And for many years afterwards the existence of that debt was a main reason why the industrial classes never would think of recalling the Pretender, or of upsetting the revolution settlement.
The 'fund-holder' is always considered in the books of that time as opposed to his 'legitimate' sovereign, because it was to be feared that this sovereign would repudiate the debt which was raised by those who dethroned him, and which was spent in resisting him and his allies.

For a long time the Bank of England was the focus of London Liberalism, and in that capacity rendered to the State inestimable services.

In return for these substantial benefits the Bank of England received from the Government, either at first or afterwards, three most important privileges.
First.

The Bank of England had the exclusive possession of the Government balances.

In its first period, as I have shown, the Bank gave credit to the Government, but afterwards it derived credit from the Government.