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ID Title Author Corrected Date of Publication (TCP Date of Publication) STC Words Pages
A53178 Observations upon the constitution of the company of the Bank of England with a narrative of some of their late proceedings. 1698 (1698) Wing O115; ESTC R223775 4,470 5

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Observations upon the Constitution of the Company of the BANK of ENGLAND with a Narrative of some of their late Proceedings THIS Company might be of continuance to Posterity and of very great use and benefit to the Kingdom and Government were it setled upon just and equal Foundations fenced by Impartial By-Laws but being Founded in Division without alteration it will soon resolve into a Faction for Private Advantage and consequently not of long duration to the Prejudice of the Nation whose Benefit will thereby be at an end for as Union is the Life of Government so Division is Mortal to it The Company according to their Printed List consists of above 1200 Members Instead of making Vertue and Merit the Qualifications for Employment of which the Community are the best Judges these 1200 are divided by their Stocks under five several Qualifications to wit those of 4000. 3000. 2000. 500. and under 500 Stock Out of the First which is in Number about Fifty the Choice of the Governour is confined Out of the Second which is in Number about Sixteen the Deputy may be chosen but is not capable of Election thereunto under 3000 l. Stock Out of the Third which is in Number about 100 may be chose 24 Directors who being added to the Governour and Deputy is called the Court of Directors in whom Thirteen being a Quorum is the sole Management of all the Concerns of the Company and having engrossed to themselves the Choice of all Officers with their Rewards of Sallaries do thereby render so small a Number subject to the Temptation of Corruption This Court meets once a Week and then chuseth a Sub-Committee of Five out of themselves for the Week following Three thereof being the Quorum The Fourth Qualification which is in Number about 600 they being joyned to the three first Qualifications are called a General Court and allowed Votes in the Choice of Governour Deputy and Directors and colourably to give Sanction to what else the Directors please to bring before them which Priviledge to the 600 signifies little in that the three first Qualifications consisting of above 150 holding altogether as chiefly concerned and being diligent in their Appearance this together with their Authority from having the disposing of Places of Profit will be always an over-balance for the rest for many of the 600 thinking little better of themselves than by-standers will be careless in appearing at General Courts The Fifth Qualification to the Number of near 450 are disqualified so much as to any Vote in that called the General Court but yet qualified and made liable according to their Stocks for the Debts and Damages of the Company contracted by Mismanagement or otherwise which seems to be against Common Justice and Equity that they should be made liable to Actions for Debts which they could not have any hand in contracting Thus of above 1200 Members there are by the present Practice no more than about 150 made capable of any Trust in the Management of 2400000 l. or more there being about 450 Members disabled as to Voting in the General Court to the end to Engross the Management of all into a few Hands for their Particular Advantage The Directors were pleased to call a General Court to chuse a Committee to prepare By-Laws which was composed of both Parties i. e. of the 150 and 600 for under these Denominations I understand all having Votes in the Company Some of the first were very troublesome in the Committee as byassed in the promoting the Private Interest of the Directors telling the Committee they must not displease them and refusing to be satisfied except they could have their Wills in behalf of the Directors as in opposing the Yearly falling off of Eight Directors which spent four or five days in Debating Voting and as was thought the Settling thereof before some would acquiesce endeavouring in that time by Private Sollicitations to make a Party against Falling off and never gave over their struggle about it till One in behalf of the Directors undertaking to answer all the Reasons for Falling off was after he had done told by a Member of the greatest Authority in the Committee that he had not answered any one of the Reasons that then they were Publickly silent but ever after laboured Privately the obtaining their Ends by the General Court when the Matter should come to them for Confirmation A General Court was summoned for Confirmation of the By-Laws but before the entring upon the Work of the Day it was moved That the Court might consist of all their Members as well of those under 500 Stock as above and that for these Reasons First because all and every Subscriber and Contributor is by Act of Parliament Incorporated by the Name of Governour and Company of the Bank of England and that who the Parliament had made Free the Court could not Disfranchise Secondly because the Act of Parliament makes all and every Subscriber and Contributor lyable to the Debts and Damages of the Company which is not to be supposed the Parliament intended by such as they thought good to Disfranchise for an Act making those lyable to Debts that could not have any hand in contracting them seems to be against common Justice and Equity which cannot be imagined the Parliament would be guilty of Against these Reasons the King's Commission and Charter were urged and that they had the Opinion of Council for them in it To which with all due Respect to the King's Charter c. it was replyed That the King in his Laws speaks the Wisdom of the Nation and by his Charters the Dictates of those that sue for them which may be Selfish for Private Interest and therefore desired that Council might be Publickly heard for when Subjects have published Acts for their Guides they have no reason to forsake them for unpublished and subsequent Charters c. But the Motion for making the General Court to consist of all their Members and hearing Council upon it was not hearkened unto however I suppose this is sufficient in Answer to their alledged Charter c. For though the Act pag. 344. gives the King Power by his Patent to appoint Circumstantial Rules instancing as an Example for Transferring and Assigning the Interest of Particular Persons yet it is observable that the Incorporating Clause in pag. 344. as well as the Clause relating thereunto in pag. 350 351. follows the Clause for Circumstantial Rules and do not give the King Power of destroying Essentials as in Disfranchising those the Statute hath made Free The By-Law making it unlawful for the Governour or Deputy to continue above two Years successively had not the least Opposition in the Committee nor was ever spoke against by any one Member thereof but because that in some measure did disagree with the not falling off of Eight Directors in that if the Governour and Deputy fall off in two Years why not eight Directors yearly The General Court was prepared