It was the best of times. It was the worst of times.
It was a time for making buckets of cash. It was a time of austerity and destitution.
It was a time for debauchery. It was a time for belt tightening.

This is the tale of two cities. One nestled neatly inside the other.

The City of London, aka The City of London Corporation, aka The Square Mile, has been around since the Romans. It started as a trading port and made a name for itself as Londinium. Time passed and lots of rich folks had lots of poor folks die for them in the pursuit of land and riches (of which, the people saw painfully little) until we arrive at the rise of the city of Westminster, the seat of the English throne, the London you probably recognize.

As time marched forward inexorably towards modernity, the City of London fell from common knowledge. While the people never really forgot it, they didn't keep track of it.

A map of the modern Square Mile.

Now, while I'm sure this is absolutely facinating to everyone reading this, I will move on to the money.

the City of London has long been a financial district, since about the 10th century from what I can find.

Current banks in the City of London on a quick search of Google Maps

"Why does this matter?" asks Mr. Mcguffin "There are plenty of cities with financial districts."

Right you are, but do those financial districts also have their own government? Do they have their own police force? Do they have a dedicated member sitting in parliament whispering in the ear of the MPs as they vote? Are the businesses allowed to vote as people? Do they set the price of gold twice a day for the world?

Here is an excellent documentary from inside the City. There is a ton of information in here and if you have 45 minutes, I highly suggest giving it a watch.

Governance

The City is not bound by the rest of London's laws and enjoys almost complete autonomy with the exception of bowing to the Crown of England.
The Square Mile is its own democracy. The longest running in the world, in fact.

"That London enjoyed certain freedoms and had a form of civic administration before the Norman conquest, can be seen in the Charter granted by William the Conqueror in 1067, in which he promised to recognize the rights, privileges, and laws that the City had enjoyed since the time of Edward the Confessor (1042-62). In Saxon London and in the medieval period, municipal authority rested principally with Aldermen ('elder' men or elderfolk), who met in the City's ancient Court of Husting - the supreme court of the medieval City, with administrative and judicial functions. There is reliable evidence of its existence in 1032, although it was probably much older, and by the mid-12th century it was held weekly. It is likely that the Court of Aldermen developed from the administrative side of the work of the Court of Husting." *

"The right of London's citizens to elect their own Mayor dates from the Charter granted by King John to the City in 1215." *

The City of London Police

With a ratio of 8 citizens to every police officer it is one of the most policed cities in the world*. (For reference the city of New York has a ratio of 239 citizens for every police officer. source ) With that knowledge we must take into account the 400,000 visitors, commuters, and workers that enter the city every day, however.

The City of London Corperation's Seat in Parliament

The Remembrancer is the City's eyes and ears in Parliament and while the Wikipedia assures me that he can take no part in the proceedings*, we all know financiers better than that.

"What may also be underestimated is the influence wielded by the City in parliament. Sitting facing the speaker's chair is Paul Double, a City of London official known as the remembrancer. The remembrancer scours every piece of parliamentary legislation to ensure the Corporation's interests remain unaffected.

The department enjoys a budget of £6m. Most is spent on "ceremony". But the remembrancer also employs six in-house lawyers and has submitted evidence to 16 separate select committees in the past 18 months, including the Treasury's Tax Principles report published last year. Subsequent events indicate it was well received." *

Voting Rights for Businesses

"The commune may have been the origins of the development of another element of local governance. Gradually, Aldermen began to summon "wise and discreet" citizens from their wards to their meetings for consultation on particular matters. In 1285, a group of 40 citizens, between one and four from each Ward, was to consult with the Aldermen on the common affairs of the City. From 1376, this assembly had regular meetings and was known as the Common Council. It gradually assumed greater responsibilities and the business of the Court of Aldermen declined."*

There are now 100 council members. In order to become a council member, one must:

• be registered to vote on the City of London Ward Lists; or
• own freehold or leasehold in the City of London; or
• have for 12 months prior to the nomination date and until the election date of election resided in the City of London.

Very often the chairmen and owners of the businesses in the City of London Corperation are chosen for the role of council member. *

The Price of Gold

Barclays stands where Nathan Mayer Rothschild & Sons once held the Gold fix. The Rothschilds exited the metals market in 2004 and Barclays took over where they left off. Twice a day in a conference call the gold fix is conducted in the United States dollar (USD), the Pound sterling (GBP), and the Euro (EUR) daily at 10.30am and 3pm, by London time. *

For all of these reasons the City of London is its own beast. Unfettered by the constraints of external governance it is free to do what it does best, make money... or rather IOUs.
Welcome, my friends, to the City hidden in plain sight. The City within a city. The secret society of the City of London Corporation.
I will be visiting here again to tell you about Old Baily and the Judicial side of the Square Mile.

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