law urged the establishment of a national bank to create and increase instruments of credit and the issue of banknotes backed by land, gold, or silver. the first manifestation of law's system came when he had returned to scotland and contributed to the debates leading to the treaty of union 1707. he published a text entitled "money and trade considered: with a proposal for supplying the nation with money" (1705). law's propositions of creating a national bank in scotland were ultimately rejected, and he left to pursue his ambitions abroad.