The Mr. Crawfurd versus the Royal Bank Case of 1749
The Royal Bank of Scotland (RBS) was founded on March 31, 1727, and twenty-two years after its establishment, RBS would play a vital role in the development of the modern banking system.
In the early 18th century, Scotland was transitioning from a predominantly agrarian society to a more industrialized and trade-oriented economy. However, Scotland lacked a stable and reliable banking system to support this economic transformation.
John Campbell, the 2nd Duke of Argyll, recognized the need for a centralized banking institution that could provide financial stability and facilitate trade and commerce in Scotland and thus became one of the key figures involved in the establishment of the bank. The vision was to create a bank that would issue banknotes, provide credit to individuals and businesses, and foster overall economic growth.
King George I of Great Britain, the first Hanoverian monarch to rule over Great Britain from the House of Hanover in Germany, granted a royal charter on March 31, 1727.
Since its founding and its early years, the Bank has experienced notable success and played a vital role in Scotland’s…
