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CHAMBERS’S JOURNAL
OF
POPULAR
LITERATURE, SCIENCE, AND ART
CONTENTS
CURIOSITIES OF THE BANK OF ENGLAND.
BY MEAD AND STREAM.
MORE USES OF PAPER.
ONE WOMAN’S HISTORY.
CHRISTMAS TREES.
THE MISSING CLUE.
WOUNDER AND HEALER.
No. 47.—Vol. I.
Price 1½d.
SATURDAY, NOVEMBER 22, 1884.
CURIOSITIES OF THE BANK OFENGLAND.
Considering the world-wide reputation of theBank of England, it is remarkable how little isgenerally known as to its internal working.Standing in the very heart of the largest cityin the world—a central landmark of the greatmetropolis—even the busy Londoners around ithave, as a rule, only the vaguest possible knowledgeof what goes on within its walls. In truth,its functions are so many, its staff so enormous,and their duties so varied, that many even ofthose who have spent their lives in its servicewill tell you that, beyond their own immediatedepartments, they know but little of its innerlife. Its mere history, as recorded by Mr Francis,fills two octavo volumes. It will be readilyunderstood, therefore, that it would be idle toattempt anything like a complete description ofit within the compass of a magazine article.There are, however, many points about the Bankand its working which are extremely curious andinteresting, and some of these we propose brieflyto describe.
The Bank of England originated in the brainof William Paterson, a Scotchman—better known,perhaps, as the organiser and leader of the ill-fatedDarien expedition. It commenced businessin 1694, its charter—which was in the firstinstance granted for eleven years only—bearingdate the 27th July of that year. This charter hasbeen from time to time renewed, the last renewalhaving taken place in 1844. The original capitalof the Bank was but one million two hundredthousand pounds, and it carried on its businessin a single room in Mercers’ Hall, with a staffof fifty-four clerks. From so small a beginninghas grown the present gigantic establishment,which covers nearly three acres, and employs intown and country nearly nine hundred officials.Upon the latest renewal of its charter, the Bankwas divided into two distinct departments, theIssue and the Banking. In addition to these,the Bank has the management of the nationaldebt. The books of the various government fundsare here kept; here all transfers are made, andhere all dividends are paid.
In the Banking department is transacted theordinary business of bankers. Here