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The Jacobite Rebellions (1689-1746)

The following is from The Jacobite Rebellions (1689-1746) by J. Pringle Thomson, M.A.:

The Bank of Scotland (1695)

Source--The Acts of the Parliaments of Scotland, vol. ix., p. 495. (London: 1822)

Act for Erecting a Publick Bank

Our Sovereign Lord considering how useful a Publick Bank may be in this Kingdom according to the custom of other kingdoms and states, and that the same can only be best set up and managed by persons in company with a Joynt Stock, sufficiently endowed with these powers and authorities and liberties necessary and usual in such cases, Hath therefore allowed, and with the advice and consent of the Estates of Parliament allows, a joynt stock amounting to the sum of twelve hundred thousand pounds money to be raised by the Company hereby established for the carrying on and managing of a publick bank. And further statutes and ordains, with advice foresaid, that the persons under-named ... shall have power to appoint a Book for subscriptions of persons, either natives or foreigners, who shall be willing to subscribe and pay into the joint stock, Which subscriptions the foresaids persons or their quorum are hereby authorized to receive in the foresaid book, which shall lie open every tuesday or friday from nine to twelve in the forenoon, and from three to six in the afternoon betwixt the first day of November next and the first day of January next following, in the publick hall or chamber to be appointed in the City of Edinburgh. And therein all persons shall have liberty to subscribe for such sums of money as they shall think fit to adventure in the said joynt stock, one thousand pound Scots being the lowest sum, and twenty thousand pound Scots the highest. And the two third parts of the saids stocks belonging always to persons residing in Scotland. Likeas, each and every person at the time of his subscribing shall pay into the hands of the fore-named persons, or any three of them, ten of the hundred of the sums set down in their respective subscriptions towards the carrying on the Bank. And all and every the persons subscribing and paying into the said stock, as aforsaid, shall be and are hereby declared to be one Body Corporat and Politique, by the name of THE GOVERNOUR AND COMPANY OF THE BANK OF SCOTLAND, under which name they shall have perpetual succession, and shall have a Common Seal....

And it is farder hereby statute and ordained that it shall be lawful for the said Governour and Company to lend, upon real or personal security, any sum or sums, and to receive annual rent for the same at six per cent., as shall be ordinary for the time. As also, that if the person borrowing as said is, shall not make payment at the time agreed upon with the Company, then it shall be lawful for the Governour and Company to sell and dispose of the security or pledge by a public roup, for the most that can be got for payment to them of the principal annual rents and reasonable charges, and returning the over-plus to the person who gave the said security or pledge....

It is hereby statute that the joynt stock of the said Bank, continuing in money, shall be free from all publick burdens to be imposed upon money for the space of twenty one years after the date hereof. And that during this space it shall not be leisom [lawful] to any other persons to enter into and set up ane distinct Company of Bank within this Kingdom, besides these persons allennarly [only] in whose favour this Act is granted.... And it is likeways hereby provided that all foreigners who shall join as partners of this Bank shall thereby be and become naturalized Scotsmen to all intents and purposes.

The Darien Scheme (1698-1699)


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