gard of Dr. Johnson, Sir Joshua Reynolds, Gibbon, the historian, and other great ones in literature and art for the scholarly Edinburgh banker. Dr. Beattie's published letters to Forbes reveal the keen interest felt by this busy man of affairs in the best books, also the wide range of his reading.

At the age of 15, on the death of his honored father, William Forbes became an apprentice in the Edinburgh branch of the London banking house of Coutts & Company. At 21, he was admitted as a junior partner. In 1766, he became the virtual head of the house. In 1773, the Coutts interest having long since been withdrawn, the name of the house was changed to Forbes, Hunter & Company. Later, his too speculative partners withdrew, and the house became known as Forbes & Company-a name for sixty years and longer synonymous with integrity and reliability. Having early withdrawn from all promotive schemes, the house weathered with ease the financial storms of 1772, '88 and '93, when many another bank went down.

Forbes was frequently urged to enter parliament, but he preferred the career he had chosen, giving up his leisure moments to the joys of literature, and to works of philanthropy. With bankers and statesmen he became a recognized

authority. With philosophers, essayists, artists and poets he was on terms of friendliest intimacy. He was leader in many public enterprises which meant much for Edinburgh and all Scotland. In recognition of his services in revising England's bankruptcy laws, Pitt offered him an Irish peerage, which he declined. His chief worldly ambition was to regain the forfeited estates of his ancestors and make them a source of profit to his tenants and others connected therewith. In this he was eminently successful. Following his death, in 1806, his oldest son, William, succeeded to his title, and his third son, George, took his place at the head of the banking house.

Sir William's literary output consists of a beautiful tribute to his mother, Lady Forbes,who, by the way, had in her youth been long and ardently wooed by Scott,-frequent contributions to the sociological literature of his time, the "Life and Writings of James Beattie, LL.D.,” and "Memoirs of a Banking House."

IV

DAVID RICARDO

1772-1823

DAVID RICARDO, the greatest English

political economist since Adam Smith,

served an apprenticeship in his father's banking house in London. When, at twenty-one, he renounced the Jewish faith that he might marry the woman of his choice, the elder Ricardo disowned him. But a true descendant of the seed of Abraham is not discouraged by a hard throw in the first bout. It is related that soon thereafter the thrifty David, with the sympathy and support of the chief members of the Stock Exchange, backed by his own coolness of head, mathematical power, sound judgment, and rare good-luck, was enabled to take advantage of the financial disturbances of the time, and in less than five years he grew rich. In 1797, an event occurred which turned the current of his thought, and of the thoughts of millions as well. That event was the conjunction of an original thinker and practical man of affairs with a copy of Adam Smith's great work, "The Wealth of Nations." Ricardo's practical application of the knowledge thus acquired and