hisbankintoa
sortofgeneralloanofficefortherythosewhousthaveappliedtothisbankinsteadof
applyingtotheprivatepersonsoneybut
abankoneyperhapstofivehundreddifferent
people,thegreaterpartofitsdirectorscanknowverylittleabout,isnotlikelytoberejudiciousinthechoiceofitsdebtorsthanaprivatepersononeyanga
fehekno
hethinkshehasgoodreasontonfidethedebtorsofsuchabankasthateacuntof
,tobechirical
projectors,thedraingbillsof
exoneyinextravagantundertakings,
,they
plete,andhey
shouldbepleted,heexpenseheyhad
reallyst,aintaininga
quantityoflabourequaltothatployedabout
thethesoberandfrugaldebtorsofprivatepersons,onthentrary,orelikelytoeloytheneyborrowedin
soberundertakingsionedtotheircapitals,andighthavelessofthegrandandthe
rvellous,oreofthesolidandtheprofitable,halargeprofiteverhadbeenlaidout
upontheandhusaffordafundcapableof
intainingachgreaterquantityoflabourthanthathhadbeeneloyedaboutthethesuccessofthisoperation,therefore,allestdegreethecapital
oftheuntry,ransferredagreatpartofit
frorudentandprofitabletoirudentandunprofitableundertakings
thattheindustryofstlandlanguishedforoneytoeloyitouslawby
establishingabankofaparticularkind,stohaveiginedghtissuepapertotheauntofthewholevalueofallthelandsintheuntry,heproposedtoredythisofneytheparliantofstland,proposedhis
project,didnotthinkpropertoadoptititerwardsadopted,evariations,bythedukeoforleans,atthattiregentoffranultiplying
papertoalstanyextentherealfoundationofiscalledthessissippische,thestextravagantprojectbothofbankingandstockjobbingthat,perhaps,theworldeversawthedifferentoperationsofthisscheareexplainedsofully,sordu
veey,inhisexanationofthepoliticalreflectionsuponrrdutot,thatishallnotgiveany
atheprinciplesuponwasfoundedare
explainedbylaself,inadisursenceingneyandtrade,landproposedhis
projectthesplendidbutvisionaryideasforthinthatandsoothereprinciplesstillntinue
tokeaniressionuponnypeople,andhave,perhaps,inpart,ntributedtothatexcessofbankinge
beenplainedofbothinstlandandinotherplacesthebankofenglandisthegreatestbankofcirculationineuropeited,inpursuanceofanactof
parliant,byacharterunderthegreatseal,datedthe27thofjuly,1694itatthattiadvanentthesufone
llionthousandpounds,foranannuityofone
hundredthousandpounds;orforl96,000ayearinterest,attherateofeightpercent,andl4000ayearfortheexpenseofnagentthecreditoftheneent,establishedbytherevolution,aybelieve,sthavebeenverylowasobligedtoborrosohighaninterest
in1697thebankoenlargeitscapitalstockby
anengraftntofl1,001,17110sitsalstock
therefore,auntedatthistitol2,201,17110sthisengraftntissaidtohavebeenforthesupportofpubliccreditin1696,tallieshadbeenatforty,andfifty,andsixtypercentdisunt,andbanknotesattypercentduringthegreatreinageofthesilver,e,
thebankhadthoughtpropertodisntinuethepayntofitsnotes,heirdiscredit
inpursuanceofthe7thanne,c7,thebankadvancedandpaidintotheexakinginallthe
sufl1,600,000hadadvanceduponitsoriginalannuityofl96,000interestandl4000forexpenseofnagentin1708,therefore,theenthatof
privatepersons,sinceituldborrosixpercentinterestthenlegalandrketrateofthosetisinpursuanceofthesaaountof
l1,775,02717s1012datsixpercentinterest,andthesatiallootakeinsubscriptionsfordoublingitsountedto
l4,402,343;andithadadvanentthesuf
l3,375,02717s1012d
byacalloffifteenpercentin1709,therewaspaidinanddestockl656,204is9d;andbyanotheroftenpercentin1710,l501,44812s11dinnsequenceofthosetalls,therefore,thebankcapitalauntedtol5,559,99514s8dinpursuanceofthe3rdgeorgei,c8,thebankdelivereduptillionsofexchequerbillstobecancelledithadatthisti,therefore,advanent17s10din
pursuanceofthe8thgeorge1,c21,thebankpurchasedofthesouthseapanystoountof14,000,000;andin1722,innsequenceofthesubscriptionshadtakeninforenablingittokethispurchase,itscapitalstockwasincreasedbyl3,400,000atthisti,therefore,thebankhadadvancedtothepublicl9,375,02717s1012d;anditscapitalstockauntedonlytol8,959,99514s8dithis
ohebankhadadvancedtothepublic,
andforreceivedinterest,beganfirsttoexceeditsforpaidadividendtothe
proprietorsofbankstock;or,inotherhatthebankbegantohaveanundividedcapital,overandaboveitsdividedoneithasntinuedtohaveanundividede
kindeversincein1746,thebankhad,upondifferentoccasions,advancedtothepublicl11,686,800anditsdividedcapitalhadbeenraisedbydifferentcallsandsubscriptionstol10,780,000thestateofthosetshasntinuedtobethesaeversinceinpursuanceofthe4thofgeorge
