Evening star. [volume] (Washington, D.C.) 1854-1972, 1907-12-21

| fetal and is the actual manager of the
bank, and receives salary of $1,000 a
year. The governor must be reelected
annually, and, as he is not expected to
| devote his entire time to the duties of that
position, he receives only $1,000 year.
| Several of the governors have served
| more than one term. but it is customary
| to elect for one year only, in order that
| the honor of being the head of the great
est financial institution in the world may
| be enjoyed by as many persons as posi-
| BILE When a man mas once been governor,
| or "has passed the chair" as the saying
goes, he becomes a director for life.
directors are permanent. The proportion
| of permanent directors remains about the
same from year to year. hTe voard is COM
posed of the leading bankers of London,
| men who are eminent for their financial
| ability.
Salaries and Pensions
There are about $50 persons in the en-
ploy of the bank. whose salaries range
from $3.50 to $4,000 a year. The total
| payroll is about $1,2O0OOO a year. All
| salaries in England are very much smaller
| than in this country. The chief cashier,
the secretary, and the chief accountant
are paid only $1,000 a year, but have COM
| Portable apartments free of charge for
themselves and families in the bank build
| ing, and are required to reside there. A
certain number of clerks are also required
| to reside in the building, and they take
terms in sitting up all night in several
of the departments in addition to mill
| tary guard which. since the riots of 1880.
| has entered the central court at the close
Of business every day, and remains there
until the opening of business next morn
! ing. The guard room is a conspicuous fea-
ture of the bank 1t has kitchen and
dining room, and soldiers are always glad
to be detailed for that duty.
Each member of the directory has the
privilege of nominating one clerk immed-
ately after his election. If the candidate
passes the required examination he is as
signed to duty, and retains his position
during good behavior up to the age of
sixty years, when he is retired upon full
pay. If the number of vacancies is in ex-
cess of the election of directors they are
filled by the deputy governor from the
sons of clerks already in the service, sub
| ject to the approval of the board and the
usual examination.
Seven Generations at One Desk.
Vacancies caused by death, resignation
and retirement among the staff of $50
clerks occur so frequently that positions
| in the bank are almost hereditary, and
| among the clerks are men whose ances-
| tors have been employed there for four or
| five generations. One of the bookkeepers
was pointed out to me as the representa-
| tiy of the seventh generation of the same
| family who had occupied the same desk.
Promotion for merit is strictly adhered to.
Everybody who enters the bank--except-
| ing the porters, janitors, and other non
clerical employeS-must begin at the bot
tom. and if he remains long enough and
shows sufficient ability, he may ultimately
become chief cashier. But, from the
| American point of view, it is imprison-
ment for life. clerk in the Bank OF
/
| compared to those paid here, the average
being less than a thousand dollars a
year, and he has no opportunity OF max,
| ing money outside unless he has capital
to invest But the positions are sought
with even greater ardor. than those under
the government.
The present cashier John G. Marine, has
occupied his position for over thirty
The first cashier f Was na Ties
checquer.' Abraham Newland. who was
cashier from 1778 to 1907. was quite ia
NOUS He slept within the bank every
night during that entire period OF twenty
nine years. He never took vacation and
| was never absent from duty single day
He signed every note that was issued by
the bank as long as he was cashier anG
was referred to in a popular song OF the
| time.
His name IT is wrote
Upon every bank note"
His name has also passed into the dc
tionary of English slang, which gives "Tt
Sham Abraham. as synonym Tor the
forgery of Bank of England notes.
Forgery Of Bank Notes.
There have been many forgeries of 1t:
notes. In 1853 the bank lost 81 100000 by
the forgeries of Robert Aslett, and in 1S1:
IT lost 81. 100000 by the forgeries of mar
named Fauntleroy. The most recen
forgeries Of any amount occurred In 1862
when a gang of conspirators went to the
trouble of manufacturing paper exactly
like that used for genuine notes and sue
ceeded in circulating about $6OO,OOO be
fore they were detected. Five of the con
spirators we're sent to the penitentiary fol
long terms. -,
in the walls of the building by machinery
invented and patented by employees II
charge of that department named Old
ham, father and son. About 5000 new
notes are printed daily upon plain white
paper with the lettering in old German
script. and they are secured by coin ant
bullion. The present circulation out
standing is about 94S,O0O.Oo0. or $24OO
though one-pound notes were formerl!
issued The largest denominations nov
issued are 10000, but notes as high a
$4,000 and 100000 have been ISSUED
note for FL 900, 600, or $5O0O,OOO was is
sued 1t now hangs in frame on TIL
wall of the reception room in the depart
ment of issue. The bank Is required t
pay the same tax upon it's issue that il
required of other institutions. which
amounts to about 100000 a year.
Destruction Of the Notes.
No note is ever issued the second time
When 1t comes back to the bank in TIL
process of business 1t is Cancelled. A
the close of each day every piece of cur
rency that has been received is sent t,