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

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454 PARLIAMENTARY COLBERTISM in the paper currency of Scotland’. In that year the Bank had to face difficulties, very similar to those which sndangered the Bank of England in 1696. The drain of bullion, and rumour that the Privy Council were about to enhance the coin, caused a run on the Bank. It was necessary to make calls upon the proprietors, and to retrench expenses by giving up the branches at Glasgow, Dundee, Aberdeen, and Montrose; but eventually the credit of the Bank was completely restored, and it entered on a period of steady prosperity. and, after In 1727, the original body found itself exposed to the of i K competition of a rival institution, which obtained a charter Sra as the Royal Bank of Scotland. It was an offshoot from Royal the body of Commissioners, who had been empowered to administer the money paid by England to Scotland? as an equivalent for coming under a share of the Parliamentary obligations with regard to the National Debt. The Com- missioners had expended most of the money in meeting the claims which arose in connection With the Darien scheme and fostering fisheries and manufactures; the balance in their hands was considerable, however, and they obtained powers to engage, as a corporation, in banking business. The competition of the two institutions gave rise to some un- seemly contests; each tried by collecting the notes of the other and presenting them, with a demand for immediate payment, to cripple its rival; and each had recourse to such expedients as paying in sixpences to balk the attack. Eventually they introduced an “ optional clause?” into the notes, and this rendered these hostile demonstrations futile, though at some slight sacrifice of the value of the paper, as it was no longer convertible at sight. This rivalry was not wholly mischievous however; the Royal Bank developed a system of giving cash credits for a definite amount, to any respectable and industrious person for whom two substantial men were ready to vouch. In this A.D. 1689 — 1776. t had to reduce ts operations in 1704. L Report of Select Committee of House of Lords on Promissory Notes, 1826-7, 71. 473, printed pag. 96. } See above, p. 418. 8 Kerr, op. cit. 45. « Report of Select Committee of Lords on the Circulation of Promissory Notes. 1826-7. vi. 880, printed pag. 4.

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