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www.lizi.twcirculatingpaperat
anytiexceedthatsuastheexcessuldherbesent
abroadnorbeeloyedi
iediatelyretuuponthebankstobeexgedfoldand
silver.nypeoplediatelyperceivethattheyhadre
ofthispaperthanransagtheirbusiness
atho,andastheyuldabroad,theywould
iediatelydendpayntofitfrohebanks.his
superfluouspaperedintogoldandsilver,theyuld
easilyfindauseforitbysendingitabroad;buttheyuld
findnoneaiheshapeofpaper.therewould
iediately,therefore,bearunuponthebankstothewhole
extentofthissuperfluouspaper,and,iftheyshowedany
diffiuchgreaterextent;
thealarishe
run.
overandabovetheexpeoeverybranch
oftrade;suchastheexpenseofhouserent,thewagesof
servants,clerks,atac.;theexpensespeculiartoa
banknsistchieflyinticles:first,intheexpenseof
keepingatalltisinitsffers,foransheoccasional
dendsoftheholdersofitsnotes,alargesufney,of
losesthei;and,sendly,intheexpenseof
replenishingthoseffersasfastastheyareetiedby
ansands.
abankingpany,orepaperthanbe
eloyedinthecirculationoftheuntry,andofhe
exforpaynt,oughtto
ihequantityofgoldandsilver,heykeepatall
tisintheirffers,notonlyinproportiontothisexcessive
inuchgreaterproportion;
theiotesretuingupontheuchfasterthaninproportionto
theexcessoftheirquantity.suchapany,therefore,oughtto
ihefirstarticleoftheirexpeonlyin
proportiontothisforcreaseoftheirbusiness,butina
chgreaterproportion.
theffersofsuchapanytoo,thoughtheyoughttobe
filledchfuller,yetstetytheelveschfasterthanif
theirbusinessorereasonablebounds,and
strequire,notonlyareviolent,butarenstantand
uninterruptedexertionofexpenseioreplenishthethe
intoo,husntinuallydrahlarge
quantitiesfroheirffers,ployedinthe
circulationoftheuntry.itesinplaceofapaperhis
overandaboveployedinthatcirculation,andis
thereforeoverandaboveployedinittoo.butas
thatinust,inoneshape
oranother,besentabroad,iofindthatprofitable
eloynte;andthisntinual
exportationofgoldandsilver,byenhangthedifficulty,st
necessarilyenhaillfurthertheexpehebank,in
findingneoreplenishthoseffers,
ptytheelvessoveryrapidly.suchapany,
therefore,st,inproportiontothisforcreaseoftheir
business,inore
thanthefirst.
letussupposethatallthepaperofaparticularbank,
hecirculationoftheuntryeasilyabsorband
eloy,aulytofortythousandpounds;andthatfor
ansands,thisbankisobligedtokeepatall
tisinitsfferstenthousandpoundsingoldandsilver.
shouldthisbankattettocirculatefortyfourthousandpounds,
thefourthousandpoundsthe
ploy,uuponit
alstasfastastheyareissued.foranscasional
dends,therefore,thisbankoughttokeepatalltisinits
ffers,noteleventhousandpoundsonly,butfourteenthousand
pounds.ithusgainnothingbytheiofthefour
thousandpoundsexcessivecirculation;andithe
inuallyllegfourthousandpoundsin
goldandsilver,inuallygoingoutofits
ffersasfastastheyarebroughtintothe
hadeveryparticularbankingpanyaloodand
atteoitsoicularihecirculationnever
uldhavebeeockedoney.butevery
particularbankingpanyhasnotaloodorattended
toitsoiculari,andthecirculationhas
frequentlybeeockedoney.
byissuingtoogreataquantityofpaper,ofhe
excessinuallyretuing,iobeexgedfoldandsilver,thebankofenglandaogether
obligedtoingoldtotheextentofbethundred
thousandpoundsandallionayear;oratanaverage,about
eighthundredandfiftythousandpounds.forthisgreatinage
thebankinnsequeheateinto
hegoldinhadfallenafely
obligedtopurchasegoldbullionatthehighpriceoffourpounds
anounce,soonafterissuedininat5317s.1012d.
anouhree
per.thoughthebank
thereforepaidnoseigne,thoughthegoventroperly
attheexpeheihisliberalityofgoventdid
notpreventaltogethertheexpehebank.
theste
kind,ploynstantlyagentsatlondonto
lle,atanexpensebelowone
andahalfortoneydohe
hecarriersatanadditionalexpenseof
threequarterspertorfifteenshillingsonthehundred
pounds.thoseagentsaloreplenishthe
ffersoftheireloyerssofastastheyptied.inthis
casetheresourceofthebanksodraheir
rresposinlondonbillsofexgetotheextentofthe
sueyed.hoserresposafterwardsdrew
upohepayntofthissutogetherhthei
andassion,sonifthosebanks,frohedistressinto
,hadsotis
nootheransofsatisfyingthisdraughtbutbydraond
setofbillseitheruponthesa,oruponsoother
rresposinlondon;andthesasuorratherbillsfor
thesasuanisrethantwo
orthreejoueys,thedebtor,bank,payingalhei
andssionupoedsueventhosestch
banksselvesbytheirextre
im
...