History Of The Bank Of England And Its Financial Services To The State Classic Reprint

Excerpt from History of the Bank of England and Its Financial Services to the State But though the Bank Of England was at its origin rather an incident Of State finance than the foundation Of a national banking system, its services to the State were very narrowly restricted by statute. It is curious to note that those exchequer functions which it afterwards under took, and Whose gradual assumption it is the principal Object of this book to trace, are not even referred to in the original act and charter. The fact is that the Bank Of England, like most really English institutions, was case made; it owed its form and functions not to systematic planning, but to attempts to meet emergencies as they from time to time arose. Thus the running cash note, which afterwards became the most effective banking instru ment Of the English bank, was an evasion, even if not (as Often alleged) a positive infraction of its charter. The Charter only contemplated an issue Of sealed bills, strictly limited in amount to the capital subscribed. If this was SO with its banking methods, it was equally the case with its relations to the Exchequer. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.