for that of all the
other parts of the empire, that if they were reduced to make an
option between the establishment of such a metallic circulation
in Scotland, or the abandonment of it in England, they would
recommend the prohibition of small notes in Scotland. But they
entertain a reasonable expectation, that legislative measures may
be devised which will be effectual in preventing the introduction
of Scotch paper into England; and unless such measures should in
practice prove ineffectual, or _unless some new circumstance
should arise_ to derange the operations of the existing system in
Scotland itself, or materially to affect the relations of trade
and intercourse between Scotland and England, they are not
disposed to recommend that the existing system of banking and
currency in Scotland should be disturbed."

This is just what a Parliamentary report ought to be--calm,
perspicuous, and decided. There is no circumlocution nor ambiguity of
expression here. After a patient investigation into the whole
question, and a minute examination of enemies as well as friends, the
Lords arrived at the opinion, that the existing banking system of
Scotland ought on all points to be maintained, and they not only
stated their general conviction, but gave their reasons for upholding
each part in detail, in the luminous manner which has always been the
characteristic of that august Assembly, and which has established its
proud reputation as not only the noblest, but the most upright
tribunal of the world. It is worthy of the most marked attention, that
the committee of the Lords in this report, which afterwards received
the sanction of the House, advocated no temporary continuance of the
banking system in Scotland, but were clearly of opinion that it should
remain as a permanent institution. They evidently entertained no
ideas, grounded upon mere expediency, that it would be prudent to wait
until Scotland, by means of her cherished institutions and her own
internal industry, arrived at that point of condition when it might be
expedient to introduce the lancet, and drain off a little of her
superfluous blood. They vent upon the righteous maxim--that a nation,
as well as a man, is entitled to work out its own resources in peace,
so long as it does not trench upon the industry or prerogatives of its
neighbour, and so long as no impeachment can be laid against the
prudence an