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The Bank of England is the greatest bank of circulation in

Europe. It was incorporated, in pursuance of an act of

parliament, by a charter under the great seal, dated the 27th of

July 1694. It at that time advanced to government the sum of

£1,200,000 for an annuity of £100,000, or for £ 96,000 a-year,

interest at the rate of eight per cent. and £4,000 a-year for the

expense of management. The credit of the new government,

established by the Revolution, we may believe, must have been

very low, when it was obliged to borrow at so high an interest.