A. D. 1694. 661 



the general laws of the kingdom ; may impofe fines on dehnquents ; 

 may appoint falarics to governors, directors, &c. Stock to be devifeable 

 by will, to be attefted by three or more witnefTes *. Laflly, neither 

 the governor, nor the deputy-governor in his abfence, fhall have any 

 vote, either in general courts or in courts of diredlors, fave where there 

 fhall appear to be an equality or equal number of votes. 



It is evident from the a6t of parliament and charter, that this bank 

 is empowered to lend money on pledges ; yet the corporation has as yet 

 made little or no ufe of that power, although in the London gazette 

 of the 6th of May 1695 is the following advertifement, viz. ' The court 

 "* of directors of the bank of England give notice, that they will lend 

 * money on plate, lead, tin, copper, fteel, and iron, at 4 per cent per 

 ' annum.' They have hitherto contented themfelves with banking on- 

 ly, including therein the dealing in bullion, gold, and filver, difcount- 

 ing bills of exchange, advancing money to the public on the credit of 

 ads of parliament, and circulating their own fealed bills, which bore 

 intereft, (though fince laid afide) and their cafli-notes on demand, bear- 

 ing no intereft ; as alfo circulating exchequer bills for the government 

 on a ftated allowance. In all which this happy corporation has proved 

 extremely advantageous to the nation, and has prefeiwed its integrity, 

 and, as far as was poffible, its credit, even in very perilous times, down 

 to our own days, chiefly owing to their great care in eleding for their 

 governors and direftors only gentlemen of known abilities and integri- 

 ty, as well as of fortune. 



Notwithftanding all the precautions ufed in the powers given by law 

 to the bank, it had many enem.ies to ftruggle againft. Even before 

 this year expired it was Iharply animadverted on in print as unfit to be 

 •continued. Some very ridiculous objections paffed down with many ; 

 as, that all national banks have hitherto been pecuUar to republics, this 

 being the firft of any in Europe eredted in a monarchy ; that its ma- 

 nagers and chief fubfcribers were incUnable to republican principles ; 

 that it may fubvert the regal government, by getting the public mo- 

 ney, &c. into their hands ; that it draws the money out of trade for the 

 fake of 8 per cent intereft ; that it deftroys perfonal credit, on which 

 young merchants were wont to be fupported in their commerce, &c. 



On the 28th of September 1694 the Englifti Eaft-India company had 

 a fecond charter of regulations, which, after reciting the fubftance of 

 the two preceding charters, made the following alterations and explana- 

 tions, (inter alia) viz. 



I) The company may licence their own commanders and mariners, 

 but no others, to trade on their own private account in fuch commo- 



* This was altered by an aft of the 8th and 9th of King William, which made bank ftock a per- 

 ibnal eftatc, and to defccnd accordingly. A- 



1 



