It was noticed that foreign competitors for English trade strongly opposed the project, and not long after the bank had been established, Bishop Burnet wrote: "The advantages the king and all concerned in tallies had from the bank were soon so sensibly felt that all people saw into the secret reasons that made the enemies of the constitution set themselves with so much earnestness against it.'

In the English Exchequer, the "tallies" referred to by Bishop Burnet were long used in lieu of certificates of indebtedness to creditors of the state. These tallies were seasoned sticks of willow or hazel, notched on the edge to represent the amount. Small notches represented pence; larger notches shillings; and still larger, pounds. Proportionately larger and wider notches represented £10, £100, or £1000. The stick being then split longitudinally, one piece was given to the creditor and the other was laid away as a record. When an account was presented for payment, the voucher was compared with the record. When paid, the tally and counter-tally were tied up together and laid away, accumulating for a long series of years. This system was in use until 1812. The tallies were received as evidence in courts of justice.