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Subject Magna Carta stated "applying interest to a loan, shall be punishable with Death"

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Original Message Electronic transactions control our lives.....

The Bank of England was first formed in 1694. King William of Orange was in financial difficulties as a result of a war with France. The Goldsmiths "lent him" 1.2 million pounds (a staggering amount in those days) with certain conditions:

1.The interest rate was to be 8%. It must be remembered that Magna Carta stated that the charging or collecting of interest carried the death penalty.

2.The King was to grant the goldsmiths a charter for the bank which gave them the right to issue credit.

Prior to this, their operations of issuing receipts for more money than they held in deposits was totally illegal. The charter made it legal.

In 1694 William Patterson obtained the Charter for the Bank of England.

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