in another
chapter, did not injure the Bank. The directors generously tried to save
the fallen company, but (as might have been expected) utterly failed.
With prudence, perhaps, gained from this national cataclysm, the Bank,
in 1722, commenced keeping a reserve--the "rest"--that rock on which
unshakable credit has ever since been proudly built. In 1728 no notes
were issued by the Bank for less than L20, and as part of the note only
was printed the clerk's pen supplied the remainder.

In 1742, when the charter was renewed till 1762, the loan of L1,600,000,
without interest, was required by the Government for the favour. By the
act of renewal forging bank-notes, &c., was declared punishable with
death.

The Bank was at this time a small and modest building, surrounded by
houses, and almost invisible to passers by. There was a church called
Christopher le Stocks, afterwards pulled down for fear it should ever be
occupied by rioters, and three taverns, too, on the south side, in
Bartholomew Lane, just where the chief entrance now is, and about
fifteen or twenty private buildings. A few years later visitors used to
be shown in the bullion office the original bank chest, no larger than a
seamen's, and the original shelves and cases for the books of business,
to show the extraordinary rapidity with which the institution had struck
root and borne fruit.

In 1746, the capital on which the Bank stock proprietors divided
amounted to L10,780,000. It had been more than octupled in little more
than half a century. The year 1752 is remarkable as that in which the
foundation of the present "Three per Cent. Consols" was laid. "The
stock," says Francis, "was thus termed from the balance of some
annuities granted by George I. being consolidated into one fund with a
Three per Cent. stock formed in 1731."

In 1759 bank-notes of a smaller value than L20 were first circulated. In
1764 the Bank charter was renewed on a gift of L110,000, and an advance
of one million for Exchequer bills for two years, at 3 per cent.
interest. It was at the same time made felony without benefit of clergy
to forge powers of attorney for receiving dividends, transferring or
selling stock. The Government, which had won twelve millions before the
Seven Years' War, annihilated the navy of France, and wrested India from
the French sway, was glad to recruit its treasury by so profitable a
bargain with the Bank. In 1773 an Act was passed making it punishable
with