The Theory And History of Banking
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Of the loans to the government, which had risen in nearly the same proportion as the capital, one fourth was repaid in 1834, reducing the total to 1 1, 015, 100, which is its present amount. By the year 1750 the govern- ment had succeeded in reducing the interest on most of its debt to the Bank to three per cen t. , and it has since used the opportunity afforded by the periodical necessity for a renewal of the charter, to lessen still more the burden of its interest, by requiring from the Bank ...an annual bonus and other pecuniary concessions, in consideration of the extension of its monopoly.
This monopoly, dating, as has just been said, from the act of 1697, and confirmed by the act of 1707, was further defined by the act of 1742 1 as the right of "exclusive banking, " the true intent be- ing, as is declared in the latter year, that No other Bank shall be erected, established, or al- lowed by Parliament, and that it shall not be lawful 1 6 Anne, ch. 22; 15 George II. , ch. 13.
136 The English Banking System for any Body Politick or Corporate whatsoever, erected or to be erected, or for any other Persons whatsoever, united or to be united, in Covenants or Partnership, exceeding the number of six Persons, ', in that Part of Great Britain called England, to borrow, owe, or take up, any Sum or Sums of Money on their Bills or Notes, payable at Demand, or at any less Time than six Months from the borrowing thereof, during the Continuance of such said Privilege to the said Gov- ernor and Company.
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To quickly assess the difficulty of the text, read a short excerpt:
Of the loans to the government, which had risen in nearly the same proportion as the capital, one fourth was repaid in 1834, reducing the total to 1 1, 015, 100, which is its present amount. By the year 1750 the govern- ment had succeeded in reducing the interest on most of its debt to the Bank to three per cen t. , and it has since used the opportunity afforded by the periodical necessity for a renewal of the charter, to lessen still more the burden of its interest, by requiring from the Bank ...an annual bonus and other pecuniary concessions, in consideration of the extension of its monopoly.
This monopoly, dating, as has just been said, from the act of 1697, and confirmed by the act of 1707, was further defined by the act of 1742 1 as the right of "exclusive banking, " the true intent be- ing, as is declared in the latter year, that No other Bank shall be erected, established, or al- lowed by Parliament, and that it shall not be lawful 1 6 Anne, ch. 22; 15 George II. , ch. 13.
136 The English Banking System for any Body Politick or Corporate whatsoever, erected or to be erected, or for any other Persons whatsoever, united or to be united, in Covenants or Partnership, exceeding the number of six Persons, ', in that Part of Great Britain called England, to borrow, owe, or take up, any Sum or Sums of Money on their Bills or Notes, payable at Demand, or at any less Time than six Months from the borrowing thereof, during the Continuance of such said Privilege to the said Gov- ernor and Company.
What to read after The Theory And History of Banking?
You can find similar books in the "Read Also" column, or choose other free books by Charles Franklin Dunbar to read onlineMoreLess
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