Show THE BANK OF ENGLAND the bark of england englad was waa projected and the be plan of it laid before the lord Chanc Chan caller aner it of the kingdom b by william peterson a scottish merchant merc bant baDt an an act of parliament was wai passed to legalize it on april 1694 and commissioners were appointed to receive subscriptions script ions to a loan of to the gov GOT ern err jaent at 8 per cent the subscribers being incorporated rated as the company of the bank of england d th the career of thia this bank has been very checkered it has wielded immense power and bag bas been on the whole of vast advantage to england its history has bas teen published in a volume of considerable size and reads like a romance it enjoys certain privileges r measures the public debt and pays government sure ture sureties ties by affording mans loans to the government at moderate rates of interest it has saved the nation immense sums and athas it baa haa been deen the be means of rescuing it from pecuniary difficulties on several beveral trying occasions itna it bib bab has bia had its Us trial and during fhe the terrible 19 hs its with napoleon in 1797 it appended su specie 9 perle perie payments paymer ants by an order of the privy council but in doing BO so notice was given that all the notes h issued sued were secure this suspension it is said prevented the ruin of the bank and it continued until the peace in 1815 a period of eigl eigi eighteen iteen years yearb and was wag na not fully resumed util u til 1823 during the wars with napoleon the government borrowed and wih with ony a population of fou fourteen iteen millions in the two kingdoms and four millions in Ir leland jeand the annual revenue reaching the enormous sum of about at the conclusion of these long wars the value of bank paper was 16 per cent below that of gold in two years afterwards it was wag only y 2 per cent in 1844 the eha eba charter arter of the thae bank of engl engi england and waa renewed through an act passed under the premiership of sir asbert 11 bert peel limiting the circulation of its notes to be the amount of coin and bullion in its ita vaults and the amount of its securities E every ver y n note ote I 1 issued a aed beyond the sum of national sec see must have its representative in in an equal amount of bullion pheob the object of this act waa was 0 o prevent the ever varying i on and contract contraction io a 0 of f issues but it has failed to effect this object ob act this bank controls all the others in egland england and it its notes are legal tender except to itself it has ba a distinct issue department for its note separate from its banking business the issue here being equal in amount to the government debt owned by the bank and the gold and silver in its possession its circulation is to therefore always contracted in proportion pro arlion as its bullion diminishes antl and a anthonh alth 1 their onh th ll 11 wo A hm t hr li galatt against financial troubles it ws was found to be b the reverse reverie in the crisis of 1857 when during the month at october the privy council permitted er the act of 1844 to be suspended acx ani and an increase of lesches were advantageously allowed the ile bank of england is the greatest grea prea feat teat institution of the kind in the world the whole revenue at of the government soon finds its way into it and is instantly rendered available for the demands of the state slate in all these transactions scarcely any metallic currency is used the whole is effected by purely banking arrangements range ments the government collector at liverpool may require to transmit fifty thou gand rand pounds to london and 11 ome some private individual may want to transmit a like amount to liverpool from london on the same name day through the bank of englard En glaid or some other bank both transactions are carried out by the mere entry in books and the instructions sent bent ent by telegraph or post ibe the revenue is i I 1 aid irto into the bank of england at the rate of over one million pounds weekly and for all the trouble of managing the business the bank receives no other remuneration than the use 0 of t the government balances which vary from mi nit the day after the payment of the dividends until they accumulate for another pay arnt when there is i not sufficient to pay the tha government dividend the bank is expected to advance the difference which is paid out of the next accruing revenue this bank is one on of the most convenient siepe and anti splendid eplen did institutions ever devised for managing the he finances of or a great nation its affairs nave have usually been cond corid acted by men of probity and honor bonor the bank circulation of Et england gland rland scotland and ireland in 1860 amounted to about forty million pounds sterling the bullion amounted to a little uttie over awen y two million lourds it has lately been charged against the management of this bank that it frequently produces great and abrupt changes iq in the tho rate of interest thereby producing extreme fluctuations in mercantile transactions transact roas ioas india rubber eert collars cuffs and wristbands wrist bands are among the novelties announced in engala eng En gaLd aid ald they are r aking leaking bonnets in france of india rubber and colorin coloring them thim to resemble leghorn |