BAN' 



both as to public and private circulation^ and lowered the 

 interelt from 8 to 7, a;id afterwards to 6, 4, and 3 per 

 cent. In return, the intcicSl for all money borrowed, 

 or depofited in the bank by way of loan, was likewifc 

 leffcntd from 6 to 4.I, 3 and 2 per cent. The lar£re 

 quantity of copper money then current in the countrV, 

 beinj; by its bulk and weight extremely inconvenient, the 

 circulation of bank notes became advantageous to com- 

 merce. From 1714 to 17 I 7, the bank fupplied Charles XII. 

 with fuch confiderable fums, that tlie revLr.ues arifing 

 from the tolls and cuitoms were infufficient to pay the 

 interefl, and of courfe there was a confiderable deficiency. 

 Thefe fupplies lowered the credit of tl'.e bank in the 

 eilimatlon of the public ; and therefore the king, on the 

 remonftrance of the ftntes, mortjraged certain revenues of 

 the crown, for the difcharge of the iiiterefl ; and declared 

 tiiat all the revenues then niorteajed fliould remain in the 

 bank till the debt fhould be fully difcharged ; and alfo 

 promifcd, that he would not, on any pretext or emergency, 

 recur again to the bank for money, except for fuch as 

 belonged to the crown. Its credit was thus in fome 

 meafure retrieved ; but its (lock was too far drained to 

 repair its fonner credit, until baron Goertz undclignedly 

 contrib'.'.ted to it by a fcheme which was in eveiy other 

 refpeA detrimental to the nation. To fupply Charles 

 with money for his conftant wars, Gocrt/. compelled 

 performs, by means of fines and penalties, and afterwards 

 by a fpecies of torture, to deliver up their plate, jewels, and 

 coin. In return for thefe effects, they received copper- 

 money, called " Myntcllen," or figns of coins, each weigh- 

 ing only one-third of a llivcr, but pafTuig for a filver dollar, 

 of which it was only a nincty-fixth part. The public 

 fecrctly transfeiTcd their property, confiding of plate, 

 jewels, and money, which was thus to be forced from them 

 a:id exchanged for a debafcd currency, to the bank, confiding 

 ill the royal proniife, that the bank fhould be exempted 

 frcm the interference and infpedlion of the crown. Goertz 

 advifcd the king to fcize the property depofited in the bank ; 

 but Cliarles rcfufed to violate his proniife, and prohibited 

 Goertz from making any propofals tending to the prejudice 

 of the bank. In this crifis, the bank received fuch large 

 fums of money, a great part of which paid no intereft, that 

 the profits were very confiderable. Accordingly tiie bank, 

 in this flourifiiing ftate, was induced, by order of the Hates, 

 in 1 741, to prefent the king with a donative of 100,000 

 filver dollars, or 8,3331. 4s., and to furnifii him with 

 500,000, or 41,6(^61., without interelt, towards carrying on 

 the war againil RufTia. Since that period it has frequently 

 advanced larcfc fums of money to the crown and to the 

 board of nianufailures, by order of the Hates. The bank 

 h divided into two departments ; /lerie, or loan ; and tvcxd, or 

 exchange bank ; c:ieli keeping feparate accounts, but mutu- 

 ally fupplyiug the other as occafion requires. The former 

 lends money on mortgages or pledges. The proprietors 

 on dcpofiting thefe pledges in the bank, receive the full 

 value, en paving 3 per cent, annual inteiell ; tiiefe pledges 

 con-ill of gold and filver in block, copper, biafs.and Ueiiebank 

 fedler,orcertificates of having feiit money tothe bankjandp.ir- 

 cnlarly iron, for which latter article the proprietor receives 

 threc-fourtiis of its value at the interell of 3 per cent. ; and 

 when, he difpofes of it, it is again delivered to him on pro- 

 diicin"- a certificate from the bank that the loan is duly 

 difcharged. Jewels were formerly received as pledges ; 

 but as their value is flucluating, and the bank was once 

 defrauded in that article, they are no longer admitted. 

