The E-Sylum:  Volume 11, Number 6, February 10, 2008, Article 27

BRITISH TREASURY ACTION THREATENS SCOTLAND'S BANKNOTES

[E. Tomlinson Fort forwarded this article from The Economist
about a British Treasury decision that could lead to the
extinction of banknotes of Scotland.  -Editor]

One clear sign that Scotland is another country is that
its money looks different. Scottish heroes rather than
Britain's queen adorn the notes issued by the three biggest
Scottish banks. Sir Walter Scott, a novelist, is commemorated
by the Bank of Scotland (now part of HBOS but, in 1696, the
first bank in Europe to make a success of paper money)
because he fought off a dastardly attempt in 1826 by
Westminster to stop Scottish GBP1 notes from being issued.

The power of Scott's pen is needed now, rages Alex Salmond,
Scotland's nationalist first minister: the British Treasury
has launched a raid on this iconic lolly. Scottish and
Northern Irish banks (unlike their English rivals) are
still allowed to print money, which is worth exactly the
same as Bank of England cash. But a new plan would make
them back their notes more fully.

The Clydesdale Bank, a Scottish subsidiary of National
Australia Bank, fears this means that issuing notes will
no longer be worthwhile. The Treasury plan is ridiculous
anyway, Mr Salmond argues, because Scottish banks are
among the most stable in the world.

See this article with graphics and related items at
Full Story

  Wayne Homren, Editor

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