Identifier: historysurveyofl02mait (find matches)
Title: The history and survey of London : from its foundation to the present time
Year: 1756 (1750s)
Authors: Maitland, William, 1693?-1757 Entick, John, 1703?-1773, ed
Subjects:
Publisher: London : T. Osborne and J. Shipton
Contributing Library: Boston Public Library
Digitizing Sponsor: Boston Public Library

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of the ill State ofthe Coin, the felfifh Practices of fome Perfons,&c. the Credit both of the Exchequer and Bankwere low, greater Demands being made upon thelatter than they were able to anfwer-, and theTallies going at 50, or upwards, per Cent. Dif-count, an Act was made Anno 1696, 8 and 9Will. III. Chap. 20. for reftoring Credit to both,whereby any Perfon might make new Subfcrip-tions to the Bank, which was obliged to takethem four Fifths in Tallies (upon a Par) and oneFifth in Bank Notes, by which Means the CapitalStock of the Bank was enlarged, the Demand ontheir Notes leffened, their Credit revived, and theDifcount on Tallies reduced much lower, theGovernment allowing eight per Cent, for all fub-feribed as abovefaid, until the Funds mightcome in, which would pay off in Courfe fuchTallies, and the Bank was to make a Dividend ofthe Principal to the Members, as thofe Tallieswere from Time to Time paid off. Upon m Rlk »*r;m M .M WH 1M )fC HfTHWIM !■■ mi 1111 ■■■■■
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1? &#?v/iecfrve / )r/r o/t&e AW ^ Sna/and, Book II. ^HISTORY of LONDON. 847 Upon thefe Eftablifhments the Bank was re-strained by the following Injunctions : I. That no Perfon fhould fubfcribe above10,000/. before the firft of July following, theopening of the Books, nor above 20,000 /. af-terward. II. They are not to borrow under their Sealmore than 1,200,000 /. upon the firft Eftablilh-ment, nor above the Sum fubfcribed on the fe-cond, otherwife each private Member fhall makegood his Proportion of the Deficiency that maybe occafioned thereby. III. They are not to trade as a Corporation,but as hereafter-mentioned, nor impower any oneto trade for them, under the Penalty of forfeit-ing treble the Value of what they trade for, ofwhich the Informer fhall have the fifth Part. If they refufe to pay any of their juft Debts,the Exchequer muft pay them out of the 100,000 /.as it fhall become due to the Bank. The Privileges of this Bank are, I. Their fealed Notes were by I-aw madetrans

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