"Four general courts to be held in every year in the months of September, December, April, and July. A general court may be summoned at any time, upon the requisition of nine proprietors duly qualified as electors.
"The majority of electors in general courts have the power to make and constitute by-laws and ordinances for the government of the corporation, provided that such by-laws and ordinances be not repugnant to the laws of the kingdom, and be confirmed and approved according to the statutes in such case made and provided."
When the payment was completed it was handed into the exchequer, and the bank procured from other quarters the funds which it required. It employed the same means which the bankers had done at the Exchange, with this difference, that the latter traded with personal property, while the bank traded with the deposits of their customers. It was from the circulation of a capital so formed that the bank derived its profits. It is evident, however, from the pamphlet of the first deputy-governor, that at this period they allowed interest to their depositors; and another writer, D'Avenant, makes it a subject of complaint: "It would be for the general good of trade if the bank were restrained from allowing interest for running cash; for the ease of having 3 and 4 per cent. without trouble must be a continual bar to industry."
First in Mercers' Hall, where they remained but a few months, and afterward in Grocers' Hall, since razed for the erection of a more stately structure, the Bank of England conducted its operations. Here, in one room, with almost primitive simplicity were gathered all who performed the duties of the establishment. "I looked into the great hall where the bank is kept," says the graceful essayist of the day, "and was not a little pleased to see the directors, secretaries, and clerks, with all the other members of that wealthy Corporation, ranged in their several stations according to the parts they hold in that just and regular economy." The secretaries and clerks altogether numbered but fifty-four, while their united salaries did not exceed four thousand three hundred fifty pounds. But the picture is a pleasant one, and though so much unlike present usages it is doubtful whether our forefathers did not derive more benefit from intimate association with and kindly feelings toward their inferiors than their descendants receive from the broad line of demarcation adopted at the present day.
The effect of the new corporation was almost immediately experienced. On August 8th, in the year of its establishment, the rate of discount on foreign bills was 6 per cent.; although this was the highest legal interest, yet much higher rates had been previously demanded. The name of William Paterson was not long upon the list of directors. The bank was established in 1694, and for that year only was its founder among those who managed its proceedings. The facts which led to his departure from the honorable post of director are difficult to collect; but it is not at all improbable that the character of Paterson was too speculative for those with whom he was joined in companionship. Sir John Dalrymple remarks, "The persons to whom he applied made use of his ideas, took the honor to themselves, were civil to him awhile, and neglected him afterward." Another writer says, "The friendless Scot was intrigued out of his post and out of the honors he had earned." These assertions must be received with caution; accusations against a great body are easily made; and it is rarely consistent with the dignity of the latter to reply; they are received as truths either because people are too idle to examine or because there is no opportunity of investigating them.
%COLONIZATION OF LOUISIANA%
A.D. 1699
CHARLES E.T. GAYARRÉ
It was not only as the beginning of what was to become an important State of the American Union, but also as a nucleus of occupation which led to an immense acquisition of territory by the United States, that the first settlement in Louisiana proved an event of great significance. Nothing in American history is of greater moment than the adding of the Louisiana Purchase (1803) to the United States domain. And the acquisition of that vast region, extending from New Orléans to British America, and westward from the Mississippi to the Rocky Mountains, had historic connection with the French settlement of 1699.
As early as 1630 the territory afterward known as Louisiana was mostly embraced in the Carolina grant by Charles I to Sir Robert Heath. It was taken into possession for the French King by La Salle in 1682, and named Louisiana in honor of Louis XIV. In 1698 Louis undertook to colonize the region of the lower Mississippi, and sent out an expedition under Pierre le Moyne, Sieur d'Iberville, a naval commander, who had served in the French wars of Canada, and aided in establishing French colonies in North America.