688 A. D. 1697. "^ 



their members in the year 1 696, and to ilTue bank fealed bills, at 6 per 

 cent intereft, in exchange for bank cafh notes ; and to advertife, for the 

 conveniency of trade, whilfl the filver was recoining, that any perfon 

 might keep an account with the bank, and transfer any fum under L5, 

 from his own to another man's account ; which was getting into the 

 method of the bank of Amflerdam ; yet, fuch was the diflrefs of the 

 times, that, on the 6th of May 1697 ^^^ bank advertifed in the gazette, 

 for the defaulters of the laft call of 20 per cent, which fhould have been 

 paid by the loth of November 1696, and alfo thofe indebted to the 

 bank upon mortgages, pawns, notes, bills, or other fecurities, to pay in 

 the laid 20 per cent, and the principal and intereft of thofe fecurities, 

 by the ift of June next. Even fo late as the 21ft of June 1697, we fee 

 in a ne\vrpaper, called the Poftman, the following paragraph, viz. 

 ' Bank notes were yefterday between 13 and 14 per cent difcount.' 

 Notwithftanding the great difficulties the bank had then to ftruggle 

 with, in a few months after, by the recoinage being completed, and by 

 the fecond, or engraftment, fuljfcription of the tallies, orders, and bank 

 notes, to the amount of L5, 160, 459 : 14 : g-^, the credit of the bank 

 was quite reftored, with the greateft applaufe to the condudors of it. 

 After the parliament had fettled the funds for the enfuingyear, and had 

 provided for the deficient funds in the former and prefent year, they 

 took the diftrels of the bank into their deliberate confideration, and 

 finally determined, that the capital Itock of the bank Ihould be increaf- 

 ed by new fubfcriptions, of four fifths in exchequer tallies and orders, 

 and one fifth in their own bank notes, with an intereft of 8 per cent. 

 And, for fecuring the payment of that intereft, an additional duty was 

 laid on fait ; and the other duties were extended to a longer term, &c. 

 in order to make up a general fund for paft deficiencies, now amount- 

 ing to no lefs than L5, 160, 549 : 14 : 9^, befides the current fervice of 

 the year 1697. But, previous to their taking in the new fubfcriptions, 

 their old capital of Li, 200, 000 ftiould firft be made up to each mem- 

 ber 100 per cent, and what remained of eflTcds or intereft over and 

 above, ftiould be divided among their old members. The bank, after 

 this new fubfcription, might ifilie an additional number of notes, equal 

 to the total of the new fubfcription, provided always, that thofe notes 

 be anfwered on demand, and that, in default of their fo doing, they 

 ftiould be anfwered from the exchequer, out of the firft money due to 

 the bank. The bank ihould continue a corporation till one year's 

 notice after Auguft the ift in the year 1710; and no other bank 

 fhould be allowed during their faid term. The bank ftiould not, at any 

 one lime whatever, owe more by bonds, notes, fealed bills, &c. than 

 the total amount of all their increaled capital. The capital ftock of the 

 bank ftiould henceforth be deemed a perfonal eftate. For the future. 



