Misfortune's growling bark

‘February 16 [1826].—"Misfortune's gowling bark"comes louder and louder. By assigning my whole property to trustees for behoof of creditors, with two works in progress and nigh publication, and with all my future literary labours, I conceived I was bringing into the field a large fund of payment, which could not exist without my exertions, and that thus far I was entitled to a corresponding degree of indulgence. I therefore supposed, on selling this house, and various other property, and on receiving the price of Woodstock and Napoleon, that they would give me leisure to make other exertions, and be content with the rents of Abbotsford, without attempting a sale. This would have been the more reasonable, as the very printing of these works must amount to a large sum, of which they will reap the profits. In the course of this delay I supposed I was to have the chance of getting some insight both into Constable's affairs and those of Hurst and Robinson. Nay, employing these houses, under precautions, to sell the works, the publisher's profit would have come in to pay part of their debts. But Gibson last night came in after dinner, and gave me to understand that the Bank of Scotland see this in a different point of view, and consider my contribution of the produce of past, present, and future labours, as compensated in full by their accepting of the trust-deed, instead of pursuing the mode of sequestration, and placing me in the Gazette. They therefore expected the trustees instantly to commence a law-suit to reduce the marriage settlement, which settles the estate upon Walter, thus loading me with a most expensive suit, and, I suppose, selling library and whatever they can lay hold on…’

Scott logs a lengthy post on February 16, 1826, as his bankruptcy unfolded.  Scott begins with a quote from Robert Burns from the bard’s dedication to Gavin Hamilton, which at least shows that he was able to see past some of his current difficulties.  The Bank of Scotland is deeply involved in this process, and Scott was about to become immersed in efforts to save the existing Scottish banking system through his Malagrowther letters.

Bank of Scotland Formed

Previous posts have covered why Sir Walter Scott appears on the banknotes of the Bank of Scotland.  The Bank of Scotland itself was formed on July 17, 1695.  According to Andrew Kerr, in his "History of Banking in Scotland, 'It was in the midst of the experiences described in the last chapter [the Darien Expedition] that the earliest of Scottish banks came into existence, and passed the first few years of its career. On the 17th July 1695, three weeks after the incorporation of the African and Indian Company, the Scots Parliament passed an "Act for erecting a Publick Bank," which, together with six other Acts subsequently obtained, forms the constitution of the Bank of Scotland. The preamble recites how " Our Sovereign Lord, considering how useful a Publick Bank may be in this Kingdom, according to the custom of other Kingdoms and States; and that the same can only be best set forth and managed by Persons in Company with a Joynt Stock, sufficiently indued with these Powers, and Authorities, and Liberties, necessary and usual in such Cases; Hath therefore Allowed, and, with the Advice and Consent of the Estates of Parliament, Allows a Joynt Stock, amounting to the Sum of Twelve Hundred Thousand Pounds [Scots] Money, to be raised by the Company hereby Established for the Carrying and Managing of a Publick Bank. And further Statutes and Ordains, with Advice foresaid, That" certain persons named should have power to receive subscriptions from the 1st November to the 1st January succeeding, and that the subscribers "are hereby Declared to be One Body Corporat and Politick, by the Name of the Governour and Company of the Bank of Scotland."...'