The sun., 1912-07-15
THAT FOUNDED
BANK Of ENGLAND
William Paterson, a ScOtchman,
Made Most Of 1t i'm Buc-
caneering Expeditions.
BULLETS TO STOP \ RAID
Why the "Old Lady" Failed to
Crush Chiltls's, a Rival
Institution.

No other banking institution has so
romantic a history as that pertaining
to the Bank Of England. "the Old Lady
of Threadneedle Street
The founder Of the bank was william
Paterson. an adventurous Scotc hman.
who. 1t was said. at one time OF his
life had controlled every privateer that
sailed the Spanish Main. Paterson laid
the foundation OF his fortune in the
buying and selling OF slaves and the
clearing Of fl0o, 900 as his share OF the
gold found on the sunken Spanish gal
leon.
II seems TO be agreed. says Harpcrs
Weekly. that II was with these funds
and those derived from his buccancer
Ing expedition that Paterson. who had
been banished to Holland by James H..
financed, In part. the expedition Of the
Prince OF Orange across the Boyne
With the advent Of william III. to
the English throne came the first plans
for the establishment OF national
bank. Those writer's who treat Of the
inside history" Of the times entertain
no doubt that. while William III. was
indeed the moving spirit Of the scheme,
Paterson was. nevertheless. the indis-
pensable one in the realization thereof
He was the Official mouthpiece at the
weekly meeting Of the famous group
lof financiers known as "the Wednesday
Club"
The Jacobltes unavallingly denounced
the bank as a revolutionary institution
whereby the King would gather unto
himself all the wealth OF the nation.
About the only concession the Tory
indictments OF the day were able to
extract from the Government was a
law. remaining In force to this day. that
the bank might not lend money to the
King or to the Government except by
the consent Of both houses OF Parlia-
ment.
One OF the bloody episodes in the his
tory Of the bank is that embraced In the
story Of Charles Walter Godfrey. the
partner Of Paterson. 1t appears that
Godfrey while crossing the Channel In
tho midst Of a terrific storm and laden
with 10000 In drafts for the aid Of
King william, who was Just then be-
| sieging Namur against the forces Of
Louis XIV, insisted upon his right
to deliver the warrant for the money
into the hands Of the King, then in the
trenches under hot fire. As he landed
the documents to the King. saying. in
response to Williams growl OF remon-
STRANGE. Am ], then, more exposed to
danger than your Majesty" n cannon
bail swept away his head.
Not 20 very many years ago there
stood over the massive fireplace in the
directors room Of the bank three rusty
specimens Of the old "Brown Ress,"
together with a number Of roughly
shaped bullets. In these relics was
embodied a picture OF the November
night In 1880 when the mob Of Gordon
rioters marched down from Newgate.
setting fre to every Catholic chapel on
the way and advancing with u force
Of Ave thousand upon the bank itself.
The clerks. armed with muskets. were
unprovided with shot. Before them lay
| rows Of leaden inkstands. suggesting
the possibilities of a new use. In less
frightful din rose tho order to fire. and
been melted and turned into bullets.
The musketH were loaded. Al every
window of the bank stood two marks
men. their guns trained on the mob
below. Yet the rioters came on until
they were within ten yards II the hank
gates.
Then sharp and clear above the