Blackwood's Edinburgh Magazine, Volume 56, Number 350, December 1844

But it is not here, or at this point, that we intend to discuss the propriety of the measure which was then proposed. Unfortunately, we are called upon to do so with reference to our own times, as well as to those which are now matter of history; and the remarks which we shall have occasion to offer are equally applicable to the one as to the other. In the mean time, let us see how the mere alarm engendered by that unlucky proposition affected Scotland, and what steps were taken to resist the threatened change.

First of all, we have it in evidence that the open threat of the ministerial scheme produced within the country more actual distress and bankruptcies than had previously occurred during the period of the previous depression. This may seem a paradox to a stranger; but the reason will be readily understood, and the fact candidly admitted by every one who is conversant with the Scottish system of banking. A short expl