The Industrial Revolution

Bibliographic data

Monograph

Identifikator:: 1027928145

URN:: urn:nbn:de:zbw-retromon-159926

Document type:: Monograph

Author:: Cunningham, William http://d-nb.info/gnd/128907487

Title:: The Industrial Revolution

Place of publication:: Cambridge

Publisher:: The University Press

Year of publication:: 1922

Scope:: xxii S., S. 404-886

Digitisation:: 2021

Collection:: Economics Books

Usage license:: Get license information via the feedback formular.

WwW = TT} ( ie 12 he for Ke ad, ch ve "Ww, aig ha SCOTCH BANKING 153 that it was impossible to circulate bills on the security of A.D. 1659 wealth which could not be rapidly realised, and they would not subscribe. Experience as to-the depreciation of notes were be- which could be circulated, even though not immediately con- il vertible, was gradually acquired. It was brought to light understood. in Scotland by the issue of notes with an optional clause? which permitted the bank to defer payment for a period of six months, and still more forcibly in England by the phenomena which occurred after the suspension of cash payments in 17973, 219. The fact that Scottish economic life since the Te bank- Union has developed in such remarkable independence of AA that of England is principally due to the special features Jacilivated of the Scottish banking system. Poor as Scotland was, and dnl large as is the monetary drain to which she has been ex- there. posed?, she has been able to dispense with the aid of wealthy outsiders for the development of her resources, and has relied almost entirely on her own capital. There are curious links of connection, and curious differences, between the foundation ind the development of banking, both of issue and for leposit, in the two countries. The Bank of Scotland was founded at the same time as Zk Bank she Bank of England, and on very similar lines so far as its o Scotland business was concerned ; but as there was no public debt to be financed, the Scotch institution never established close relations with the Government, or obtained a permanent monopoly. It was started in the same year as the Darien Company, and perhaps seemed a less promising enterprise than that unfortunate undertaking. Its capital was to sonsist of £12,000 sterling (£100,000 Scots), and by the beginning of 1696 £10,000 was paid up’, so that the Bank of Scotland was able to start business, and to make advances of its notes to the public; and from 1704 onwards it circu- dssued £1 lated the £1 notes® which have formed such a leading feature pics the Commons in 1693, and was favoured by the Government in 1696 (Macaulay, v ; ri below, p. 454. 2 See p. 699 below. 3 R. Somers, The Scotch Banks, 116. 4 Acts of Parliament of Scotland, 17 July, 1695, c. 88. They had a monopoly for 21 years. 8 A. W. Kerr, History of Banking in Scotland, 23. 6 There appears to have been an unsuccessful issue in 1699. Graham, The P1 Note 14

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