ey to the Crown without the authority of
parliament.(1803) Subject to this and other conditions the Bill passed the
Commons, and on the 24th April was agreed to by the Lords.(1804)

At the head of the Commission, issued under the Great Seal for the
establishment of the new bank, stood the name of the lord mayor, Sir
William Ashurst; and out of the twenty-four original directors at least
four rose to be chief magistrate of the city, whilst others are known to
have taken an active part in the affairs of the municipality.(1805) In the
city the undertaking met with a success beyond all expectation. The very
first day (21 June) that the subscription lists were opened at Mercers'
Hall nearly L300,000 was received, and within a week that amount was
doubled. Sir John Houblon, who succeeded to the mayoralty the following
year, and became the first Governor of the Bank, subscribed L10,000, the
largest amount any one individual was allowed by the terms of the charter
to subscribe before the first day of July. The same amount was subscribed
by the lords of the treasury on behalf of the queen. By mid-day of the 2nd
July the whole of the money (L1,200,000) had been subscribed and the books
closed.(1806) The Great Seal was put to the bank charter, and business was
commenced in the hall of the Grocers' Company.

Hitherto, as we have seen, the city of London had always acted (as indeed
it claimed to be) as the king's Chamber, and the occupier of the throne of
England for the time being had never hesitated to draw upon this Chamber
whenever he was in need of money. The mode of procedure was nearly always
the same. The lords of the treasury would appear some morning before the
Common Council, and after a few words of explanation as to the necessities
of the time, would ask for a loan, offering in most cases (we are bound to
confess) undeniable security. Supposing that the Council agreed to raise
the required loan, which it nearly always did, the mayor for the time
being was usually instructed to issue his precept to the aldermen to
collect subscriptions within their several wards, whilst other precepts
were (in later times at least) sent to the master or wardens of the livery
companies to do the same among the members of their companies. There were
times, also, when the companies were called upon to subscribe in
proportion to their assessment for supplying the city with corn in times
of distress.(1807) Times were now changed. Instead of ap