riptions 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[9] to any other persons to
enter into and set up ane distinct Company of Bank within this Kingdom,
besides these persons allennarly[10] 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.

FOOTNOTES:

[9] Lawful.

[10] Only.

THE DARIEN SCHEME (1695-1700).

A. THE PROJECT AND ITS ORIGINATOR (1695).

+Source.+--Bishop Burnet's _History of His Own Times_, vol. iv., p.
282. (Oxford: 1833.)

Another act passed, that has already produced very fatal consequences to
that kingdom[11]; and may yet draw worse after it: the interlopers in
the East India trade, finding that the company was like to be favoured
by the parliament, as well as by the court, were resolved to try other
methods to break in upon that trade: they entered into a treaty with
some merchants in Scotland; and they had, in the former session,
procured an act, that promised letters patents to all such as should
offer to set up new manufactures, or drive any new trade, not yet
practised by that kingdom, with an exemptio