ing the laws regarding it. Many Scottish merchants,
manufacturers, and bankers were examined by these committees; and
the reports presented to both houses towards the end of the session
justified the resistance made. The stability of the banking system in
Scotland, the committee stated, did not justify any alteration; and
they were apprehensive that a prohibition of small notes would injure
one branch of the Scottish system which it was essential to preserve,
namely, the giving of cash credits. Under these circumstances they
recommended that the paper money of Scotland should not be meddled with.
Sir M. W. Ridley, however, who, with others, was apprehensive that
a metallic currency in England could not exist with a small paper
circulation in Scotland, moved a resolution that the house would, in the
course of next session, institute an inquiry as to how far the interests
of England and Scotland were likely to be affected by the existence of
different systems of currency in the two countries; and to ascertain
whether any, or what means ought to be adopted to assimilate the
currency in both. But this motion was negatived without a division; and
thus Scotland was left for the present in possession of that system of
currency under which her commerce, manufactures, and agriculture had so
long flourished.

BILL TO ENABLE PRIVATE BANKS TO HAVE AN UNLIMITED NUMBER OF PARTNERS,
ETC.

The bill extinguishing small notes in England was followed by two other
bills affecting the currency. The first of these bills was to permit the
number of partners in each country bank to be unlimited; and the second,
as a compensation to the Bank for conceding to this measure, extended
its exclusive privileges to a circle round the metropolis, with a radius
of sixty-five miles, and authorised the directors to establish branch
banks in different parts of the country. While these measures were
before parliament, in which they received general support, distress
widely prevailed throughout the country. An idea was entertained that
ministers would relieve this by the issue of exchequer-bills; but
they had the prudence to abstain from any short-sighted and injurious
palliatives. They expressed themselves willing, indeed, to keep the Bank
harmless to the extent of two millions, if it should think proper to go
into the market and purchase exchequer-bills; but they would not involve
themselves in a system of artificial relief for a disease which they