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www.192.twionofstland
atedatlessthantillions,ofhatpart
ostprobablydoesnotaunt
tohalfallion.butthoughthecirculatinggoldandsilverof
stlandhavesufferedsogreatadinutithisperiod,
itsrealrichesandprosperitydonotappeartohavesuffered
any.itsagriculture,nufactures,andtrade,orary,
theannualproduceofitslandandlabour,haveevidentlybeen
augnted.
itischieflybydisuntingbillsofexge,thatis,by
advanbeforetheyaredue,thatthegreater
partofbanksandbankersissuetheirprossoryhey
deductaltheyadvahelegali
tillthebillshallbeedue.thepayntofthebill,
beesdue,replacestothebankthevalueofhadbeen
advaogetherhaclearprofitoftheihe
bankererts,noldandsilver,buthisoissorynotes,hastheadvantage
ofbeingabletodisunttoagreateraunt,bythewholevalue
ofhisprossorynotes,hhefindsbyexperienceare
nlyinakehisclear
gainofionsochalargersu
therceofstland,presentisnotvery
great,oreinnsiderablehetbanking
paniespanieswouldhavehad
butlittletradehadtheyheirbusiothe
disuntingofbillsofexge.theyied,therefore,
ahodofissuingtheirprossorynotes;bygranting
theycalledcashats,thatisbygiviothe
extentofacertainsuhreethousandpounds,for
exaletoanyindividualwopersonsof
undoubted,
thatoneyshouldbeadvan,for
and,
togetherhthelegali.creditsofthiskindare,i
believe,nlygrantedbybanksandbankersinalldifferent
partsofthesupoch
bankingpaniesaentare,sofarasiknow,
pe,andhave,perhaps,beentheprincipalcause,
bothofthegreattradeofthosepaniesandofthebe
it.
ofthiskindhohose
panies,andborrople,
yrepaythissuieceal,bytyandthirtypoundsata
ti,thepanydisuntingaproportioofthe
iofthegreatsurohedayonhose
sllsuispaidintilltheannerrepaid.
allrostallnofbusiness,findit
nveokeepsuchcashats,ahereby
iedtoprotethetradeofthosepanies,byreadily
reents,andbyenuragingall
thosetheyhaveanyihe
banks,ersapplytotheorney,generally
advanintheiroissoryhesethe
rtspayaanufacturersfoods,the
nufaersforterialsandprovisions,the
farrstotheirlandlordsforrent,thelandlordsrepaytheo
thertsforthenvenienciesandluxurieshhey
supplytheandthertsagaiheothebanksin
ordertobalaheircashats,ortoreplaceay
haveborro;andthusalsttheoneybusiness
oftheuntryistransa.hehegreat
tradeofthosepanies.
byansofthosecashatseveryrt,hout
irudence,carryoertradethaheroulddo.
ifthereareterts,oneinlondonaherin
edinburgh,ebranchoftrade,
theedinburghrt,prudence,carryona
greatertradeandgiveeloynttoagreateuerofpeople
thanthelondonrertstalwayskeepby
hinsiderablesufherinhisooffers,orin
thoseofhisbanker,noiforit,inorder
toansandsntinuallyinguponhiorpayntof
thegoodsount
ofthissuesupposedfivehundredpounds.thevalueofthe
goodsinhisustalwaysbelessbyfivehundredpounds
thanitbeenobligedtokeepsucha
suneloyed.letussupposethathegenerallydisposesofhis
ockuponhand,oodstothevalueofhiswhole
stockuponhand,oheyear.bybeingobligedtokeepsreatasuneloyed,hestsellinayearfivehundred
poundsightotherwisehavedone.his
annualprofitsstbelessbyallthatheuldhavedebythe
saleoffivehundredpoundsoods;andthenuerof
peopleeloyedinpreparinghisgoodsfortherketstbe
lessbyallthosethatfivehundredpouockuldhave
eloyed.thertinedinburgh,oherhand,keepsno
neyuneloyedforansands.hey
a,hesatisfiestheroiscashat
borrohthe
neyorpaperesinfroheoccasionalsalesofhis
goods.estock,therefore,he,hout
irudence,haveatalltisinhisity
ofgoodsthanthelondonrakea
greaterprofithielf,andgivenstanteloynttoagreater
nuerofindustriouspeoplehosegoodsforthe
rket.hehegreatbeheuntryhasderived
frohistrade.
thefaaybe
thoughtindeed,givestheenglishrtsanveniency
equivalenttotheerts.butthe
stchrts,itstbereered,disunttheirbills
ofexgeaseasilyastheenglishrts;andhave,
besides,theadditionalnveniencyoftheircashats.
theoneyofeverykindheasily
circulateinanyuntryneverexceedthevalueofthegold
andsilver,ofsuppliestheplace,orhe
reethere,ifthere
oney.iftple,are
thelooneycurrentinstland,thehat
currency
ofgoldandsilverransagthe
annualexgesoftyshillingsvalueandupwardsusually
transactedhinthatuntry.shouldthe
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