Chambers's Journal of Popular Literature, Science, and Art, Fifth Series, No. 47, Vol. I, November 22, 1884

No. 47.—Vol. I.
Price 1½ d.
SATURDAY, NOVEMBER 22, 1884.
Considering the world-wide reputation of the Bank of England, it is remarkable how little is generally known as to its internal working. Standing in the very heart of the largest city in the world—a central landmark of the great metropolis—even the busy Londoners around it have, as a rule, only the vaguest possible knowledge of what goes on within its walls. In truth, its functions are so many, its staff so enormous, and their duties so varied, that many even of those who have spent their lives in its service will tell you that, beyond their own immediate departments, they know but little of its inner life. Its mere history, as recorded by Mr Francis, fills two octavo volumes. It will be readily understood, therefore, that it would be idle to attempt anything like a complete description of it within the compass of a magazine article. There are, however, many points about the Bank and its working which are extremely curious and interesting, and some of these we propose briefly to describe.
The Bank of England originated in the brain of William Paterson, a Scotchman—better known, perhaps, as the organiser and leader of the ill-fated Darien expedition. It commenced business in 1694, its charter—which was in the first instance granted for eleven years only—bearing date the 27th July of that year. This charter has been from time to time renewed, the last renewal having taken place in 1844. The original capital of the Bank was but one million two hundred thousand pounds, and it carried on its business in a single room in Mercers’ Hall, with a staff of fifty-four clerks. From so small a beginning has grown the present gigantic establishment, which covers nearly three acres, and employs in town and country nearly nine hundred officials. Upon the latest renewal of its charter, the Bank was divided into two distinct departments, the Issue and the Banking. In addition to these, the Bank has the management of the national debt. The books of the various government funds are here kept; here all transfers are made, and here all dividends are paid.