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Some years ago the different banking companies of Scotland were

in the practice of inserting into their bank notes, what they

called an optional clause; by which they promised payment to the

bearer, either as soon as the note should be presented, or, in

the option of the directors, six months after such presentment,

together with the legal interest for the said six months. The

directors of some of those banks sometimes took advantage of this

optional clause, and sometimes threatened those who demanded gold

and silver in exchange for a considerable number of their notes,

that they would take advantage of it, unless such demanders would

content themselves with a part of what they demanded. The

promissory notes of those banking companies constituted, at that

time, the far greater part of the currency of Scotland, which

this uncertainty of payment necessarily degraded below value of

gold and silver money.