The bank hath benefit of interest on all moneys which it creates out of nothing.
Attributed to William Paterson, founder of the Bank of England.
While no primary source has been found, it is purported to be from the prospectus for the Bank of England.
The quotation does not not appear in “A Brief Account of the Intended Bank of England” or in “The Writings of William Paterson”.
Earliest known appearances are from the 1930s.
Steepshot