In speaking of the marvelous prosperity of Scotland, MacLeod used this language in 1860 about the effect of Credit Currency in Scotland, where it has now been in use 217 years.
"All these marvelous results which have raised Scotland from the lowest state of barbarism up to her proud position in the space of 170 years are the children of pure credit."
The great achievement of the Scotch system of credit notes is exceedingly well stated by Mr. Charles A. Conant in these words:
1. It has provided Scotland with an elastic currency adapted to the condition of her industries and adequate in volume to their changing needs.
2. It has enabled the people to carry on numerous commercial and agricultural transactions for which they could not have found the necessary quantity of coin, and has economized the locking up of capital in the precious metal.
3. It has made the use of notes of small denomination familiar and popular, and has taught the people the distinction between bank notes as the representatives of credit, and the precious metals as the measures of value.
4. It has brought into active use the available savings and capital of the country.
5. It has afforded an opportunity for entering upon business to thousands of poor, but honest men, and enabled them to lay the foundation of a comfortable home, and in many cases of a fortune.
6. It has convinced the people so conclusively of the value and safety of the banking currency system that no serious panic has ever lasted beyond a few days, or has ever affected any of the banks, except those which were justly the subject of distrust.
Horace White, describing the Scotch system, says: