Banks, pp.xxix-xxx.

[Gazetteer of Scotland Contents]

—Five of the Scottish banks – the Bank of Scotland, the Royal bank of Scotland, the British Linen Company, the Commercial bank of Scotland, and the National bank of Scotland, the first of which was established by Act of Parliament, and the other four incorporated by Royal charter – do not require, in pursuance of the act 7^th Geo. IV., cap. 67, to lodge lists of partners. All the others involve the responsibility of each partner to the full extent of his possessions; and most are joint-stock establishments, with large constituencies. Their notes, which are permitted to be for twenty shillings, but not less, leave scope for an ample silver currency, but almost entirely exclude from the country coins of gold. Each bank is obliged to have exchequer bills in its possession equal to the average amount of its issues. A system of mutual exchange and security, established and worked by the banks themselves, acts as a check upon over-issues; the exchange is made in the country weekly, and in Edinburgh twice a-week; and whatever surplus remains of one bank’s notes over those of another with which the exchange is made, must be bought up with specie, exchequer bills, or an order on the Bank of England. The following table exhibits the names, numbers, dates and statistics, for the years 1837, 1838, and 1839, of all the public banks.