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THE NEW YORK PUBLIC LIBRARY

ASTCE, LENOX AND 7.UNIOEN DATIONS.

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Adventurer, Political Economist and Founder of the Bank of England

PART II

BANKERS AS CREATORS OF LITERA

TH

TURE

I

WILLIAM PATERSON

1658-1719

HE founder of the Bank of England, and the author of three volumes of early eighteenth century "works" which, as late as 1859, passed into a second edition, has surely earned a place in this collection. James Godwin in his "Merchant Princes of England," styles William Paterson "the foremost propounder of modern views on trade and finance," his themes touching "all that is most interesting and instructive in the history of British commerce during the last quarter of the seventeenth century, and the first quarter of the eighteenth."

William Paterson was hardly a merchant prince, for in his time he met with severe reverses; and, too, he died comparatively poor. So full of romance is this man's career that Eliot Warburton made it the groundwork of his novel "Darien." He came from the Patersons of Dumfriesshire, an adventurous race, and he made

good in finance the record his forebears had made at sea. A kinswoman in Bristol early left him a small legacy with which he obtained a foothold in the financial world. After several years in the West Indies, at 33 he returned to England, wealthy and influential. and influential. With others he proposed to the government the founding of a national bank, pointing out at the same time the particular mission of such a bank in that crisis in England's history. At 35, he was the accredited "chief projector," and a member of the first directory, of the Bank of England. The bank not having realized his desires altogether, after a year's service, he sold out his stock.

After promoting several enterprises at home, Paterson developed a scheme for a colony in Darien. Returning to Scotland, in 1695, he organized the Scottish African and India Company. He raised £400,000 in Scotland and £300,000 in England, and other subscriptions abroad. England, on second thought withdrew, and brought suit against him and his associates for technical infringement of the act of Parliament. The suit was in time withdrawn. After many serious losses and drawbacks, in 1698 the Darien expedition departed, with Paterson at its head. At Darien he became seriously ill. The colony was abandoned, and he sailed for New

York. "Trouble of mind" affected his reason for a time. Late in 1699 he returned to Edinburgh and made report. Failing to reinspire confidence he went to London. He soon won the confidence of William III. His views on questions of finance and public policy received much consideration, even after the death of the King, and not a few of them were embodied in legislation. Among his general plans for the public betterment was a public library of commerce and finance; "for," he writes, "to this necessary and it's hoped now-rising study of trade there is requisite not only as complete a collection as possible of all books, pamphlets, and schemes relating to trade ancient or modern, but likewise the best histories, voyages, and accounts of the states, laws, and customs of countries, that from them it may be more clearly understood how

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wars, con

quests, . . plenty, want, good or bad management, or influence of government have more immediately affected the rise and decline of the industry of a people."

Here we have an admirable outline of the Twentieth Century Legislative and Municipal Reference Library-published more than two centuries ago!

In 1705, we find Paterson engaged in a con

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