When Charles II was King of England, the goldsmiths of London were his bankers. To him they lent well but not wisely and were ruined when he decided not to pay his debts. So when William III needed money in 1694 the Bank of England was created, the bank lending him £1,200,000 in return for the right to issue banknotes and conduct a general banking business. The South Sea Bubble nearly ruined them in 1720. The early success of the Young Pretender (Charles Edward Stuart, grandson of James II) started a run in 1745. Napoleon's wars forced them to suspend payments...
To continue reading:
or
Log-In
