The Princeton union. [volume] (Princeton, Minn.) 1876-1976, 1879-01-15
THE WORLDS GREAT BANK.

Il Sketch of the Banz; of Enyland---The
Manner IN Witch its WOrI; Is Do,ee--Its
Bills, Their Issue and Redemption---A
model for american Bnnzss.
The Bank of England was organized in
1884. For time, the business was done in
one room. Now 700 men are employed. No
bills are issued for less than e5. Bills never
go from the bank the second time. Smaller
notes are out about ffty-fv days. Notes
for FL 900 are out on an average of ten days.
Every customer can have hard or soft money
as he prefers. Sovereigns that come into
bank are all weighed before going into cir
culation again. We saw them moving down
tho trough, every one that is deficient in
weight passing out at the side. These de-
fcient coins are melted up for recoinage. ali
silver coins that are worn smooth are re-
coined in like manner. Every coin going
out of the bank has its full weight and value.
The sovereigns are put up in bags of 10000
each; 1907 900 are weighed in a day. Notes
that are paid at the bank are torn at one
corner, preserved five years and then de-
stroyed.
Gold and silver are in ordinary use for all
small business transactions. The writer
used only three bank bills during the four
months he has been in England. We think
we must have small bills. What should we
think if we had no paper money less than
1926? There are bills on Irish banks for FL,
but never saw any of them. The volume
of currency meets the wants of trade in
England, since any customer can have paper
or gold, just as he prefers. The question of
the amount of paper money settles itself, as
every bill is destroyed when returned to the
bank. How would this do for our green
backs? Never reissue them, and pay in
gold or greenbacks just as individuals pre-
| fer. What would our fnanciers say to such
plan? It must be good safeguard against
counterfeiting and stealing. If a man had
a FL, 900 note, No. 1888, and his pocket is
picked, he can advertise it, offer reward
for its return, give notice at the bank, and
the bank can 6 i've another notice after a
reasonable time. Any man who offers that
note will be asked how he came by it, and
the thief might easily be detected. Why is
not that note as safe as registered bond?
Different rooms are for different purposes.
One is for the weighing of gold sovereigns,
another tor the examination of silver coins,
and other for government business, selling
government stocks, paying public interest,
discountlng to London merchants, paying
mercantile notes, FINDINGS. All printing OF
| Dlauk-poohS, oraItS, ana CHECKS Is done III
the bank. Bank bills probably cost less
than mill each. The paper is not like on,
bank bills, no better than the paper use6
for bank checks. The advanced ideas OF
our greenback friends leave England lar in
the rear. The idea that a government can
make money by stamping a piece of paper
has no countenance in the Bank of England
Our English friends consider G5 note as
good as five soyereigns in gold, because the
note will bring the gold wherever presented
How carefully they guard the purity of coin
age! Every sovereign, every shilling thai
goes out of the bank is genuine and of full
value. If one, by wearing, is weighed il
the balance and found wanting,'' it is re
coined.