The Democratic advocate. [volume] (Westminster, Md.) 1865-1972, 1893-08-05
The Bank of England.


tennlal anniversary OF IT'S estaDllshlbehi.
What a history this almost two hundred
years of its existence would prove in vol
ume and extent, il minutely executed, may
be judged from the fact that the simple
titles Of the acts of Parliament passed upon
the subject Of its affairs since the bank
was founded, occupy more than 257 pages
off the indexes to the statutes at large.
This famous institution was established
in 1894, having been projected in 1892
by Scotch merchant, William Patterson,
to relieve King William III, from the
difficulties experienced in raising supplies
to prosecute the war against France The
terms of the charter granted July %,
1854, were that the sum of 81 100000
(S6, ,000,0 ,000) should be raised, and that
the subscribers should form themselves in
to a corporation styled "The Governor and
Company of the Bank Of England" The
bank was also to have the privilege of
keeping the accounts of the public debt,
paying dividends, issuing notes, &C., for
which an allowance of "a, 1000 year was
granted. The whole of the capital was to
be loaned to the Government at s per
cent. This interest, together with the
"a, 900 allowance, gave the bank revenue
of f100,000 per annum. At its very out
set the bank was servant Of the Govern
ment, and it has retained that character,
but in somewhat diminished degree,
through all the ages of its subsequent his
tory 1t is curious fact that, although
founded by a Scotchman, Scotchmen are
esehewed by the bank. What the first of
the race did to entail the ban upon his
fellow countrymen is not recorded, but it
is commonly said in London that three
descriptions of persons are excluded in
practice from employment at the bank
namely, Scotchmen, Jews and Quakers.
The first offices occupied by the bank
Q695 to 1734) were at the Grocer's Hall,
in the Poultry. About 100 years ago the
bank moved to Threadneedle street Prob
ably no building in the world is better
known than the irregular and massive
stone structure of one story which stands
in the financial centre of the city of Lon
don, now occupied by this great institu-
tion. 1t is the principal stopping place
for the omnibuses, coaches, and cars of
the worlds metropolis, and the stranger in
London, who for the first time hears the
shouts from the drivers and conductors of
these public conveyances, might well be
led to believe that the Bank of England
was the ultimate destination of every man
in the city. The building itself occupies
the unique position of being situated in
four parishes. 1t covers between three
and half and four acres of ground, and
occupies the space between Lothbury on
the north, Threadneedle street on the
south, Bartholomew lane on the east, and
Princes street on the west. 1t is in the
Ionic style, after the Temple of Sibyl at
TiYoli. Its characteristic is security rath-
er than elegance. The east and west
wings were not completed until 17S6, and
subsequently, under the direction of Sir
John Sloane, a portion of the original
structure was taken down and alterations
made, bringing the bank to its present
condition. The principal entrance is on
Threadneedle street, The general bank
ing room, which is open to the public is a
spacious apartment of somewhat modern
appearance. The visitor is usually struck
with the air of respectability and business
that pervades the entire place. The mes
sengers and attendants draw attention by
their dress, which consists of swallow
tailed coat Of delicate salmon color, a
flaming scarlet waisteoat, black trousers,
and high silk hat Permission is grant
ed to view the directors room and certain
other parts of the building, including the
weighing and note-printing rooms, if the
visitor is provided with a card or letter of
introduction from any reputable merchant
or banker in the city.
A directors order, very dificuls, how
ever, to secure, will permit an inspection
of the basement and the vaults below
where the bullion, specie, and other valua-
bles are stored. Here also may be seen
large collection of gold ornaments, such as
rings, necklaces, and corouets, unbuFnished
and rude in execution, but many admira-
bic in design, which are the residue of the
Ashantee indemnity. Much of the origi-
nal quantity has been melted down and
coined. The total amount of gold bullion
stored in the vaults May 13, 1898, was
e24,OO6, 200 (s12o, o,OOO,OOO).
In another part of the basement are the
barracks, where thirty soldiers are quar-
tered from P. NJ. to Z A.. NJ, for the
protection of the bank, It has been the
custom to station soldiers at the bank ever
since the riots of June, 1880, when an at
tempt was made to sack the bank. The
Bank of England first issued notes in 1895,
which were of the denomination of 92O.
The e10 notes were issued in 1859 and
the 95 notes in 1898. At one time dur
ing the early years Of the present century
notes of 81 and e2 were issued, but in
la44 they were all withdrawn from circu-
lation, and no notes are issued for less
than f5 and none higher than 81 ,0OO-
These notes may be said to be the safest
pieces of paper in the world, as under any
circumstances the bank could pay with