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Show EARLY BANKING Sent in by John A. Andersen of Axtell In 1694 the Bank of Englahd was founded, in spite of the fact tliat the Whigs considered it would lead to absolutism absolu-tism and the Tories said it would lead to Republicanism. This conspiracy was permitted lo borrow money at 4 1-2 per cent and lend it to the government at 8 per cent. The bank was also allowed by the charter to circulate notes, paper currency, cur-rency, in excess of bullion it held, that is to say, to create money out of nothing. Thus debt became the fundomensal principle of finance, and whilst this magic wag replac ing the mysteries af religion. From Decisives by J. C. Fuller page 389, Scribhers. |