THE BANK OF

A HISTORY

IN TWO VOLUMES VOLUME II CAMBRIDGE UNIVERSITY PRESS LONDON: BENTLEY HOUSE NEW YORK TORONTO BOMBAY CALCUTT A MADRAS: MACMILLAN

Copyrighted in the United States of America by The Macmillan Company

All rights reserved GEO RGE WARDE NORMAN Dire•tor ISzi-1872 THE BANK OF ENGLAND eA History

BY SIR JOHN CLAPHAM C.B.E., Lrn.D., F.B.A.

VOLUME II 1797-1914

With an Epilogue: THE BANK AS IT IS

· CAMBRIDGE AT THE UNIVERSITY PRESS 1944 PRINTED lN GREAT BRITAIN CONTENTS

Chapter I. The Years of Suspended Cash Payments, 1797- 1811 page I II. From the Resumption of Cash Payment to the Charter Act of ISH · 75 III. Between two Charter Acts, I8H-I844 13I IV. The DecadeJollowing the Act of 1844 and the Crisis of 1847 I86 V. War, Gold and Crises, 1854-I866 12.1 VI. The New Environment, 187e>-90 171 VII. From the Baring Crisis to the South Mrican War, I 890 to I 899 340 VIII. The Bank in the Early Twentieth Century 375 Epilogue: the Bank as it is 4I7

Appendices A. Half·yearly dividend on Bank Stock, 1788- 1943 B. Bank Rate, 1797-1914 C. Income from the Discounts, 1797-1915 D. Income from Short 'Loans and Advances, 1847-I914 435 E. Bankers' Balances at the Bank, 1878-I913 436 F. Gladstone and the Bank, I854 437 Graphs 440 Index 443 vii

PLATES

George Warde Norman, Director 182.1-1872 Frontispiece William Manning, Governor 1812-1814 jacingp. 36 John Gellibrand Hubbard, Governor 1853-1855 , 174 Henry Lancelot Holland, Governor 1865-1867 , \X'illiam Lidderdale, Governor 1889-1892 ,

SOURCES AND REFERENCES, VOL. II

The main MS. sources-Court Books, Ledgers, etc.-are the same as for Vol. I, and the same style of reference is used. A much greater number of miscellaneous MS. sources is, however, available at the Bank than for the eighteenth century. These, when used, are described in full in the footnotes. Some small use is made of the Gladstone MSS. The Peel MSS. contain nothing of imporci.nce, but fortunately Peel's relations with the Bank are fully recorded there in 1844 Comspondence (seep. 178 seq.). The shortened references to Journals etc. are the same as in Vol. 1. APPENDICES A-F

APPENDIX A

Half-Yearly Dividend on Bank Stock, 1788-1943

1788-1805 ;! and;! 1872. 4! and 5 1805, Oct. St 1873 4i and 5! t8o6 ;! and 8! 1874 . 5 and 5 1807-2.2. 5 and 5 1875-76 4! and 4! I8a3-38 4 and 4 I 1877 5 and 41 1839-47, April ;! and 3! 1878 4i and 4! 1847-48 4! and 4! 1879 5! and 4i 1848, Oct. 3! x88o-81 4! and d 1849 5! and 3! 188z 5! and 5! I85o-52. 4 and 31 188; 5! and 5 1853 4 and 4· t884 5 andd 1854 4! and 4! 1885 5 and 5 1855 4 and 4 t886 4! and 4i 1856 5 and 41 t887 5 and 4! 1857 4! and 5! 1888 S and 5 1858 51 and 41 1889 5! and 5 1859 4 and 41 1890 5! and 5! 186o 4! and 5 1891 s! and 5! · 1861 5 and 5 1892. 5 and 5 186z 4! and 4! 1893 4i and 5 1863 4! and 4! 1894 4! and 4 t864 5! and 5! 1895 4! and 4 x865 51 and 5 1896 4! and 4! 1866 5! and 61 1897-1903 5 and 5 1867 51 and 4! 1904-13 4! and 41 t868 - 4 and 4 1914-2.1 5 and 5 . t869-70 4! and 4! 192.2. 6 and 51 1871 41 andd 192.3-43 6 and 6

Note: Steady dividends aimed at before 1847 and from 1897: the inter- vening half-century is that of maximum competitive activity and fluctuating dividends. 429

APPENDIX B Bank Rate, 1797-1914

1797 5 1855 5 April 4! 186o 24 4 18z2 2.0 June 4 3 May 4 8 Nov." 4! I8z5 13 Dec. 5 I4 June ;! 13 , 5 I8z7 S July 4 6 Sept. 4 IS , 6 1836 2.1 4! I3 4! 29 " 5 I Sebt." 5 27 ", 5 31 Dec. 6 1838 IS Fe . 4 4 Oct; s! 1861 7 Jan. 7 1839 I6May 5 I8 , 6 or 1t 14 Feb. 8 10 June st 1856 uMay 6 2.I March 7 1 Aug. 6 2.9 , 5 4 April 6 I84o 13 Jan. 5 2.6 June 4! II , 5 t 841 7 April 4 1 Oct. 5 t6 May 6 1844 5 Sept. 1! and;* 6 , 6 or 1t I Aug. 5 1845 13 March 1! 13 Nov. 7 IS , 4! 16 Oct. 3 4 Dec. 6t 19 , 4 6 Nov. ;! 18 6 19 Sept. ;! t846 27 Aug. 3 t8S7 2 April" 6! 7Nov. 3 1847 14 Jan. ;! t8 June 6 1861 9 Jan. 2t :u 4 16 July st 12 May 3 8 April" 5 8 Oct. 6 10 July 1! 5 Aug. st u 7 24 , z ;o Sept. " 8 ;o Oct. 6t 19 " 3 25 Oct. 8 5 Nov. 9 I86; 15 Jan. 4 uNov. 7 9 IO 18 5 1 Dec. 6 14 Dec." 8 19 Feb." 4 23 " 5 t8s8 7 Jan. 6 13 April ;t 1848 27 Jan. 4 14 5 ;o , 3 IS June ;t 18 " 4 t6 May ;! 2 Nov. ; 4 Feb." ;t 11 4 1849 22. ,, 1! II 3 z Nov." 5 t8so 16 Dec. 3 9 Dec." z! 5 6 1852 I Jan. 1! 1859 2.8 April ;t z Dec." 7 u. April 1 5 May 4! 3 , 8 1853 6 Jan. 1! 1 June ;t 24 , 7 20 ; " 9 , 3 1864 20 Jan. 8 1 June ;t 14 July zt II Feb. 7 1 Sept. 4 t86o 19 Jan. 3 zs 6 IS , 4! 31 4 t6 April" 7 29 ,, 5 2.9 March" 4! z.May 8 1854 II May s! u April 5 5 , 9 3 Aug. 5 10 May 4! 19 , 8 * Bills zt, Notes ;. t I month bills 5!· t 6crday at 6. 430 APPENDIX B

1864 z.6May 7 1869 4 Nov. 3 1873 2.9 Sept. 5 x6 June 6 1870 11 July ;t 14 Oct. 6 15 July 7 2.3 , 4 t8 , 7 4Aug. 8 18 , 5 I Nov. 8 8 Sept. 9 4Aug. 6 7 , 9 xo Nov. 8 II 5t 10 , 8 14 7 t8 " 4t 17 , 6 15 Dec." 6 15 " 4 4Dec. 5 1865 12. Jan. 5t I Sept." ;t II 5! z.6 , 5 15 , 3 1874 8 Jan." 4 1 March4t 29 " 1t 15 ;t 30 , 4 1871 2. March 3 ;o April" 4 4May 4! x; April 1! z.8 May ;t 15 4 13 July 2. 4 June 3 I June" 3! 2.1 Sept. 3 x8 , z.t z.8 ;o July 15 3 " 4 3 17 July" ;t 7 Oct. 5 6Aug. 4 16 Nov. 20 3 Aug. 4 4 " 3t 2.8 Sept. 4t ;o ;t 27 ,, 3 1 Oct. 5 14 Dec." 3 15 Oct. 4 5 , 6 '1871 4 April 3! x6 Nov. 5 7 , 7 it 4 ;o 6 13 Nov. 6 9May" 5 1875 7 Jan." 1 28 Dec. 7 ;o , 4 14 , 4 x866 4 Jan. 8 13 June 3! 18 , 3 22. Feb. 7 20 , 3 18 Feb. 3! 15 March 6 .18 July 31 8 July 3 3 May 7 x8 Sept. 4 29 " 1! 8 8 26 , 4t u Aug. 2 II " 9 3 Oct. 5 7 Oct. 2! 12. " 10 10 6 14 " 3! x6 Aug." 8 9Nov." 7 2.I , 4 2.3 7 z.8 , 6 18 Nov. 3 30 " 6 u Dec. 5 ;o Dec. 4 6 Sept." 5 1873 9 Jan. 4! 1876 6 Jan. 5 27 , 4! z.; ,, 4 17 , 4 8 Nov. 4 30 , 3! 13 March ;t 20 Dec. 3! z.6 March4 6 April 3 1 1867 7 Feb. 3 7 May 4t 10 " ;o May z.t 10 , 5 t877 3 May 3 15 July 1 17 , 6 5July 1! x868 19 Nov. z.t 4 June 7 12. 2 3 Dec. 3 12. , 6 28 Aug." 3 x869 I April 4 10 July 5 4 Oct. 4 6 May 4! 17 4! II 5 10 June 4 24 ", 4 29 Nov." 4 24 ;t 31 ;t 1878 xo Jan. 3 15 July" 3 11 Aug." ; ·3 I , 2. 19 Aug. 2! 15 Sept. 4 18 March 3 APPENDIX B 431 1S7S ;o May zt ISS6 zo June zt 1S91 2.9 Oct. 4 2.7 June ; a6Aug. ;t zo Dec. 3! 4 July 3! az Oct. 4 1S9z ZI Jan, 3 I Aug. 4 z6 Dec. s 7 April 2! IZ s tSS7 ; Feb. 4 zS z 14 Oct." 6 to March ;t 20 Oct." 3 uNov. s 24 ; I893 z6 Jan. zt IS79 16 Jan. 4 14 April" 2! 4May 3 30 , 3 2S ,, 2 II , 3! 13 March zt 4Aug. 3 IS 4 Io April z I Sept. 4 8 June" 3 6 Nov. 3 I8SS u Jan. 3! IS 2! tSSo 17 June 2! 19 3 3 Aug." 3 9 Dec. 3 I6 Feb." zt IO , 4 tS8t 13 Jan. ;t IS March z 2.4 , 5 17 Feb. 3 10 May 3 14 Sept. 4 18 April zt 7 June zt ZI , 3! IS Aug, 3 9 Aug. 3 5 Oct. 3 25 , 4 13 Sept. 4 1S94 z Feb. at 6 Oct. 5 4 Oct. 5 Z2 , z. zSSz 30 Jan, 6 1SS9 10 Jan. 4 1S95 No change 2.3 Feb. 5 24 ;t zS96 zo Sept. zt 9 March4 31 " 3 2.4 , .3 23 ,, 3 xS April" zt zz. Oct. 4 I7 Aug. 4 S Aug. 3 IS97 2.1 Jan. ;t 14 Sept. 5 19 4 4 Feb. 3 I88; 2.5 Jan. 4 z6 Sept." 5 8 April zt IS Feb. 3! 30 Dec. 6 15 May 2. I March 3 1890 zo Feb. 5 2.3 Sept. .t! to May 4 6 March4t 14 Oct. 3 13 Sept. ;t 13 , 4 1S9S 7 April 4 2.7 n 3 IO April ;t z6May 3! tS84 7 Feb. ;t 17 3 2 June 3 13 March 3 z6 June" 4 30 , zt 3 April zt 3I July 5 u Sep't. 3 I9 June 2 2.1 Aug. 4 I3 Oct. 4 9 Oct. 3 2.5 Sept. 5 I899 I9 Jan. 3t 30 " 4 7 Nov. 6 z Feb. 3 6Nov. 5 4Dec. 5 53 July ;t I88j 29 Jan. 4 I891 S Jan. 4 3 Oct. 4t 19 March ;t 2.1 3! s , 5 7 May 3 2.9 " 3 ;o Nov. 6 14 n zt t6 April ;t 1900 II Jan. 5 28 2. 7 May 4 18 , 4! u Nov." 3 14 , 5 2.5 " 4 17 Dec. 4 4 June 4 2.4 May ;t t886 u Jan. 3 18 n 3 16 June ; 18 Feb. z .tJuly zt 19 July 4 6 May 24 Sept. 3 1901 3 Jan. 5 432. APPENDIX B

