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its fluctuations. It is a system so easy in its working, that no householder in Scotland is without it; and for every shilling that he deposits in the bank, he receives regular interest, calculated from day to day, without any deduction or commission, at as high a rate as if he had left, for a stipulated period, a million of money unrecallable by him, to be employed in its trade by the bank. This is surely a great accommodation and encouragement to the trader. But see how the introduction of the metallic currency would affect us. Operating deposits there would be none; for, if the banker were not actually compelled to charge a certain per centage of commission, he would at least be able to pay no interest. Or let it be granted that, by great economy, (though we cannot well see how,) he could still afford to pay a diminished rate, the proportion would be too small to tempt the dealer to the constant system of deposit which now exists, and hoarding would be the inevitable result. Or suppose that the system of deposit should still continue in the large towns, what is to become of the country when the branch banks shall have been removed? A little topography might here be valuable, to correct the notions of the theorists, who would legislate precisely for the thinly inhabited districts of Kintail and Edderachylis, as they would for the town-covered surface of Lancashire. But there would be more important losses to the public than the mere cessation of interest upon operating deposit accounts. All the witnesses who have been examined, agree that cash-credits must be immediately withdrawn. Of all the facilities that a mercantile country, or rather the foremost mercantile system of a country, can afford to industry, that of cash-credit is certainly the most unexceptionable. Take the case of a young man just about to start in business, whose connexion, habits, and education, are such as to give every possible augury for his future success. The _res angustae domi_ are probably hard upon him. He has no patrimony; his friends, though in fair credit, are not capitalists; and he has not of himself the opportunity of launching into trade, for the want of that one talent, which, if judiciously used, would in time multiply itself into ten. He cannot ask his friends to assist him in the discount of bills. Large as the affection of a Scotchman may be for some descriptions of paper, he has a kind of inherent repugnance to that sort of f
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