The Washington union., 1857-04-29
THE BANK or ENGLAND.

isa noble woman and Queen but, 50 Ear as the busi-
ness and bodily comfort of the people of Great Britain
concerned, the real King of England is the bank
When that huge corporation is happy and obliging,
80 are the people; and when morose or savage, the
be amiable. Though we Of this country do not re-
eognise any such thing as royal prerogatves yet
we must confess that are by no means beyond the
influence of the monetary establishment in question
fortnight ago, for example, the American money
market was particularly easy, but the came that
the Bank of England had raised the rate of interest
from six to six and half per cent; when, 10 little
cloud was Immediately seen in financial slSy an
other rise of onehaf per cent having taken place. and
the cloud is more apparent. For these reasons, we
deem the present appropriate moment to take
passing glance at the history of the great corporation
which exerts potent asway the affairs of
The protector of the Bank Of England was one Will
liam Paterson and the act of incorporation was sign
ed by William ILL., in 1894. The subscription books
were filed within two days after they were opened,
and it commenced business with capital of 81 20O
000 since which time its circulation has reached the
enormous amount of thirty millions opounds sterling
and its bullion has huctuated between sixteen and
twenty millions. On many occasions have the fnarl-
cial measures of the Crown been largely aided by
loans from this great reservoir of wealth. As Par
lament allowed its privileges have been extended,
and its charter frequently renewed. Its managers
consist Of governor, deputy governor, and TWEEN
tyfour directors; and, with view Of securing its
credit, law was enacted that no other banking es-
tablishment should exist in England consisting Of
more than six persons. During the last century
the rates of discount varied from four and a half
to six per cent they We're subsequently cquaized
between four and five per cent, but Of late years
they have been high seven per cent. and it is
fact worthy of note that among the reasons assigned
for the recent increase in the rate of interest this
that large amount of money had been invested in
spirits for expectation to this country after the first
of July when the duties will be thirty per cent. in
stead of one hundred, as at the present time No
bills of the bank are ever issued second time. As
to the dividends which it has declared and the many
bubbles with which it's history is connected, an ac-
count of them would fill whole volumes Intimately
connected with the operations of the Bank of Eng
land are the transactions in the consols and one re-
mark on this subject may here be made. 1t was ip
the year 1852 that the foundation was laid of the
present three-per-cent. consols, which thus
termed from the balance of annuites granted by
George having been consolidated in one fund, with
a threeper-ccnt stock and their present amount is
936O, 900, 900.
In 1857 one hundred years ago, the edifcc of the
Bank of England was small structure and almost
invisible to the passersby; at the present time it
occupies of eight acres on the site, but
is an edce of architectural beauty with not one
window towards the street being lighted from the
roof of the enclosed area. And this reminds us Of
Gently made by an American to the bank, which we
subjoin. After mentioning the fact of his obtaining
ticket of admission from the governor he proceeds
as follows:
II led, presenting my card of admission into
private room, where, after delay of few moments
came and conducted through the mighty
and mysterious building. Down went into q room,
where the of the bank received the day before
now examined, compared with their entries in the
books, and slowed away 1t receives, in the ordinary
of business, about $500 000 000 daily
in notes these put up in bundles, according to
their denomination boxed up with the date Of their
cepon and kept ten years. at the expiration of which
period they taken out and ground through the MILL
which running, and ground again into paper. II,
In the of these ten years. any dispute in business
law SUITS should arise concerning the payment of any
note, the bank produce the identical bill To meet
the demand for notes constantly used up the bank has
its paper makers its printers Its engravers
at work under roof and 1t even makes of the
chinery by which its work is DONE complicated but
beautiful operation is register extending from the print
ing Office to the banking Office which marks every sheet
of paper which is struck off from the press that the
printers cannot manufacture single blank note which is
not recorded in the bank.
On the principle of exacness shaft is made to
pass from apartment to the other, connecting clock
in sixteen different business wings of the establishment,
and regulating them with such precision that the whole
Of them always pointing to the second of time
In the next is machine exceedingly simple for de-
tecting light gold coins Of them dropped
by upon spring scale if the piece of gold of
the standard weight the scales to a certain height
and the coin slid off upon the side of the box if less than
the standard it little higher, and the coin slid
off the other side. / asked the weight of what
the average number of light coins that into their
hands, and strangely enough he said it question
he not allowed to answer
'The next room entered that in which the notes
deposited which are ready to issue I'VE have thirty
two millions of pounds sterling in this room the officer
to me; will you take of 1t 4? told him
it would be vastly agreeable, and he handed mil
lion, which received with many thanks for his liberal
ty but he insisted my dcposting with him again
1t would hardly be safe to carry much money into the
street In the vault beneath the door the director
and cashier counting the bags of gold, which
pitching down to them each bag containing thousand
pounds sterling, just from the mint"
In connexion with the above make room for the
following interesting letter, which we find in the
New York Commercial Advertiser: