The morning news. [volume] (Savannah, Ga.) 1887-1900, 1894-08-19

On the 9th day of last month the Bank
of England had an important birthday.
It was the two hundreth anniversary of
the founding of the institution that, more
than all others, stands for British inter
ests, British prosperity, and the British
Characteristic of financial solidity.
The first home of the Bank of England
was in the MERGERS hall, where the sub
scriptions to its initial capitalization were
made. The sum subscribed to start the
venture was 81, 100000, more than half of
which was raised within three days
Like almost all other systems of banking,
it was the direct outgrowth of the dis
turbed financial conditions attending
the prosecution of great war
In its origin it was designed to aid
William III. in his operations against
France The scheme was devised by a
Scotch adventurer named William Pater-
son, the same man who organized and led
the Inflated Darien expedition. His name
appears among the first directors, but he
soon dropped out of the management
Sir John HOubion, prominent merchant,
afterward lord mayor, was the first gov
ernor of the bank, and Michael Godfrey
the first deputy governor.
For the first two months of its exist
anCe the bank occupied one room of the
MERGERS hall with staff of fifty-four
clerks. The first court, as the session of
the directors is called, was held in the
chapel of the building.
Permanent quarters for the institution
were soon found in the Grocers' hall, and
it remained there for forty years. The
site of the present building or rather
group of buildings, was secured during
the first half of the eighteenth century
md hoA inN hxr hn
dence and garden of the banks first gov
ernor, Sir John Houblon. II also con-
tanned the Church of ST. ChriStopherLs-
Stocks, with its parsonage and grave
yard. There are still many graves
within the walls and some under the
buildings.
The bank structure, as it exists to-day,
is the work of at least three architects
The great central pay hall, which fronts
the main entrance. was designed by
George Sampson, and dates from 1874
Several additions We're made between
ITO and 1876 by Sir Robert Taylor, in
Guiding the noble bank parlor. where the
court is still held. Sir John Soane, who
became the banks architect in l7SS made
still further additions, chiefly in the Ital-
ian style. Despite the competitive char
acter OF the construction, the building
presents solid and imposing exterior
well adapted to its use
The attack which was made on the
bank in 1850, during the Gordon riots,
which have been made familiar to the
present generation by Dickens in Bar
naby Rudge,' led to the adoption of the
first measures of defence which were
found necessary Flushed with its success
at Newgate, the mob was moving on the
bank when the governor, who was a man
OF energy, reused the soldiers from their
lethargy, called the clerks into service for
defense, and cast the inkstands into bull
lets. The mob's attack was repulsed
without very much difficulty, but it
showed the necessity for a regular system
OF protection. AT the present time a
guard of soldiers, with their ottcer Jake
up their quarters there every evening, to
watch over the bank during the night.
The duty is popular one with the men,
Tor good care is taken of them, and food
and wine are not forgotten by the bank
othcials. A rather curious device which
has been provided is a set of sliding gal
Ieries, which can be thrust out from the
roof II case of attack, enabling a body of
snarpshooters to rake the streets in all
directions
The form of government which prevails
IN the bank is unique and has come down
70 1t from its earliest days. There is a
BOARD of twenty -four directors, which is
virtually selt-perpetuating. Every two
years a governor is elected by this board
I'm Its own number, together with
deputy governor No one can serve two
Terms IN either Office, so that the election
Is really system of rotation. The out
gong deputy governor is always chosen
go'ernor for the ensuing term, and he in
Turn is succeeded by the Oldest director
IN service. All the members of the board
VINO nave held the Office of governor con-
sutute sort of executive body, which is
known as the committee of treasury.
Ilelr powers are not strictly defined, but
I'll
10 conduct negotiations between the bank
ana the English government. Such nego-
uatlons are frequent and intimate.
curious provision in the banks char
Ter is one prohibiting the election of any
one connected with the business of bank
ing TO the position of director. In conse-
qlence the control of the bank is vested
IN merchants and others who have no d.
rect knowledge of the business. This
anomalous situation is remedied by the
Employment OF bankers in advisory capac-
u!eS, and the great influence and impor-
lance OF the chief cashier is mainly due
70 me practical iuexperience of the men,
oers Of the administration.
Inc best remembered Of the fifteen
,nIef cashiers who have held the Office in
yyue last two centuries is Abraham New
anu who served the institution in va
tItous capacities for over half century.
Durlhg twenty-five years Of this time he
~ salu never to have slept outside the wall
VI me bank. Once in a while the almost
unlimited latitude given to the chief
vlsnler results in indiscretions on his
Ipssrt, such as caused the retirement
VI Frank May last autumn and
oy the whole financial world
q4sog with rumors Horace George
66oWen succeeded Mr. May, and David
lowell is the present governor Of the
ISahk He is the ninty-ninth man who
mas held the place
AFTER an existence Of 200 years the bank
- d. Ihe present time the largest and
most powerful and important financial
,IS'tution in the world. In addition to
|e central establishment there are
TeNen branches, of which two are in
LONDON and nine in the provinces. 1t
IUNoys 100 clerks ard messengers; il
ss1tps the government as well as private
tLs.oInJs 1t holds the reserves of banks
s,dt o.Ighout the kingdom, and it has con-
gt1Nuy M its vaults a very large proper
f"u VI All the coin ana bullion IN England.
r ,'N largely into these vaults that our own
t.4 supply goes when it disapie ears from
sr view OF the anxious treasury officials
N american bankers.
De lu addition TO its regular banking bust
49, 49, Ihe Bank Of England acts as the