On July 17 1790 economist, Adam Smith, died in Edinburgh.

Regarded as the father of the science of Economics and author of the pioneering work, An Inquiry into the Nature and Causes of The Wealth of Nations, Smith was a leading exponenent of free-market economics, arguing that the "invisible hand" of self-interest guides the most efficient use of resources in an economy, and that unbridled market forces would bring about a balanced society.

On 17 July 1695 the Bank of Scotland was established under an Act of the Scottish Parliament.

Fittingly, it was a Scot, William Paterson, who founded the Bank of England, since it was an Englishman, John Holland, who was largely responsible for the foundation of the Bank of Scotland. Holland was a successful merchant in the City of London, and was responsible for drawing up the Constitution of the bank and the Act which was passed into the Statute Book. He also served as the Bank's first Governor.