Not only did the establishment of the Bank of England meet the demands of public exigency at the time; it also created an institution which was to become vitally important in the expanding life of the nation. This custodian of the public money and manager of the public debt of Great Britain is now the largest bank in the world. The only other financial institution that could show an equal record of long stability was the Bank of Amsterdam, which existed from 1609 to 1814. The national debt of England began in 1693, when William III, in order to carry on the war against France, resorted to a system of loans. This debt, however, was not intended to be permanent; but when the Bank of England was established, the contracting of a permanent debt began. Its advantages and disadvantages to England have been discussed by many theorists and financial authorities. But of the extraordinary service rendered to Great Britain by the far-seeing Scotchman, William Paterson, originator of the plan of the Bank of England, there is no question, although, as Francis shows, the project at first met with opposition from many quarters. The important position assumed by England, toward the middle of the seventeenth century, renders the absence of a national bank somewhat surprising. Under the sagacious government of Cromwell the nation had increased in commercial and political greatness; and although several projects were issued for banks, one of which was to have branches in every important town throughout the country, yet, a necessity for their formation not being absolutely felt, the proposals were dismissed. During the Protectorate, however, Parliament, taking into consideration the rate of interest, which was higher in England than abroad, and that the trade was thereby rendered comparatively disadvantageous to the English merchant, reduced the legal rate from 8 to 6 per cent., and this measure, although it had been carried by the Parliament of Cromwell, almost every act of which proved odious in the eyes of the Stuarts, was nevertheless confirmed by the legislature of Charles II. In 1546 the payment of interest had been rendered legal, and fixed at 10 per cent. In 1624 the rate had been reduced to 8 per cent.; and with the advance of commercial prosperity it had been found advisable to lower it still further.