For blacks and women was the American revolution truly revolutionary?
nd the Company’s opponents within the mercantile community exploited the situation’. The association with the Tories of the East India Company left them politically beyond the pale, creating a new need for a system of borrowing and easy cash lending. The political and ideologically economic displacement of the East India Company meant that it no longer held a monopoly on the institutional reins of England’s financial potential, and created a position in which the Bank of England could have a place. The shortage of money in the Nine Years’ War has been highlighted consistently by historians as a catalyst for the institutionalising of the Bank. The need for money, however, offered opportunity to all financial ideas, not just to the Whiggish proposals. One such was the East India Company, which despite its loss of favour viewed the need for money as creating an opportunity to regain support. March 1694 witnessed the Commons agree, after consulting the Company, to negotiate a £600,000 loan without interest from the old East India Company in exchange for an extension of its Charter. But the ideological-economic change was such that the confirmation of the Bank of England, with the promise of a £1.2 million loan, effectively sentenced the East India Company to the political wilderness. The Tory’s failure through the Land Bank was symptomatic of this ideological shift. Competition between the Tory East India Company and the Whig rivals culminated in the formation of the New East India Company, promising £2 million to the state backed by the moneyed interest now so invested in the Bank of England. Contemporary pamphlets remarked on the political alliances between the Tory Old East India Company and the Whig Bank of England and New East India Company. The eventual conglomeration of the Old and the New was a symptom of the later ideological acceptance of the Banking system. The East India Company, then, was an abortive attempt by the Tories to compete with the Bank of England. The political-economic shift in the hegemonic economic outlook and fall from grace due to its alliance with James II ensured that the Company was supported by neither of the twin pillars of power in the period: economic thought and politics. The reason that the Bank of England succeeded against other proposed banks is not immediately apparent after its inception. It was to be a temporary expedient. The Bank of England, however, had a much surer start than its rival. During the mid-1690s, much of the Bank’s opposition rallied behind the idea of a National Land Bank. Various Land Bank schemes were proposed in the late 1690s. Rather than invest in stock in government debt, it would invest in land or mortgages to provide government revenue. Of the three schemes backed by influential individuals, two agreed to collaborate. The scheme of John Asgill and Nicholas Barbon, supported by Hugh Chamberlen, was enacted in July 1696. The subscription was a major failure. Only £2,100 was raised from three subscribers. The Bank of England was therefore free to consolidate its position and absorbed another £1 million in government tallies. This, as Roseveare highlights, led to an extension of its charter until 1711. Reasons for the Land Bank’s failure are manifold. Chamberlen’s ideas were immensely speculative, arguing that the Land Bank would ‘Infinite[ly] increase Trade, enrich the Nation, Employ the Poor, and produce many other Benefits’. This pamphlet made clear that the Land Bank was not sure of its existence, unlike the Bank of England’s position to temporarily lend money to the government for war. Moreover, the Recoinage of 1696 soaked up clipped coins before 4 May and 24 June, the July 1696 enactment meant that there was a lack of the silver coin available that was intended to raise the initial sum. Unlike the Land Bank and other proposed banks, the Bank of England had a surer raison d’être, which was cemented by the overall timing of its creation. With a new King following a foreign policy centred around checking French expansion, the developments of trust in a credit system, and the shift in political economy to the Whigs, the Bank of England’s utility was immediately appreciated. The post-Revolution Parliament were in agreement that they were ‘too>GET ANSWER