"It was visible that all the enemies of the Government set themselves against it with such a vehemence of zeal that this alone convinced all people that they saw the strength that our affairs would receive from it. I heard the Dutch often reckon the great advantage they had had from their banks, and they concluded that as long as England remained jealous of her Government, a bank could never be settled among us, nor gain credit among us to support itself, and upon that they judged that the superiority in trade must still be on their side." All these varied interests were vainly exerted to prevent the bill from receiving the royal sanction; and the Bank of England, founded on the same principles which guarded the banks of Venice and Genoa, was incorporated by royal charter, dated July 27, 1694. From Mr. Gilbart's _History and Principles of Banking_ we present the following brief analysis of this important act: "The Act of Parliament by which the Bank was established is entitled 'An Act for granting to their majesties several duties upon tonnage of ships and vessels, and upon beer, ale, and other liquors, for securing certain recompenses and advantages in the said Act mentioned to such persons as shall voluntarily advance the sum of fifteen hundred thousand pounds toward carrying on the war with France.' After a variety of enactments relative to the duties upon tonnage of ships and vessels, and upon beer, ale, and other liquors, the Act authorizes the raising of 1,200,000 pounds by voluntary subscription, the subscribers to be formed into a corporation and be styled 'The Governor and Company of the Bank of England.' "The sum of 300,000 pounds was also to be raised by subscription, and the contributors to receive instead annuities for one, two, or three lives. Toward the 1,200,000 pounds no one person was to subscribe more than 10,000 pounds before the first day of July, next ensuing, nor at any time more than 20,000 pounds. The Corporation were to lend their whole capital to the Government, for which they were to receive interest at the rate of 8 per cent. per annum, and 4000 pounds per annum for management; being 100,000 pounds per annum on the whole. The Corporation were not allowed to borrow or owe more than the amount of their capital, and if they did so the individual members became liable to the creditors in proportion to the amount of their stock. The Corporation were not to trade in any 'goods, wares, or merchandise whatever, but they were allowed to deal in bills of Exchange, gold or silver bullion, and to sell any goods, wares, or merchandise upon which they had advanced money, and which had not been redeemed within three months after the time agreed upon.' The whole of the subscription was filled in a few days; 25 per cent. paid down; and, as we have seen, a charter was issued on July 27, 1694, of which the following are the most important points: