94 OLD AND NEW EDINBURGH. [The Mourd
of the sums set down in their respective subscriptions
towards carrying on the bank, and all and
every the persons subscribing and paying to. the
said stock as aforesaid shall be, and hereby are
declared to be, one body corporate and politic,
by the name and company of THE BANK OF
SCOTLAND,? etc.
The charter, while detailing minutely all that
the bank may do in the way of lending money and
giving laws for its internal government, fails to
define in any way the liability of the shareholders
to each other or to the public. For the space of
twenty-one years it was to be free from all public
burdens, and during that time all other persons in
the realm of Scotland are prohibited from setting
up any rival company.
To preclude the breaking of the bank contrary
to the object in view, it is declared that the sums
of the present subscriptions and shares may only
be conveyed and transmitted by the owners to
others who shall become partners in their place,
or by adjudication or other legal means. It is
also provided by the charter that aH foreigners on
acquiring the bank stock must become ? naturalised
Scotsmen, to all intents and! purposes whatsoever,?
a privilege that became abused, and was abolished
in 1822. The charter further ordains that no
member of the said company shall, upon any
? pretence whatever, directly or indirectly, use,
exercise, or follow any other traffic or trade with
the said joint stock to be employed in the said
bank, or any part thereof, or profits arising therefrom,
excepting the trade of lending 2nd borrowing money
upon interest, and negotiating bills of exchange,
allenarly [i.e., these things only], and no other.?
By various subsequent statutes the capital of
this bank was increased till it stood nominally at
~1,500,000, a third of which has not been called ;
and by the Act 36 and 37 Victoria, cap. gg, further
powers to raise capital were granted, without the
Act being taken advantage of. The additional
amount authorised is ~3,000,000, which would
give a total capital of A~,~OO,OOO sterling.
The monopoly conferred on the bank by the
Parliament of Scotland was not renewed at the
expiry of the first twenty-one years; and on its
being found that banking business was on the
increase, another establishment, the Royal Bank
of Scotland, was chartered in 1727, and immediately
became the rival of its predecessor.
?It purchased up,? says Amot, ?all the notes of
the Bank of Scotland that they (the directors)
could lay hands on, and caused such a run upon
this bank as reduced them to considerable difficulties.
To avoid such distresses for the future,
the Bank of Scotland, on the 29th of November,
1730, began to issue 6 5 notes, payable on demand,
or 65 2s. 6d. six months after their being presented
for payment, in the option of the bank.
On the 12th of December, 1732, they began to
issue AI notes with a similar clause.?
The other banking companies in Scotland found
it convenient to follow the example, and universally
framed their notes with these optional clauses.
They were issued for the most petty sums, and
were currently accepted in payment, insomuch
that notes for five shillings were perfectly common,
and silver was, in a manner, banished from
Scotland. To remedy these banking abuses, an
Act of the British Parliament was passed in 1765,
prohibiting all promissory notes payable to the
bearer under 61 sterling, and also prohibiting and!
declaring void all the optional clauses.
In the year 1774, when the Bank of Scotlan&
obtained an Act to enlarge their capital to
~2,400,000 Scots, or ;~ZOO,OOO sterling, a clause
provided that no individual should possess in
whole, or more than, ~ 4 0 , 0 0 0 in stock, and the
qualification for the offices of governor and directors
was doubled.
The present offices of the Bank of Scotland
were completed from the original design in 1806
by Mr. Richard Cnchton, and the institution was
moved thither in that year from the old, narrow,
and gloomy close where it had transacted business
for one hundred and eleven years.
In digging the foundation of this edifice, the
same obstacle came in the way that eventually
occasioned the fall of the North Bridge. After
excavating to a great depth, no proper foundation
could be found-all being travelled earth. The
quantity of this carted away was such that the
foundations of some of the houses in the nearest
closes were shaken and their walls rent, so that
the occupants had to remove. A solid foundation
was at last found, and the vast structure was reared
at the cost of L75,ooo. T h e quantity of stone and
mortar which IS buried below the present surface is
immense, and perhaps as much of the building is below
the ground as above it,? says Stark in 1820.
?The dead wall on the north of the edifice, where the
declivity is greatest, is covered by a stone curtain,.
ornamented with a balustrade. The south front is.
elegant. A small dome rises from the centre,
and in the front are four projections. A range
of Connthian pilasters decorates the second floor,
and over the door in the recess is a Venetian
window, ornamented with two columns of the
Corinthian order, surmounted by the arms of the
bank.?
THE FREE CHURCH COLLEGE. 95 The Mound.]
Much of all this was altered when the bank was
enlarged, restored, and most effectively re-decorated
by David Bryce, R.S.A., in 1868-70. It now
presents a lofty, broad, and arch-based rear front of
colossal proportions to Princes Street, from whence,
and every other poiiit of view, it forms a conspicuous
mass, standing boldly from among the
many others that form the varied outline of the
Old Town, and consists of the great old centre with
new wings, surmounted by a fine dome, crowned
by a gilded figure of Fame, seven feet high. In
length the facade measures 175 feet; and 112 in
height from the pavement in Bank Street to the
summit, and is embellished all round with much
force and variety, in details of a Grecian style.
The height of the campanile towers is ninety feet.
The bank has above seventy branches ; the subscribed
capital in 1878 was A1,875,000 ; the paidup
capital LI,Z~O,OOO. There are a governor (the
Earl of Stair, K.T.), a deputy, twelve ordinary
and twelve extra-ordinary directors.
The Bank of Scotland issues drafts on other
places in Scotland besides those in which it has
branches, and also on the chief towns in England
and Ireland, and it has correspondents throughout
the whole continent of Europe, as well as in
British America, the States, India, China, Australia,
New Zealand, South Africa, and elsewhere-a ramification
of business beyond the wildest dreams oi
John Holland and the original projectors of the
establishment in the old Bank Close in 1695.
Concerning the Earthen Mound, the late Alex.
ander Trotter of Dreghorn had a scheme foi
joining the Qld Town to the New, and yet avoiding
Bank Street, by sinking the upper end of the
mound to the leve! of Princes Street, and carrying
the Bank Street end of it eastward along the north
of the Bank of Scotland, in the form of a handsomc
terrace, and thence south into the High Street b)
an opening right upon St. Giles?s Church. Thf
next project was one by the late Sir Thomas Dick
Lauder. He also proposed to bring down thc
south end of the mound ?to the level of Prince;
Street, and then to cut a Roman arch through thc
Lawnmarket and under the houses, so as to pas!
on a level to George Square. This,? say!
Cockburn, ?was both practical and easy, but i
was not expounded till too late.??
Not far from the Bank of Scotland, in I(
North Bank Street, ensconced among the might!
mass of buildings that overlook the mound, arc
the offices of the National Security Savings Ban1
of.Edinburgh, established under statute in 1836, an(
certified in terms of the Act 26 and 27 Victoria
cap. 87, managed by a chairman and cominittel
I
if management, the Bank of Scotland being
reasurer.
Of this most useful institution for the benefit of
,he thrifty poorer classes, suffice it to say, as a
ample of its working, that on striking the yearly
iccounts on the 20th of November, 1880, ?the
balance due to depositors was on that date
&r,305,27g 14s. 7d., and that the assets at the
same date were x1,3og,3g2 Ss., invested with the
Commissioners for the Reduction of the National
Debt, and A3,1o4 3s. gd., at the credit of the
3ank?s account in the Bank of Scotland, making
the total assets L1,312,496 11s. gd., which, after
ieductionof the above sum of L1,305,279 14s. 7d.,
leaves a clear surplus of A7916 17s. zd. at the
:redit of the trustees.?
The managers are, ex oficio, the Lord Provost,
the Lord Advocate, the senior Bailie of the city,
:he Members of Parliament for the city, county,
md Leith, the Provost of Leith, the Solicitor-
General, the Convener of the Trades, the Lord
Dean of Guild, and the Master of the Merchant
Company.
In the sanie block of buildings are the offices of
the Free Church of Scotland, occupying the site of
the demolished half of James?s Court. They were
erected in 1851-61, and are in a somewhat
Rorid variety of the Scottish baronial style, from
designs by the late David Cousin.
In striking contrast to the terraced beauty of the
New Town, the south side of the vale of the old
loch, from the North Bridge to the esplanade of
the Castle, is overhung by the dark and lofty gables
and abutments of those towering edifices which
terminate the northern alleys of the High Street,
and the general grouping of which presents an
aspect of equal romance and sublimity. From
amid these sombre masses, standing out in the
white purity of new freestone, are the towers and
facade of the Free Church College and Assembly
Hall, at the head of the Mound.
Into the history of the crises which called
these edifices into existence we need not enter
here, but true it is, as Macaulay says, that for the
sake of religious opinion the Scots have made
sacrifices for which there is no parallel in the
annals of England; and when, at the Disruption,
so many clergymen of the Scottish Church cast
their bread upon the waters, in that spirit of
independence and self-reliance so characteristic of
the race, they could scarcely have foreseen the
great success of their movement.
This new college was the first of those instituted
in connection with the Free Church. The idea
was origipally entertained of making provision for
