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.No. 411, February ^ igggj .THE LEADEB. ...
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THE FOUNDER OF TUU BANK OF ENGLAND. Will...
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Note: This text has been automatically extracted via Optical Character Recognition (OCR) software. The text has not been manually corrected and should not be relied on to be an accurate representation of the item.
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Bluchivood This Month Opens With N Seaso...
Aomiahitance ? I got introduced to one of the Wardles , fondly hoping that at-last I ¦ bad found the man with no nonsense about him . But theillusion quickly vanished . I found him a large man , bald and ventripoient , loud in voice , coarse in manner , and narrow in intellect . He wore mutton-chop whiskers , and had strong opinions about ¦ foreigners , who , he thought , were all dirty and exiles . He had strong views on politics and statesmanship , without any acquaintance with history or political economy . He thought birth and blood nonsensical prejudices , and refinement effeminacy . He never read novels ; bis newspaper sufficed . He despised poetry , and all that stuft He bought pictures as furniture , but pronounced the old masters ' humbug . ' He knew nothing of philosophy or science , but asked for common sense . M As long as I have common sense , sir , I don't care a button who has philosophy . ' He sent ° his eldest son to college , and ran into debt to keep him there ; not that he saw any good in Greek and Latin , but he was as proud of ' mj son ' s friend , Lord Fiddlefaddle , ' as if he had a great deal of nonsense about him . In the domestic circle * he -was at once harsh and feeble , self-willed and vacillating . He ate , drank , slept , and snored with robust energy ; but , on the whole , he did not strike me as being wholly
without nonsense . Ojher people besides Wardle I have met , who bore the same proud character , but 1 found them all belonging to one of two classes—either they were free-and-easy people , who conceived that taking every possible liberty with you , your name , your books , your horses , and your friends , was proof of ttatir having no nonsense about them ; or else they were coarse , rude people who jarred upon your sensibilities , and made virtues of their very deficiencies . The best men I have known have been more generous than prudent , more imaginative than-Bentham , less virtuous that Cato . They have been fond of children , of animals , of poetry , of art , of sentiment , of joking , of buffoonery , of extravagance , of " ood society , of honours , of picnics , of dances , of private thrcatricals—in short , men with no inconsiderable amount of nonsense mingled in their daily lives ; but one form of nonsense they were entirely free from , and that is the pretension of having no
nonsense abont them . The most readable and vividly interesting paper in the present number is a journal sent to JEbovy , by Colonel Burton , from the very confines of civilization , just as he was on the point of plunging into the depths of Central Africa . It is entitled ' Zanzibar ; and Two Months in East Africa ; ' and contains some admirable sketches of primitive Arab life and manners in that island metropolis of the Imauni of Muscat ' s possessions . Here is a sketch of the late ruler : — Our error in dealing with Orientals i 6 always one and the same . If a man evinces signs of superiority , we push him hopelessly before and beyond his age . The late ruler of Zanzibar was probably as shrewd and enlightened a prince as Arabia ever produced , yet we overrated his powers . A beautiful model of a steam-engine was sent out from England ; it was allowed to rust unopened in his stores . Like all Orientalshe was ever surrounded by an odious entourage , whom he consulted , trusted ,
, and apparently preferred to his friends and well-wLshers . He believed firmly in the African fetiss , and in the Arabian Sahin ' s power of metamorphosis ; he would never ilog a Mganga , or medicine-man , nor cut down a ' devil ' s tree . ' He sent for a Sbaykh whose characts were celebrated , and fastened the paper with a silver nail to the doorway of Colonel Hamerton ' s sick-room , thereby excluding evil spirits and the ghost of Mr . Napier , who had died in the Consulate . He refused to sit for his portrait ; even Colonel Smyth ' s History of Knight-errantry and Chivalrous Characters failed to tempt him—for the European peasant ' s reason , it would take away part of his life . When « chivalry 1 was explained to him , he remarked that only the Siflah ( low fellows ) interfere between husband and wife . His favourite axiom—a fair test of man ' s mind—was , that ' Mullahs , women , and horses , never can be called good till death ;' Societe ale des Anti
meaning , there is no ' knowing when they deceive . The Roy - quaires du Nord sent him their diploma ; he refused to belong to a body of gentlemen who robbed graves and snatched corpses . The census of Zanzibar being proposed to him , he took refuge with Allah from the sin of numbering his people . When tidegauges were sent by the Geographical Society of Bombay , he observed thnt ' the Creator had bidden the ocean to ebb and flow—what else did man want to know about it ? Such was his incapability of understanding European affairs , that until death-day he believed Louis Philippe to have carried into exile , as he himself would have done , all the fleets and the public treasury of the realm . And , finally , he could never comprehend a republic— ' who administered the stick ? ' Yet , peace to his soul . ' lio-was the model of Arab princes ; a firm Mend to the English nation , and a great admirer of the ' Malikat el Aazameh , ' our most gracious Majesty Queen Victoria .
