The morning news. [volume] (Savannah, Ga.) 1887-1900, 1891-01-17
rNaLANp,s GREAT BANK.
-s-ae Acres Of Ground in the Worlds
Financial Center.

E~Vlaud. FROM tAAs EH-ldst II aAtnost every
5-rsction streets, alleys and lansI, all Of
--si,h combined constitute the financial cen
= not only Of the British empire, but more
isss Of the whole world Within this
Lsrned circle there is more absolute
18th in the shape OF money and its elUivn-
LEHMAN can be found in any other one place
., ne globe. while the real estate Itself CON-
r-srds fabulous prices. 1t is seldom any IS
--tFsred in the market. it being considered
.1s nick Of all investments. Its CONNER
..ol value is reckoned at about 1900 per
s7uare foot.
The bank itself is q plain, unpretentIous
,--snite building of one story in hight, GOV.
ing the entire ground, and presenting a
,-;s6u-like appearance. having no windows
:. do outside world. Inside IL is q town of
;tssf. made up of many buildings, courts
srd APARTMENTS. all of which are utilized in
Irving on the different branches of the
Enlistment Underneath are the vaults,
- which are stored the securities, gold and
bullion. The staff, from highest to lowest,
consists of ABOUT l 900, and its system
~ business is SO methodical there
seems to DO crowd nowhere aud
no one ever in q hurry. Strangers
yisiting the bank are treated with the
utmost courtesy. and, if provided with an
order which is easily obtained, are shown
over the principal parts. Precautions,
bowevar, are taken that these privileges are
not abused. Everything is constructed with
reference to solidity aud safety, aud new
tangled notions of comfort and appearance
are scarcely to be seen. It is old-fogy con-
versation everywhere, and suggestions of
Improvement would be either entirely
ignored or adopted after years of consulta-
ton.
1t is really two banks in one,
artDnQnf
being entirely separated frcm that
of the general business and making its own
distinct reports. The note issues are based
on the governments Indebtedness to the
hank and can be indefinitely extended by a
plejge Of an equal amount of gold and bulls
ion lodged in the issue department. These
notes are printed on the banks premises
upon paper manufactured by q secret pro-
ciss. and under the banks direction. They
are issued in denominations from e5 to
1000. All transactions fer less than 85
must be made in gold and silver. They are
g legal tender for the payment OF all debts
other than the banks own. The same note
is never paid out second time. but cancelled
and replaced by a new one. 1t has
q monopoly Of note circulation within a
radius Of sixty-five miles, and this varies in
amount from $3.50, 900. 600 to $500, 100000.
The banking department is based upon a
CQpltdl VI PtfsJNOsOOO, 10 bhOOCHOoAbOAJ va eAAA
government moneys, aud the agent which
transacts all its financial business. Il also
has in its keeping large amounts Of trustee
funds under the direction of the courts. IN
its private capacity it has to do more or less
with all the banking institutions in the
country, as well as accounts with those OF
all parts OF the world. 1t has no regular
rate Of interest, but the governor and the
board Of directors alter it from time TO time
- A. .Io,,
run against tire bank and more & Id is de-
manded from it than comes in, the rate of
interest is raised and this will be further
added to until the tide of specie sets
to the bank. This being accomplished,
the banks become strong again and
the rate is lowered. Whatever this rate
may be fixes also the rate for other banks,
and becomes the adopted rate in private
transactions. 1t has not always stemmed
the tide of panic, and has had to succumb
and suspend specie payment upon more
than one occasion in its history, but being
so directly identified with the government
the latter has always protected it. Upon
one occasion it paid in siXpencos and
shIllings until the crisis had passed. Even
then the public did not get these sixpences
and shillings, for they were paid to their own
employees, who formed continuous ring,
drawing the specie ct the counter in one
IVoAIi tdSslhB OuIs anu paying IL at Ghe
counter of another. At another time
the bank met the run upon it
by paying 10 PER cent. Of the face value
every fortnight, and when this was going to
break their back they made it per cent.
every three months. But the government
itself, during the early years Of the bank,
had its ups and downs. During periods of
protracted wars it was often distressed for
money and put to the severest straits. At
hoe . l.. l. e..
discount, and its very existence threatened.
the following epitaph: Here lies the body
Of the Bank of England, who was born in
the year 1894, died May 8, 1896, in the third
year OF its age. They had issue legitimate
1900 G0-called bank bills"
Its stock seldom changes hands, and its
dividends averaged about s per cent. for the
last 100 years. 1t opens accounts with in
dlvlduals and firms upon es favorable terms
as other banks. Formerly the first deposit
was required to be $500 and no checks to be
drawn for less than $50, but all these re-
s!rictlons have been removed, and the most
generous facilities offered its customers,
either as bank of deposit or discount. 1t
mas sources OF profits unlike other banks,
nasmuch as 1t does not pay interest on de-
posts, and having such large balances to
lis credit can use them to great advantage.
LIS government also pays IL StlDu-
lated sum for being responsible
agent for the transfer of consols and the
payment Of the interest thereon. The pub
nc debt Of Great Britsin is about $780,
oOo,O0O, and the bank receives for its work
Sl5JO for every $500, 0O0, 900 up to SO, COZ, =
gVOOOO, and a less rate for the balance.
from this alone its income in round num-
oers is 1,000, 900 per year.
Unce mob attacked the bank, but the
omclals having had notice, melted all their
lhkstands into bullets, provided their staff
with guns, and stationed them upon the
EooI and about the buildings. together with
Ths5 military could be spared from other
places A few showers of lead dispersed
Iue mob and the bank was saved
In Its dealings with its competitors it has
oorne the reputation of being just, leaning
70 the side OF generosity, and but one ~
stance is recorded where it deliberately at
Rmpted another's ruin. Early in the
eighteenth century there was a private
banking house, Childs q Co., whose bust
ness became so large and prosperous as al
most TO rival the bank. The bank set Sc
SSIetly to work to collect and hoard Childs
70. 5 obligations, until, having accumu-
-SSso large amount, Jhey would present
s'i at once and demand payment, thereby
ttotclng them into insolvency. A few days
uelore the expected event was to tran
spLre Childs g. Co. were secretly advised
~ some friend. AS quietly they sough0
vas Duchess of Marlborough and ac-
qualnted her with the facts. The duchess,
Smpathizing with Childs g Co.. gave them