1901 7 Feb. 4! 1907 II April 4! 1910 9 June 3 2.1 , 4 I Z.5 , 4 2.9 Sept. 4 6 June ;t IS Aug. 4! z.o Oct. 5 13 3 31 Oct. 5! I Dec. 4! 31 Oct." 4 4Nov. 6 19ll z.6 Jan. 4 1901 1; Jan. 3! 7 7 16 Feb. 3! 6 Feb. 3 1908 z. Jan." 6 9 March 3 .a Oct. 4 t6 ,., 5 21 Sept. 4 1903 21 May ;t z.; 4 1912. 8 Feb. 3! 18 June 3 s March;!" 9 May 3 3 Sept. 4 19 '' 3 2.9 Aug. 4 1904 14 April 3! z.8 May 2! 17 Oct. 5 2.1 " 3 1909 14 Jan. 3 1913 17 April 4! 1905 9 March 2! I April z.t 2 Oct. 5 7 Sept. 3 7 Oct. 3 1914 8 Jan. 4! z.8 4 14 4 22 , 4 1906 5 April" ;t 2I " 5 29 3 ; May 4 9 Dec." 4! ;o July" 4 21 June ;t 1910 6 Jan. 4 31 8 13 Sept. 4 2.0 ,, ;t I Aug." xo II Oct. 5 10 Feb. 3 6 , 8 19 " 6 17 March4 8 5 1907 17 Jan. z. June ;t " 4H

.APPENDIX C ·btcome from the Discounts Year August to August 1796-7 233,000 Threadneedle St. Branches 1797-8 230,000 1798-9 231,000 1834-5 36,ooo 59,000 1799-1800 314,000 1835-6 30,000 79,000 180()-l 368,ooo 1836-7 199,000 168,ooo 1801-2 355,000 1837-8 31,000 67,000 1802-3 478,ooo 18]8-9 69,000 II3,000 1803-4 499,000 1839-40 94,000 129,000 1804-5 513,000 184o-1 70,000 IOS,OOO t8os-6 n6,ooo 1841-2 n,ooo n6,ooo 1806-7 633,000 1842-3 xo,ooo 68,ooo 1807-8 6xs,ooo 1843-4 6,ooo 52,000 1808-9 708,ooo 1844-5 35,000 46,ooo 18og-1o 914,000 1845-6 195,000 13J,OOO 181()-11 730,000 1846-7 219,000 IZ7,000 1811-12 66o,ooo 1847-8 207,000 174,000 1812-13 587,000 1848-9 44,000 64,000 1813-14 640,000 1849-50 31,000 47,000 1814-15 704,000 185()-1 67,000 n,ooo 1815-16 646,ooo 1851-2 49,000 55,000 1816-17 250,000 1852-3 68,ooo 6x,ooo 1817-18 152,000 1853-4 193,000 140,000 1818-19 H6,ooo 1854-5 1o8,ooo I31,000 1819-20 215,000 182()-J xso,ooo London* Brancher 1821-2 142,000 1855-6 190,000 190,000 1822-J 135,000 1856-7 247,000 219,000 182]-4 92,000 185;-8 298,ooo .zzs,ooo 1824-5 140,000 1858-9 6s,ooo · 78,ooo 1825-6 303,000 1859-60 143,000 IZ7,000 1826-7 71,000 186o-l 213,000 197,000 182;-8 39,000 1861-2 87,000 87,000 1828-9 94,000 1862-3 132,000 99,000 186]-4 310,000 214,000 Threadneed/e St. Branches 1864-5 26o,ooo 169,000 1829-30 4o,ooo· 12,000 186s-6 405,000 329,000 J 8Jo-J H,OOO 52,000 1866-7 141,000 158,ooo J8]J-2 so,ooo s6,ooo 1867-8 j2,000' jS,OOO J8]2-J 18,ooo 25,000 1868-9 90,000 84,000 18]3-4 20,000 47,000 1869-70 102,ooo 90,000 * Threadneedle Street, with the Western Branch and, from 1889, the Law Courts Branch. CBI!D 18 434 APPENDIX C

Lon~n Branches London Branches 18711-1 too,ooo 96,ooo 1893-4 t8,ooo 44,000 1871-3 uo,ooo 91,000 1894-5 7,000 27,000 1873-3 223,000 II9,000 1895-6 10,000 32,000 1873-4 x;o,ooo 94,000 1896-7 20,000 n,ooo 1874-5 79,000 43,000 1897-8 54,000 64,000 1875-6 ss,ooo s6,ooo 1898-9 33,000 87,000 1876-7 27,000 33,000 . 1899-1900 133,000 92,000 1877-8 44,000 39,000 19011-1 67,000 76,ooo 1878-9 107,000 6z,ooo 1901-2 27,000 67,000 1879-80 33,ooo 31,ooo 1902-3 56,ooo 69,000 18811-1 3.3,000 29,000 1903-4 37,000 87,000 1881-3 40,000 ;z,ooo 1904-5 121,000 98,ooo 1883-3 jO,OOO 31,ooo 1905-6 I6I,OOO 149,000 1883-4 30,000 21,000 1906-7 235,000 185,000 1884-5 26,ooo u,ooo 1907-8 251,000 2n,ooo 1885-6 20,000 14,000 1908-9 55,000 96,ooo 1886-7 ,14,000 16,ooo 1909-10 65,000 II8,ooo 1887-8 18,ooo 14,000 191D-11 95,000 u8,ooo 1888-9 21,000 23,000 1911-12 213,000 93,000

1889-90 27,000 63,000 1912-13 225,000 1II1000 189D-1 82,000 89,000 1913-14 278,ooo 103,000 1891-2 25,000 59,000 1914-15 895,000 54,000 1893-3 ;4,000 50,000

For a graph of the income see pp. 44o-1. 435

APPENDIX D Income from Short Loans and Advances, I84·7-1914 Year August to August £ £ £ 1847-8 I 12.1000 187o-1 76,ooo 1892-3. 36o,ooo

1848-9 48,ooo 1871-2 IZ7 1000 1893-4 HI,OOO 1849-50 33,000 1872-3 153,000 1894-5 x6o,ooo 1850-1 35,000 1873-4 98,ooo 1895-6 158,ooo 1851-2 r6,ooo 1874-5 uo,ooo 1896-7 2.43,ooo 1852-J 31,000 1875-6 85,000 1897-8 2.93,000 1853-4 39,000 1876-7 6r,ooo 1898-9 356,ooo 1854-5 z8,ooo 1877-8 89,000 1899-1900 410,000 1855-6 91,000 1878-9 189,000 190o-1 441,000 1856-7 to6,ooo 1879-80 n;,ooo 1901-2 485,000 1857-8 79,000 188o-t r;8,ooo 1902-J 52.4,000 1858-9 zz,ooo 1881-2 199,000 1903-4 42.9,000 1859-60 47,000 1882-J zq,ooo 1904-51 ;ox,ooo 186o-1 p,ooo 1883-4 137,000 1905-6 457,000 1861-2 ;6,ooo · t884-5 IJ3,000 1906-7 500,000

1862-J 67,000 1885-6 96,ooo 1907-8 32.2.1000 1863-4 IZ4,000 1886-7 12.5,000 1908-9 2.00,000 1864-5 107,000 1887-8 114,000 1909-10 32.5,000 1865-6 2.2.7,000 1888-g r82.,ooo 191o-11 316,ooo 1866-7 89,000 1889-90 zn,ooo 1911-12 2.87,000 ,1867-8 ;8,ooo 189o-1 373,000 1912,.-13 324,000 1868-9 52,000 1891-2 ;6r,ooo 191J-14 ;6;,ooo 1869-70 no,ooo

For a graph of the income see p. 442. APPENDIX E Bankers' Balances at the Bank of England, 1878-1913

These are the deposit figures of the London Clearing bankers in millions. For the years 1_847-77 returns were made and printed in the Accounts and Papers (1854-h XXX, 2.93; 1873, XXXIX, 161; after that, annually to 1878, XLVI, 169). They were not again published until 192.8-9. The figures are those reported weekly to the Court in a book beginning in 1844 and still in use. In 1870 the lowest weekly figure was £h2.oo,ooo; the highest £9,2.oo,ooo. In 1877 the lowest was £8,ooo,ooo; the highest £13,;oo,ooo.

Min. Max. Min. Max. Min. ·Max. 1878 8·; 14'1 1890 10'0 I 5'7 1902 2.1'2. 31'4 1879 9'3 x6·6 1891 u·8 2.0'2 1903 2.1'3 35'4 188o 9'0 x6·x 1892 12.'4 18·8 1904 2.0'7 28·7 1881 9'4 13·8 1893' 12.'4 19'6 1905 2o·; 27'6 1882 9'1 13'3 1894 u·6 u·6 1906 19'8 29'8 1883 8·8 12.'7 1895 14'2. 21'1 1907 20'7 32.'3 1884 8·4 13'7 1896 13'3 23'4 1908 2.2'6 34'8 1885 8·8 19'8 1897 15'4 2.1'9 1909 20'0 37'0 1886 9'0 14'3 1898 15'9 24'5 1910 19'3 ;o·6 1887 8·9 14'3 1899 17'5 26·; 1911 19'4 32·6 1888 9'1 13'5 1900 19'7 28·2 1912 19'7 31'3 1889 9'4 15'2. 1901 20'0 q6 1913 21'4. 40'7 N.B. The maxima are usually in the first weeks of January or of July- 'window dressing'. 437

APPENDIX F Gladstone and the Bank, 1854: extracts from the Gladstone MSS* (a) Printiples z. That the several State accounts at the Bank of England are to be viewed as the accounts of one and the same customer. 2. That the State has the free and uncontrolled use of the whole of its balances. 3· That if the Bank objects to making advances on one State account in respect of balances standing on another, the remedy seems to be that the State shall consolidate its accounts (with the exception perhaps of the Audit Roll account?). 4· That the balances to the credit of the A.R. afc are the property of the State not of the Bank until they are called for.

(b) With the Bank: Principles to be established . x. That the State shall have the free use of all State monies: subject to no other condition than that of a due remuneration to the Bank for its trouble.

2. That the wants of the Consolidated Fund at the commencement of each quarter be met (z) (as now) by the balances in the Exchequer; (z.) by transfer of money under direction of the Treasury from other public accounts-but (a) the Treasury shall be held bound to leave adequate provision for the immediate wants of such accounts; (b) when such accounts are under the control of any authority other than the Treasury the amount withdrawn shall be represented by ·an Exchequer Bill of the class named Deficiency Bill, but not bearing interest, and if the Treasury shall fail to make 'adequate provision then such other authority shall be at liberty to sell such Deficiency hill and apply the proceeds-claiming for the residue against the Exchequer; * Kindly copied for me by Mr A. Tilney Bassett. APPENDIX F (3) by the accruing revenue of the current quarter; (4) by Deficiency Bills upon which cash may be advanced by the Bank or by other parties as now. 3. The Bank on the other hand will be perfectly free in regard to the issue of Deficiency Bills and the rate of interest to be charged upon them. 4· _The statutory remuneration to the Bank for the management of the Public Debt to be revised either in the next Session or in conjunction with the renewal of the Bank Charter Act. 5. An arrangement to be made with the Bank to £ix the amount of re· muneration (whether in the shape of allowance or of minimum balance and charge for interest) due to it for keeping the public accounts. (Endorsed) h. 14/54 Bank Banking Account and ,Defy Bills.

