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wealth in gold and silver specie, and bullion, deposited within its walls; and the discreet administration of the whole; we may boldly affirm, that no bank of any other nation in the known world, can be placed in competition with this noble institution.

It was originally founded on a charter granted by William 3. of glorious and immortal memory; was ingrafted into the restored constitution of our country by an act of Parliament, passed in the 5th year of the reign of that illustrious monarch and his good Queen Mary, and improved and extended by divers subsequent acts of the Legislature. The substance of which acts, in order that all the powers, rights, and privileges vested in the corporate body, and all the business transacted by, or to be transacted with the Company, may be clearly understood, is given correctly in this, and the following pages.

and Mar.

C. 20.s. 17.

Every year, beginning from the 1st of June, 1694, the sum of 140,000l. out of 5 & 6 Will. monies to arise by duties of tonnage, since expired, and by an excise on beer, &c. hereby granted, being a moiety of the rates granted by 2 Will. and Mary, stat. 2. cap. 10. shall be a fund for the annuities in the act mentioned, and for the purposes hereafter expressed, and any deficiencies to be supplied out of the unappropriated

revenues.

For raising 1,200,000l. part of 1,500,000l. granted by the act, the yearly sum of sect. 18. 140,000l. shall be kept apart in the receipt of Exchequer, and paid as in the act is

directed.

Their Majesties, by commission under the great seal, may appoint persons to take Sect, 19. subscriptions on or before the first day of August, 1694, by any persons, natives or foreigners, &c. for raising and paying into the receipt of the Exchequer 1,200,0001. part of the sum of 1,500,000l. and the yearly sum of 100,000l. part of the said yearly sum of 140,000l. shall be applied to the use of such persons, as shall make such subscriptions and payments in the proportion hereafter mentioned, viz. each weekly payment shall, by the auditor of the receipt, be divided into five-seventh parts, and twoseventh parts, which five-seventh parts are appropriated towards the payment of the said yearly sum of 100,000l. and shall be paid to the contributors, raising the sum of 1,200,000l.

Their Majesties, by letters patent, may appoint in what manner the said sum of Sect, 20. 1,200,000l. and the said yearly sum of 100,000l. or any part thereof, may be transferred to such persons as shall accept of the same, and incorporate such subscribers, to be one body corporate, by the name of The Governor and Company of the Bank of England, and they shall be capable to purchase and retain lands, &c.

The Commissioners of the Treasury, &c. are required, without further warrant, to Sect. 22. direct their warrants yearly, for the payment of the said 100,000l. to the contributors of the said 1,200,000l. and the auditor of receipt of the Exchequer, and all other officers of the Exchequer, are enjoined to issue the said monies without fee, and under the penalties inflicted upon any officer for diverting any money appropriated by this act. The Corporation so to be made, shall not borrow, under their common seal, any Sect. 26. further sum than 1,200,000l. so that they shall not, at any one time, owe more, unless by act of Parliament, upon funds agreed in Parliament; and if any more shall be borrowed under the common seal, every member of the said Corporation shall, in their private capacities, be liable in proportion to their several shares to the repayment of such monies; with interest; and in such case, an action of debt may be maintained in any of the Courts of Record at Westminster, by the creditors, to whom any such security, under the common seal of the Corporation, shall be made, against all, or any the members of the Corporation, in proportion to their shares, wherein judgment may be be recovered, as if security were given in their private capacities, any agreement to the contrary notwithstanding.

of

5 & 6 Will. and Mar.

The Corporation shall not trade, or suffer any person in trust for them to trade, with 3.20.27, any of the effects of the Corporation, in the buying or selling of any merchandize or

Sect. 28.

Sect. 29.

Sect, 30.

Sect, 31.

Sect. 32.

Sect. 33.

8 & 9 Will. 3. cap. 20. sect. 20.

goods; and every person so trading, or by whose order such trading shall be made, shall forfeit treble the value of the goods and merchandize traded for, to such person as will sue for the same in the Courts of Record at Westminster.

But the Corporation may deal in bills of exchange, and in buying or selling bullion gold or silver, or in selling goods mortgaged to them, and not redeemed within three months after the time, or such goods as shall be the produce of lands purchased by the Corporation.

All bills obligatory and upon credit, under the seal of the Corporation, may, by endorsement thereon under the hands of the proprietors, be assigned, and the assignee may sue in his own name.

