Blackwood's Edinburgh Magazine, Volume 56, Number 350, December 1844Various
History
Blackwood's Edinburgh Magazine, Volume 56, Number 350, December 1844
Various
England -- Periodicals; Scotland -- Periodicals
Peace came; and with peace, as a matter of course, a more searching
investigation into the internal state of the country. Then, for the
first time, Scotland became a sort of marvel. Our agriculture, our
commerce, our internal resources, so strangely and quickly augmented,
attracted the attention of the politician; and the question was
speedily mooted--"How, and by what means, have so poor a nation as the
Scotch attained so singular a position?" And truly the facts were
startling, and such as might justify an enquiry. _The whole coined
money in Scotland, at the date of the Union, was known not to have
exceeded the sum of_ ONE MILLION STERLING; and a large part of this
paltry sum was necessarily hoarded, and so withdrawn from circulation,
throughout the whole period of the intestine troubles. That single
million, therefore, held the place both of that part of the wealth of
the country which is now represented by bank-notes, and also of that
which is now deposited in the hands of the bankers. Aladdin's palace,
which sprang up in one night at the bidding of the slaves of the lamp,
could scarcely have been a greater paradox to the aged Sultan, than
this increase of prosperity on the part of Scotland was to our
southern legislators. How to explain the metamorphosis seemed for a
time a mystery. One thing, at all events, was clear--that English gold
had no participation in the change. North of the Tweed, a guinea was a
suspected article, apt to be rung, and examined, and curiously
weighed, before it was received in currency, and even then accepted
with a certain reluctance. The favourite medium of circulation was
paper-notes of one pound each, of somewhat dubious complexion to the
eye of the stranger, but received and circulated by the Scottish
people with the utmost readiness and confidence. The answer to the
question was a short one--"We have prospered through OUR BANKING
SYSTEM."
Public-domain text, read in full here on John Shaqi.
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