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www.lizi.twhisbankintoa
seneralloanofficeforthery.thosewho
usthaveappliedtothisbankinsteadof
applyingtotheprivatepersonsoney.but
abankoneyperhapstofivehundreddifferent
people,thegreaterpartofitsdirectorsowvery
littleabout,isnotlikelytoberejudiciousinthechoiceof
itsdebtorsthanaprivatepersononeyanga
fehekno
hethinkshehasgoodreasontohedebtorsofsucha
bankasthateatof
,tobechirical
projectors,thedraingbillsof
exoneyiravagantuakings,
,they
plete,andhey
shouldbepleted,heexpenseheyhad
reallyst,aintaininga
quantityoflabourequaltothatployedabout
thethesoberandfrugaldebtorsofprivatepersons,onthe
ntrary,orelikelytoeloytheneyborrowedin
soberuakingsioheircapitals,and
ighthavelessofthegrandandthe
rvellous,oreofthesolidandtheprofitable,
halargeprofiteverhadbeenlaidout
upontheandhusaffordafundcapableof
intainingachgreaterquantityoflabourthanthathhad
beeneloyedaboutthethesuccessofthisoperation,
therefore,allestdegreethecapital
oftheuntry,ransferredagreatpartofit
frorudentandprofitabletoirudentandunprofitable
uakings.
thattheindustryofstlandlanguishedforoney
toeloyitous.law.by
establishingabankofaparticularkind,stohave
igiissuepapertotheauntofthewholevalueof
allthelandsiry,heproposedtoredythisof
heparliantofstland,proposedhis
project,didnotthinkpropertoadoptit.iterwards
adopted,evariations,bythedukeoforleans,atthat
tiregentoffranultiplying
papertoalstaentherealfoundationofis
calledthessissippische,thestextravagantprojectboth
ofbankingandstockjobbingthat,perhaps,theworldeversaw.
thediffereionsofthisscheareexplainedsofully,
sor.du
veey,inhisexanationofthepoliticalreflesupon
rr.dutot,thatishallnotgiveany
a.theprinciplesuponwasfoundedare
explainedby.laself,inadisursengneyand
trade,landproposedhis
project.thesplendidbutvisionaryideasforthin
thatandsoothereprinciplesstillntinue
tokeaniressionuponnypeople,andhave,perhaps,in
part,ntributedtothatexcessofbankinge
beenplainedofbothinstlandandinotherplaces.
thebankofenglandisthegreatestbankofcirculationin
europe.ited,inpursuanceofanactof
parliant,byacharteruhegreatseal,datedthe27thof
july,1694.itatthattiadvahesufone
llionthousandpounds,foranannuityofone
huhousandpounds;orforl96,000ayeari,atthe
rateofeightpert,andl4000ayearfortheexpenseof
hecreditofthe,establishedbythe
revolution,aybelieve,sthavebeenverylowas
obligedtoborrosohigha.
in1697thebankoenlargeitscapitalstockby
anengraftntofl1,001,17110s.itsalstock
therefore,auhistitol2,201,17110s.this
engraftntissaidtohavebeenforthesupportofpublic
credit.in1696,tallieshadbeenatforty,andfifty,andsixty
pertdisunt,andbankypert.duringthe
greatreihesilver,e,
thebankhadthoughtpropertodisntihepayntofits
notes,heirdiscredit.
inpursuahe7thanne,c.7,thebankadvand
paidintotheexakinginallthe
sufl1,600,000hadadvanceduponitsinalannuity
ofl96,000iandl4000forexpenseof.in1708,
therefore,theenthatof
privatepersons,siuldborrosixperti
thenlegalaeofthosetis.inpursuanceof
thesaaountof
l1,775,02717s.1012d.atsixperti,andthe
satiallootakeinsubscriptionsfordoublingits
ouo
l4,402,343;andithadadvahesuf
l3,375,02717s.1012d.
byacalloffifteenpertin1709,thereaidinand
destockl656,204is.9d.;andbyaenpertin
1710,l501,44812s.11d.innsequehosetalls,
therefore,thebankcapitalauol5,559,99514s.8d.
inpursuahe3rdgeei,c.8,thebankdelivered
uptillionsofexchequerbillstobecelled.ithadat
thisti,therefore,adva17s.10d.in
pursuahe8thgee1,c.21,thebankpurchasedofthe
southseapanystoountof14,000,000;andin1722,
innsequehesubscriptionshadtakeninfor
enablingittokethispurchase,itscapitalstockwas
increasedbyl3,400,000.atthisti,therefore,thebankhad
advahepublicl9,375,02717s.1012d.;anditscapital
stotedonlytol8,959,99514s.8d.ithis
ohebankhadadvahepublic,
andforreceivedi,beganfirsttoexceedits
forpaidadividendtothe
proprietorsofbankstock;or,ithebank
begantohaveanundividedcapital,overandaboveitsdivided
ohasntiohaveanundividede
kindeversin1746,thebankhad,upondifferentoccasions,
advahepublicl11,686,800anditsdividedcapitalhad
beenraisedbydifferentcallsandsubscriptionstol10,780,000.
thestateofthosetshasntiobethesaever
sinpursuahe4thofgee
...