It must be observed that, in the fourth Session of this Parliament, viz. March 23, 1693-4, the Royal Assent was given
to an Act for raising 1,500,000 l. by voluntary Subscriptions; the Subscribers to be incorporated, and to erect a
Bank, and to receive Recompence out of certain Duties
arising from Tonage and Poundage, and from Beer and Ale;
which was the Foundation of the Bank of England.
That, on June the 8th following, a Draught of a Commission for taking Subscriptions for the said Bank, together
with a Schedule, containing a Draught of a Charter for the
Corporation of the said Bank, were first approved and signed
by her Majesty (Queen Mary.)
And that the Charter itself, (which was to pass the great
Seal, after the first Day of August, if the Sum of 1,200,000 l.
or one Moiety, or more thereof, should be subscribed by that
Time, or sooner, if the whole should be sooner subscribed)
was accordingly granted towards the Middle of July, the
Commissioners having taken Subscriptions amounting to
that full Sum by the 5th of that Month.