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theirrepaynts,agastheircircesareeither
thrivingordeing.aprivateo
perhapshalfadozenoradozeors,y,eitherby
hielforhisagents,observeandinquirebothnstantlyand
.buta
bankingpany,ooperhapsfivehundred
differentpeople,andofheattentionisntinually
occupiedbyobjectsofaverydifferentkind,havenular
infortiohendudcircesofthe
greaterpartofitsdebtorsbeyonditso.
inrequiringfrequentandregularrepayntsfrolltheir
custors,thebankingpaniesofstlandhadprobablythis
advantageinview.
sendly,bythisattentiontheysecuredtheelvesfrohe
possibilityofissuingrepaperhanthecirculation
oftheuntryuldeasilyabsorbandeloy.heyobserved
thatoderateperiodsoftitherepayntsofa
particularcustorostoccasionsfullyequaltothe
advabeassuredthat
thepaperneyhadnotatany
tiexceededthequantityofgoldandsilverhhewould
otherforanswering
oands;andthat,nsequently,thepaperney,
eans,hadnotatanyti
exceededthequantityofgoldandsilverhwouldhave
ohe
frequeswould
suffiountoftheiradvanceshadat
notiexceededthatpartofhiscapitalhhewould
otheruneloyedandin
readyneyforansands;thatis,forthe
purposeofkeepiofhiscapitalinnstant
eloynt.itisthispartofhiscapitalonlyhin
derateperiodsofti,isntinuallyretuingtoevery
dealerintheshapeofney,herpaperorin,and
ntinuallygoingfrointhesashape.iftheadvancesof
thebankhadnlyexceededthispartofhiscapital,the
ordinaryauntofhisrepayntsuldnot,oderate
periodsofti,haveequalledtheordinaryauntofits
advahestreaansofhisdealings,was
ntinuallyrunningintotheffersofthebank,uldnothave
beenequaltothestreaansofthesadealings,
inuallyrunningout.theadvahebankpaper,by
exceedingthequantityofgoldandsilverherebeen
nosuchadvances,hefor
ansands,ghtsoooexceedthewhole
quantityofgoldandsilverrcebeingsupposed
thesaediryhadtherebeenno
paperney;andnsequentlytoexceedthequantityhe
ploy;and
theexoneydiatelyhaveretued
uponthebankiobeexgedfoldandsilver.this
sendadvahoughequallyreal,perhapssowell
uoodbyallthedifferentbankingpaniesofstlandas
thefirst.
lybythenveniencyofdisuntingbills,and
partlybythatofcashats,thecreditabletradersofany
untrybedispensedfroheyofkeepinganypart
oftheirstooneyfor
ansands,theyreasonablyexpeo
fartherassistancefroanksandbankers,heyhave
gohusfar,ot,nsistentlyhtheiroerestand
safety,gofarther.abankot,nsistentlyhitsown
i,advaraderthehegreaterpart
ofthecirculatingcapitalhrades;because,though
thatintheshapeof
ney,andgoingfrointhesashape,yetthehe
retusistoodistantfroheheoutgoings,andthe
sufhisrepayntsuldnotequalthesufitsadvances
oderateperiodsoftiassuitthenveniencyofa
bank.stillless,uldabankaffordtoadvany
nsiderablepartofhisfixedcapital;ofthecapitalhe
uakerofanire,forexale,eloysiinghis
feandsltinghouse,hishe
dec.;ofthecapitalhe
uakerofaneeloysinsinkinghisshafts,iing
enginesfordraakingroadsand
c.;ofthecapitalhepersonakes
toirovelandeloysinclearing,draining,enclosing,
nuring,andploughingeanduncultivatedfields,in
buildingfarouses,halltheiecessaryappendagesof
stables,grac.theretusofthefixedcapitalarein
alstallcaseschslohanthoseofthecirculating
capital;andsuchexpenses,evenhthegreatest
prudendjudgnt,veryseldoetutotheuakertill
afteraperiodofnyyears,aperiodbyfartoodistanttosuit
thenvenienay,no
doubt,hgreatpropriety,carryonaverynsiderablepartof
theirprojeey.injusticetotheir
creditors,hoheiroalought,inthiscase,tobe
suffiaysayso,thecapitalofthose
elyirobablethatthose
creditorsshouldinyloss,eventhoughthesuccessofthe
projeuchshortoftheexpectationofthe
projectors.evenoneyhis
borroeantshouldnotberepaidtillaftera
periodofseveralyears,oughtnottobeborro
oughttobeborreofsuchprivatepeople
asproposetoliveupoerestoftheirneyhout
takiroubletheelvestoeloythecapital,andwhoare
uponthatatolendthatcapitaltosuchpeopleoodcreditasarelikelytokeepitforseveralyears.abank,
indeed,oneyped
paper,orofattoeysfeesfordraes,and
entupoerofthebanking
paniesofstland,,beaverynve
creditortosuchtradersanduakers.butsuchtradersand
uakersostinnvedebtorstosucha
bank.
itishayyearssihepaper
neyissuedbythedifferentbankingpaniesofstlandwas
fullyequal,orrathereorethanfullyequal,to
thecirculationoft
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