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were, than they have been since the introduction oi the Joint Stock system.

 Perhaps lhe superior working of the system in Scot land k 10 be attributed in part to the peeuln1lies of the Scotch character. Perhaps it is to be attfha- ted to it's gradual extension a that country as the wants of the country requ cd it, rather as the coun- try required strength bear il. IL s by degrees that Il has reached its present state of pereetion TOT many years disorders attended its operations. Some ol them were of a very serious character

 We have seen that even now, with all the aud which the experience of century has given in the mantge- ment of the system, backed by Scotch prudence, it's operation, produces tremendous commercial feFai- sions. How it would operate, if Bank and State were separated in Great Britain, Is another question: he true principles of commercial banking require tlat every bank note issued, should represent real bill ol exchange, or something eqmealent thereto, and that every bill nf exchange should represent merchandise which may be sold in time To enable the narcant to take up tine bill he as discounted al bank and thus enable the bank to redeem the note Il has isssed- The fundamental principle is departed from in Eng land and Scotland where bank notes are received m payment of public dues. The Bank ot England, as ;l government machine, deranges the operations o all the other banks. and would do even if they were | allowed to issue notes of less denomination than 100 dollars.

 In the United States, banking system founded on the principles of the Scotch system, would probably work well, provided

 1st TGat the concerns of both the State and Fed eral Government be separated from those of the banks.

 2nd. That no note be issued of il less denomination than fifty lollars.

 3rd. That bankrupt act be passed, which, in case any banker fails to fulfil his engagements shall immediately transfer his property to commissioners for the benefit of his creditors.

 After al, the old Lancashire system of banking Is, perhaps, the best The bankers there issued m notes of their own, and bona fde bills of exchange ere the chief commercial medium in all large transactions They passed by endorsement from man |" man, aud

 the last holder has his remedy a law not only against the drawer, but against every endorser. II may be asked what advantage IS here in such medium over bank notes which shall represent such bills of ex- change actually in the vaults ofthe bank2 The prn. cipe advantage is, that through them we see lhe be- ginning and the end of every credit transaction. The bill of exchange falls due definite day, and then it must be pad or dishonored. Bank notes, thougl always due, are, in the aggregate, never paid, and by one contiiyance another, payl.ent oi them IS deferred long, that length it becomes impossible to pay them al all.