(c) Hubbard to Gladstone. Private My dear Gladstone, I cannot tell you how painful it is to me to express any difference to you and how grieved that any language or phrase I used should appear to you unwarrantable and as this may be the last opportunity I may have of saying so I beg that whatever I may have occasion to write officiai!J you will never believe me to have lost the affection and regard I bear to you. I was, as you may recollect, confined to my house when on the xoth April Weguelin placed in your hands the resolution of the Com•• of Treasury suggesting that you should take "the opinion of the Law Officers of the Crown upon a Case to be prepared by the Solr• of the Bank and the Treasy. jointly as respects the legal obligations of the Bank and the Government". The Bank were, I know, at that time anxious to avoid any public discussion upon a proposition which they considered dangerous to Public Credit, but without passing any opinion upon whether they made that suggestion as a reference t!-> be decisive with both parties-! may remark that the suggestion itself has not been complied with. ·The case upon which the opinion was given was drawn up (not by the Sol .. of the Bank and TreasY jointly) but by the Solr of the TreasY solely-A statement from the Bank Solr did accom- APPENDIX F 439 pany the other to the Law officers, but the question with which the statement of Mr. Freshfield closed you yourself struck out-this question being the very one which the Com•• of Treasury suggested should be referred. The result of a reference under such circumstances could not possibly satisfy the Bank and they took the best advice they could then procure upon "the question". , May I suggest before you write officially on the subject to look at your own letter of 17 May in which you speak of "the Case as prepared at the Treasury" and sent to the Bank as matter of courte.ry--a.nd you express your surprise that Mr. Freshfield should send in his statements "as if they related to a controversy in which the Treasury and the Bank'were the parties and the Law Officers called in by W11J of appeal at the instance of the Bank". If the Bank had ever contemplated that the reference to the Law Officers was by way of appeal of which the result was to be binding on them-this letter must have dispelled any such considerations. I remain, my dear Gladstone, Yrs faithfully (Sgd.) J. G. Hubbard. £ 900.000 =t INCOME FROM 8oo.ooo BILLS AND NOTES DISCOUNTED Red : total. Black : London

700,000 Year: August to August

6oo,ooo

'~~t:..-~ .a~t:..-~ tRti>-t"7 1849T'o £

INCOME FROM BILLS AND NOTES DISCOUNTED Red: total. Black : London Year: August to August

:t.... 18,0-l 186o-1 1870-1 1900-1 1910-11 1914-q ~ ~...

£ INCOME FROM SHORT LOANS AND ADVANCES Red: total. Black: London 6oo.ooo Year: August to August

400,000

1847-8 18n-8 1877-8 1887-8 1897-8 1907-8 191}-14

Note: the income outside London before 1888 was insignificant. INDEX Surnames without initials are of firms or of clients of the Bank. Footnotes are not indexed. Nor are a few names that recur very often-Bank, London, Threadneedle Street-and those in lists e.g. of Scottish depositors (I, I 5;), of Dutch investors (I, 284), of foreign names in the City (11, 354).

Aberdeen, I, Io6, I071 I59 Anderson, the historian, I, 5I, So, Abingdon, II, I I 53 ; and the Bank's gains in Abrabanel family, r, 2.82 I744, I, iH-6 Addington (Lord Sidmouth), n, 45-6 Andover, I, 149 Admiralty, the, r, I 51 Angerstein and Johnson, r, I87, 193, Advances: against goods, I 826, II, 204 IoS-9; at the branches, II, I4I-z.; Anne, Queen, I, 58-9, 69, 73-4, 75-7.

income from, II, 301,3 57, 375-6, 791 I05t III-121 12.71 I46, I84,

42.4-5; quarterly, to the money 2.091 2.2.7, 229j II, I41 4I8 market, II, 137, I42.-3 Annuities, first subscribed at the Advisers to the Bank, n, 42.0 Bank, r, 77 Agadir, II, 3951 413 Antwerp, agency at, I, 26, 287 Agra and Mastermans bank, II, 2.49, Argentine Republic, u, 32.6-7 269 Argout, Comte d', of the Bank· of Aislabie, John, I, 79, 87 France, II, I68 Alexander and Co., bill-brokers, 11, Army in Flanders, the, I, 39, 46 142-3, 231-2, 354-5 Asgill, John, I, 14, 33 Alexander and Sons, their estates in Ashurst, Sir Wm., I, 55 Grenada, I, I49 Asia, trade with Europe, II, 37-8 Alford, Mr, I, I 35 Asiatic Banking Corporation, II, 269 Algeciras, Congress of, II, 385 Astronomer Royal, the, II, z8 3 Allardyce, Alexander: his Address to Atwell, Wm., I, 135-6 the Proprietors, n, 40; his Second Atwood, Thos., n, n;, IZI, 126 Address, II, 4I Audit Department of the Bank, II, Althorp, Lord, II, 12~, 134, rso, ;64-5, HI . 319 Australia (and see New South Wales, American Independence, War of, I, etc., Gold), II, 42I 2.51 Avon, the, II, 2 3I Amicable Insurance Society, I, 28o, Ayr Bank (Douglas, Heron & Co.), 2.86 I, 163, 143, 245-7, 149i II, 138 Amsterdam (and see Banks, public), I, 2.9, 37, 139, I50, 2.38-9, 2.42., Backhouses, ir, z33 2.44, 2.48, 2.54, 2.55, z66, 2.76, Backwell, Alderman, r, 9, n-12, I;, 2.84j II, 2.2.7, 391 20 444 INDEX Badajos, rr, 35 Hamburg, r, ;, Io, 238 Bagehot, Walter, II, 85, IZ 5, 2. I3, Ireland, I, 169-7I, 17;, 163; II, 2.41, 2.46, 2.58-9, z.6x, 2.63, z.67, 22-;, So, 84, xo;, tos, no, II4, 2.70, 2.77-8, 281-2., 283-9; hJs 2.15, 341 Lombard Street, 286, 343; 2.91, Middelburg, I, ; 307, 343, 381, 417, 419 ' Prussia (later Reichsbank), II, 294, Baker, Jno., haberdasher, I, 273 ;p-2, 411 Bale, II, 420 Rotterdam, I, 3 Ballarat and Bendigo, II, 217 Royale, of France, I, Io6 Bank Charter Act of 1844: origins, Scotland, I, I4, to6, I 58-9, 162-;, II, 172-6, 177-81; clauses, II, I65, x68, I73, 217, 16;; n, 1I, 183-4 84, no, 230, 351 Bank for International Settlements, Sweden, r, 3 II, 421 Barbadoes, I, 149 Bank of London, II, 269 Barbon, Dr Nicholas, I, I4, 33 Bank Rate, rr, passim; business below, Barclay and Perkins, brewers, II, 273 II, ;xo-u, 322-3, 356; publica­ Barclay, family and bank, r, 3I, I 51-3, tion of, II, ; 57 164, I72, 264; II, I56, 243, 245, Bankers' balances at the Bank, II, 333, 4t;, 4I5 I71, 366, 423; publication of, II, Baring, Alexander, II, 3x, 68, 89 307 . Francis, r, 263-4 Bankers' Magazine, the, II, 185, 239, Francis, II, I9h 328 257-8, 261, 343 Thomas, II, x68-7o "Banking" and "currency" prin­ "Two Barings", II, 34 ciples, II, I 8I -2. Baring Brothers & Co. Ltd., II, 336, Banking, concentration of, II, I1o-I, ;84 ;p, 404-5 , Baring Crisis, the, u, 325-;6; its Banks, foreign, in London, II, ; 53-4, liquidation, u, 336-9; 342., 354, 405 ;67, 386 Banks, imperial and overseas, II, I 34 Barings, the firm, II, 38, 67, ?h no, (list of), 35o (list of) I 52, 1 54; their agents tn New Banks, joint-stock, II, nz, I 33-4, York, II, 164-5; 168, 200, 207, 187, 282, 306, ;n-u, 350 (and 244, 324 see t111der bank names) Barnard, Sir John, I, 93-4, 95; No Banks, private (and see Goldsmiths), Reasons for the Representatives, 1, t6o-;, 165; accounts with the etc., r, 94; 232 Bank, I, ; 1, 172; II, uo; issues, Barnett, Hoares & Co., n, 143, 35 I r, I6o-x; II, s-7, u-1, 15-6,76, Basevi, George, II, 55 78, 90, 97; non-issuing, II, 90, Bashams, I, I 38 II4, 110, 133-4, I39-4I, I47i Bateman, (Sir) James, I, 55> sS, 8!,. number of, II, 1-1, 90, 181, ;so 90, II8 Banks, public, of: Bates, Mr Joshua, II, I 52., 154 Amsterdam, I, 2, ;, Io, Io6, 116, Bath, II, 102 t;;, 142, 248, 2S4 Marquis of, 1, 3 Delft, I,; Beach, Sir M.Hicks, II, ;t6, 317 France, I, u;; rr, Ioi, I68-7o, 200, Beachcroft, Samuel, I, I99· 201 217, 229, z.86, 2.88, 191, 319-;o, Beckett, William, n, u ;-x4 ;;6, ;p-2. Becketts of Leeds, I, I62; II, 2.95, 403 Genoa, I, ;, 10, Is, Io6 Beckfords, I, 2 36 INDEX 445

Belfast, II, 13 9 Blenheim, r, 57 Belgium, II, 166 Blofield, Mr, of Norwich, r, ;8 Bellamys, I, 17 Board of Health: General, n, 2.18, Bellamy's Wines, I, II 3 2.19, ;oz; Boards, Local, II, Bell Yard, II, 3S 3 ;oz-;; their successors, II, 402. Benfield, Paul, n, 16-17 Boddington, Thomas, I, z6; Beresina, II, ;6 Bohens, I, 136 Berkshire, I, 188 Bolithos, I, 161 Berlin, I, 139; n, 117, 168, 188, 191 Bombay, I, 119 Berne, I, 2.84-5 Bond, Phineas, r, 2.89 Berwick~on~ Tweed, I, 149 Bond Street, II, 35 z. Bevan, Robert, 11, 2.09 Boom, of x69z.-5. I, 14, 19, z.z4; of Biddle, Nicholas, n, 1 5~o t8o8-1o, II, z.o-1, z.s; of 18;5-8, Biggleswade, I, I so II, 145 seq.; issues in, II, 149; Bill~brokers (and see Overend Gur­ t66 ney & Co.), II, 135-7• 142.-3, Bosanquet, Samuel, I, 191-z., 199, I47-8; and the Bank, n, 2.34-5, Z.OI, 2.03, 263; II, 107 137-8,14o-6,;zz,;s6-7,;68-9, "A Bosanquet", II, I8z ns-6 Bosanquet, Salt & Co., II, 3s I Billers and Hoskins, I, 12.7 Boscawen, Hugh, I, 278, 179 Bills of Exchange: law of, I, I7; as Boston, Lines., II, I currency, II, 97-8; and Usury Mass., I, 175 Laws, II, I ;6-7 (and see Dis­ Boulogne, II, 66 · count, Treasury Bills) Bowen, H. G., II, ;63, n6 Bilston, II, s9 Boyd, Walter, and his Letter to Bimetallism: French, II, IOI, II7; William Pitt, II, I6-I8, 2.2, 2.4 pz-14; International Confer­ Bradford, II, 102, 119; firms (Salts ence on, u, 31 3 and Listers), II, 2.34; 372. Birkbeck Bank, II, 411-12 Earl of, I, 274 Birkbecks, I, 162. Branch banking: early suggested, 1, Birmingham, I, 161, 164, 2.89; II, I05; the Bank of Scotland and, 109; Bank of England Branch r, xo6, I61-3; others, r, x6;; at, II, nz; IH, .us, 2.18, 2.33, Lord Liverpool and, II, 91-2.; z;8, 179, ;o;-4 Bank of England branches, II, Birmingham Banking Coy., II, 114, xo;-s, Io6, no-16; Western 119, 140 branch, II, 2.48, 35 z., 42.2.; Law Birmingham Paving and Lighting Courts branch, II, ; s2.-;; in­ Board, II, 145 come from and policy of, II, Birmingham Unemployed Relief ;67, no-;, 402.-4, 422; branch Fund, II, 139 banking, English, II, II;, 2.48-9, Bishopsgate, I, to; 35o-I, 353-4 Bismarck, n, 16o Brass Wire Coy., r, uz. Black Friday, II, 16;, z68 Brassey, Thomas, II, us Black Hole of Calcutta, I, 151 Brazil, I, z.zo, 2. 35; II, 20, 2 s8 Blackburn, II, 91 Bridgewater, Duke of, II, ; s2 Blackett, Sir Wm., I, ;8 Brierley, Jas., II, 73 Blake, Hy. Wollaston, II, 314 Briggs, Mr Samuel, I, t t; Blandford, Dorset, I, 149 Brighton, II, xoz, 219 Blathwayt, William, I, 40 Briscoe, I, H INDEX

