The Abbeville press and banner. [volume] (Abbeville, S.C.) 1869-1924, 1894-07-25

Bank of England belongs in the main
to William Patterson, shrewd Scotch
merchant, then doing business in
London. Patterson later fell on evil
days and died in poverty, but the in
stitution which he founded still stands
for all that is sound, safe and endur-
ing in the world ruled by shining gold
sovereigns and crisp 25 notes. From
it's foundation, says tho New York
Press, banking in the modern sense of
the word may be said to date. The
capital of the bank at the outset
amounted to $4,000, 1000. This sum
has been several times increased, and
for the past sixty years has amounted
to the vast sum of $72, 765, 900. The
bank has also reserve fund of $16,-
100000. For managing the public
debt of Great Britain, privilege it
has enjoyed ever since it was founded,
the bank receives $1,235, 900 year.
It's remaining profits accrue from the
use of its deposits, on which it never
allows interest, and from its own capi-
tai. It pays handsome yearly divi-
dend, and its shares, few of which are
ever offered for sale, are now quoted
at about $1700 each.
Since 1914 10 notes of smaller
denomination than 95 ($25) have been
issued. The largest notes issued at
the present time are for $4,000 each.
Rut once in its history, during the
trying and critical period of the
Napoleonic wars, has the bank sus-
pended specie payment, and in all
parts of the British Empire it's notes
have always been accepted as legal
tender. There is but one exception
to this rule, and that is at the bank
itself. There they must be paid in
gold, and every note issued by tits
present note circulation exceeds $125,-
900, ,000-could be paid without i'm
pairing in the smallest degree the
capital of the institution. When
note issued by it is paid back into the
Bank of England, even though it has
been in circulation but an hour, and
has never been without the walls of
the building, it is at once Cancelled
and new one issued in its place.
During the first century and half
of it's existence the Bank of England
was often made the victim of the
forger and counterfeiter, losing in
this way sums aggregating $40, ,000,-
900, but in recent years it has suf.
fered few losses of this kind. The
notes now issued by the bank defy the
counterfeiter. They are very long,
very wide and very ugly. The paper
is of remarkable whiteness and the
ink used in printing intensely black.
For many generations o Hampshire
family neined Portal has manufactured
Ill of the note paper. 1t is all made
by hand from the purest and clcanest
linen and each note has three rough
or uncut edges.
The most successful series OF frauds
ever perpetrated against the Bank CT
England were committed, not by Eng
lishmcn, but by Americans-George
and Austin Bidwell, George Mcdonald
and Edward Hills. Their forgerics
were of notes of discount. The bank
was in the custom of accepting
bills of exchange on deposit, without
verifying either the signature or &C
ceptances, and filing them away until
they fell due. The Bidwells and their
aids, by clever maneuver, secured
the needed introduction, and one of
them opened an account at branch
of the bank.
From different parts of the world
they sent to the bank hundreds Of