Eraser contains this month a curious specimen of the modern antique—a Canterbury Tale , attempted in the manner of Chauceh , ' by Mr . Leigh Hunt . One cannot help admiring the fresh , vigorous , and versatile activity of this literary veteran . "While a new drama from his pen is nightly acted at the Lyceum , he attempts n continuation of the Canterbury Talcs hxFraser . The talc—that of the Tapiser , or upholsterer , he being one of the five pilgrims whose talcs arc not reported by Ciiavcjui— -is the exquisite story of the origin of -while and red roses given by Sir Jojuk Mandjsvillk , vcrsilled in antique phrase and metro . The imitation of the old st vie is well done , but in our opinion not worth doing . We would rather have had a poetic version of the story in Mr . Hunt ' s own si vie . ' False Views of Meanness , by a Grumbler / points out sonic familiar illustrations of the two opposite meannesses of wealthworship and oxtravagnnce . ' A Ride . in Mexico' is a fresh and vivid sketch of travel , and ' Charles James Napier' a hue study of character .
The Dublin University Magazine has a number of good articles tins month , amongst tho best of which aro a biographical sketch of the lato General Ha \ KU > ck , and a paper on ' The Sanitary Condition of tho Army . '
.No. 411, February ^ Igggj .The Leadeb. ...
. No . 411 , February ^ igggj . THE LEADEB . 139
The Founder Of Tuu Bank Of England. Will...
THE FOUNDER OF TUU BANK OF ENGLAND . William Patoraon , the Marohuut Statesman , mid Founder of the iiunh of England , By , _ g ^ janniaterrMvAr- -, ~— ., — ,... ,., , , , Edinburgh : # »» "mo . Wiuiam Patebson whs among tho wisest men of his ago , and this biography is a fitting memorial of his patriotism and gonius . Mr . Bannister , formerly Attorney-General of Now South Wales , lias devoted great labour and ¦ critical sagacity to tho search for materials , nnd to tho analysis of the inerohnnt statesman ' s opinions , as well as of , the claims ho established to the veneration of his countrymen . Patorson , though he founded the Bank of England , originated tho Winking Fund , advocated many hiyti principles of morals and economy when such advocacy was misunderstood and suspected , and projeotod vast designs of peaceful civilization in tho New World , figures
bat dimly in history . Within a century atter the date of his birth , his story had become a vague tradition , even in Scotland ; by many he has been confounded with John Law , whose principles he steadily opposed for thirty years ; indeed , some of the soundest' maxims now acknowledged ¦ witfh reference to finance , banking , and mercantile speculation are to be found in the writings of William Paterson . Several persons have proposed to become his biographer . Twice exiled , a traveller in Europe and America , reviving the ardour of the freebooting epoch without its rapacity , a philanthropist , an adventurer , economist , and a politician , his career was full of obscureThuslittle is known of hi
interest , although portions of it are . , m . with certainty during the fifteen years of his banishment from Scotland ; the details of bis early life are so hopelessly beyond reach that Mr . Banniater resorts to the legendary platitude inevitable in such cases , that William Paterson , according to report , owed much to the influence of a remarkable mother . He has succeeded , however , in producing a very creditable and attractive book , and , as we a re gratified to learn , he will complete his task by republishin * - the works of the merchant statesman who established the Bank of England . An examination of the authorities quoted leaves no doubt that the present volume has been conscientiously and laboriously
composed . . The obscurities of Paterson ' s career commence at the outset . It js undetermined whether he was born in Dumfriesshire or elsewhere ; his birth took place , apparently , in March or April , 1655 ; his parents were tenants of competent fortune , as well as proprietors . How or where lie wag educated is unknown , but there seems no doubt that he was intended for the ministry of the Kirk ; before attaining his majority , however , he seems to have been warned out of Scotland by the Council warrants against suspected confederates of the outlawed Presbyteriiius , and to have sought refuse in the house of a relative at Bristol . In the list of London merchants belorWinT to the reign of Charles II .. the name of Paterson occurs , and it is certain that during this period he was not only engaged to an important extent in commerce , but was already laying in his mind those plans which afterwards constituted the objects of his single-hearted life . The Daroen scheme was early fostered , and it wa s not long before sundry malignants began to calumniate the Scottish buccaneer ; but their charges rest neither upon evidence nor upon probability . Paterson knew Henry Morgan perhe in all liKe
