Show BANK OF ENGLAND of the for II 11 IR 1691 whilo england was at with france william Po torson ft london conceived tho 0 organizing a bank to receive deposits and assist alio government with money alio capital of cl was masod by popular subscription and it was thai the shohi of this should IMS permanently loaned to tho government at 8 per cent per annum the bank immediately notes of alio denomination of W and upwards As jsn no legal limit to alio amount of I 1 licy oon and in 1697 it was found necessary to alio capital stock by 1000 WO aliis was binm into aliu bink and for a short time wits not loaned to alic and alio all act was to causo alo notes and tho block which latter had fallen to 10 per cent discount to to par in lall nil act was p is bcd dividing alic bank into two departments the issue and alio object of ir crout alio issue of notes willious willi out a of to redeem them at alio timo of alio division into alio two departments tho of tho permanent loins mado by thu bank to bo government was acl jcl aliis debt was now to bo due from the to alio issue dc which WAS authorized to is bolcs to ns money to eliat amount 0 alio provincial banks imd alao been to is duo notes to 1 limit cil extent on the deposit of sc curit cs and it was provided in lie act of 1814 that any of provincial banks dinnin licar circulation permanently luicir right to issue notes on deposit of securities should accrue to ho lienk of england lint tant alio latter bank only iasso two as as alio amount cial lbanks should caaso to issue under aliis ho amount of permanent issue liall increased to in 1858 for alio llio notes issued alio foregoing no re ario crio of ii but for every oilier noto more than arc issued fis above coin or bullion must be paid into alie bank before tho is suo of alio note is no distinction in alio appearance of alio tuo classes of isaic but when gold i froin the bank lie notes arc at alic issue department part ment upon redemption arc nt once ami for new deposit of bullion or coin new arc issued 0 o lie department toledo blade |