656 A. D. 1694. 



chairs were thereby licenced at lof each per annum ; in the year fol- 

 lowing they were increafed to 300; and by another acl [12 Geo. I, 

 c. I 2] the hackney chairs were increafed to 400 in number, by reafon 

 of the great increafe of new buildings weftward. 



This year is memorable for the eredion of the prefent mofl ufeful 

 and laudable corporation of the Bank of England, which has not only 

 proved extremely beneficial to commerce, but has alfo on many emer- 

 gencies been a great fupport of the pubUc credit of the nation. We 

 have Teen, that before this time there were propofals and fchemes offer- 

 ed to the public for a like purpofe : and it is indeed fomewhat flrange, 

 that a public or general bank, capable of not only fupporting its own 

 credit by a paper currency, for the benefit of commerce, efpecially with 

 refped to large payments, but alio fupporting the national credit, was 

 not fooner eflablilhed in a country fo much abounding in wealth and 

 commerce. 



There were in Europe at this time but four very confiderable banks, 

 thofe of Amfterdam, Venice, Genoa, and Hamburgh ; of which all but 

 that of Genoa are folely for the conveniency of merchants. At Am- 

 fterdam, Venice, and Hamburgh, all bills of exchange and other large 

 payments arc ufually paid in their banks, which faves much trouble to 

 merchants. 



There are banks in other parts of Europe, which are not only for the 

 conveniency of commerce, but alfo for the emolument of their pro- 

 prietors, who had originally advanced money to the ftate, for which 

 they had a perpetual fund of intereft ; and they obtained alio the pri- 

 vilege of being cafh-keepers for merchants and others. Such are the 

 banks of Genoa, Naples, and Bologna ; there being two fuch in the 

 later city, in one of which, though only 10 per cent was ever paid in, 

 they are laid to make a dividend on the whole nominal capital ; and 

 they are alio laid to lend money at i per cent per annum, proceeding 

 from the great calh they are entrufted with without intereft. After this 

 fecond fort of banks was the bank of England modelled, as were alfo 

 the two incorporated banks of Edinburgh. 



Moft of th? former prmted propolals for public banks in England 

 feem to have had that of Amfterdam principally in view : but although 

 that famous bank be doubtlefs a noble and very ufeful one amongft a 

 people whole v/eakh confifts almcrft entirely of money, and what we 

 call perfonal eflates. it is at leatt doubtful whether one entirely on that 

 model would be fo fuitable for England. Be this as it may, it is cer- 

 tain that fundry men of good abilities had for feveral years paft employ- 

 ed then- thoughts oh a bank ncriy refembling that of Genoa, and part- 

 ly thofe alfo of our own private bankers, having circulating notes or 

 bills, but with more than all the conveniencies of thofe private ones, 

 and without the hazard of bankruptcies. It was alfo well judged, that, 



