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www.192.twveryseldoibelieve,had
thegoodfortuofindit.
thebillsainedinburghdrewuponbinlondon,heregularly
disuonthsbeforetheyebankor
bankerinedinburgh;andthebillshbinlondonredrewupon
ainedinburgh,heasregularlydisuherhthebank
ofengland,oreotherbankersinlondon.everwas
advanceduponsuchcirculatingbills,ed
inthepaperofthestks,andinlondon,heywere
disuhebankofengland,inthepaperofthatbank.
thoughthebillsuponhispaperhadbeenadvancedwereall
oftheepaidiuassoonastheybecadue;yetthe
valuehefirstbill,was
neverreallyretuedtothebanks;because,
beforeeachbillbecadue,anotherbillo
soountthanthebillobe
paid;andthedisuntingofthisotherbillially
necessarytoentofthatobedue.
thispaynt,therefore,,
eansofthosecirculatingbillsofexge,hadonce
beeorunoutfroheffersofthebanks,wasnever
replacedbyanystrea
thepaperhosecirculatingbillsof
exanyoccasions,tothewholefund
destinedforevastaensiveprojectof
agrianufaerelytothat
partofitoheprojector
,uneloyedandinready
neyforansands.thegreaterpartofthis
paperly,overandabovethevalueofthegoldand
silverediry,hadtherebeen
nopaperherefore,the
ploy,and
uponthatat,iediatelyretueduponthebanksinorder
tobeexgedfoldandsilver,heyofindas
theyuld.italhoseprojectorshadvery
artfullyntrivedtodrathosebanks,notonlyhout
theirki,
perhaps,ostdistantsuspithat
theyhadreallyadva.
inuallydrawingandredrawing
upoher,disunttheirbillsale
banker,hestiediatelydisvertheyareabout,andsee
clearlythattheyaretrading,nothanycapitaloftheirown,
but.butthis
disveryisnotaltogethersoeasyheydisunttheir
billssotisetishanother,and
etnstantlydrawandredrawupon
oher,butoccasionallyruntheroundofagreatcircleof
projectors,fortheirioassistoher
inthisthodofraisingney,andtore,uponthat
at,asdifficultaspossibletodistinguishbetweenareal
andfictitiousbillofexge;betweenabilldrawnbyareal
creditoruponarealdebtor,andabillforherewas
properlynorealcreditorbuttheba,nor
anyrealdebtorbuttheprojeoney.when
abankerhadevehisdisvery,heghtsotiskeit
toolate,andghtfindthathehadalreadydisuhebills
ofthoseprojectorstosogreatahat,byrefusingto
disuntanyre,heakethellbankrupts,
andthus,byruiniperhapsruinhielf.forhis
oightfinditnecessary,
inthisveryperiloussituation,togoonforsoti,
endeav,hoohdrahat
atkingeverydaygreateraerdifficultiesabout
disunting,ioforcethoseprojectorsbydegreesto
havereurse,eithertootherbankers,ortootherthodsof
raisingney;sothathehielfght,assoonaspossible,get
outofthecircle.thedifficulties,agly,hebank
ofengland,heprincipalbankersinlondon,andheven
thereprudentstksbegan,afteracertainti,and
hadalreadygooofar,tokeabout
disunting,notonlyalard,butehehighestdegree
thoseprojectors.theiroress,ofhisprudentand
e
occasion,theycalledthedistressoftheuntry;andthis
distressoftheuntry,theysaid,ogetheroothe
ignorance,pusillanity,andbadnductofthebanks,hdid
notgiveasuffitlyliberalaidtothespiriteduakings
ofthoseselvesiobeautify,irove,
andenrichtheuntry.ited
tothink,tolendforaslongati,andtoasgreata
astheyghtoborrohebanks,however,byrefusingin
thisogiverecredittothosetotheyhadalready
givedealtooethodbywas
noosaveeithertheiroorthepubliccredit
oftheuntry.
iofthisclauranddistress,anewbankwas
establishedinstlandfortheexpresspurposeofrelievingthe
distressoftheuntry.thedesignthe
executionprudent,aureandcausesofthe
distresseanttorelieve,perhaps,well
uood.thisbankoreliberalthananyotherhadever
been,bothingrantingcashats,andindisuntingbillsof
exadescarce
anydistinbetingbills,buttohave
disuntedallequally.itheavohisbank
toadvance,uponanyreasonablesecurity,thealh
ployedinthoseiroventsofheretusare
thestsloproventsofland.to
protesuentsobethechiefofthe
publicspiritedpurposesforituted.byits
liberalityingrantingcashats,andindisuntingbillsof
exge,it,nodoubt,issuedgreatquantitiesofitsbank
notes.butthosebanknotesbeing,thegreaterpartoftheover
andabovethecirculationoftheuntryuldeasilyabsorb
andeloy,retueduponit,iobeexgedfold
andsilverasfastastheysfferswerenever
alothisbank
attouoonehundredandsixty
thousandpounds,ofypertonlyhis
suughttohave
...