The Savannah morning news., 1903-01-04
SOME R0MANCES OF A BANK.
Money Centre of World in Thread
needle Street.
From the New York World.

From the New York World.
The Bank of England-that ramb-
ling, ramshackle, loose jointed struc-
ture of gray stone, blackened by CEN
turtles of London smoke, London CRIME
and London SCOT, and forming an al
most complete square from Thread
needle street in the south to Coleman
street in the north, does not at first
sight seem likely place for romance.
and yet it's history teens with stories
of love, hatred, ambition, rascality and
adventure.
William Paterson, who at one time
of his life had controlled every priVat-
eer that ran the Spanish main, was the
founder of the bank. He laid the foun-
dation of his fortune in the buying
and selling of slaves and the clearing
OF 100000, as his share of the gold
found on the sunken Spanish galleon.
1t was with this 100000 and the pro-
Mt derived from his buccaneering expe-
dition that Paterson, banished to Hol-
land by James II, and the implacable
enemy of the Stuarts, found part of the
money for the Prince of Oranges ex-
petition across the Boyne.
Concurrently with the advent of
William III on the throne of England
the first plans for the foundation of
national bank were made, and those
who know of the inside history of
those times doubt not that William III
was indeed, the moving spirit of the
scheme and that Paterson was his Of
ncial tool and mouthpiece at the week.
~ meetings or famous gatherings of
nnanciers known as the Wednesday
Club.
BLOOD red in the annals of the bank
lives the story of Charles Walter Cod
Trey, partner of Paterson. Crossing
the channel In the teeth of a fierce
storm and laden with $50, 900 ($300, O0O)
in drafts for the aid of King William,
at that time besieging Namur against
the forces of the Fourteenth Loi65.
Godfrey insisted on his right to deliver
the warrant for the money into the
nands OF the King, who was then in
the trenches under a hot fire. And
as, with humble obedience, he handed
the paper to his taciturn majesty, say
ing in response to the Kings gruff
remonstrance, Am l then more ex-
posed to danger than you, sir?" a can
non ball swept his head away.
over the massive fireplace in the d.
reetors' room stood some years ago
three rusty specimens of the old
Brown Bess, together with a number
OF roughly shaped bullets. In these
relics is embodied a picture of that
dreadful night in the November of
$780, when the mob of Gordon rioters
marched down from Newgate, setting
fire to every Catholic chapel on the
line OF march and advancing with a
force OF 5000 upon the bank.
Then was it that the clerks, armed
with muskets, remembered that they
were unprovided with shot. Before
them lay rows of leaden inkstands,
mutely suggesting the possibilities of
a new use. In less than half an hour
the inkstands had been melted and
turned into bullets.
From those windows poured deadly
Volley, and when the smoke finally
cleared away $50 rioters lay still or
writing in the agony of mortal
wounds on the open space now covered
by the esplanade of the Royal Ex-
change.
The attacking army wavered.
stopped, broke line and fled, and the
Gordon riots were at an end.
In the early days of George II it was
the custom of all banks to give a re-
ceipt in payment of a deposit. the re-
ceipts being passed from hand to hand
and serving the same purpose as the
check of to-day.
The growing power of Childs' "a pri-
vate bank, which at that time had the
backing of half the English nobility.
had become a matter of serious alarm
to the Bank of England, whose notes
were at discount of 10 per cent. And
so little by little, through their agents,
the managers of the Bank of England
bought up every receipt bearing the
name of Childs bank, permitting the
collections TO akumuIate with each
succeeding year until the time should
be ripe, during a shortage of gold, to
present the receipts in one vast mass
for payment. 1t was figured to be
certainty that Childs' would not be
able to meet the demand and would
thus be crushed out of existence.
Happy for Childs was it that one of
the Bank of England's agents, over a
bottle, let slip the secret.
And now at Blenheim they tell the
story of that famous night $50 years
ago when the wild Changing of the bell
at the great gate awakened the people
of the village and of a white faced,
travel stained man staggering into the
hall and brokenly entreating an audi
ence of her Grace, the Duchess-none
other than the famous Sarah jennings
for in her the bank found its most
powerful friend and patron. Down
came the indomitable Sarah in her
dressing gown to receive the visitor
and demand his excuse for disturbing
her peace.
your Grace" began the messenger,
"the Bank of England holds our re-
ceipts for 100000 (S3, 100, 000). Tho1e re-
ceipts will be presented for payment
at noon to-day; we have not gold
enough to meet them. Unless we can
answer the demand in eight hours we