In Friday-street, Cheapside, was held the Wednesday Club, at which, in 1695, certain conferences took place under the direction of William Paterson, which ultimately led to the establishment of the Bank of England. Such is the general belief; but Mr. Saxe Bannister, in his Life of Paterson, p. 93, observes: "It has been a matter of much doubt whether the Bank of England was originally proposed from a Club or Society in the City of London. The Dialogue Conferences of the Wednesday Club, in Friday-street, have been quoted as if first published in 1695. No such publication has been met with of a date before 1706;" and Mr. Bannister states his reasons for supposing it was not preceded by any other book. Still, Paterson wrote the papers entitled the Wednesday Club Conferences.
Club is defined by Dr. Johnson to be "an assembly of good fellows, meeting under certain conditions;" but by Todd, "an association of persons subjected to particular rules." It is plain that the latter definition is at least not that of a Club, as distinguished from any other kind of association; although it may be more comprehensive than is necessary, to take in all the gatherings that in modern times have assumed the name of Clubs. Johnson's, however, is the more exact account of the true old English Club.
The golden period of the Clubs was, however, in the time of the Spectator, in whose rich humour their memories are embalmed. "Man," writes Addison, in No. 9, "is said to be a sociable animal; and as an instance of it we may observe, that we take all occasions and pretences of forming ourselves into those little nocturnal assemblies, which are commonly known by the name of Clubs. When a set of men find themselves agree in any particular, though never so trivial, they establish themselves into a kind of fraternity, and meet once or twice a week, upon the account of such a fantastic resemblance."
Pall Mall was noted for its tavern Clubs more than two centuries since. "The first time that Pepys mentions Pell Mell," writes Cunningham, "is under the 26th of July, 1660, where he says 'We went to Wood's (our old house for clubbing), 'and there we spent till ten at night.' This is not only one of the earliest references to Pall Mall as an inhabited locality, but one of the earliest uses of the word 'clubbing,' in its modern signification of a Club, and additionally interesting, seeing that the street still maintains what Johnson would have called its 'clubbable' character."
In Spence's Anecdotes (Supplemental,) we read: "There was a Club held at the King's Head, in Pall Mall, that arrogantly called itself 'The World.' Lord Stanhope, then (now Lord Chesterfield), Lord Herbert, &c., were members. Epigrams were proposed to be written on the glasses, by each member after dinner; once, when Dr. Young was invited thither, the Doctor would have declined writing, because he had no diamond: Lord Stanhope lent him his, and he wrote immediately—
"'Accept a miracle, instead of wit;
See two dull lines with Stanhope's pencil writ.'"
The first modern Club mansion in Pall Mall was No. 86, opened as a subscription house, called the Albion Hotel. It was originally built for Edward Duke of York, brother of George III., and is now the office of Ordnance, (correspondence.)