Editing Bank of England (section)

====Concept====

In 1691, [[William Paterson (banker)|William Paterson]] had proposed establishing a national bank as a means of bolstering public finances.<ref>{{Cite book |url=https://books.google.com/books?id=EkUTaZofJYEC&q=British+Parliamentary+reports+on+international+finance |title=British Parliamentary Reports on International Finance: The Cunliffe Committee and the Macmillan Committee Reports |date=1 January 1979 |publisher=Arno Press |isbn=9780405112126 |quote=Its foundation in 1694 arose out the difficulties of the Government of the day in securing subscriptions to State loans. Its primary purpose was to raise and lend money to the State and in consideration of this service it received under its Charter and various Act of Parliament, certain privileges of issuing bank notes. The corporation commenced, with an assured life of twelve years after which the Government had the right to annul its Charter on giving one year's notice. Subsequent extensions of this period coincided generally with the grant of additional loans to the State. |access-date=10 May 2010 |archive-url=https://web.archive.org/web/20210426203717/https://books.google.com/books?id=EkUTaZofJYEC&q=British+Parliamentary+reports+on+international+finance |archive-date=26 April 2021 |url-status=live}}</ref> As he later wrote in his pamphlet ''A Brief Account of the Intended Bank of England'' (1694): {{blockquote|"...it was proposed some years ago that a publick transferrable Fund of Interest should be established by Parliament, and made convenient for the Receipts and Payments in and about the Cities of London and Westminster; and to constitute a Society of Money'd Men for the government thereof, who should be induced by their Interest to exchange for Money the Assignments upon the Fund, at every demand".<ref name="PatersonGodfrey1694">{{cite book |last1=Paterson |first1=William |last2=Godfrey |first2=Michael |title=A BRIEF ACCOUNT Of the Intended Bank of England |date=1694 |publisher=Randal Taylor |location=London |url=https://quod.lib.umich.edu/e/eebo/A56581.0001.001/1:2?rgn=div1;view=fulltext# |access-date=11 January 2024}}</ref>}} While his scheme was not immediately acted upon, it did provide the basis for the bank's first Charter and the legislation which made its establishment possible.<ref name="BoEHistFun" />

Two other key figures in the bank's creation were [[Charles Montagu, 1st Earl of Halifax|Charles Montagu]], the Member of Parliament for Maldon, who played a crucial role in steering the proposals through Parliament (and was afterwards appointed [[Chancellor of the Exchequer]]); and [[Michael Godfrey]], who helped persuade City financiers of its benefits (and was subsequently chosen to be the bank's first Deputy Governor).<ref name="BoEHistFun" />

It has also been claimed (by [[W. R. Scott (economist)|W. R. Scott]], among others)<ref name="BR54">{{cite book |last1=Baker |first1=Emerson W. |last2=Reid |first2=John G. |title=The New England Knight: Sir William Phips, 1651–1695 |publisher=University of Toronto Press |year=1998 |location=Toronto |isbn=978-0-8020-0925-8 |oclc=222435560 |url=https://archive.org/details/newenglandknight00bake }}</ref> that [[William Phips]] played a timely, if incidental, role: his successful expedition to retrieve booty from a sunken Spanish [[galleon]] (the ''[[Nuestra Señora de la Concepción]]'') helped create an ideal market for the bank's foundation: flooding the market with bullion and creating an enthusiasm for [[Joint-stock company|joint-stock]] ventures.<ref>{{Cite web |last=Parker |first=Martin |date=2016-03-04 |title=How stolen treasure kick-started the Bank of England |url=http://theconversation.com/how-stolen-treasure-kick-started-the-bank-of-england-55607 |access-date=2023-07-27 |website=The Conversation |language=en}}</ref>