Bristo~ I, to;, 107, I 30, 147-8, I49, Chamberlen, Dr Hugh, I, 14 I61, 260, 303; II, I34, 279; Bank Chancery,Court of, I, I; 1, 214; II, 2.52 of England branch at, II, III- Change Alley, I, 84, 93 12; Old Bank, I, I 6o Chaplin, Charles, I, 2 75 Bristow, Robert, I, I 36 Chapman, 'D. B., u, 2.2.3, 2.2.5, 2.2.8, British Linen Coy., r, I 59, I 6;; II, 2 z.;o, 2.35 Brown, Shipley & Co., II, I p., I 58, Char din, Sir John, I, 1 I 5 333 Charing Cross, I, 104 Browne and Wingrove, II, 279-80 Charing Cross Bank, II, 4 I I Brownlow, Wm., I, 278 Charles II, I, 9 Bruce & Co., bill-brokers, II, I42-;, Charles, Prince, 1, 71 206-7, .232, 242. Charter of the Bank, I, I 7-18; re­ Brussels, I, .287 newals of, I, 58-6 5, 94-6, 98- Bubble, South Sea, I, 84 seq., 202., IOI, I02.-3, I77-8Z., 2.j2.j II, 2.2.4, u6, .22.8 44-;, 87-8, IZI-;o, 178-8; Buenos Ayres, II, 32.5; Railways, Charter, Supplemental, n, 34I-2 Water and Drainage Coy., p6 Chartism, n, I76, 2.14 Buller, Cornelius, n, 3I, 99, I07 Chatham, Earl of, I, 98, I 5I Bullion Committee, II, 23-4, 26-7, Cheltenham, II, 102. 1 9· 33, 9° Cheques, origins and use of, I, 5-6, Burke, Edmund, I, xn-8, 185, I90 17, 2.1, 142.-3, 2.2.1-3; II, 149, Burton, Bartholomew, I, 278 2.13, 353-4 Busaco, II, 2.6 Cheshire, II, 9I Bute, Lord, II, 12.8 Chichester, I, I ;o, 2.6I Byron, Lord, II, 66 Dean and Chapter of, I, 2.85 Chief Accountant, II, 36o, ;62.-;, California, II, 217 396-8 Cambridge, I, I49, I6I Chief Cashier, II, 396-8, 419; affair of Clare Coll., I, 28I, 2.85, 287 the, I893, II, ;;8-6o King's Coll., I, 281 Child, Richard, r, 8 ; the firm of Queens' Call., I, 2.81, 2.85 Child, I, t64, I72. StJohn's Coll., I, 2.85 Childers, H. C. E., II, 3I9 Cambridge Heath, I, 216 China, II, 392., 405 Cambridgeshire, II, 2 1 6 Chitty, Thomas, I, 109 Campbell, W. M., II, 392. Chitty and Peacock, I, 27, I38 Campo Formio, Treaty of, I, 197 Cholmondeley, G. J., I, 2.15 Canada bonds, n, I 93 Chubb, Hammond, his report on Canals, 11, 145 . The Internal Organization of the Canberra, II, 42.0 Bank, II, 36o-2 Canning, George, II, too-t, Io8 Chungking, II, 42.0 Can till on, Richard, I, I 38 Churchill, Lord Randolph, II, 3I4-I; Capital, export of, II, 67 seq., I ;o-x, ''Circulation", the, see Exchequer t6;, I99· 226, 2.71, 32.4, 393· Bills . 39;, 411 "City", the, new organizations in Capital and Counties Bank, II, ;o6 (list of), II, 42.2. Carleton, Lord, r, 89 City of London Bank, I, 13 Carmarthen, I, I47 Ciudad Rodrigo, II, 2.6 Carpenters' and Joiners' Union, 1113 94 Clapham, John, I, 278 Chadwick, Edwin, II, 218-19 Oarendon, Lord, I, 9 INDEX 447

Clarke, I, I; 5 Contract Corporation, the, II, 16; Edmund, r, I46 Conversions of Debt, n, 94, I 50, Clearing House, London, r, z2z; ;I8-2o, 323 II, 134, 215, 25o-1 Conyers, Gerard, r, 76 Clegg, Isaac, I, I ;o Cook, r, 135 Clifford, George, I, 2 7 Cope, General, r, z3 3 Clifford & Sons, I, 248 Sir John, r, 108 Clive, Lord, r, 117, 183 Copper Miners' Coy., r, I-z; rr, 199, Clockmakers' Company, I, z8o; II, zo6-7, 215 425 Copperfield, David, I, ISO Clyde, the, rr, 310 Copyhold Commissioners, n, z8 3 Cobbett, Wm., rr, 77, IZ9 Corbet, Sir Corbet, II, 8; Cobden, Richard, II, I78, 257 Corn Laws, rr, 57, 59, 67, 196 Cock, Walter, r, u8 Cornwall, r, 147, 161 Cocks, bankers, I, I7Z Corporation for the Relief of Sea­ Cole, A. C., II, 38I, 410, 413 men, r, uz Collet, Mark Wilks, II, 31o-1 I, 3I4-I 5 Correa, r, 12.7, 12.8 Collumpton, bank of, II, 90 Correspondence, Bank's dislike of, Colonies, Crown Agent for the, rr, I, 216 347 Cotto, r, I38 Commercial Bank of Manchester, II, Cotton, William, II, 173, 175, Iq8-9,

403 : I8I, 129, Z701 Z79 Commercial Banking Company of Cotton Famine, II, z;9, 257-9 Scotland, rr, 2, 9I Country Bankers, Asso~iation of, I, · Committees of the Bank, r, I09-10; 265 j II, I, 121 rr, 277 Court of Directors, passim Advances and Discounts, on, II, Court, General, of Proprietors: num­ 4°7 1 bers attending, r, 40, II 2; func­ Business, on, r, 202-; tions, I, III-IZ, ZOij II, 4o-I, Daily Waiting, in, I, 109, n8, u2, 55-6, 21; IZ4-5, I;z, xsz, zoo, zo8, zi6, Coutts ("Couts") & Co., r, x;8, 153, 265, 2.69-70; II, IZ-Ij, I4-15, I 57, I 59, I6S, I7Z IH, 138, z6;, z77, pi, 369,409 Miss, II, 274 House, 1, Io9, zoo, z77 Cowell, Mr, n, x6o Treasury, for the or of, r, 67, 8I, 94, Cowper, Earl, II, 8;

98, I091 IIo-II, II9, I 39, 173, Credit Lyonnais, n, 35;

177-8, 186, 188, I9o-I, I991 Cripps, Charles, II, III, 114

202-3, 1121 119-20, Z44 1 Z46, Crises of 1696, 1745, I 75 ;, I, z.z.4 seq. 250,z5s,zs8,26o-1,Z67,27o-2; Crisis of 1763, I, 137 seq.; of 1772-;, II, 9, 24,33-4,43, 45,47-8, 5;, I, 247 seq.; of 178;, r, 2H seq.; 62, 81-;, 87, 92, 145, I47, I64, of 1793, I, 259 seq.; of 181o, n, 172, I77, zoo-t, zo;, 212, z14- 25-6, 29, 33; of 1816, II, 5~0; 16, 239, z48, 253, 277, 285, z91, of 1Bzs, n, So, 89, 95-102, ;o6, 3;8, 410 109-10; of 1839, II, 166 seq.; of Co~ptroller of the Bank, rr, 41 9-zo 1847, II, 194, 199-211; of I8p, Cownck, de, of Antwerp, I,· z7 II, 216-34, 2~8; of 1866, II, Consolidated Discount Coy., II, 166 263 seq.; of 1873t II, 289, 2.92-4; Consols, the first, I, 97; Bank's opera- of 189o, n, ~25 seq.; of I907, tions in, II, 196; and pauim II, 389 seq. INDEX

Croker, J. W., 11, .2.9 Dimsdales, I, 171. Cromwell, Oliver, 1, 114 Directors, election and re-election of, Crosbie, Messrs J. and J., II, ;8 I, 5o; II, 342; changed type of, Croydon, I, I49 - II, 419 Cudden, Sir Thos., I, 145 Discount Companies: the National, Cumberland, II, 9I II, 24 7, ; 55 ; Union of London, Currie, Bertram, II, ; 3I II,3, Jas. Pattison, u, ;x6, 3s 6 Discount houses, 11, ; 54-6 Curtis, Timothy Abraham, II, 141, Discounts, origins of, I, 5; early at x68-7o the Bank, I, 122-;o, 204-8; dis­ Cwm Avon, Swansea~ II, 207 counters in I799• I, 206-8; restriction of, I, z.69; in the da Costa, I, IH, x;8, 279 French Wars, II, n-16, 2.1, 25, Danehill, Sussex, I, 150 29-32, ;6; after the wars, II, 58, Dangers of the Bank of England, I, 6I · 6o-4, 79; policy, II, 85-6, 96-7, Daniell, John, II, Ho-I 118; in crisis of 1825, II, 98-Ioo; Danzig, I, 28;, 287 at the branches, II, 138-9; de- Darien Company, I, 14 cline of in the thirties, II, 142; , Dartmouth, II, 58 report on in 1844, II, I89-9z.; Dawsonne, Wm., I, 113 rationing of, II, z.o 1; in I 851, II, Dea, Thomas, I, 203 22o-1; Bank's share in, II, 247; "Deadweight", the, II, 88-9, 148, business in I87o, II, 275-6; and t67-8, 176, 194 later, II, ;oo-1, 32.1-2,. 357, Debentures, Exchequer, I, 5 ;68-7I, 406-8, 416; in 1929, II, Deficiency Bills, II, 137, 188, 2jl, 423 .2.53, .2.5j, 341 ' Discourse concerning Banks (Janssen's), Defoe, Daniel, I, I I, 3 Delessert, d'EichthaJ, Hottinguer, Disraeli, II, 177, 265, 308 Perier, Paris bankers, II, 169 Dividends, the Bank's, course of, I, Delme, Peter, r, 13 6 24, 44, 49, ji-2, 82, I83J 201, Dempster, Mr, M.P., I, I82 231,25 5. 292 (App.B); II, 39-40, Denmark, II, 259 46,j4,j6,79,204,217,367,;74- Dennistouns of Liverpool, II, 229 h378,;94.4I6,42h42.8(App.A) Deposits: early, I, j, 2o-I, 41:-4; Dividends on the Funds, II, 2.79, .2.I ;-1 s, 221; II, 12 5; question 398-9 (and see "Shuttings") of commission on, u, 219; of Dobree, Bonamy, II, 107, 156, 2.27- interest on, II, .2.8o; growth of, p, 2.40, 243-5 II, 28 2-3 ; facilities for, II, 353 ; Dock Companies, II, 144-5. 193 overdraft, II, 359, ;64, 409; in­ Dolben, John, I, 209 vestment for depositors, II, Dorking, I, I 5o 346-7, 409 (and see Bankers' Dorriens, bankers, I, I 7z. balances, Public balances) Dorset, I, 276 Derby, I, 71, 234, 277, 285 Douglas, Isle of Man, I, 149 Deutsche Bank, II, 35 ; Dover, II, 66, 168 Devaynes, I, 204 Down and Pell (Down, Thornton and Devon port, rr, 21 9 Pell), I, I 65 Devonshire, I, .2.15; II, 91-2 . Drawn Notes, I, 6, n, 17, 143 (and Duke of, I, 74, 274 see Cheques) Dickason, T., of Boston, I, 289 · Drayton Manor, II, 179 INDEX 449

