t kings. The latest and best historian of this
period seems to think that the Londoners had no special privileges in
the _gemot_; but, of course, when the _gemot_ was held in London, the
citizens, intelligent and united, had a powerful voice in the decision.
Hence it arose that the citizens both of London and Winchester (which
had been an old seat of the Saxon kings) "seem," says Mr. Freeman, "to
be mentioned as electors of kings as late as the accession of Stephen.
(See William of Malmesbury, "Hist. Nov.," i. II.) Even as late as the
year 1461, Edward Earl of March was elected king by a tumultuous
assembly of the citizens of London;" and again, at a later period, we
find the citizens foremost in the revolution which placed Richard III.
on the throne in 1483. These are plainly vestiges of the right which the
citizens had more regularly exercised in the elections of Edmund
Ironside and of Harold the son of Cnut.

The city of London, there can be no doubt, soon emancipated itself from
the jurisdiction of earls like Leofwin, who ruled over the home
counties. It acquired, by its own secret power, an unwritten charter of
its own, its influence being always important in the wars between kings
and their rivals, or kings and their too-powerful nobles. "The king's
writs for homage," says a great authority, "in the Saxon times, were
addressed to the bishop, the portreeve or portreeves, to the burgh
thanes, and sometimes to the whole people."

Thus it may clearly be seen, even from the scanty materials we are able
to collect, that London, as far back as the Saxon times, was destined to
achieve greatness, political and commercial.

CHAPTER XL.

THE BANK OF ENGLAND.

The Jews and the Lombards--The Goldsmiths the first London
Bankers--William Paterson, Founder of the Bank of England--Difficult
Parturition of the Bank Bill--Whig Principles of the Bank of
England--The Great Company described by Addison--A Crisis at the
Bank--Effects of a Silver Re-coinage--Paterson quits the Bank of
England--The Ministry resolves that it shall be enlarged--The Credit
of the Bank shaken--The Whigs to the Rescue--Effects of the
Sacheverell Riots--The South Sea Company--The Cost of a New
Charter--Forged Bank Notes--The Foundation of the "Three per Cent.
Consols"--Anecdotes relating to the Bank of England and Bank
Notes--Description of the Building--Statue of William III.--Bank
Clearing House--Div