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www.xsz.twheuntryuldeasilyabsorband
eloy.thosepaherefore,hadsolongagogivenallthe
assistahetradersandotheruakersofstlandh
itispossibleforbanksandbankers,nsistentlyhtheirown
iogive.theyhadevendonesoore.theyhad
overtradedalittle,andhadbroughtupontheelvesthatloss,
oratleastthatdinutionofprofit,hisparticular
businessneverfailstoattendthesllestdegreeof
overtrading.thosetradersandotheruakers,havinggotso
chassistancefroanksandbankers,ore.
thebanks,theyseeohavethought,uldextendtheircredits
toghtbeed,houtincurringanyother
expensebesidesthatofafesofpaper.theyplainedof
thentractedvieardlyspiritofthedirectorsof
thosebanks,,theysaid,extendtheircreditsin
proportiontotheextensionofthetradeoftheuntry;aning,
nodoubt,bytheextensionofthattradetheextensionoftheir
osbeyondtheyuldcarryoherhtheir
oal,orhtheyhadcredittoborroe
peopleintheusuale.thebanks,theyseebr >
tohavethought,osupplythedeficy,
andtoprovidetheallthecapitalheyedto
tradeh.thebanks,hoopinion,and
upontheirrefusiendtheircredits,soofthose
tradershadreursetoanexpediente,served
theirpurpose,thoughatachgreaterexpeas
effectuallyastheutstextensionofbasuldhave
dohisexpediehantheof
draheshifttouraders
havesotisreurseheyareuponthebrinkof
bankruptohisnnerhadbeen
longknoheurseofthelatewar,
ptationto
overtrading,issaidtohavecarriedontreatextent.
fronglanditintostland,ion
totheverylitedroderatecapitalof
theuntry,ituchgreaterextentthan
iteverhadbeeninengland.
thepracticeofdrao
allnofbusihatityperhapsbethoughtunnecessarytiveaothehands
ofnypeopleenofbusiness,andastheeffectsof
thispracticeuponthebankingtradearenotperhapsgenerally
uoodevenbynofbusiheelves,ishallendeavour
toexplainitasdistinctlyasi.
theerts,ablishedhe
barbarouslaaheir
ntracts,andheurseofthetturies
havebeenadoptedintothelaions,have
givensuchextraordinaryprivilegestobillsofexgethat
neyisrereadilyadvanthanuponanyother
speciesofobligation,especiallyadepayable
onthsaftertheirdate.
if,esdue,theacceptordoesnotpayitas
soonasitispresented,hebeesfrohatntabankrupt.
thebillisprotested,ausuponthedrawer,who,ifhe
doeselypayit,beeslike.if,
beforeitcatothepersonsittotheacceptorfor
paynt,ithadpassedthroughthehandsofseveralother
persons,ooherthe
sofiteitherinneyoods,andoexpressthat
eahadinhistureceivedthoses,hadallof
thentheirorderendorsed,thatis,esupon
thebackofthebill;eadorserbeesinhistuliableto
theohebillforthoses,and,ifhefailsto
pay,hebeestoofrohatntabankrupt.thoughthe
dra,
bepersonsofdoubtfulcredit;yetstilltheshortnessofthe
dategivessosecuritytotheohebill.thoughallof
theaybeverylikelytobeebankrupts,itisaceif
theyallbeesoinsoshortati.thehouseiscrazy,saysa
self,andstandverylong;butit
isaceifitfallstonight,andiure,therefore,
tosleepinittonight.
thetraderainedinburgh,weshallsuppose,drawsabill
uponbinlondon,payabletonthsafterdate.iybin
londonohingtoainedinburgh;butheagreestoacceptof
asbill,uponnditionthatbeforetheterfpayntheshall
redraesutogetherhthe
iandassion,anotherbill,payablelikewo
nthsafterdate.bagly,beforetheexpirationofthe
firsttonths,redrahisbilluponainedinburgh;who
again,beforetheexpirationofthesendtonths,drawsa
sendbilluponbinlondon,payablelikeonthsafter
date;andbeforetheexpirationofthethirdtonths,bin
londonredraherbill,payablealsotwo
nthsafterdate.thispraesgoneon,notonly
forseveralnths,butforseveralyearstogether,thebill
alulated
iandssionofalltheforrbills.theiwas
fivepertintheyear,andthessionhan
onehalfperissionbeied
rethansixtisintheyear,oneyaghtraiseby
thisexpedientstneore
thaperesagreatdealre;
ssionhappeorise,orwhen
hepoundiupoerestand
ssionofforrbills.thispracticealledraising
neybycirculation.
inauntryheordinaryprofitsofstothe
greaterpartofrtileprojectsaresupposedtoruween
sixandtenpert,itsthavebeenaveryfortunate
speculatiousuldnotohe
enorusexpeoneyhusborrowedfor
carryingiton;butafford,besides,agoodsurplusprofittothe
projeanyvastaensiveprojects,however,were
uaken,andforseveralyearscarriedonhoutanyother
fundtosupporttheesidesous
expeheprojesthe
stdistinctvisionofthisgreatprofit.upontheirawaking,
hoherattheendoftheirprojects,orheywere
nolongerabletocarrythen,they
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