Dublin, r, 1 so, z.n; II, 103, 170, us; Exchanges, Bank policy towards, II, Castle, II, 37; early banks in, I, n6-1S, 119, 149 - 1 s8; exchange with London, u, Exchequer: Orders, I, II; Stop of, · , 37 r, u; Tellers etc., u, 132 Du Cane, Richard, r, 109 Exchequer and Audit Roll, r, 187, Duncombe, Charles, r, ;o 237 Dundee, I, 1o6; n, 33 1 Exchequer Bills, I, 3S-9, S4-6, 59; Durham banks, I, r6z. " specie" and " non-specie", I, ·Dutch: investments in England, I, 64, 66-7, 7S; the subscription 235-6; names among original for the circulation of, I, 67-71, subscribers, I, z.7S; proprietors 79, 134; 174, uo; commercial, of Bank stock, I, z.Sz, z.S ;-4, I, 2.65 iII, 33-4; II, II, 17, 3h 37, z.S6-7, z.8S; II, 131 4h so-r, B. 64, 71, Sz., s6; sales and purchases to affect the East India Company, r, 4, 19; the currency, 11, 96, 99, 117, 295; New (English), I, 79, n7; the decline of, n, 136-7, 2p-.a, ;o7; United, r, 75, So, 85-6, n6-r9, zos, uo, 275-6 137, 1p., rSz.-;, z.o6, z.o9, z.z.o, Exchequer Bonds, II, 152, 274, 276, z.z.6, uS-9, z.;s-6, z44, z.so-I; ;oS, ;;o, 341 II, 37, 39, 8o, 147-S, z.z.6, 405; Exeter, I, 147-S, qo; II, I; Bank of bonds, II, 193 England Branch at, II, I I z, 1 Is East India House, I, xoz Export sovereigns, II, 348-9 East London Waterworks, I, z.z.; Eyles, Francis, r, s5. s8, 62, u 7 East Retford, I, 2.77 Easthope, John, M.P., II, u; Falkirk, I, x6o Ecclesiastical Commissioners, II, 347 Farrington, Thomas, I, 6 Economist, The, II, IS5, z.;8, 140, 141, Fauquier, Dr, I, 134 z.4s,.a6o,z.84-s,z.88,.a9x,;z6-7, Featherstone, I, 127 HO, H6, 343· 359, ;S5, ;S8 Finance, Committee of the House of Edinburgh, r, 107, 157, 170, ;p; Commons on, and the Bank, II, early bankers in, I, Is 9; II, 4, 41-2, 4S 101 Fishers, I, 17 Egypt, II, 15S, ;r6, 400 Fishguard, I, 272. Electric Telegraph, II, .au Fishmongers' Coy., I, 2S5 EUice, "Bear", II, S4-5 Fleet Street, II, 353 Ellick, I, I I 3 Foley, Sir Joseph, I, 3S Em ell, the, II, z. 3I Forbes, Sir Francis, I, I H Enden, Ph. van den, I, u8 Sir William, II, 4 Equitable Assurance Coy., of Cal- Fordyce, Alexander, I, 145-8 cutta, I, u6 Forster of Walsall, bankers, II, II 3 Esdaile's bank, II, I s6, I72 Forsytes, II, .aS 1 E.r.rqy on Paper Cir(ll/ation, 1764, I, Fort Sumter, II, 2 56 99-100, IOI Foundling Hospital, I, 112 Essex, I, 276, z.8S Fox, Charles James, 1, 17S, 190, 154 Estcourt, Mr Bucknall, II, S3 France (and .ree Banks, Paris), II, 171, Eton College, r, z.76 1S7, 19o-1, 292-3, 329-30, 391 Eugene, Prince, I, 57 Frankfort, I, 2S7 Ewer, Wm., I, x8z. Franklin, Benj. (with Jay and Adams), Exchange Assurance Coy., I, uz. I, I7S CBBU 450 INDEX

Fraser, Drummond, u, ;87 u, 1I7, 2.12-;, 157, 168, 198-9, Freame and Gould (and Barclay), I, 378 ;t, 151 Gold, Price of, n, 8-9, ;6-7, so, 71 Frederick of Prussia, I, 138 Gold coin, circulation of, n, 7-8 Freshfields, Messrs, II, 83, 85, 338 Gold Drains from the Bank: external, Funding Operations, early, I, 78, 91, I, 154, 156, 158-9; II, 37, 67, 96, 97 IH-6, 164-5, 102, 230, ;88; Fumese, (Sir) Henry, I, ss, n8, 279 internal, I, 169, 161; II, 96, 13o-I, 133 Gates, Mr, of Bristol, I, 38 Goldschmids, II, 93 Gee, John, I, 26 Goldsmid and Eliason, I, 171 General Steam Navigation Coy., II, 94 Goldsmids, I, 193; II, 39 Genoa, I, 287 (and see Banks) Goldsmiths and Goldsmith Bankers, Gentleman's Magazine, The, r, 72, 95 I, 8-n, U, 19-33, 177 George I, I, 105, 4I8 Goldsmiths' Hall, I, 9 George m, I, 107, 189, 287; II, 4 Gordon, Lord George, and the Bank Georgia, 11, 256, 26o Guard, I, I 84-5 Germany, II, 271, 292-4, 346, 385, Goschen, G. J. (Viscount), his Theory 39°, 391 of the Foreign Exchanges, II, 2 58; Gibbon, Edward, the elder, I, 136 ; 15-16,318-20, ;u, 323,329-32, Gibbs, Hy. Hucks (Lord Aldenham), H4-S, 339. 34o-1, 344-S, 347, n,;o6 349-50, 366, 370 Antony & Sons, II, H 3 Goslings, bankers, I, 171 Giles, Daniel, I, 171, 195, 267; II, 107 Goulbum, Henry, II, 140, 178-SI, Gin Lane, I, 111 · 319 Gladstone, W. E., u, 236, 241-6, Gould, Nathaniel, I, 75 2p-6, 264, 265-9, 271-4, 178, Goulds, I, I 38 190, 194, 304, ;o8, 319, 437 Governors and Deputy Governors of Glasgow, I, 106-7, 159-6o; n, 33-4, the Bank, period of service, I, 101, 109, 2.2.8; City of, Bank, II, 108; II, 418 13o-1, 133, 309-n Governors "mostly forgotten" (list), Gloucester, I, 149, 16o; Bank of I, 173 England Branch at, 11, 1 n-12., Gower, A. L., II, 198-9, 203, 206 u6; 133 Graham, Sir James, n, 116 Gloucestershire, I, I so Grahame, Kenneth, II, 396 Glyn, George Carr, II, 12.1, x;6, 109 Grahams, II, 93 Glyns, bankers, I, 171; II, q6, 169, Grattan's Parliament, I, 169 33 1, H3 Gray, Charles, Esq., I, 105 Godfrey, Michael, I, 1 s, 16, I OS, 108, and Greek, II, 400, 42 1 178; his widow, I, 179 Greene, Benj. Buck, II, 193, ;o6, Godfreys, I, 13 8 H 1-1, 334. ;6; Godolphin>-Lord, I, Sh 57, 74, 2.18, Grenfell, Hy. Riversdale, II, ;z.z., ;6o 17h 178, 182 Pascoe, II, 54, s6-7, 64-S, 89, Io6, Gold (and silver): Bank's trade in 12.1 and stocks of, I, 131-41, 157-8; Grenville, George, I, Ioo, 173, t8z. n, 5o, 179, 4I 3; British stock of Grey Coats Hospital, I, 181, 18 5 gold, I, 171, 117, 119-2I j II, Gritworth, Northants, I, 149 199, ;66-7, 379-82., 4I ;-q j Grocers' Hall, r, 63, 104, n4, 114, world supplies of, I, uo, 135 ; t;I, ISI INDEX 451

Grote, George, II, 96-7, Iu-; Heathcote, (Sir) Gilbert, I, 1s, 34-s, Guinness's, II, ;z4, ;z.S sI, 74, 76, 108, n8, n9, 127,179 Gurney, Hudson, II, 6s Henning, Caspar Frederick, I, 178 Samue~ II, 64, 111, IJS, 191, 196, Henriquez, Joseph, I, u 5, u 7~8 zoo, 107, 109-10, 114, Uj, 261 Manue~ 1, 17, 179 Gurneys of Norwich, I, IJ7, 16o, Heron (Sir Joseph), II, uS ' 161; II, 143 Herries, J. C., II, I z s Herries, Messrs, I, 171, z.ss Hackney Downs, I, u6 Hertfordshire, 1, z.88 Hague, The, I, 149, 176 Hewer, Wm., I, 118 Hald.imand, Wm., II, 67-8, 69 Hibberts, Fuhr and Purrier, II, ;8 Halifax, I, I 30 Hinckley, II, 101 Halifax (Charles), Lord, I, 117 Hispaniola, I, 1; (George), Lord, I, n6 Hoare, (Sir) Richard, I, J I, 6z. Hambro, Sir Everard, II, 3a8 Samu~ II, 6 Hambros, II, 33 3 Hoares, Messrs, I, 8, 164, 172 Hamburg, I, z.S, z.;8, 241, 148, 171; Hodges, Wm., and Haynes, I, 1.8 exchange, I, z66, z.68-9; II, 87, Hohenlioden, II, 42 I 3I; loan from, li, I69; 12.7, Holden, Sir E. H., II, ;88, 390, 412- 134, .t;8, 591 13, 414-15 Hammond, Sir Wm., I, 116 Holland, I, J7, 93, z;S, 240, z82, County Council, II, H6 2.86; II, z.6, 42 Hampstead Aqueducts, I, 14 Estates of, I, 18-9, 44, so Hanbury, I, x;8 Holland, John, I, 14 Hanet, John, I, 117 Lancelot, II, 2.64, z.S;, z.Ss Hankey, Hy., I, J 1 S.C., II, 68 Thomson, n, 173, u6, 173, z.h-z., Hopes of Amsterdam, II, 144, 35 z. z.8;-8, 357; his PrillCipler of "Hot Money", II, 2.67, 187, 382 Banking, II, ;6I Houblon, Abraham, I, s6 Hankeys, I, 172 Sir John, I, 25, 34, 40, 104 Hapsburg Emperor, I, 193, 196, 197 Houblon brothers, the, I, IJ, 28, IJJ, Harcourt, Sir Wm., II, ;;8, ;6o 178 Hardings, I, 13 8 Houblon family, I, 2.79, z8t Harley, Robert, I, 74, 79, 8o-1 "House Money" of the Bank, II, 48, Harley and Cameron, 1, 171 S4, 156 Harman, Jeremiah, I, 171; II, 1, 11, Howard, Thomas, I, 178 15, 17, ;z., 36, 49, so, u-6, 67, Hubbard, John Gellibrand (Lord 100, 107, 416 Addington), II, 175, 2JJ, 154. John, I, 263 273-4, ~14, 438; his lfow rhoNIJ Harman, Messrs, I, 188; II, 43, 198 lflt'Ome Tax be levied, n, 1 n Hartland Quay, Bank of, II, 90 Huddersfield, II, 109 Hartley, David, the younger, I, 178- Hudson's Bay Company, I. 112, 209; 81., 184 II, 38--9, 144 Hastings, Warren, 1, 117, 150 Hull, I, 148, 2.65, 288; II. IJ3, 145, Haverfordwest, 1, 149 305; Bank of England Branch Hawkins, Mr, of Staffordshire, I, 114 at, II, 111-u Hawks and Stanley, II, 58-9 Hume, Joseph, II, 84, 88, 181 Heath, Jno. Benj., n, 173, 17s, 178 Hunt, Newma.n, II, 264 Heath, Messrs, II, 117 Huslcisson, William,II,46-8, -,o, 71,93

