On the twenty-third day of March these bills received the royal assent; and the king took that opportunity of recommending despatch, as the season of the year was far advanced, and the enemy diligently employed in making preparations for an early campaign.

The scheme of a national bank, like those of Amsterdam and Genoa, had been recommended to the ministry as an excellent institution, as well for the credit and security of the government, as the increase of trade and circulation.

One project was invented by Dr.Hugh Chamberlain, proposing the circulation of tickets on land security; but William Paterson was author of that which was carried into execution, by the interest of Michael Godfrey and other active projectors.

The scheme was founded on the motion of a transferable fund, and a circulation by bill on the credit of a large capital.

Forty merchants subscribed to the amount of five hundred thousand pounds, as a fund of ready money, to circulate one million at eight per cent, to be lent to the government; and even this fund of ready money bore the same interest.