Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1905-02-20
The Greatest Bank in the World.

The Greatest Bank in the World.
Considering the world wide reputa-
ton of the Bank of England it is re-
markable how little is generally known
as TO its internal workings. Standing
in the very heart of the largest city
of the world--a central landmark of
the great metropOliS-even the busy
Londoners around it have as a rule
only the vasuest possible knowledge OF
what goes on within it's walls. In
truth, it's functions are so many, It's
staff so enormous and their duties so
varies that many even of those VINO
have spent their lives in it's service WIN
tell you that. beyond their own inmed-
late departments, they know but ut
tie of it's inner life.
The Bank of England originated in
1.-THE brain of William Paterson a
Scotchman--better known, perhaps as
the originator and leader of the ill-fated
Darien expedition. 1T commenced bus
mess i'm 1894 it's charter-which was IN
the first instance granted Tor eleven
years only--bearing date the 2ith July
of that year. This charter has Deen
from time to time renewed the last
renewal having taken place in 1874.
The original capital of the bank was
but C12OO,nOO and it carried on its
business i'm a single room in MERGERS
hall with a staff of fifty-four clerks.
From so small a beginning has grown
the present gigantic establishment.
which covers nearly three acres.
In the banking department is trans
acted the ordinary business of bank
ers. Here other banks keep their re
serve" and hence draw their supplies
as they require them. The issue de-
partment is intrusted with the clfcu-
lation of the notes of the bank. which
is regulated as follows: The bank in
1874 was a creditor of the government
to the extent of rather over c | / 000.00n
and to this amount and G4,00O,00o be-
yond, for which there is in other ways
sufficient security, the bank is allowed
to issue notes without having any gold
reserve to meet them. Beyond these
els, 100000, every note issued repre-
sents gold actually in the Golfers of
the bank.
All Bank of England notes are PRINT
ed in the bank itself. Six printing
presses are in constant operation. the
same machine printing first the par
ticulars of value, signature. etc, ana
then the number of the note in consec-
utive order The paper used is OF very
peculiar texture, being at once thin
tough, and crisp; and the combination
of these qualities. together with the
peculiaritieS of the water mark. when
is distributed over the whole surface OF
the paper, forms one of the principal
guarantees against imitation. The pa
per. which is manufactured exclusively
at one particular mill, is made in OBJ
long slips, allowing just enough space
for the printing of two notes side by
side.
No note is ever issued a second time.
When once it finds it's way back to the
bank to be exchanged for coin, it is I'M
mediately cancelled; and the reader
will probably be surprised to hear tha'
the average life of a banknote, or the
time during which it is in actual cir
cu,ation. is not more than five or SIX
days.
The notes are sorted according to
number and date, and after being de-
faced by punching out the letters m
dicating value and tearing off the cor
ner bearing the signature, are passed
TO the banknote library, where they are
hacked i'm boxes and preserved for pos
sible future reference during a perlon
of five years.