If the Governor, or other members of the Corporation to be established, shall, upon account of the Corporation, purchase any lands or revenues belonging to the crown, or lend to their Majesties, their heirs, or successors, any money by way of anticipation on any part of the revenue, other than such part only on which a credit of loan shall be granted by Parliament, then the said Governor or members so consenting to lend, being thereof lawfully convicted, shall forfeit treble the value of such sum so lent, whereof one-fifth part shall be to the informer, to be recovered in any Court of Record at Westminster, and the residue to be disposed of by Parliament.

Amerciaments, fines, and issues against the said Corporation, upon account of any suits to be brought against them, shall not be pardoned; and if such be estreated into the Exchequer, the officers of the Exchequer, who are to pay the yearly sum of a hundred thousand pounds, may, out of that, detain so much as the said amerciaments, fines, or issues amount unto.

If any person shall obtain a judgment against the Corporation, and shall bring execution thereupon into the officers of the Exchequer, then the said officers are required to . pay the sum in the execution mentioned to the plaintiffs, or their assigns; and the said officers may detain so much of the yearly sum of a hundred thousand pounds as the debt shall amount to.

Any member of the House of Commons may be a member of this Corporation, notwithstanding stat. 5 and 6 Will. and Mar. cap. 7.

The present stock of the Bank of England shall be enlarged by new subscriptions. Before such enlargement, the stock shall be computed by seven of the present memSect. 21. bers, and seven of the new subscribers; and if the clear stock amount not to one million two hundred thousand pounds, the old members to make it up in tallies, orders, bank-bills, or notes; but if it exceed one million two hundred thousand pounds, then the surplus to be divided among the old members.

Sect. 22.

Sect. 23.

Sect. 24.

Seven commissioners, appointed by his Majesty for that purpose, shall take such new subscriptions before the 24th of June, 1697.

Four-fifths of each subscription shall be, at the time of subscribing, answered by tallies and orders, upon the first, third, or fourth aid of four shillings per pound, the quarterly poll, three-fourths of the customs, the salt act, two-thirds of the additional excise, the additional imposition, the stamp act, the three hundred thousand pounds per ann. on tonnage and poundage, the duties on marriages, births, burials, &c. on wines, vinegar, and tobacco, &c. and joint stocks, &c. on low wines, &c. on the six thousand pounds per week out of the excise, or the five hundred pounds per week out of the post-office; and the other fifth part in bank-bills or notes.

After the 24th of June, 1697, interest of eight per cent. per ann. shall be allowed for the tallies and orders so subscribed, out of the funds granted by this act, viz. the tonnage and poundage; the duties on wine and vinegar, granted by stat. 1 Jac. 2. cap.

2. the duties on tobacco and sugar, by 1 Jac. 2. cap. 4. the additional impositions on goods and merchandizes, by 2 Will. and Mar. stat. 2. cap. 4. and 4 and 5 Will. and Mar. cap. 5. the stamp act, 5 and 6. Will. and Mar. cap. 21. and the duty on houses, by 7 and 8 Will. cap. 18.

3. cap. 20. sect. 25.

The interest payable to the bank upon so many tallies or orders as the bank is already 8 & 9 Will. possessed of, whereof the principal shall be equal to the said fifth-part subscribed in bank bills or notes, shall be likewise augmented to eight per cent.

The new subscribers shall, after the said 24th of June, be members of, and united to, Sect. 26. the Bank of England.

During the continuance of this bank, no other bank, or fellowship in nature of a Sect. 28. bank, shall be erected, or permitted by act of Parliament.

The interest due on tallies and orders, subscribed into the bank, shall be accepted as Sect. 29. so much principal money.

The bank may borrow by bills, over and above the one million two hundred thousand Sect. 30. pounds, to which they were at first limited, any sum not exceeding the sum subscribed, under an obligation of paying the said bills in money upon demand; and in default thereof, on demand made at the bank between nine and twelve in the forenoon, and the default proved by affidavit in writing before one of the Barons of the Exchequer, the said bills to be paid at the Exchequer, out of the first money due unto the bank, other than the fund of a hundred thousand pounds per annum; but these bills shall be distinguished from the debts contained within the said one million two hundred thousand pounds, and expressed to be made by virtue of this act.

The capital stock and fund of the said bank shall be exempt from taxes.

Sect. 31.

After completing the said subscriptions, the interest of all tallies and orders sub- Sect. 32. scribed, together with the said hundred thousand pounds per annum shall be applied to the use of the members of the bank, proportionably to each member's share therein.