sonally , it is true , but so did Sir Hans Sloane ; moreover , was - lihood acquainted with the freebooting chiefs who led so many expeditions to the Eastern Archipelago , to the ultimate advantage of legitimate commerce , but bis first actual visit to Central America was when he went with thfe Darien fleet in J 698 . Doggrel poets , who celebrated his achievements-in a style similar to that in which they related the enterprises of John South union" the ' salvages' of Virginia , testified to the good character of judicious Paterson , ' who appreciated the jingled axiom , " Trade has a , secret nature none can see , tho' ' er so wise , except they traders be . I he argu-Trade
ments expounded in his grand proposal of a Council of ( assuming the work to be his ) relieve him from the accusation of complicity m the theories of the ocean outlaws , in 1091 , indeed , we find him occupying a hi « h social position , the friend of Fletcher of Saltoun , Bailhe of Jerviswood , and Sir Theodore Jansen ; he promoted the organization of the Humnstead Waterworks , Company , and Sir Jo hn Trenchard , afterwards Secretary of State , and Sir Dalby Thomas , were his colleagues m the direction Public writers held him up as an example of commercial probity , and nobly-acquired fortune , so that , as Mr . Bannister very conclusively shows , the romance of his friendless wanderings is exploded . of landand of
Then came a proposal to found a Royal Bank Eng , course oflicial opposition encountered the projector , whose principle of the absolute necessity of being able to pay all bills in cash on demand was fatal to the schemes of the Chamberlens , the Briscoes , the Murray ? , tuo Porters and scores of other ingenious projectors of forced paper money . Shores were immediately taken to the amount of 1 , 200 , 000 / . ; the list was filled within ten days . However , '' the funds of the Bank of Jingland and its plan did not extend wide enough for the needs of London , according to the views of Paterson , who proposed to develop still further the principle of Joint-Stock Banking . But the directors of the State Bank , when
ho announced the Orphan Bank , objected , and he resigned his seat , receiving no recompense for his conspicuous services . Nor did he cease from nis efforts to promote the general commerce of the country . By his hand was drawn up the Special Act of 1 G 95 for regulating the trade to Africa , America tho East Indies , and the North ; at the same time his own fortune amounted to no more than ton thousand pounds ; he had sold out of tho Bank of England , and his investmenta were in the Orphan 1 und , the Hiunpsteqd Wutorwork Compuny , and the Durien Stock ; Ins wile had property at Pinuieo , and he himself possessed n house in bt . Giles s in tho Fields At this moment he encountered one of the principal obstacles of
of bis life ; the members of the Scottish Company , accused levying money and acting as a corporation without legislative sanction , wero ordered by the House of Commons to bo impeached , and Paterson was uinoii " the inculpated persons , with two merchants named Cohen nnd . Coutts . Another misfortune was the accidental iniscarrwgo of n lurgo amount of the Darion Company ' s capital entrusted to his euro . Ho puwed through tho ordeal of u close inquiry with unblemished honour , but tho incident was the source of extreme dilliculties to him during tho romuindor ° In iG 98 ° , \ he Darion fleet sailed fromLoith ; twelve hundred men embarked in five stout ahips ; many who wore not purnittteil to accompany thorn wept wfd ^ unTt ^ tliWop ^^ nor was ho oven appointed to administer tho affairs ol tho colony ; u IieiiUltBS council of seven sopersedod tho groat originator and champion of the ouwipriHO . Poetical justice was visited upon the envious ^ mpuny md the ruininstead oi i »»««
settlement became a , uospau » . y *« " . - „ ,. „ s ^ S f ^ r- ^ S u ^ s ^ rr 4 = ^^ s 2 & SSlfi ? iCE » " Si & Stfi 3 SWSJ 5
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Citation
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Leader (1850-1860), Feb. 6, 1858, page 19, in the Nineteenth-Century Serials Edition (2008; 2018) ncse.ac.uk/periodicals/l/issues/cld_06021858/page/19/
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