selves. This is granting the facts of the case as broadly as can
be asked.

It is not less unquestionable that the consequence of this Banking
system, as conducted in Scotland, has been attended with the greatest
advantage to the country. The facility which it has afforded to the
industrious and enterprising agriculturalist or manufacturer, as well
as to the trustees of the public in executing national works, has
converted Scotland from a poor, miserable, and barren country, into
one, where, if nature has done less, art and industry have done more,
than in perhaps any country in Europe, England herself not excepted.
Through means of the credit which this system has afforded, roads have
been made, bridges built, and canals dug, opening up to reciprocal
communication the most sequestered districts of the country--manufactures
have been established, unequalled in extent or success--wastes have
been converted into productive farms--the productions of the earth for
human use have been multiplied twentyfold, while the wealth of the rich
and the comforts of the poor have been extended in the same proportion.
And all this in a country where the rigour of the climate, and
sterility of the soil, seem united to set improvement at defiance. Let
those who remember Scotland forty years since, bear witness if I speak
truth or falsehood.

There is no doubt that this change has been produced by the facilities
of procuring credit, which the Scottish Banks held forth, both by
discounting bills, and by granting cash-accounts. Every undertaking of
consequence, whether by the public or by individuals, has been carried
on by such means; at least exceptions are extremely rare.

There is as little doubt that the Banks could not have furnished these
necessary funds of cash, without enjoying the reciprocal advantage of
their own notes being circulated in consequence, and by means of the
accommodation thus afforded. It is not to be expected that every
undertaking which the system enabled speculators or adventurers to
commence, should be well-judged, attentively carried on, or successful
in issue. Imprudence in some cases, misfortune in others, have had
their usual quantity of victims. But in Scotland, as elsewhere, it has
happened in many instances that improvements, which turned out ruinous
to those who undertook them, have, notwithstanding, themselves
ultimately produced the most beneficial advantages to the country,
which derived in such ins