When it was properly digested in the cabinet, and a majority in parliament secured for its reception, the undertakers for the court introduced it into the house of commons, and expatiated upon the national advantages that would accrue from such a measure.

They said it would rescue the nation out of the hands of extortioners and usurers, lower interest, raise the value of land, revive and establish public credit, extend circulation, consequently improve commerce, facilitate the annual supplies, and connect the people the more closely with the government.

The project was violently opposed by a strong party, who affirmed that it would become a monopoly, and engross the whole money of the kingdom; that, as it must infallibly be subservient to government views, it might be employed to the worst purposes of arbitrary power; that instead of assisting it would weaken commerce, by tempting people to withdraw their money from trade and employ it in stock-jobbing; that it would produce a swarm of brokers and jobbers to prey upon their fellow-creatures, encourage fraud and gaming, and further corrupt the morals of the nation.
Notwithstanding these objections, the bill made its way through the two houses, establishing the funds for the security and advantage of the subscribers; empowering their majesties to incorporate them by the name of the governor and company of the bank of England, under a proviso, that at any time after the first day of August, in the year one thousand seven hundred and five, upon a year's notice, and the repayment of the twelve hundred thousand pounds, the said corporation should cease and determine.

The bill likewise contained clauses of appropriation for the services of the public.

The whole subscription was filled in ten clays after its being opened; and the court of directors completed the payment before the expiration of the time prescribed by the act, although they did not call in more than seven hundred and twenty thousand pounds of the money subscribed.