The stock of the bank shall be accounted a personal, and not a real estate, and shall Sect. 33. go to executors, and not to heirs.

No contract or agreement, either by word or in writing, for buying or selling of Sect. 34. bank stock, shall be good in law or equity, unless it be registered in the books of the bank within seven days, and the stock be transferred within fourteen days."

No act of the bank shall forfeit the stock thereof, but the same shall be subject to Sect. 35. their debts.

It shall be felony without benefit of the clergy, to forge or counterfeit the common Sect. 36. seal of the bank, or any sealed bank bill, or any bank note, or to alter or erase any such bills or notes.

The officers of the Exchequer shall keep account of all monies appropriated to the Sect, 37. bank, either upon the fund of a hundred thousand pounds per annum, or any other parliamentary funds, or for tallies belonging to the bank; and shall duly direct, record, and make payment thereof, under the penalty of loss of place, incapacity, and double damages.

The monies arising by the continuation of the subsidy of tonnage and poundage, &c. Sect. 38. of wines, vinegar, and tobacco, &c. by the additional impositions on goods and merchandizes; by stamped vellum, &c. by marriages, &c. and by the duties on houses, from the times that the said duties are severally continued as aforasaid, till the first of August, 1706; and by the surplus of the duties on wine, vinegar, and tobacco, &c. over and above the one million five hundred thousand pounds credit given thereupon, and the interest thereof arising by the act 7 and 8 Will. 3. cap. 10. continued till the 29th of September, 1701; and also on houses, after the repayment of seven thousand three hundred and eighty-two pounds, eleven shillings, and four pence, borrowed thereon,, by 7 and 8 Will. cap. 18. and the interest thereof; and of all the bills signed at the

8 & 9 Will.

sect. 41.

Mints for the six-pence per ounce upon plate, brought in between the 4th of May, 1696, and the 4th of November, 1696, granted for seven years, from the 25th of March, 1696; and upon salt, &c. after the repayment of one million seven hundred and twentyfour thousand pounds, borrowed thereon, and the interest thereof, arising by the act 7 and 8 Will. 3. cap. 31. shall be the general fund for making good the particular funds in this act expressed, and shall be applied accordingly.

The monies arising by the said general fund, after the 28th of June, 1698, as well 3. cap. 20. by the said duties on houses, and additional impositions, as for the said duties on vellum, &c. continued from the 28th of June, 1698, to the first of August, 1706, and for tonnage and poundage, &c. continued from the 25th of December, 1699, to the first of August, 1706, and for marriages, &c. and for wines, vinegar, tobacco, &c. continued from the 28th of September, 1701, to the first of August, 1706, and by the said surplus on wines, vinegar, and tobacco, &c. and on salt, &c. shall be applied towards principal and interest of the said first, third, and fourth aids of four shillings per pound; the quarterly poll; the three-fourths of the customs; the duties on salt, &c. the twothirds of the additional excise; the additional impositions; the duties on vellum, &c. on marriages, &c. on wines, vinegar, and tobacco, &c. and the three hundred thousand pounds per ann. out of tonnage and poundage, in proportion to the respective deficiencies, as computed in this act. And every twenty-eight days, an account shall be made up at the Treasury of all the monies brought in, applicable to the said deficient funds, which shall be applied proportionably, as well to the Bank of England, as other persons intitled to principal and interest thereon.

Sect. 43.

Sect. 44.

Sect. 45.

Sect. 46.

Sect. 47.

Sect. 48.

Sect. 49.

Bect. 50.

Out of the said general fund the interest due to the bank shall be made up eight pounds per cent.

Where any revenue is appropriated by Parliament for repayments in course, the same shall be paid accordingly: but the new funds in this act shall be applied as hereby prescribed.

In case of judgment of forfeiture given against the bank, the yearly payments out of the Exchequer, and all the estate belonging to the bank, shall be vested for three years in twenty-four persons, to be chosen by the bank, who shall have power to receive the monies due to the bank, as if no such judgment had been given; and to pay and discharge the debts and contracts, due at the time of such judgment; after which, the surplus shall be divided amongst the several members; and then the said yearly payments shall be vested in the particular members, in proportion to a list thereof, to be made up by the said trustees, and shall be assignable in a book to be kept by the auditor of the receipt.

