egislative interference were, "the
increasing wealth and commerce of Scotland, the rapid extension of her
commercial intercourse with England, and the circumstances which may
affect that intercourse after the re-establishment of an English
metallic currency." To us the first part of this reservation sounds
somewhat like a threat of future bleeding when Scotland shall have
become more pursy and plethoric. Nevertheless we are ready to join
issue with our opponents on any of these grounds.

The report of the Lords was even more favourable; and, at the risk of
being thought tedious, we cannot refrain from inserting their
admirable digest of the evidence, which, for candour and clearness,
might be taken as a universal model.

"With respect to Scotland, it is to be remarked, that during the
period from 1766 to 1797, when no small notes were by law
issuable in England, the portion of the currency in Scotland in
which payments under five pounds were made, continued to consist
almost entirely of notes of L1 and L1, 1s.; and that no
inconvenience is known to have resulted from this difference in
the currency of the two countries. This circumstance, amongst
others, tends to prove that uniformity, however desirable, is not
indispensably necessary. It is also proved, by the evidence and
by the documents, that the banks of Scotland, whether chartered
or joint-stock companies or private establishments, _have for
more than a century exhibited a stability which the committee
believe to be_ UNEXAMPLED IN THE HISTORY OF BANKING; that they
supported themselves from 1797 to 1812 without any protection
from the restriction by which the Bank of England and that of
Ireland were relieved from cash payments; that there was little
demand for gold during the late embarrassments in the
circulation; and that, _in the whole period of their
establishment_, there are not more than two or three instances of
bankruptcy. As, during the whole of this period, a large portion
of their issues consisted almost entirely of notes not exceeding
L1 or L1, 1s., there is the strongest reason for concluding,
that, as far as respects the banks of Scotland, the issue of
paper of that description _has been found compatible with the_
HIGHEST DEGREE _of solidity_; and that there is not, therefore,
while they are conducted upon their present s