The first money-lender in England who at all approaches our modern idea of a banker was William de la Pole, a shipping-merchant of Hull, who loaned Edward the Third large sums to carry on his French wars, and in return the king made over to him the collection of customs and internal revenues. He collected the royal rents and acted as paymaster of the army, and in a general way became the royal banker. Naturally a title was conferred upon him. The prefix of “Sir” was subsequently given to Dick Whittington, of cat celebrity, for similar services to Henry the Fourth and Henry the Fifth. The goldsmiths in those times acted as money-lenders and pawnbrokers. After Charles the First grabbed about a million dollars, which they had deposited in the mint for safe-keeping, the nobles began to deposit their money with the goldsmiths, who allowed them interest thereon, and from having the custody of their rents and their income it was a natural step for them to request the goldsmiths to collect the money. The goldsmiths gave written evidences of indebtedness for the sums intrusted to them, and these were often transmitted by the holders in settlement of debt. When one of these goldsmiths speculated unfortunately or his business went wrong, his depositors naturally had to suffer. Losses of this kind paved the way for the establishment of the Bank of England in 1694. It was planned by a Scotchman named William Patterson, who, however, derived many of his ideas from the Bank of Amsterdam, which was then in successful operation. In return for a loan of twelve hundred thousand pounds sterling to the government the lenders, who organized the bank, were granted certain exclusive privileges, and their concern became the depository of the government money and has remained such ever since. It has now the accounts of many thousand private depositors, pays the interest on the government debt, issues circulating notes, and to a certain extent controls the rate of interest on money in England. As to the establishment of banking, Congressman Ben Butterworth, of Ohio, says: “In the forces of civilization we find the banker in the forefront. It was a banker that first taught the world the maxim of an honest commerce. It was the Bank of Venice that was the first to arbitrate commerce and control the seas; it was a banker that first taught a nation that the public fidelity was the right basis of all successful effort in the business world. For six hundred years Venice maintained unstained her honor, elevating the civilization of the world. In course of time she was succeeded by Amsterdam and Antwerp, their bankers honoring every check and paying every piece of paper, teaching the world that there was a giant in trade and commerce capable of strangling a nation. The bankers thus brought the world together, made the nations of the earth one man, one commonwealth.”