 T,Ii,rtgaged lands and lioufes, being of a lefs certain value 

 than otiier articles, pay an intereft of 4 per cent, on the 

 1 



BAN- 



money borrowed ; and for the purpofe of liquidating thr 

 oebt, the following regulations were adopted : all borrower! 

 on lands and houfes Ihall ])3y 6 per cert, yearly ; of thii 

 fum 4 per cent, is the lawful intereft, and the remaining 

 2 per cent, is annually d^duded from the capital, Ly which 

 means the original debt is gradually diminiflied. 



The "juexel, or exchange bank, exchanges and iffuei 

 bank notes, difcounts bills, receives and afligns the money 

 depofited for intereft or fecurity, and difcharges the intereft 

 of 2 per cent, on all nioncy placed in their hands. Toward* 

 the latter end of the reign of Adolphus Frederic, bank notes 

 were ifTued in fuch numbers, and many of them at fo low 

 a value as is. 6d., that fcarcely any fpecie was left in the 

 kingdom; the bauk was fo drained of cafli as not to be able 

 to exchange its notes except in copper-money, and paper 

 was alnioll the only currency. For preventing a total 

 bankruptcy, and calling in the paper currency, the ftatcs, 

 in I'GG, voted a loan of 3,000,000 rix-doUars, or 750,CCoI. 

 to effeft tlie realization of the bank notes, and to circulate 

 a fufficient quantity of fpecie. Oth.tr regulations were 

 alfo adopted ; and in order to counteract the efforts of 

 party, the diet, in 1772, committed to the king the difficult 

 province of realizing the bank notes, and reforming the 

 currency, which was happily efletted. In 1777 and 1779, 

 the ftates confirmed the realization, and made feveral new 

 regulations, for fecuring the credit of the bank, and render- 

 ing it ftill farther independent of the crown. The inde- 

 pendence of the bank was farther eftablillicd by the diet 

 of 1784. The accounts were fubmitted to a committee of 

 revifors, which confiils of a certain number of perfons 

 chofen by the three houfes of nobles, clergv-, and burghers, 

 from their rcfpeftive orders, who continue in office till the 

 meeting of a new diet, when they are either renewed or 

 confirmed. They atlemble once every three years, and 

 continue fitting not more than a month. They infpeft the 

 general Hate of the bank, compare the acco.mts ot the di- 

 reftors, and obferve that no abufes have been committed, 

 and that the regulations of the ftates have been obfcnicd. 

 Coxe's Travels in Sweden, &c. vol.iv. p. 130 — 139. 



Bank, y/p-t/;// ft/". Set Agknt. 



Bank-^/V/t. See Bill. 



Bank, Dtiys in. See Day. 



Bank, Laml, an inftitution piojefted during the years 

 1694 and 1695, by Dr. Hugh Chamberlain, for lending of 

 money at a low intereft on land fecurity, which was the 

 principal difference between this and the bank of England ; 

 in oppolition to which corporation, then in its infancy and 

 ftruggling with difficulties, this ill-judged project v. a"; ftt 

 up. It was principally encouraged by the Tor)- party ; and 

 anactof pariiament, viz. 7i;S\V.III. c. 3 I . was obtained for 

 the purpofe. Tlie fubfcriptions for its eftabliftimcnt failed, 

 and the plan proved abortive. 



Bank iVo/cj-. See Not: . 



Bans, av Biiich, in I.j-i: See Basc. 



Bask, Foot. See BAxetj.'ETTt. 



Bank, in NiUural l/'Jlory, denotes an elevation of the 

 ground, or bottom of the lea, fo as fiimeumes to furmount 

 the- furfuce of the water, or at leaft to leave the water fo 

 (h iUow, as ufually not to allow a veftel to remain a6oat over 

 it. In this fenfe, bank amounts to much the fame with flat, 

 ftioal, &c. 



There are banks of fand, and others of ftone, called alfo 

 flielves or rocks. In the North fea, they alfo fpeak of banks 

 of ice, which arc large pieces of that matter floating. See 

 Icebergs. _ _ ._ 



Vapours at fea fometimes occafion fuch a decrftio ^fu', 

 that mariners imagine thev fee bnd with trees, .^c. They 



call 



