The stop of payments which happened to the bank of Scotland, was foreseen, and might have been prevented. the consumption of foreign goods, and expence in England, being more than the export of goods did pay; the ballance sent out in money lessened the credit of the bank. for as credit is voluntary, it depends on the quantity of money in the country, and increases or decreases with it. coyning notes of one pound supported the bank, by furnishing paper for small payments, and thereby preventing a part of the demand for money: by these notes the bank might have kept its credit, till other methods had been taken to supply the country with money; had not a report of raising the money occasioned an extraordinary demand, which in few days exhausted the money in bank, and put a stop to payments. It would not have been easie in that scarcity of money to have got enough to support the bank, tho’ men of the best credit had undertaken it; that report of raising the money having only occasioned a demand from the people in Edinburgh. in a short time notes would have come in so fast from the country, that what money could have been got, would not have answered the demand. If the privy council had lowered the money, the English crown to 5s. and the other money in proportion, to take place 2 pence p. crown in 3 days, and the other 3 pence in a month; the occasion of the demand being removed, in all appearance money would have been returned to the bank. If the state of the bank had been known, or suspected by the people; such a proclamation would have had the same effect, tho’ the stop of payment had then happen’d. in that case, the support of the bank might have been the narrative of the proclamation; the security being good, few or none would have kept their money to loss, rather than return it to the bank. and if in 3 days money had not come in so fast as expected, their lordships by a 2d. proclamation might have lowered the crown to 5 sh. to take place then, and 6 pence more in 3 days. when the credit of the bank had been re-established, the money might have been cryed up, if that had been necessary, the crown to 5 sh. and 5 pence, and the other money in proportion as it was before. Some are against all banks where the money does not lie pledged equal to the credit. 1. they say the demand may be greater than the money in bank. secondly, if we are declining in our trade, or money, we are not at all, or are less sensible of it: and if the bank fail, we are in a worse condition than before.