d stability of its institutions. We defy any man to read
over this report, and to adduce one word from it which shall convey
the idea that it was not intended as a final judgment, with the simple
qualifications that we have stated in the last sentence.

These two reports saved the country--we trust we shall not hereafter
be compelled to add, only for a time--from its great impending
misfortune. The circulation in England became metallic, with what
success it is not for us to say, whilst Scotland was allowed to retain
her paper currency with at least most perfect satisfaction to herself.
One pregnant fact, however, it would be unpardonable for us to
omit--as showing the stability of the northern system when compared
with that practised in the south--that at the last investigation
before a committee of the House of Commons in 1841, it was stated,
that whereas in Scotland the whole loss sustained by the public from
bank failures, _for a century and a half_, amounted to L. 32,000, the
loss to the public, _during the previous year in London alone, was
estimated at_ TEN TIMES THAT AMOUNT!

Since 1826, we have had eighteen years' further experience of the
system, without either detecting derangement in its organization, or
the slightest diminution of confidence on the part of the public.
There has been no interference with the metallic currency of England.
Forgery is a crime now utterly unknown, as is also coining, beyond the
insignificant counterfeits of the silver issue. This, in fact, is a
great advantage which we have above the English in point of security,
since we are exempt from the risk of receiving into circulation either
base or light sovereigns, and since the banks provide for the
deterioration of their notes by tear and wear, whilst the holder of a
light sovereign has to pay the difference between the standard and the
deficient weight. When we reflect upon the small amount of the wages
of a labouring man, it is manifest how important this branch of the
subject is; for were gold allowed in Scotland to supersede the paper
currency, a fresh and most dangerous impetus would be given to the
crime of coining; and there cannot be a doubt, that in the remoter
districts, where gold is utterly unknown, a most lamentable series of
frauds would be perpetrated, with little risk of detection, but with
the cruelest consequences to the poor and illiterate classes.

We are not, however, inclined to adopt the opinion expressed by