Vermont phÅ“nix. [volume] (Brattleboro, Vt.) 1834-1955, 1885-05-15
EnEIand's Great Bank.

The bank of England originated in the
brain of William Paterson, a Scotchman-
better known, perhaps, as the organizer and
leader of the Inflated Daren expedition. 1t
commenced business in 1894, its charter
which was in the first instance granted for
eleven years only-bearing date of July ~ of
that year. This charter has been from time
to time renewed, the last renewal having TAX
en- place in 1874. The original capital of the
bank was but l,200, 900 pounds sterling and
it carried on its business in single room in
MERGERS hall, with staff of fifty-four clerks
From so small a beginning has grown the pres
ent gigantic establishment, which covers
nearly three acres, and employs in town and
country nearly 900 officials.
All Bank of England notes are printed in
the bank itself. Six printing-presses are in
constant operation, the same machine print
ing first the particulars of value, signature,
ETC., and then the numbers of the notes in con-
secutive order. The printing-presses are so
constructed as to register each note printed,
so that the machine itself indicates automat-
ically how many notes have passed through
it. The average production of notes is so,
600 day, and about the same number are
presented in the same time for payment The
'1ibrary" of cancelled notes-not to be con-
uated in the bank vaults. The stock of paid
| notes for five years-the period during which,
as before stated, the notes are preserved for
reference-is about 77,745, 200 in number.
They fill Is, 400 boxes, about eighteen inches
wide, and nine deep. As each day adds
about 80, 600 notes to the number, it is nee
essary to find some means of destroying those
| which have passed their allotted term of
preservation.
This is done by fire, about 500, 900 notes
being burned at one time in a furnace espe-
cally constructed for that purpose. Former
| ly, from some popularity in the ink with
which the notes were printed, the cremai ed
notes burned into solid blue cinker; but
| the composition of the ink has been altered,
and the paper now burns into fine gray ash.
| The fumes of the burning paper are extreme
/ ly dense and pungent, and to prevent any
nuisance arising from this cause the process
, of cremation is carried out at dead of night,
| when the city is comparatively deserted.
Further, in order to mitigate the density OF
| the fumes, they are made to ascend through
| a shower of falling water, the chimney shaft
being fitted with special shower-bath ar
rangement for this purpose. The stock OF
| gold in bullion vault varies from 200, 900 tC
5000, 900 pounds sterling. The bars are laid
side by side on small fiat trucks or banows,
carrying 100 bars each. In glass case il
this vault is seen portion of the war indem
nifty paid by King Coffee of Ashantee, consist
ing of gold ornaments, a little short of stand
| ard fineness.
The safeguards against robbery, by force OF
fraud, are many and elaborate. At night thu
bank is guarded at all accessible points by al
ample military force. In the event of an at
tack from without, there are sliding galleries
which can be thrust out from the roof, ant
which would enable body of sharp-shooter
to rake the streets in all directions. Few
people are aware that the Bank of England
contains within the walls a graveyard, bu
such is nevertheless the fact. The Gordon
riot of 1850, during which the bank was at