29"1 INDEX

Imperial Mercantile Credit Associa­ .Kaffir boom and Circus, u, 35 7-8 tion, II, z66 . Kennington Common, II, 2.14 Income and Property Tax, I, I 89, Kent, I, 2.76, z88; n, 9I I94, I96, 198, z88; u, 42., 45, Keyser, A. J., I, 14I B-h 57, 176 Kidderminster, II, 303 India, II, 12. s-6, 2. 58, 2.76, 30I-z, ;os' Kimberley, and De Beers, II, 2.79 346 King, Lord, u, 8, 2.2., 2.7, ;z, 3h 89 Inflation, problem of, in 1695-6, I, King's Lynn, I, 149 45-6; in I797-I8o8, II, I5-I6; Kingstown, u, 304 · in 18;8-9, u, I65 Kinnear & Co., 1, I59 Innes, Gilbert, I, z64 Knickerbocker Trust Coy., II, 391 Interest, legal maximum rate, I, 78; Knight, John, I, 55 u, 15 (and see Usury Laws) John, Secretary of the Bank, rr, zx6 Ireland, I, 2.70; II, 37, 42.-3, Io;, 154, 170; bank Act for, II, 187; Lafittes, Paris bankers, II, I66 famine in, u, 197-8, 2.13; z.z 8, Lambe, Samuel, I, 4 2.33, 395 Lambert, John, I, 12.8 Isabella of Castile, I, z.8z Lancashire, I, 6, z6z; II, I, ;, 33, Issue, origins of, I, 5 73-4, 91, 97, 102., 2.06, 2.Ij, 2.39 Italy, II, 2.71, 2.93 Land Bank, the National, I, I, 33-4, ; 5' ;6, 46, l14, 2.2.9 Jackson, President Andrew, II, 150 Lansdowne, Lord, II, 89 Jacob, Alexander, I, 12.7 Latin Union, II, ;u Jacobson, Jacob and Theodore, I, 280 Law, John, of Lauriston, I, 106 Jamaica, II, 38, 43 Leadenhall Street, I, IOz, 103 Janssen, Sir Theodore, I, ;, 15, 55, Lee, Robert E., II, z6o 81, 90, 2.78 Leeds, I, I6z, z88; II, 102.; Bank of Japan, II, ;8;, 390, 4os, 42.1 England Branch at, II, In, 2.72.; Jaudon, Mr, of the Bank of the 134, 2.18-I9, 2.33, 303, ;zz, 344 United States, II, I 59-60 Duke of, I, 2.73 Jenkins' ear, War of, I, uo Leghorn, I, 2.87 Jenkinson, Charles (Earl of Liver­ Leicester, I, I so; II, I 34 pool), I, Ioo, I7S, I8z. Lethieulliers, the, I, 2.78-9 Jevons, Stanley, I, 2.2. 5; II, 2.99 Lewis, Sir G. Cornewall, II, 2.2.8, z;z, Jews: Portuguese, I, z;8; Proprietors 2.50, 2.55 of Bank Stock, I, 2.79-8o, z8z, Liddell, Hy., of Newton, Durham, 2.84; Sephardic, I, u.7, I 34, I, 2.76 2.79-80 Lidderdale, William, II, 107, ;zo, Johnson, Dr, I, 2.2.2. ;z8-;6, 339, 340, 342., 344-7, Joint-Stock Discount Coy., II, a6; 35 o, 35 6-8, ;66-7, 370, 4oo,4o9 Joint-Stock_ Law and Companies,_ II, Lincoln, II, ;o; • 2.2.3-4, 2.46, 2.57, z8; Lincoln, Abraham, II, z 56, z6o Jones, John, of Berks., I, u 5 Lincolnshire, I, z6z John, 11, 377 Lisbon, I, I 34, z68 Joseph, I, I64 Little London Directory, The, 1, 12. Jones, Loyd & Co., 1, I64, I65, 172., Liverpool, I, Io7, z6o-x; II, 67, 73, 2.61 90, 109; Bank of England Joplin, Thomas, II, 92.-3, 94 Branch at, II, I u; I 33, 145, 154,

Jubilee coinage, II, 3I5 1571 Zo8,zi8,zz7-9,Z79,z88,3o4 INDEX 4H

Liverpool Borough Bank, II, 217-8 Lowndes, William, I, 54, s8, 63, 66, Liverpool District Bank, II, 140 67, 76, 2.74, 176, 179 Liverpool, Royal Bank of, rr, 105-6 Loyalty Loan, the, I, I97 Liverpool and Manchester Railway, Loyd, Jones (Lord Overstone), II, II, 94 173-4, 177-8, 184, 188, 115 Liverpool, Lord (Charles Jenkinson), Lubbock, John (Lord Avebury), u, I, 17I 251 Lord (Robert Banks Jenkinson), Lubbocks, bankers, I, I72i II, xs6

II, S1 1 S;, 70, 71, 87, 9I-1, Luddites, u, 35 I01-4, 106-7 Luttrell, Narcissus, I, 19, 20, 26, 30, 33 Lizardi's, rr, 151, 154, q8 Liitzen and Bautzen, II, 18 Lloyds and T.aylors, of Birmingham, I, 161 j 1n London, I, 164; II, Macaulay, Lord, I, 14·, 40 351, 4I4-15 Macclesfield, I, 149 Loans, foreign, floated in England, Macclesfield, Lord Chancellor, I, 149 II, 67-9, 93-4, 95 Macdowell, Glasgow M.P., I, :i64 Loans, public and private, I, 91, Macpherson, I, z.6s

II5-16, I741 203 1 109-IOj in· Madockes, Thomas, I, 77 come from at branches, II, I 39; Madras ("Madrass"), I, II9, 176 142-6 (and see Advances) Madrid, I, 18 Local Government Board, n, 302. Magens, Nicholas, I, 71 Locke, John, I, 278 Mal thus, I, I 5o Lombard Street, I, 164; II, 99, 134, Man, Isle of, II,·2I6 181,z58 Management and Issue, Bank's In­ London and Baghdad Bank, rr, 249 come from, I, x8, 98, x86; II, 41, London and Buenos Ayres Bank, rr, 48-9, So, 155-6, 305, 377-8; 149 from municipal and imperial London and County Bank, II, 249, loans, 304-5, 399, 4oi 333 Manchester, I, xoi, I3o, I61, 164, London and Westminster Bank, II, 167, 2.61-3, 188; II, 34, 73-4, I30, 134, 155, us, 147. 2.49· 9o-I, xo8; Bank of England 295, 306, H3t 4II Branch at, II, tn-u; 133, 2.18 London Assurance Coy., I, xzx Manchester and Liverpool District London Chronicle, I, 147, 162. Bank, II, 149 . London correspondents of country Manchester Ship Canal, II, 324 banks, I, 164-5 Mansfield, Sir Jas., II, 41 London County Council, rr, 401 Marengo, II, 41 London Hospital, r, 286 Marlborough, Duke of, r, 51, SJ, 74, London Joint Stock Bank, II, 187 I p, 173» 181-z.; Sarah, Duchess London Proprietors of Bank Stock, of, I, 14h z.z.x, z8z I, 175, z88 Marsh, Robert, I, 100 Long Melford, I, 149 Marshall, Matthew, Chief Cashier, Lordell, John, I, I ;s-6 II, 131 Samuel, I, 117 Robert, I, 2.78 Lothbury, I, 163-4 Martins, bankers, I, 136,164, I72., 136 Lottery of I7IO, I, 73 Mary Sands, the, II, 108 Louis XIV, I, z.6, 56 Maryland, II, 12.7 Lowe, Robert, II, z.86, 189-90 Mason, Hugh, I, 148 Lowell, Mr, II, 3I 3 Massena, II, z.6 454 INDEX

