Cash being scarce in the country, a rumour arose—believed to be promoted by malicious persons—that the Privy Council intended by proclamation to raise the value of the several coins then current. The unavoidable consequence was a run upon the Bank of Scotland, which lasted twenty days, and with such severity, that at last the money in its coffers was exhausted, and payments at the bank were suspended; being the only stoppage or suspension, properly so called, which has ever taken place in this venerable institution since its starting in 1695, down to the present day, besides one of an unimportant character, to be afterwards adverted to. ‘That no person possessed of bank-notes should be a loser, by having their money lie dead and useless, the proprietors of the bank, in a general meeting, declared all bank-notes then current to bear interest from the day that payments [Sidenote: 1704.] were stopped, until they should be called in by the directors in order to payment.’[365] [Sidenote: DEC. 19.] The Court of Directors (December 19) petitioned the Privy Council to send a committee to inspect their books, and ‘therein see the sufficiency of the security to the nation for the bank-notes that are running, and to take such course as in their wisdom they might think fit, for the satisfaction of those who might have bank-notes in their hands.’ Accordingly, a committee of Council, which included Lord Belhaven, the President of the Court of Session, the Lord Advocate, and the Treasurer-depute, met in the bank-office at two o’clock next day; and having examined the accounts both in charge and discharge, found that ‘the bank hath sufficient provisions to satisfy and pay all their outstanding bills and debts, and that with a considerable overplus, exceeding by a fourth part at least the whole foresaid bills and debts, conform to ane abstract of the said account left in the clerk of Council’s hands for the greater satisfaction of all concerned.’[366] This report being, by permission of the Privy Council, printed, ‘gave such universal satisfaction, that payments thereafter were as current as ever, and no stop in business, everybody taking bank-notes, as if no stop had been for want of specie, knowing that they would at last get their money with interest. ‘At this time, the Company thought fit to call in a tenth of stock [£10,000] from the adventurers, which was punctually paid by each adventurer [being exactly a duplication of the acting capital, which was only £10,000 before]; and in less than five months thereafter, the Company being possessed of a good cash, the directors called in the notes that were charged with interest, and issued new notes, or made payments in money, in the option of the possessors of the old notes. And very soon the affairs and negotiations of the bank went on as formerly, and all things continued easy until the year 1708.’[367] [Sidenote: DEC.]