It was indeed not easy to guess that a bill, which purported only to impose a new duty on tonnage for the benefit of such persons as should advance money towards carrying on the war, was really a bill creating the greatest commercial institution that the world had ever seen.
The plan was that twelve hundred thousand pounds should be borrowed by the government on what was then considered as the moderate interest of eight per cent.

In order to induce capitalists to advance the money promptly on terms so favourable to the public, the subscribers were to be incorporated by the name of the Governor and Company of the Bank of England.

The corporation was to have no exclusive privilege, and was to be restricted from trading in any thing but bills of exchange, bullion and forfeited pledges.
As soon as the plan became generally known, a paper war broke out as furious as that between the swearers and the nonswearers, or as that between the Old East India Company and the New East India Company.

The projectors who had failed to gain the ear of the government fell like madmen on their more fortunate brother.

All the goldsmiths and pawnbrokers set up a howl of rage.