The bank may employ a clerk to copy the dockets of any extents, judgments, &c. in any of the offices of record at Westminster, paying as for a search only.

No member of the bank shall be adjudged a bankrupt, by reason of his stock in the bank, nor shall the stock be subject to foreign attachment.

The monies received out of the exchequer for the bank, shall be divided among the members proportionably, for their particular use.

The debts of the bank shall never exceed their capital stock, under penalty of subjecting the several members, so far as their dividends received will extend, to satisfy the debts to any person, who may recover the same with treble costs.

If the said funds for interest shall appear insufficient, they shall be made up of such aids, &c. as shall be granted in the then next session of Parliament; and if upon the first of August, 1706, or within three months after, the produce of the several aids, &c. shall not be sufficient to discharge the principal and interest intended to be discharged by this act, the same shall be supplied out of such aids, &c. as shall be granted the next session of Parliament.

In all future elections, not above two-thirds of the directors of the preceding year 3 & 9 will. shall be chosen.

3 cap. 20. sect. 52.

9 & 10. w.

3

The Bank of England shall make dividends of the monies which shall be received by them, by virtue of the tallies and orders which have been subscribed into their stock, cap. 3. pursuant to the above act 8 and 9 Will. 3. cap. 20. once in every six calendar months at least.

3. cap. 12.

The Governor and Company of the Bank of England, until they shall be repaid all 12 & 13.w monies which they shall lend upon this act, for or in part of 420,000l. being the last sect. 14. part of 820,000l. authorised to be borrowed on the weekly payment of 3,7001. out of certain branches of excise, which interest for such 420,000l. after the rate of seven per cent. shall not be obliged to make dividends of the monies to be received by them, by virtue of any tallies or orders subscribed into their stock, in pursuance of the above act 8 and 9 Will. 3. cap. 20. but at such times only as shall be ordered by a general

court.

During the continuance of the Bank of England, it shall not be lawful for any other Ann.cap. body corporate, or for other persons united in partnership, exceeding the number of 22. . 9. six, in England, to borrow money on bills or notes payable at demand, or at less time than six months. This clause is repeated in stat. 7. Ann. cap. 7. s. 61. and stat. 3. Geo. 1. cap. 8. sec. 44.; and therefore the said sections are omitted in the said acts here following.

s.

Recites that by an act 5 Will. and Mar. cap. 20. the Bank of England was erected, 7 Ann.cap. 1,200,000l. was lent to their Majesties, for which there is payable to the Governor and 7. 5. 1. Company, the yearly sum of 100,000l. out of the duties of excise, redeemable by Parliament; reciting another act made 8 and 9 Will 3. cap. 20. for making good the deficiencies of several funds and for enlarging the capital stock of the bank.

And another act made 5 Ann. cap. 13. for continuing duties on houses, to secure a yearly fund for circulating Exchequer bills, now expired, reciting also, that the Governor and Company did lately admit new subscriptions for doubling their stock of 2,201,1711. 10s. at the rate of 1151. to be paid for every 1001. subscribed; and that subscriptions have been made for that sum; it is enacted, that 2,201,1711. 10s. be added to the stock of the bank, which before such additions, consisted only of the like sum; so that the whole capital stock now shall amount to 4,402,3431. and the new subscribers shall be incorporated with the present members of the bank, and be taken to be one body politic and corporate, by the name of The Governor and Company of the Bank of England.

The said capital stock shall be assignable in the same manner as the original capital Sect. 2. stock.

The bank is to pay into the Exchequer 400,000l. before the 25th of August, 1709. Sect. 3. The Bank of England, thus enlarged, shall for ever be a body corporate, and enjoy Seet. 5. the yearly fund of 100,000l. out of the excise.

The stock and funds of the bank, and the interest of every member therein, shall be Sect. 62. exempted from taxes, and shall be deemed a personal estate, and shall go to executors and not to heirs, and shall not be liable to foreign attachment.

The original fund of 100,000l. per ann. and all profits for the management of the Sect. 63. Corporation, shall be applied to the use of the members of the Corporation ratably.

It shall be lawful for the bank at any time to reduce their capital stock, increased as Sect. 65. aforesaid, by dividends; taking care that the total of their debts do not exceed the value of their capital: and in case the Governor and Company by any dividend, shall reduce their capital without proportionably reducing the total of the debts, so that the value of their capital shall not be sufficient to answer their debts; in such case, the particular members who shall receive such dividend, shall be severally liable, so far as

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