65 S A, D. 1694. 



only to have 8 per cent interefl on the Li, 200, 000 to be advanced by 

 the propofers of this bank. The diffaffeded were all againfl it, alleging 

 it would ingrofs the money, ftock, and riches, of the kingdom. 



At laft, the parliament having pafTed an ad [5, 6 Gul. et Mar. c. 20] 

 for granting feveral rates and duties on tonnage of fhips, and on beer, 

 ale, and other liquors, for fecuring certain recompenfes, &c. to fuch 

 perfons as fhould voluntarily advance Li, 500,000, it was thereby enad- 

 cd, that their majefties might grant a commiffion. to take particular fub- 

 fcriptions for Li, 200,000, part of the faid Li, 500,000*, of any perfons, 

 natives or foreigners, whom their majeflies were empowered to incor- 

 porate, with a yearly allowance of Li 00,000, (viz. L96,ooo, or 8 per 

 cent, forintereft, till redeemed, and L4000 for charges of management.) 

 The corporation to have the name of T^be governor and company of the 

 hank of England. Their fund to be redeemable, upon a year's notice 

 after the ill of Augull 1705, and payment of the principal ; and then 

 the corporation to ceafe. The company were enabled to purchafe lands, 

 &c. unlimitedly, and to enjoy the other ufual powers of corporations : 

 their flock to be transferable. The corporation were not to borrow or 

 give fecurity under their common feal, by bill, bond, covenant, or 

 agreement; nor owe at any one time more than Li ,200,000, except 

 by future ads of parliament, upon funds to be agreed on in parliament. 

 And in cafe of their borrowing any greater fum than Li, 200 ,000 un- 

 der their common feal, then every private member, and their heirs, ex- 

 ecutors, and adminiflrators, are proportionably chargeable therewith, or 

 for the repayment thereof. This corporation mvift not employ or trade 

 with any of their flock, monies, or effeds, in buying or felling any 

 goods or merchandize whatever, on forfeiture of triple the value of 

 what is fo traded for. They may deal in bills of exchange, and in buy- 

 ing and felling bullion, gold, or lilver, and in felling any goods or mer- 

 chandize which {hall be pledged to them for money lent, and which 

 (hall not be redeemed at the time agreed on, or within three months 

 after ; and may alfo fell fuch goods as fliall be the produce of lands pur- 

 -chafed by the laid corporation. Provided always, that all bills obliga- 

 tory under the feal of the corporation may be aflignable by indorfe- 

 ment ; and fuch allignment fhall abfolutely vefl the property in the af- 

 fignees. Provifo, that if the governor, deputy-governor, diredorsf , ma- 

 nagers, or other members, of the corporation, io to be eftablifhed, fhall, 

 upon the account of the faid corporation, at any time purchafe any 

 crown-lands or revenues, or ihall advance to the crown any money by 

 way of loan or anticipation on any branch of the revenue, other than 

 on fuch branches on which a credit of loan is or fhall be granted by 



* The miiiiftry would not ti\ift the whole money to this new fcheme. Jl. 



f The name of dircdun now begins to come into ufe inllead of committees. A. 



