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. GAYARRE