. The facts of
nature will always be found too strong for the theories of the
political economist; but our rulers in the plenitude of their wisdom
thought otherwise; and began to search within the social system for a
cause of that disorder, which was neither more nor less than an
epidemic, as totally beyond the reach of their prevention as if the
College of Physicians were to issue their solemn fiat--"This year
there shall be neither cholera nor fever." In searching for the cause,
however, they stumbled upon an effect which they at once adroitly
magnified into a cause. In England there had been a marked increase
during the rise in the issue of the country banks. Here was an
opportune discovery for the champions of metallic currency! and,
accordingly, the paper system was prostrated in England to make way
for its more glittering, often more slippery, and always more
expensive rival.

Scotland, in the mean time, was going on in her old and steady
footing. One and all of the banks--chartered, joint-stock, and
private--were as firm as if each had been backed by the whole weight
and responsibility of the state. Between them and the public the most
perfect confidence subsisted; and very nobly indeed, in that time of
trial and distress, did the banks behave, in maintaining credits
grievously depressed for the moment, but certain to revive with the
return of general prosperity. This mutual confidence is the great
secret of the success of the Scottish system. The banker is to the
trader as a commercial physician--sometimes restrictive, sometimes
liberal, but always a judicious friend. It is impossible to separate
the interests of the two; and as they have risen together, so, in the
event of a change, must they both equally decline. But we will not
anticipate our defence, before we have adduced the facts upon which
that defence is founded.

All at once, and without sounding any note of preparation, the
ministry announced, that after the expiry of a given season, the whole
Scottish banking system was to be changed, all paper currency under
the five-pound note abolished, and a metallic circulation introduced
and enforced. If Ben Nevis had burst forth at once in the full thunder
of volcanic eruption, we could not have been more astonished. What!
without complaint or enquiry--without the shadow of a cause shown, or
a reason assigned, except it might be that reason--to a Scotsman the
most unpalatable of all--the propriety of assimi