Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1891-01-20
.a;ngland's Great Rank

Ea.laad From this yadiAte in elIaass sver9
direction s,gee;s alloys anG !sueF, ali Of
which combined Constitute ihs fnanciai cen-
ire, not only Of ;he British empire, bul more
or ;ess Of tha whole wor!d. Within ih's
charmed citcla thsre is m7rs absolute eaa!th
| ia ,he shape oi money RnG its eq liSa!ects
/ saan ecu oe fourd 10 any one pisce CD tfe
! globe, while tba Toel estate ifsei' Comm anfis
! fabulcus price,. Il IS selGon any IS otf;fen
! 10 the market, i. beog considered The PINK
Of ell Investments lis com mmefoia! yalae is
rackorod at abcut $4,000 pes qeaEe fca5.
TIE baak Itself Is plGip, uDpresntious
grauite ::c ilding of one-story ia height, GOV
| ering The entire ground, and presenting
prisor-.ike appearance. having 20 windows
to the outside world. IneIda it ise town OF
itsef. made cd OF many buiidGgs cOn.ts,
and apartments. all Of which sre uiized in
carving on the different hreuches OF :he es.
tsbiishment Uudeln neath are ma vaults, IN
which are stored the securities, gold AUG
bullion. The staff from higatest 10 lowest
consists Of ebnut 1000 end liz sys en- OF
business Is az Gethcdicsi there seems TO oe G
crowd 20 where snd 40 ono evsr IN hurry.
Strsugeys visiting The bark axe t:eated wi;h
| the utmost courtesy, end II provided with
an order, which is easily obtained. sve
shown over the principal paris Precau-
tions. however, are taken that these priv
leges are not abused Everything is coz
ssrucled with reference to solidity end safs-
ty. and new-fapgled Dotione OF comfor. end
appearance are scarcely 20 be ssen. Ii is
old fogy conversation everywhere, aud sug-
Seetiors of improvements would be either
entirely ignored or adopted after years cf
consultation.
Il is really two banks 10 one, the note
iesue department heing entirely separated
| from that OF the general business and msk-
ing ts own distinct reporte. Tbs note is-
sues are based on the governments indebt-
edness TO the bank aud oan be Indefinitely
extended by pledge Of an equal amount Of
gold and bullion lodged IN the issue depart
ment. These 1otes are printed on tbe
banks premises upon paper manufactured
! By secret process and under the banks a.
recsor. They ere iesued n denominations
| from e5 TO 81 900. All transactions for less
| nan E5 must ba made in geld end silver.
They ere legal tender fo- tho payment of
al! debts other than the banks OVID. The
sans note Ia never paid out second tine,
but caDcel:d sad replaced by aew cnr. 1t
| hes monopoly OF note circulation within
radius of sixty-five miles. and this varies 10
emaunt from $3.50, 600 70 1900 COO 600
The banking department is based upon
capital of S72, 500, 900; is the depository OF
| al! government mcneFe, ard the sgen6
which transaots all ia financial bdsiness. Is
also has 10 iis. keeping large ae.Oalt5 of
| trustee funds un6s: the direction o! me
| courts. In lis private capacity it has to do
more or iess With ali The banking ineiitu-
t!ons in the country, as Weii as &C.
counts with those of oil pnris Of the world.
NF t-,tn hf1E hl
| governor and board OF directors alter 1t from
| time to time as occasion requires As soor
| as exchanges rua against the bank GnG more
gold is dsme nded from it than comes ip, the
ra.e OF interest Is raised and this will bs
further added to unli the tide OF specie sets
| to the bank. This beiag accomplished, the
| hanka become stropg again end lbs sata is
| lowered. Whatever this rate mag be hses
also the rate for ether banks, and becomes
! the sdopted rate IL private traDeeotioDH
! L. has not always stemmed tics tide o! panic,
and has dad to succumb and suspend epecie
| pay ymeut upon uore then one occasion 10
| It's history, but being SO directly identified
cith the government .he latter bss always
protected 1t. Upon ere occssio: S paid in
sixpenses and shiiii1gs until The 0!isis had
passed. E9en tEen the public did not get
these sxpsnces and shii!Ggs. Tor they we're
paid to their own employees ~nG formed
continuous ring. drawing the spscie at the
counter ia one ROOM, passing cut ard paving
1t at the counter o! another. at another
time the baBk met .he r3.urn upoU IL by pay
ing 10 per cent Of the facs vaioe every foT;-
pieht.eud whan this was ec!n2 to tresk their
back, they made it per osnt. every three
months.
rs sock seldom changes hands. and iis
diyi6ends averaged about s peT oent. for
the last 100 years. L opens accounts with
individuals snd firms upoa 20 favorable
terms IS Other bsoks Formerly The first
deposit Was required 10 be $500 std 90
checks TO BE- drawn foI less thsn S50
but ell these restril OBS have been removed
and the most generous fscilitiea gre fsTad
Its customers, either ss bank Of deposit
or discount. It has sources If profits
unlike other banks, inSemuch as 1t does not
nav Interest on deposits. ao9 having such
large balances t) it3 creGit can ose them to
great advantage. The eovernment also
paws it. q simulated sum for being the re-
spousbie ageuJ for the tranfsr of coraols
and the payment of the Interest iberecn
The public debt Of Great Britain is about IS :
5OO 600 600. and the bank receives .1r its
WORK 81 500 TO, every 500 100000 up 10 s.
900 600, 900 end ess rate for he balaucs.
From this alone its income In round num-
bers Is 81 900 900 per yesr.
Once mob attacked The bank, bat the
officers having had notice, melted all
their inkstauds ilt, bullets, provided
their staff with guns, aud ssationsd them
upou the roof and sbont the bindings,
together With what military coa'd be
spared from other PAGES. A f4w showers
of lead dispersed the mob and the bank
was saved,
Ir Its dealings with its com npettois t has
borne the reputation of being just. leaning
to The side of generosity, and bat one in-
stauce is recorded where it dsiibsra.e.y at
tempted snother's ruiz. EARLY In tie 18th