The  Bank  of  Scotland  promptly  chartered^  and  its  whole  plan  prescribed  in
advance  —  John  Holland^ s  account  of  it —  Contrast  with  the  origin  of  the
Bank  of  England  —  The  founders  of  the  Scottish  Bank  merchants  who
avoided  relations  with  the  Oovemment —  They  looked  to  it  as  a  means  of
economizing  the  use  of  money  —  Bank-notes — Trouble  with  the  Royal
Bank  —  Suspension  —  Modes  of  relief —  LitUe  loss  of  credit  —  Identified
with  the  mass  of  the  people  by  receiving  smaU  deposits,  and  paying  interest
for  them  —  Forty  banks,  and  340  branches  —  Harmony  of  action  —
English  pr^udices  and  Scotch  scorn —  Cash  credits  in  account  a  principal
feature  ^  Mode  of  operation  —  Contrasts  with  the  English  system  —  Tlie
Scotch  system  equally  effective,  and  more  safe  —  Failures  of  banks  few,
and  not  disastrous  —  Suspension  of  1797  in  England  has  no  effect  in
Scotland  —  Report  in  the  House  of  Lords,  1826  —  Report  in  the  Com^
mons  —  The  system  not  cordially  approved  in  England  —  One  pound  notes
—  Discussions  in  England  and  Scotland  —  Lessons  for  England  on  cur-
rency—  Sir  Walter  Scott  on  the  level  of  gold  —  Different  modes  of  regard-
ing  the  subjects  in  England  and  Scotland  —  Scotch  Banks  the  pride  of  the
people  —  W,  Chambers*  distrust  of  the  system  — Explanations  in  reply.
