New-York tribune., 1907-11-18
rorrNDED THE BANK OF ENGLAND.

gutseauently when King William and his gov
ernmeut harassed for want OF money o"lhE
70 the difficulty not only in collecting taxes puI
eIso in borrowing. because OF the supposed insta-
bility of King Williams government and the fear
pf 2 restoration OF King James, William Patterson
after discussion with a parliamentary committee
appointed for the purpose. formed a Syndicate
which advanced sum of S7.c00O0. not 10 the
King, but TO the government and nation as repre-
scented by Parliament The syndicate received 3
per cent on the sum advanced as interest, and a
charter bearing the date of July q, 1884, incor-
,,orated the syndicate by act of Parliament into n
eociety denominated The Governor and Company
of the Bank of England. the first governor being
William Patterson. That was the origin of the
Bank OF England and OF the national debt Of Great
Britain.
Patterson besides thus establishing the Bank OF
England and inaugurating the national debt. found
time TO reorganize the entire system Of national
finance and has justly been described as the archi-
tect Of the huge fabric which Mr.. Asquith now
presdes as the Chancellor of the EXchequer. He
sIso brought water for North London, and even TO
metropolitan districts distant as Southwark,
from the Hampstead and Highgate hills; sat In Par
lament for Dumfries, and advocated the acquisi-
flon Of up-to-date information by consus OF the
customs and laws Of the commerce finance and
Industries OF foreign countries. for the benefit of
the British trader and manufacturer" He was. IN
fact. a myriad minded man, far in advance OF his
times, whose name has been entirely forgotten by
his countrymen. rather was so until the Pre-
Eler. Sir Henry Campbell-Bannerman, in public
address at Edinburgh the other day, referred in
passing the English jealousy OF Scotland
ts having proved most detrimental to the interests
ts The empire and having been responsible,
among other things for the wreck Of William Pat
tersons Isthmus OF Darien Scotch colony enterprise
To return 10 Lord Sheffield, may mention that
he formerly in the diplomatic service, and
that he prides himself being particularly wide
awake. An amusing story is told in this connec-
lion He was walking down Pccadilly one day with
friend, boasting that it would be impossible for
the most expert thief to pick his pocket without
being caught at the game. His handkerchief was
sticking of his pocket at the time. and for a
Joke his friend quietly removed ii. A minute later
Lord Sheffield stopped and coIlared shabby indi-
Nidual who passing, accusing him of having
stolen his handkerchief. The man said nothing but
looked decidedly frightened. Lord Sheffelds friend,
with smile on his face, explained the situation
restored the pocket handkerchief 10 its owner the
earl thereupon relinquishing his hold on the sup
posed thief with many apologies
The shabby Individual with look or nlhgleu
amazement and relief on his face. said not woro'
but decamped at once. few minutes later the
earl discovered to his intense disgust that MS
pocketbook. with a considerable number OF bank-
notes in #. had vanished, presumably along with
ehe shabby individual.