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 instances an addition to its general prosperity, even from the undertakings which had proved destructive to the private fortune of the projectors.

Not only did the Banks dispersed throughout Scotland afford the means of bringing the country to an unexpected and almost marvellous degree of prosperity, but in no considerable instance, save one, have their own over-speculating undertakings been the means of interrupting that prosperity.  The solitary exception was the undertaking called the Ayr Bank, rashly entered into by a large body of country gentlemen and others, unacquainted