And so you want me to tell you the story of my life! Telling tales is
not quite in my line, but I will do the best I can; and should I become
garrulous and tedious, as old ladies are wont sometimes to be, you must
recall me by a gentle reminder that you live in the present century,
whose characteristics are short, decisive, and by all means amusing.
My career has been a strange and eventful one, as you yourselves will
see if I can interest you sufficiently to listen to the end.
Of course, I was not always known as the Old Lady of
Threadneedle-street; indeed, I can well remember the feeling of
annoyance with which I saw _Mr. Punch's_ illustration of me in 1847, as
a fat old woman without a trace of beauty, except in my garments, which
were made of bank notes. I have kept a copy of it, and will just pencil
you the outline.
The annoyance was intensified when I found myself handed down to
posterity by him as the _Old_ Lady of Threadneedle-street. He could have
no authority for this picture, seeing that, like the Delphian mystery of
old, I am invisible, and deliver my oracles through my directors.
You are girls, and will quite understand the distress of being thrust
suddenly into old age. Up to 1847 I was young, good-looking, and
attractive, and to be bereft of my youth and romance at one blow; to
know that from henceforth all would be prosaic and business-like, that I
should never again have lovers seeking my favour, was a condition of
extreme pain. I had always prided myself on my figure, but even this
_Mr. Punch_ did not leave me, but told the world that it was due to
tight-lacing. It was very cruel, and I have sometimes thought it was
envy of my position; but let that go. I took counsel with myself, and
determined to face the future with the resolve to be the very nicest old
lady in the world, and to make myself so useful to my fellow-creatures
that they should love me and stand by me even though my first youth had
passed. And I am sure you will agree with me in thinking that I have
accomplished this, and that not only have I kept clear of weakness and
decrepitude, but have achieved for myself a reputation and position
second to no lady in the land.
It has been necessary for me to make this little explanation, otherwise
you might have thought I had never been young. And now to proceed.
It was in the reign of William and Mary that I first saw the light,
being born in Mercers' Hall on the 27th of July, 1694.
From this place, after a few months, I was removed to Grocers' Hall,
Poultry; not the stately structure with which you are acquainted, but
one much more simple, which was razed to make room for the present
building.
I may say, without vanity, that my birth created a sensation throughout
the length and breadth of the land.
The House of Commons even was not exempt from this excitement, but set
aside its serious work to discuss whether or not I should be strangled
and put out of the way, or nurtured into strength by its support and
countenance.
Those members who were in favour of the last resolution declared that I
should rescue the nation out of the hands of extortioners, lower
interests, raise the value of land, revive public credit, improve
commerce, and connect the people more closely with the Government, while
those of the contrary opinion assured the House that I should engross
the whole money of the kingdom, that I should weaken commerce by
tempting people to withdraw their money from trade, that I should
encourage fraud and gaming, and corrupt the morals of the nation.
Little recked I of all the stir and commotion my birth was causing, as,
nursed and cared for by my father, William Paterson, a Scotch merchant,
and his friend, Mr. Michael Godfrey, I gradually grew into strength. It
was not till long afterwards that I heard and understood the
circumstances of my birth, and how around me were centred the interests
of the kingdom.
When I was only twelve months old, those who were bound together to take
care of my interests separated my father from me, giving as an excuse
that he was of too speculative and adventurous a spirit to be entrusted
with my welfare.
Poor father! It has always seemed to me very sad that he who had worked
so long and so persistently for my success should have been condemned to
spend the last years of his life in solitude and neglect in Scotland,
while I, his child, was gradually becoming everything that his highest
ambition could have pictured; but so it was.
[Illustration: THE OLD LADY OF THREADNEEDLE STREET. From "Punch."]
I have often wished that he had employed those last weary years of his
in writing a history of his life. I am sure it would have interested all
classes of readers, but I suppose he was too sad and out of heart. He
was forty-one years of age at the time of my birth, having been born in
Dumfries in 1658. He was one of those who may be said to live before
their time. He possessed great ability, knowledge, and experience, and
was a great traveller, yet, with all this, his life was a series of
disappointments and failures.
His great friend, Michael Godfrey, who had worked so faithfully by his
side, would, I am sure, never have forsaken him, but he was struck down
by a ball in the trenches of Namur, in 1695, while seeking the king in
my interests.
He was a great loss to me, although I was too young at the time to
estimate it fully. He has left behind him a quaint and graphic account
of my infancy, with which I shall hope to make you acquainted later on.
Should you feel any interest in him, look in St. Swithin's Church some
day when passing, and there you will find a monument to his memory,
which records that he "died a batchelour, much lamented by his friends,
relations, and acquaintances for his integrity, his knowledge, and the
sweetness of his manners."
My name "Bank," which signifies "bench" or "high seat," I derived from
Italian forefathers, who, in early days, carried on their business in
the public places or exchanges on _benches_.
This business of theirs consisted chiefly in being the depositories of
the wealth of rich people, and making payments for them according to
written orders, and further in receiving money from some people on
interest, and lending it to others at a higher rate. I have been told
that in their day making a profit by lending money was not considered at
all an aristocratic proceeding, and procured for those who indulged in
it the name of usurers, a word I do not like; it savours of sordidness.
From my very birth I was educated to be reliable, steady, secure, and
faithful, and to be true and just in all my dealings.
It was made clear to me that it was the lack of these qualities in the
money affairs of the kingdom which had led to the necessity of my
existence, and I was made distinctly to understand that it was only upon
my developing largely these peculiar traits of character that I should
continue the existence thus begun.
* * * * *
My education was quite different from that of other girls. I had to
learn arithmetic almost before I could speak, and the state and
condition of kings and governments were instilled into my mind as
regularly as food into my body.
There were no novels, no light literature for me, except what I could
extract for myself out of the dry material placed before me. Still, my
mind was not warped with this peculiar bringing up, and now that I am an
old woman, I think I can see that I owe this to the character of those
who governed and directed me.
Of course, this peculiar education and training kept me far ahead of
other girls, and while they were scarcely out of the nursery, and still
enjoying battledore and shuttlecock, I was seeking information, either
by reading or conversation, concerning my forefathers, position, duties,
and property.
Young as I was, I began to feel creeping over me a sense of
responsibility, and a longing to know how best to fulfil all that was
required of me. I knew that I was rich, but how did I become so? I knew
that my riches were expected to make others rich, but how? I was always
asking questions, and sometimes succeeded in getting an answer, which
served as a clue, and sent me to search old parchments or to make
comparisons.
It was some time before I could piece the scraps of information
together, but gradually I did so, and then assuredly I saw the awfulness
of my influence and position, and determined, with God's blessing, to be
a comfort and support to the widows and orphans who trusted in me, as
well as a source of strength, security, and honour to the nation and its
rulers, and I resolved that henceforth my name, _the Bank of England_,
should carry with it a meaning wherever it was heard, far beyond its
original signification; it should be another term for wealth, honour,
and thrift--a something to be trusted, and in which nothing foul, mean,
or sordid must be found.
(_To be continued._)