Masterman, John, II, 182. Montrose, I, Io6 Thomas, n, 209, 244 More, John, of Clapton, I, 21 s~x6 William, I, 165 Morena, I, t 36 Mastermans, r, 171; II, 156 Morgan, J. S. & ~o., II, 333, 3S4 Mauritius trade, II, 199, z.o6 (and Drexel, Morgans) May, Frank, Chief Cashier, II, ;6.1-3 Morocco, u, ; 85 Medina, Salomon de, I, I 3s, 1 ; 6; I 39, Morris, James, u, 175, 200, 2.o6, 209 i79 . Morrison, Cryden & Co., II, I 51, I 58 Mellish, William, II, S5, S9 Mortgages, I, II3-15, z.o;, 149-50; Mellish and Morgan, I, 193 II, 6o, So, S2.-5, 89, n 1, 193, 2.15 Melville, Lord, 11, 46 Mortlocks of Cambridge, I, 161 Menendez, I, 279 Morton, John, r, u6 Mercantile Marine Fund, II, ;x8 Moscow, n, 36 Mercer, Thomas, I, 77 Muilman & Co., I, x8S Mercers' Company, I, 1.12; II, l44 Mullens and Marshall, II, 2II, 295, Mercers' Hall, I, 19, 73, 104 2.97, 331, ;Sa, ;84-6, 401 Mersey, II, z.o6, ;to Mun, Thomas, I, s Metropolitan Board of Works, II, Municipalities, loans to and business 276, 305 with, II, 193, u8, ;ox-s Middlesex, II, 176, 305 Mystery of the New Fashioned .Gold- Middleton, John, of Clapham, t, us smiths or Bankers, I, 9 John, of Lambeth, I, 2.15 Milan Decrees, 11, ~ 5 Nailsworth, I, 147 Mill, John Stuart, u, 185; his Pri~t­ Namur, I, 16, xo8, 279 riples of Political Economy, II, 195, Napoleon, I, 113, 197; II, ao, .2.S, 33, 138 35, ;6, 49 · Million Bank, I, ;6 Napoleon III, u, 290 Million Loan and Million Adven­ National Bank of Credit, I, 13 ture, I, 15 National Bank of Scotland, u, 91 Milner, I, 13 5 National Debt (see Annuities, Con- Sir William, I, I 5I sols, Conversions, Exchequer Milner of Leeds, Mr, r, u;, x;o Bills, Exchequer Bonds): state Milton, John, senior, r, 7 of, in 1764, r, 101-3; dividends Mint, the, I, 131, 134, x;6, x;8, on, and Gladstone, n, 2.53-4; 175-7, 117-18, 131, .t;;, 135, management of, and Gladstone, 159, 2.68; II, 5Ht, 61, too-t, II, 2.H-6, 341 , 179-80, 349 National Provincial Bank, II, 249, Master of the, I, I ;x, 175 ;n,183, 299 333. 351 Mocatta, Abraham, I, xn, x;8, 139, Nationalization of the Bank, Bill for, 141 ' II, 42.0 Mocatta family, I, 1~1; li, So Neale, Thomas, Master of the Mint, Mocatt~ and Goldsmid, I, 119, 111 I, 38 Moidores, I, 1 ;6 Neave, (Sir) Richard, I, 199, z.oo, z.ot Money Scriveners, I, 7 Sheffield, II, 217, 23o-t, 236---7 Monmouth's Rebellion, I, I 3 Neufville Bros., I, 2.39 • Montagu, Charles, Lord Halifu, r, Newcastle, I, x;o, 147; II, j8, xoz.; 18, 38-40, 53, 12.7, 273; II, 2p. Bank of England Branch at, II, Samuel, II, 348-9 IU, us, 414; IH, 206 Montgomeryshire, I, I so Dukes of, I, 74, 97i II, 377 INDEX 455 Newcastle and Durham District to6, 270, 299, 404; increase of Bank, II, 133-4 on securities, II, 150, 404; after Newcastle-under~Lyme, I, 149 1918, II, 4I8 Newfoundland, II, 58 Notes, Rupee, II, 176 Newland, Abraham, Chief Cashier, Notes, Scottish, r, 159-60, 161; II, I, 191, I94, I99• 161 j II, 9 Io6, 314-IS, 551 Newmarch, William, II, 147, 169, Nottingham, I, 176, ;os 199 Nunes, I, 12.7, 138, 179 New Orleans, II, Is i. New River Coy., n, 59 Oades, Jas., scrivener, I, 17 New South Wales, II, 111, 305, 400 Odams, Lidya, I, 278 New Year's Gift to the Treasury, II, Oliver, the Lord Protector, r, 4, to 41 Open-Market Operations, II, 195-8, New York, n, 2.17-8,293,388, 39o-I, 373-4, 38o, 382-7 41o; Federal Reserve Bank of, Order in Council, suspending cash II, 4ZI payments, r, 271 New Zealand, n, 399, 411; Bank of, Orders in Council, the, 11, ; 5 II, 149 Orders on the Exchequer, r, I 1 Nicholls, George, II, n 8 Orphans' Bank, I, ;6 Nore, Mutiny at the, r, zsz; n, 41 Ostend, I, 56 Norfolk, r, 26o, 185 Overend Gurney & Co., II, 13 5-7. Norfolk Street, Strand, I, 104 141-h 157, 223, 129, 2.31-2; Norman, George Warde, II, 125, 146, fight the Bank, rr, 241--6; 148,

I63, 172-3,175 1 I8I-21 195 1 1071 ; 54; Overends Ltd., II, 26o-1; 109, 212-13, 135, 150, 170, 2.85 their decline. and fall, II, z6x-;, Normanby, Marquis of, I, 174 2.83 North, Dudley, I, 12 Oxford, I, I 5o; StJohn's Coli., I, 181 North, Lord, I, 103, 174. I77-82., Oxfordshire, I, 149 184, ISs, 2.12, 144, 150, 251-3; II, I 32 Paddington, r, 1I6 Northampton, II, 102 Paisley, II, 34 Northcote, Sir Stafford, II, 307-8 Palgrave, Sir R. J:I. I., his Bank Rate Northern and Central Bank of Eng- and the Money Market, 11, ;So-t; land, n, I 54-6 ;87 . Northumberland banks, I, 162 Palmer, Edward Howley, II, ;o6, 309 Norwegian government, II, 2.34 John Horsley, u, 6z, 85, 91, 95, Norwich, I, tos, 161; Poor Widows 107, 114, II 8, 115, 137, 146, of, I, 285 148-9, 161, 171-4, 191-1, u.a, Notes, Bank of England, I, u-1, 41, 1I4, 250, 296, JOI 144, 146-50, I67; discount on, Palmerston, rr, z.;t r, 47-8, 49; accountable notes, Panama, II, 217 I, U, 145; specie notes, I, n, 4I- Papillon and Mayne, r, 17 2, 44, 145; notes for uneven Paris: exchange, II, 72, 95. 268; gold amounts, I, 11, 145; during from, 1825, II, Iot, t6z: 1839, suspension of cash payments, II, 169-70j 1890, II, 329-30 II, h 5, 10, u, 41; circa tho, Parnell, Sir Henry, II, u6 II, 72, 86; small notes, II, 4~, 63, Pass-books, I, u, 221 73, 75-6, 86, too, 106-7, 314-IS, Paterson, William, I, 14, 15, 16, •H 344-5, 348; decline in use of, II, Pawns and Pledges, I, 1 I; INDEX

Paymaster-General: of the Army, I, Portugal, ~~. 346; Portuga gold, r, 24, 91, 151; II, 46-7; of Guards I34. 219, 220, 1;5, 258-9, 261 and Garrisons, I, I 5I Post Bills, I, I44; u, I 10 Payne, Edward, 1, 199 Post Office, I, I 5I; II, 47 Peabody, George, II, 233 Powell, David, n, ; 33, 35 6-8, 400 Pearse, John, II, 24 Powers, I, 2.7 Peckovers, I, I62 Prescott, !Ienry James, II, 1 56, 216 Peel, Sir Robert, II, 6<)-72, u 5, Prescotts, I, 171 I75-6, 177-9, I8I-2, 184-5, Prices (wholesale), II, crxo, 19, 27, 186-9, 195-7, 214, 250, 270, 3h 57, 74, 78-9, n6, 149, 272, 284-6, 372 161-2, I76,290,298-9,306,312., Peers, Charles, I, u 7 . 3I9, 365, 379, 39h 41o-I1 Peixoto, I, 127 Profit and Loss, first statement of, Pelham, !Ienry, I, 97-8 I, 24 Pelly, Sir John !Ienry, II, I68, I73, I75 Proposals for National Banks, I, 105 Pembroke, Earl of, I, 274 Prussia's Seven Weeks War, II, 267 Pennsylvania, II, 227 Public Accounts at the Bank, I, 24, Pepys, Samuel, I, 9, n, 28, 54 151, 214; II, 46-8, 132.; Com­ Perceval, Spencer, II, 18, 33, 34, mittee on, t8;t, II, Ip.; on 48-9, 54 Public Expenditure, II, 48 Pereira, I, 127, 281 Public balances, II, 48, 73, I ;z-;, Pereire, Isaac, his Credit Mobilier, n, 4IO 224 Puget, Messrs, I, I 52; II, 37 Perry, Micaiah, I, u6 Pulteney, Sir William, II, 4 Perth, I, x6o Punch, II, 2.92, ;6o Petersburg, r, 241, 148 ~II, 68 Pybus, Call & Co., I, 204 Peto and Betts, II, 266 Pyrene~s, II, ; 5 Petty, Sir !Ienry, u, 46-7 Sir William, I, 4, I z Quantulummnque concerning Money Pickett, Alderman, I, 200 (Petty's), I, 4

Pieces-of-eight, I, I371 217; II, H Queensland, II, 305, 400 Pitt, William, the elder, see Chatham William, the younger, I, I7I, I7h Race, Daniel, Chief Cashier, I, 199 184, I85-98, 2oi, 210, ua-x;, Radnor, Earl of, II, 181 114, .uo, 257-8, 16o-i, 16;-4, Rae, George, his Country Banker, n, 167, 27o-z; II, 4, 17, 37, 41-;, 8s 44-6, 48, 307 Railway Companies: loans to, rr, I45, Place, Francis, II, n9, 125 I93; projects, II, I so; Mania, II, Plassey, I, n 9, 2 p I 97, I 9crzoo, 213; debentures, Plymouth, I, I49, 218; Bank of Eng- II, 193, u6 . land Branch at, II, I q ; I 34, 219 Railway Companies: Eastern Bengal, Pole, Sir Peter & Co., II, 99 II, 305; Scinde, Punjaub and Political Economy Club, II, 2.69 Delhi, II, 305 Poor Law, and Board, n, 176, 183 Ramsey, !Iunts., I, I49 Pope, Alexander, r, 275 Ramsgate, II, 304 Portland, Earl of, I, 274, 178 Rand, the, II, 325, 349 Porto Bello, I, 120 Ranelagh, Lord, I, 56, I I 5 Portsmouth, I, I;4; Bank of England Ransom, Morland & Co., I, 2.04 Branch at, 11, II 5; 1 H Raphaels, II, 280, 33; INDEX

Recoinage: of 1695-6, I, 34-7, 131; Rothschilds, n, 9h 18o, 316, 324, of I774-8, I, I75-7, 251; after 32·7, 32.9-30, 336, 344, 400 I890, II, 349 Rothschilds of Paris, II, I 69 Reid, Sir John Rae, n, 168, 181, I98 Rotterdam, I, 276; bank of, I, 3 Reid & Co., II, 198-9, 103 Royal Mrica Coy., I, uo-1 Remark! upon the Bank of England, Royal Bank of Scotland, I, 12.1-1, I, 61 I43, I 58-9, 16o, I63, I6s, 168, "Remises", the, I, z.6, 17, 34, 37, 41, 116, 16;-4; II, 39, So, no, II4 n,u; Royal Exchange, I, z.6o-I Reserve: and Liabilities, II, 124-5, Royal Military College, Sandhurst, 161-4, 172.; Banking, II, 194-6, II, 283 102-3, 107, 1n, 344-5, ;6s, ;67, Royal Prince, the, I, 8I 379, 387, 391; Issue, II, 1II, Royston, II, 21 6 149-so, ;6s, 378-9, 387-s, 392. Rudge, John, I, 75, 12.7 Rest, I, I 54i II, 54, n, 79, 2.17, 394 Rupert, Prince, I, 9 Resumption of Cash Payments: po­ Russell, Lord Edward, I, 174, 179 licy of, II, 51, 61-3, 64, 71, 75; Russell, Lord John, II, 115, 108, 266 Committee on, II, 69 seq.; Russia, II, 2.2.1-;, 199, ;oo, 334 "Peel's Act", II, 7o-1, 73-4, 76, Russia (Muscovy) Coy., I, 4, 12.1 So; permissive Act of I8u, II, Rutland, Duke of, n, 81, 84, 193 7H and deflation, II, 77-8 Revelstoke, Lord, u, ;z.8, 331 Sacheverell, Dr, r, 73, 7h 184 Rhode Island; n, 127 Saffron Walden, II, 102. Ricardo, David: his Letters on the St Albans, 1, I 50 Price of Gold, II, 2.2.; his High St Andrew's, Holborn, I, 6I Price of Bullion, II, 13, 2.6, 27-8; St Neots, n, 101 35t '" 6s-6, 69-71, 74-7, 86-9, St Paul's, Dean and Chapter of, I, 186 93, 95, 106, 171, I78, I8I St Swithin's Lane, II, 318 Richards, John Baker, II, 99, 107, Salamanca, II, 35 12.5 Salford, II, 91, 119 Ridley, White, II, u6 Salisbury, Marquis of, II, ;x6, 32.9, Rio (de Janeiro), II, 10, 33, 34, 179 HI-2, 400 Roberts, r, 171, I93i II, 333 Salomons, David, II, 1 I 5, 141, 2.4 5, Robinson ("Prosperity"), II, 94, 2so, 184, 2.95 103-4, 108 Salvador, I, I ;6-7, 179 · Robinson, W. R. & Co., II, 198, 100, Sanderson, Sir James, I, 161, 263-4 111 Sanderson & Co., II, I41-;, 204, 119, Rochdale, II, 91, ;o; 231 Rockingham, Marquis of, I, z. 53 San Francisco, II, 386 Rodriguez, I, z. 79 Sandwich, John, Earl of, "Jemmy Roosevelt, Theodore, n, 391 Twitcher", I, I 5I Roscoe's bank, II, 90 Sandys, Baron, I, 94 Rose, George, I, 187 Savile, Sir George, I, 181-2 Rotherham, I, 149, 186; II, 301 Savings Banks: Post Office, II, 174, Rothschild, A. C. de, n, 314 387; Trustee, II, 174 Lord, II, 330, 336 Scarborough, I, 16 5 Nathan Meyer, I, 187, 189; II, Sea wen, (Sir) Thomas, r, 76, I 16 67-9, So-x, 951 117, u;-4, Scawen, Sir William, r, q, n8, 2.78-9 143-4, 148, 154 Scawen and Stockdale, I, u8 INDEX

