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Updated: May 11, 2025
The credit of the new government, established by the Revolution, we may believe, must have been very low, when it was obliged to borrow at so high an interest. In 1697, the bank was allowed to enlarge its capital stock, by an ingraftment of £1,001,171:10s. Its whole capital stock, therefore, amounted at this time to £2,201,171: 10s.
This ingraftment is said to have been for the support of public credit. In pursuance of the 7th Anne, c. 7, the bank advanced and paid into the exchequer the sum of £400,000; making in all the sum of £1,600,000, which it had advanced upon its original annuity of £96,000 interest, and £4,000 for expense of management.
They generally succeeded in finding a refuge with some family of colored people, and it may be supposed that this ingraftment did not enhance the morality of the class with whom they mixed.
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