Freeland tribune. (Freeland, Pa.) 1888-1921, 1891-01-01
BANK OF ENGLAND.
THE GREATEST FINANCIAL IN
STITUTIoN IN THE WORLD.

soldiers.
No financial institution in the world
enjoys such a history or reputation nc
does the Bank of England. 1t owes it's
origin to a Scotchman, by name William
Patterson, who also founded the Bank of
Scotland. He was a man of generous
nature and lofty ideas. In founding
this institution he proposed to relieve the
embarrassment which continued to press
upon the treasury for several years alter
the revolution in 1858 by raising, in
shares, 81, 200, 900, the whole of which
was to be loaned to the government at
per cent, the lenders being incorporat-
ed as joint stock company under the
name and description of the Governor
and Company of the Bank of England,
with the privilege of keeping the ac-
counts of the public debt, paying divi-
dends, etc., for which an allowance of
"a, 900 year was granted to them. This
proposal having been accepted, the first
bank charter passed in 1904, under the
provision of particular act of parlia-
mens.
The bank commenced its business on
the hrst day OF January, 1896, at the
Grocers' Hall In the Poultry. Sir John
Houblon was the first governor, and
Michael Godfrey the first deputy-goyer-
nor. Houblon was French merchant
whose father had fled from Flanders on
the persecution of the duke of Alva. His
mousse was lurhlshed IN princcly style,
and he gave splendid entertainments
whicn added much to his popularity. AT
the time OF its founding the bank issued
notes Tor t2O and upward, and discounted
bllls at ratss varying from Al to 6 per
cent. In 1875 there was run on the
bank winch caused its temporary suspen-
sion, when ITS notes were at 20 per cent.
discount. Ihe capital was then increa ed
to t2 2ol, III. In 171O its capital was fur
ther increased to $3.50, 995, and other
increases made from time to time since
then, have brought the total capital to
Its present figure, t14, 553, 900.
In 1874 the bank moved from the
Poultry to !hreadneedle street. The
present pniidlng stands In four parishes,
and Is reared on the site OF Sir John
Houblons house and many other build
ings, including the church of st. Chris
topher Stocks, the burial ground OF
which now forms the garden of the bank
and is known to every visitor to London.
The general banking room opened to
the public is spacious apartment and
modern in appearance. The visitor is
struck with the air OF responsibility and
business pervadlng the entire place. 1t;
air is one of conservative solemnity and
decorous activity, while the demeanor OF
its employees is saturated with formal
propriety, The messengers and attend
ants draw attention by their dress, which
consists of a swallow tailed coat of Q
delicate salmon color-with silver but.
tons-a flaming scarlet wastcoat, black
trousers, and high silk hat.
An order to view the directors room
and certain other parts of the building
may be obtained on presentation of the
card OF any reputable banker or mer.
chant of the CITY, In the vaults below
are to be seen the bullion which is the
collateral Tor the notes, and bags of SOW
erelgns, ana large quantity of gold or
naments, such as rings bracelets and
necklaces and coroncts, the residue of the
Ashantee indemnity, much of the origi.
nal quantity OF which has been melted
down ana coined.
The first issue OF ten-pound notes was
made IN 10Y. In 1888 the five pound
notes were issued, and in 1897 notes of
u and " were circulated, but in 1884
the bank rellnqulshed the issue of all
notes under 20. These Bank Of England
notes are legal tender everywhere in
the onlted Kingdom, but at its own
counter, wherc, upon demand, they arc
required to be paid in gold. They are
tne salest pieces OF paper IN the world,
us unuer any circumstances the bank
co9lu pay every one In circulation with
golcl WITHOUT touching one pound of its
capital
me pahh Is managed by board OF
IMeh'y-lour directors Eight so out OF
once OH every year. ana eight come In.
W w hen 'he Perlou Oh eiectlon draws near
liic oireStofs make out mouse list OF the
inili h'liles oi thoSe they "lsn to have as col
ieas1es' T Tnu sne mousse ilst IS uniformly
roteu. lhe directors each receive for
'huri uri eoi'ioee .iie sum Vi tooo per year.
Inc Preseht governor IS Mr.. William
Liooeraaie' whose salary Is II 600. The
uePuty governor, MI David Powell,
aiso receives a. oo0. Mr. Frank May,
inc chlel cashler, Is well known the
world over by his signature on the bank
notes.
AT the present time no notes of a
higher denomination than e1, 900 are is
sued. The paper of which these notes
are made is produced at n special fac
factory in Hampshire. Something like
10, 900 reams are annually supplied to
the bank, each ream costing about e1.
| The dies by which the water marks ore