Die deutschen Hypotheken-Aktien-Banken

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Monograph

Identifikator:: 832363383

URN:: urn:nbn:de:zbw-retromon-68350

Document type:: Monograph

Author:: Steller, Paul

Title:: Die deutschen Hypotheken-Aktien-Banken

Place of publication:: Stuttgart

Publisher:: Aue

Year of publication:: 1877

Scope:: 1 Online-Ressource (69 S.)

Collection:: Economics Books

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120 PARLIAMENTARY COLBERTISM customs!. When the Long Parliament declared them de- linquents for their action under the personal government they got into serious trouble?; but the same practice was of borrow-_ continued by Parliament. Charles II. habitually relied on i rion af advances from the Goldsmiths; and even the stop of the paipsiar ; Exchequer in 1672, by which the repayment of moneys revenue; ~ lent to the Government on the assignment of taxes was indefinitely deferred®, did not put an end® to a practice which the Commons viewed with much suspicion. But the demands of William IIL could not be met by such expedients; the sums required were so large, as to exceed the proceeds of any possible taxation. As the accustomed security for the money lent was not forthcoming, borrowing in anticipation of revenue became more and more difficult. Attempts were made to procure the necessary supplies by Tontines and Life Annuities, and subsequently by the issue of Exchequer Bills’. The proceeds thus obtained proved comparatively small, however; and the immediate success md the attained, when the Bank of England was actually floated and oy the necessary capital subscribed, came as an immense relief yg to the Government, which was in terrible straits for want i of money. The State obtained £1,200,000, without giving command any security for the return of the principal, and by merely providing for the regular payment of £100,000 as interest. This scheme, the credit of which appears to be due to William Paterson®. was attractive to those persons with A.D. 1689 —1776. 1 He does not appear to have been able to repay these advances. On Charles’s alleged breach of faith in regard to the money of English merchants, see Robinson in Shaw, Select Tracts and Documents illustrative of English Monetary History, 56. 2 The Long Parliament fined the farmers £150,000 as delinquents, for collecting the revenue on regal authority (Commons Journals. m. 156, 157). 8 Commons Journals, mi. 2. % The possibility of dispensing with these advances and thus saving interest was one of the advantages which led Killigrew to advocate the erection of a Bank in 1663. A Proposal, p. 5. 8 Shaw, The Beginnings of the National Debt. in Owens College Historical Essays, 391. 6 Compare Mr Chisholm's Notices of the various forms of Public Debt, in Accounts and Papers, 1857-8, XXXIII. m8. pag. 247, printed pag. 92. 7 See below, 441. Power to issue these bills, bearing interest at 54. per cent. per diem, was given by 8 and 9 W. IIL. c. 20, §§ 63, 64. 8 Andréadds, Histoire de la Banque d Angleterre, 1. 82. The failure of Paterson's sther oreat project—the Darien scheme—ruined the reputation of this remarkable

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