Schomberg, I, ~75 Smithfield, I, I 64 School Boards: of Llanrwst, n, ;o;; Smiths of Nottingham, I, t6o; Smith, of Rowley Regis, n, 402. Payne and Smiths, r, 16 ;-4, I 72.; Schuster, (Sir) Felix, li~ ;66, ;8o---1, II, 156, 3H ;89 . Society for Improving Native Manu­ Scotland: Union and the Equivalent, factures, the, I, 1 9 I, 6o, t2.4; 76; banking in, r, 98, Society for the Propagation of the 167-8, 140, 2.42.; n, 2., 4-h 91, Gospel, I, 2.85 104, I86...7, ~o8, ~38, ~49-jO, Solomons, the, I, 193 ;o6 · Sqme Considerations against the con­ Scott, Sir Walter, II, 106 , tinuance of the Bank of England, Scottish clients of the Bank in r, 61 eighteenth century, r, I H Somerset, I, I49 Scottish Proprietors of Bank Stock, Somerset House, I, 104 I, 2.87 South Africa, Standard Bank of, II, Sealed Bills, I, u-;, 44, 56, 144 2.49 Seasonable Observations ••• to th1 Lord South Mrican War, II, 373, 375-7, Protector, I, 4 379, ;86, 396, 400 (and see Gold, Sedan, n, 2.75. 2.90 Rand) Sedley, Jos., r, I 17 South America, II, 315 Seven Years' War, I, 97, 119, 12.9, South Carolina, II, 15 6 . Ij6, ~36; II, 377 South Sea Company, I, 78-8o, 81-91, Shaftesbury, Il, ao6 98, IOZ, 106, III, II9"-.U, 129, Shanghai, II, 300 152., 2.09, 12.2., 114, 2.17, 119, Sharp, Dr Wm., of Oxford, I, 2. I 5 z;6; 11, 38-9,41,48, 54, 144,2.56 Sheffield, II, I09 South Sea House, I, Ioz, 15 3; South Shelley, P. B., II, 66 Sea Stock, I, 193 Shepherd Bros., II, 143 Southwark, I, z61, 7.77 Sheppard, "the affair of", r, I I 8 Spain, II, ;46, 421 . Sherman, General, II, 2.60 Speed, Thomas, Chief Cashier, I, I 42. Sherman Act, II, 349 Spithead, Mutiny at, II, 42 Shovel, Sir "Oowsly", I, 2.74 Spooner, Attwood & Co., II, 145 Shropshire, 11, 98 Staff of the Bank, I, U2-Hi II, 42., " Shuttings ", the quarterly, II, I 37, 396-8, 418 2.56, 2.78, 399; and "closings", Stafford Old Bank, 1, x6o II, 399 Staffordshire, II, 98 Silva, I, I ; 5 Standard Oil Coy., II, 391 Silver: use in the exchanges, I, I 3z., Stanhope, Lord, II, 31-2. 2.I7-18; II, 117; coin shortage Lady Hester, II, 6o and tokens, I, 2.18; and the Act Starkies, I, 2.7 of I 844, II, zo;; price and pur­ Statement of the Bank's Affairs, 1696, chases of, II, ;oo I, 43-4 Sinclair, Sir John, I, ~64; II, 34 Statist, The, II, 385, ;86 Sinking Fund, Pitt's, II, 64 Stock Exchange, n, zos, 239, 141, Smith, Abel, II, 2.09 256, 2.93, 335; Bank's business Adam, I, 2.2.8--9, 2.4o-1, 2.42., ~45; with, II, 376, 403, 408-9 Il, t6 Stockholm, I, ;, 139, 141, 248 John, I, 76 Stockton, II, 102 W. H., II, 32.9-31 Stornoway, 1, t6o INDEX

Stratfords of Hamburg, I, 2.8 Tooke, Thomas, I, 159; n, u.;, 16I, Stratton, I, I 3s I63-4. 167, 17o-I, 184-5, I91, Stuart de Rothesay, Lord, II, u8 I9S, 101 1 115, 169 Stuckey, Samue~ I, I6I Torrens, Colon~ his Letter to Lord Vincent, II, z.8, 1 I h I49, 3s I Mtlbo11111t, n, 173, I84 Stutchbury, G. F., his History of• •• Torres Vedras, n, z.6 the FtmdeJ Debt, II, 396 Tourton and Guigner, I, 117-8 SuckingwWorm Engines, Company Townshend, Horatio, 1, 9I, 109 for, I, 19 Transvaal Loan, rr, 400 Suez Cana~ II, 171 Treasurer of the Navy, I, 91, 1 sI, Sunderland, Earl of, I, 7,3-4 2.14; rr, 47 Surrey, I, 176, z.88 Treasurer of the Ordnance Office, I, Sussex, I, I49, 162. ISJ,114 Swansea, Bank of England Branch Treasury, Comptroller and Pay­ at, n, II I-u; I 33, 305 master of the, II, I 31 Sweden, I, 3, 138 Treasury Bills: for Navy, Victualling Sweetaple, Sir John, I, 31 etc., I, So, I7S. 112.; in gene~ Switzerland, II, 193 I, 175, I91-7, 2.11-I3, 151-3; Sword Blade Company, I, Ss-6, 18o II, to-n; new style, I877, II, 307-9· 317, 341 Tallies, I, Io, n, 4~ Trevelyan, Sir Charles, II, 109, 171 Tally Cutter, I, I8S-6 Sir John, II, S3 Teixeira de Mattos, I, 117, 2.79 Trinity House, II, I4S, I93, z.Bs Temple, Sir William, I, z. Tritton, J. H., II, 3So, 38z. Temples of Stowe, I, 6-8 Trotter, Deputy Treasurer of the Tench, Nathani~ I, 6z., 156 Navy, II, 46 Terry, the printer, II, 3 Trustees for Georgia, I, 122. Texas, n, 156 Tunnage Duties, I, 17, 49 Thames, II, 3I o Turkey, II, 411 Thellusson & Co., I, 18 8; II, 8 Tyne, Conunissioners of the, n, Thompson, Alderman, II, Ih-1 304 Thorneycroft & Co., n, I4S Tyneside, I, 6; II, 92. Thornton, Cyprian, I, 146 Henry, 1, r6s-7, I71, 16s; II, 6-7; Union Bank of London (and Smiths), his Enquiry into ... Paper Credit, n, 333, 366, 411 · II, I8-19; u, 16-7, 34-S, 6s, 77, Union Joint Stock Bank, n, 333 IBI United States, I, z.86; II, 10, 3s. I so-l, Samu~ I, 168, I87, 189, z.63-4; 164-5. u6, 156-7, 15~. 17I, II, 34. 65, I89 191-4, 311-13, 346, 349· 3S3 Stephen, n, I3 I United States, Bank of the, II, I Io, Thorold, Charles and Sir George, I, 1 so-•, 1 s9-6• I09 United States Steel Corporation, n, Tierens and Cruger, I, 17 391 Tierney, George, n, 44 Uruguay, II, 316 Timu, The, n, z.63, 166, 168, 331, Kational Bank of. II, 316 333-4. 385 Usury Laws, II, 1 s, 114 Tiverton, I, x6s Utrecht, Treaty of, I, 76, So; Pr~ Tokio, II, 379 fessors of Divinity of. t, 186, Ton tine, I, 18 7 188; II, 131, 42.5 . INDEX

Vandeputs, I, 18o West India Men, II, 33 . Van Hemert, Van Neck, Van Nollin Western Australia (and Kalgoorlie), arid Van Voorst, I, I 88 II, 30~, 349 Vansittart, Nicholas, II, 29, p-1, 3h Western Bank ofScotland,rr, 2.2.8, 230 B, 56, 6o, 6;-6, 82, 87, 89, 94 Westminster, Commissioners for Vansittarts, I, 278, 280 Paving, II, 39 Vault, the, I, 42, ~ 9, I4o, 177, 227, Westminster Bridge, Commissioners 130 seq.; II, 53, 365 of, I, u1 Venice, I, 28, 287 Whitehaven, I, 17I Vereeniging, II, 38.2. Widnes, n, 304 Victoria (Australia), II, .2..2.2 Wilkes, John, I, I85 Vienna, I, 197; II, 268, 193 Wilkinson, Abel, I, 2.79 Vindication of the Bank of England, A, William III, I, 1, I4, 2. 5-6·, 51, n-8, I, 61 209, 2.75 Vintners' Coy., I, 285 William V, of Orange, I, 286 Virginia, II, 22.7 William, Thomas, I, 28 Vyner, Sir Thomas, I, 8, u, u, 13 Wilmot, Mr, his mortgage, I, I I4 Wilna, I, 149 "W's, the Three", rr, 152-;, 157-9, Wilson, James, rr, 185, z;o-x I6I, 215, 337 Wilsons, II, 93 Wager, Martha, widow of Sir Charles, Winchester, I, 165

I 1 I 51 Windsor, x, 172 Walpole, Sir Robert, I, 5;, 69, 78, Winthrop, Benjamin, I, 193-4, I96, 89-90, 9I-3, 94, u6, uo, u9, 103, z6;, 287 I51, 228, 2.30, 2.83 · Francis Bayard, I, 187 Waple, John, I, I 5I Wolverhampton, II, 302., 305; and Ward, Sir John, I, I36 Staffordshire Bank, 2;;; Iron John Jr., I, 76 Coy.,233 William, Director of the Bank, II, Wood, Sir Charles, II, 18I, 108-9 n6 Woods and Forests, Commissioners William, of the Post Office, I, I ~ I of, II, 145,193,2.83 Warwickshire, I, 2.76 Wrexham, I, I30 Waterloo, II, 19, ;o, ;6, 46, 49, 50, 62, 66, IOI, 42.5 Ximenes, I, 1.2. 7 Watkinson, I, u 7 Watson, Alderman, I, I87 Yarmouth, I, z68, 18I Watson, Overend & Co., II, 2.62 Yarmouth, I. W., I, 130 Ways and Means Advances, n, Yokohama Specie Bank, u, 405 . p6-I7, 414-5 ' York, I, 105, 107 · Ways and Means Bill, of I694, 1, I6; Duke of, II, 42. of 1695, I, 33; of I7I4, I, 77 York Buildings Coy., I, 1.2.2. · Weguelin, T. M., II, 2.29-30, 235-7 Yorkshire, I, 97, IOj, Io7, 150, 162., Welby, Lord, II, 3I6 · 169, 2.62, 189; II1 91-1, 102.1 Wellington, Duke of, I, 289; II, 26, 238-9, 313 ;o, 3h 50, 52., xoi, I;o, I4o, 214 Yorkshire Penny Bank, II, 412. Wellington College and E. W. Ben­ Young and van Loon, I, 12.7 son, II, 303 Young Pretender, I, 133 Wentworths, II, I02 West India Loan, II, 148, 150 Zoological Gardens, n, 318

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