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 with commercial affairs, and who had moreover the misfortune not only to set out on false principles, but to get false rogues for their principal agents and managers. The fall of this Bank brought much calamity on the country; but two things are remarkable in its history: First, that under its too prodigal, yet beneficial influence, a fine county (that of Ayr) was converted from a desert into a fertile land. Secondly, that, though at a distant interval, the Ayr Bank paid all its engagements, and the loss only fell on the original stockholders. The warning was, however, a terrible one, and has been so well attended to in Scotland, that very few attempts seem to have been afterwards made to establish Banks prematurely--that is, where the particular district was not in such an advanced state as to require the support of additional credit; for in every such case, it was judiciously foreseen, the forcing a capital on the district could only lead to wild speculation, instead of supporting solid and promising undertakings.