. Certain it is that there must
be some pretty powerful cause operating on the
men who control the affairs of the Bank of En-
gand-as shrewd monied men as there are il
the world-to induce them TO hoard up specie
as they have of late, while they are csrtailine
proportionsily their circulation