DOI Page / Citation link:
https://doi.org/10.11588/diglit.1212#0369
260 TALLIS'S ILLUSTRATED LONDON;
tisli gentleman, renowned for originating the Darien Ex-
pedition. In IBM the charter was granted in considera-
tion of certain suras of money advanced to the government
of King William, In 1G97, owing to the rceoining, the
Bank was in difficulties, its notes heing sold at 50 per-
cent, discount. Out of this trouble the directors were
assisted by the ministry, and it resumed its triumphant
career. Its business was first conducted at Mercers', and
rfterwards at Grocers' Hall, where, in a large room, Ad-
dison describes the directors and clerks mingling together
very primitively. In 1732 the garden and grounds of Sir
John Houblen, the first governor, were purchased as a site
for building on, and in 1734 the new building was com-
pleted. Its architect was Mr. Sampson. Escaping the
perils of the South Sea bubble, it became liable, in 1758,
to the forgery of its notes, which, for the first time, was
effected by Richard William Vaughau, a young linendraper.
From this period its notes were freely forged, and the
forgers as freely hung. In 1797 the Bank suspended pay-
ment, the gold in its coffers being only £1,086,000, to
meet .£9,675,000 of outstanding notes. Nor did it resume
cash payments until the celebrated bill of Mr. Peei in
1819. The Great Panic was the next epoch in the annals
of the Bank, when seventy town and country bankers were
gazetted bankrupts, or compounded with their creditors.
Eighty per cent, per annum was paid for money during
this eventful period; and it was acknowledged on all sides
that nothing but the well-timed liberality of the directors
in the emission of their notes, by increasing their dis-
counts, saved the country from a state of ruin. Mr. Francis,
in his " History of the Bank of England, its times, and
traditions," an interesting and authentic work to which we
are indebted, explodes the oft-repeated assertion, that a
box of £1 notes was discovered accidentally. It was Mr.
Huskisson's opinion, that had not the Bank acted with the
promptitude it did, forty-eight hours more would have
reduced England to a state of barter. Certain legislative
enactments followed. The Bank-note was made a legal
tisli gentleman, renowned for originating the Darien Ex-
pedition. In IBM the charter was granted in considera-
tion of certain suras of money advanced to the government
of King William, In 1G97, owing to the rceoining, the
Bank was in difficulties, its notes heing sold at 50 per-
cent, discount. Out of this trouble the directors were
assisted by the ministry, and it resumed its triumphant
career. Its business was first conducted at Mercers', and
rfterwards at Grocers' Hall, where, in a large room, Ad-
dison describes the directors and clerks mingling together
very primitively. In 1732 the garden and grounds of Sir
John Houblen, the first governor, were purchased as a site
for building on, and in 1734 the new building was com-
pleted. Its architect was Mr. Sampson. Escaping the
perils of the South Sea bubble, it became liable, in 1758,
to the forgery of its notes, which, for the first time, was
effected by Richard William Vaughau, a young linendraper.
From this period its notes were freely forged, and the
forgers as freely hung. In 1797 the Bank suspended pay-
ment, the gold in its coffers being only £1,086,000, to
meet .£9,675,000 of outstanding notes. Nor did it resume
cash payments until the celebrated bill of Mr. Peei in
1819. The Great Panic was the next epoch in the annals
of the Bank, when seventy town and country bankers were
gazetted bankrupts, or compounded with their creditors.
Eighty per cent, per annum was paid for money during
this eventful period; and it was acknowledged on all sides
that nothing but the well-timed liberality of the directors
in the emission of their notes, by increasing their dis-
counts, saved the country from a state of ruin. Mr. Francis,
in his " History of the Bank of England, its times, and
traditions," an interesting and authentic work to which we
are indebted, explodes the oft-repeated assertion, that a
box of £1 notes was discovered accidentally. It was Mr.
Huskisson's opinion, that had not the Bank acted with the
promptitude it did, forty-eight hours more would have
reduced England to a state of barter. Certain legislative
enactments followed. The Bank-note was made a legal