San Antonio daily light. [volume] (San Antonio, Tex.) 1886-1907, 1895-11-01
The daily Eight.
FRIDAY, NOVEMBER l, 1895
The Bank of England.

y
have been gathered by the Social
Economist.
1t will be remembered that on
January l, 1895, this institution
celebrated its second centennial
anniversary. 1t was organized 60
relieve William III from the diff
ficulties he experienced in raising
funds to prosecute tho war against
France. William Patterson, q
Scotch merchant, was the original
protector of the enterprise.
The terms of the charter were
that the sum of FL, 100000 CSC, OOO,-
000) should be raised, and that the
subscribers should form them
selves into a corporation styled
The Governor and Company OF the
Bank OF England The bank was
also TO have the privilege OF keep
ing the accounts of the public
debt, paying dividends, issuing
notes, ETC., for which an allowance
OF $4,000 a year was granted. The
whole of. the capital was loaned to
the government at s per cent.
This interest, together with the
$4,000 allowance, gave the bank
a revenue of 100000 per annum.
At it's very outset the bank
was a servant of the government
and it has retained that character,
but in somewhat diminished de-
gree, through all the ages OF its
subsequent history. 1t is curious
fact that, although founded by a
Scotchman, Scotchmen are es-
chewed 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 descrip-
tions of persons are excluded in
practice from employment at the
bank-nam6ly, Scotchmen, Jews,
and Quakers.
In the basement of the bank |
building are barracks in which
are quartered thirty soldiers daily.
1t has been the custom to station |
soldiers at the hank ever since
the riots of June, 1850, when an
attempt was made to sack the
bank.
Inc Bank of England first
issued notes in 1896, which were
for ego. The fl0 notes were issued
in 1859 and the f5 notes in 1898.
At one time during the early years
of the present century notes Of 81
and 60 were issued, but in 1874
they were all withdrawn from cir.
culation, and no notes are issued
for less than f5, and none higher
than f1,000.
These notes may be said to be |
the safest pieces Of paper. in the
world, as under any circumstance |
the bank could pay with gold any |
one in circulation without one |
pound Of the capital Of the institu-
ton being touched. They are a
legal tender everywhere in the |
United Kingdom, except at the
bank itself, where they must be |
paid in gold.
The bank started with a capital |
as stated, Of Fl, 100000. In two |
years this was increased to E2,20l,-
600. In ITO 1t was increased to |
ca, 100000. On June 30, 1916, it |
was increased to its present sum
of EI4, $4,000, equal to about $72,-
100000. No reports of the bank |
are made beyond the regular week
ly statement.
The Bank OF England has some
times been In difficulties. 1t failed
in 1896, and in its earlier years it
was subjected to many runs, some
organized by the jealous private
bankers, some the result of politi-
cal causes.
The present governor OF the bank
and the deputy governor each re-
ceive a salary Of $1,000 year.
The bank has "a directors, each OF
whom must hold $4,000 of stock,
and who receive $500 a year COM
pensation. There are in all 1850
persons employed in the various
departments Of the institution,
and their united salaries amount
to about f1,400,000 year.
Up to 1926 it was the only joint
stock bank in England, and until
1885 it remained the only joint
stock bank in London. At that
date the London land Westminster
Bank was founded, and at the
same time forty other joint stock
bonks were established in Great
Britain.
The Bank Of England is not only
the banker of the government, but
is also the bankers bank. All
other banks keep their bullion re-
serves at the Bank Of England, and
this is one fact that gives the
oct CHI &c a-oatol ;xxo,o.k