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the　goods　which　he　purchases　upon　credit。　Let　the　ordinary　amount

of　this　sum　be　supposed　five　hundred　pounds。　The　value　of　the

goods　in　his　warehouse　must　always　be　less　by　five　hundred　pounds

than　it　would　have　been　had　he　not　been　obliged　to　keep　such　a

sum　unemployed。　Let　us　suppose　that　he　generally　disposes　of　his

whole　stock　upon　hand；　or　of　goods　to　the　value　of　his　whole

stock　upon　hand；　once　in　the　year。　By　being　obliged　to　keep　so

great　a　sum　unemployed；　he　must　sell　in　a　year　five　hundred

pounds'　worth　less　goods　than　he　might　otherwise　have　done。　His

annual　profits　must　be　less　by　all　that　he　could　have　made　by　the

sale　of　five　hundred　pounds　worth　more　goods；　and　the　number　of

people　employed　in　preparing　his　goods　for　the　market　must　be

less　by　all　those　that　five　hundred　pounds　more　stock　could　have

employed。　The　merchant　in　Edinburgh；　on　the　other　hand；　keeps　no

money　unemployed　for　answering　such　occasional　demands。　When　they

actually　come　upon　him；　he　satisfies　them　from　his　cash　account

with　the　bank；　and　gradually　replaces　the　sum　borrowed　with　the

money　or　paper　which　comes　in　from　the　occasional　sales　of　his

goods。　With　the　same　stock；　therefore；　he　can；　without

imprudence；　have　at　all　times　in　his　warehouse　a　larger　quantity

of　goods　than　the　London　merchant；　and　can　thereby　both　make　a

greater　profit　himself；　and　give　constant　employment　to　a　greater

number　of　industrious　people　who　prepare　those　goods　for　the

market。　Hence　the　great　benefit　which　the　country　has　derived

from　this　trade。

　　　　　The　facility　of　discounting　bills　of　exchange　it　may　be

thought　indeed；　gives　the　English　merchants　a　conveniency

equivalent　to　the　cash　accounts　of　the　Scotch　merchants。　But　the

Scotch　merchants；　it　must　be　remembered；　can　discount　their　bills

of　exchange　as　easily　as　the　English　merchants；　and　have；

besides；　the　additional　conveniency　of　their　cash　accounts。

　　　　　The　whole　paper　money　of　every　kind　which　can　easily

circulate　in　any　country　never　can　exceed　the　value　of　the　gold

and　silver；　of　which　it　supplies　the　place；　or　which　（the

commerce　being　supposed　the　same）　would　circulate　there；　if　there

was　no　paper　money。　If　twenty　shilling　notes；　for　example；　are

the　lowest　paper　money　current　in　Scotland；　the　whole　of　that

currency　which　can　easily　circulate　there　cannot　exceed　the　sum

of　gold　and　silver　which　would　be　necessary　for　transacting　the

annual　exchanges　of　twenty　shillings　value　and　upwards　usually

transacted　within　that　country。　Should　the　circulating　paper　at

any　time　exceed　that　sum；　as　the　excess　could　neither　be　sent

abroad　nor　be　employed　in　the　circulation　of　the　country；　it　must

immediately　return　upon　the　banks　to　be　exchanged　for　gold　and

silver。　Many　people　would　immediately　perceive　that　they　had　more

of　this　paper　than　was　necessary　for　transacting　their　business

at　home；　and　as　they　could　not　send　it　abroad；　they　would

immediately　demand　payment　of　it　from　the　banks。　When　this

superfluous　paper　was　converted　into　gold　and　silver；　they　could

easily　find　a　use　for　it　by　sending　it　abroad；　but　they　could

find　none　while　it　remained　in　the　shape　of　paper。　There　would

immediately；　therefore；　be　a　run　upon　the　banks　to　the　whole

extent　of　this　superfluous　paper；　and；　if　they　showed　any

difficulty　or　backwardness　in　payment；　to　a　much　greater　extent；

the　alarm　which　this　would　occasion　necessarily　increasing　the

run。

　　　　　Over　and　above　the　expenses　which　are　common　to　every　branch

of　trade；　such　as　the　expense　of　house…rent；　the　wages　of

servants；　clerks；　accountants；　etc。；　the　expenses　peculiar　to　a

bank　consist　chiefly　in　two　articles：　first；　in　the　expense　of

keeping　at　all　times　in　its　coffers；　for　answering　the　occasional

demands　of　the　holders　of　its　notes；　a　large　sum　of　money；　of

which　it　loses　the　interest；　and；　secondly；　in　the　expense　of

replenishing　those　coffers　as　fast　as　they　are　emptied　by

answering　such　occasional　demands。

　　　　　A　banking　company；　which　issues　more　paper　than　can　be

employed　in　the　circulation　of　the　country；　and　of　which　the

excess　is　continually　returning　upon　them　for　payment；　ought　to

increase　the　quantity　of　gold　and　silver；　which　they　keep　at　all

times　in　their　coffers；　not　only　in　proportion　to　this　excessive

increase　of　their　circulation；　but　in　a　much　greater　proportion；

their　notes　returning　upon　them　much　faster　than　in　proportion　to

the　excess　of　their　quantity。　Such　a　company；　therefore；　ought　to

increase　the　first　article　of　their　expense；　not　only　in

proportion　to　this　forced　increase　of　their　business；　but　in　a

much　greater　proportion。

　　　　　The　coffers　of　such　a　company　too；　though　they　ought　to　be

filled　much　fuller；　yet　must　empty　themselves　much　faster　than　if

their　business　was　confined　within　more　reasonable　bounds；　and

must　require；　not　only　a　more　violent；　but　a　more　constant　and

uninterrupted　exertion　of　expense　in　order　to　replenish　them。　The

coin　too；　which　is　thus　continually　drawn　in　such　large

quantities　from　their　coffers；　cannot　be　employed　in　the

circulation　of　the　country。　It　comes　in　place　of　a　paper　which　is

over　and　above　what　can　be　employed　in　that　circulation；　and　is

therefore　over　and　above　what　can　be　employed　in　it　too。　But　as

that　coin　will　not　be　allowed　to　lie　idle；　it　must；　in　one　shape

or　another；　be　sent　abroad；　in　order　to　find　that　profitable

employment　which　it　cannot　find　at　home；　and　this　continual

exportation　of　gold　and　silver；　by　enhancing　the　difficulty；　must

necessarily　enhance　still　further　the　expense　of　the　bank；　in

finding　new　gold　and　silver　in　order　to　replenish　those　coffers；

which　empty　themselves　so　very　rapidly。　Such　a　company；

therefore；　must；　in　proportion　to　this　forced　increase　of　their

business；　increase　the　second　article　of　their　expense　still　more

than　the　first。

　　　　　Let　us　suppose　that　all　the　paper　of　a　particular　bank；

which　the　circulation　of　the　country　can　easily　absorb　and

employ；　amounts　exactly　to　forty　thousand　pounds；　and　that　for

answering　occasional　demands；　this　bank　is　obliged　to　keep　at　all

times　in　its　coffers　ten　thousand　pounds　in　gold　and　silver。

Should　this　bank　attempt　to　circulate　forty…four　thousand　pounds；

the　four　thousand　pounds　which　are　over　and　above　what　the

circulation　can　easily　absorb　and　employ；　will　return　upon　it

almost　as　fast　as　they　are　issued。　For　answering　occasional

demands；　therefore；　this　bank　ought　to　keep　at　all　times　in　its

coffers；　not　eleven　thousand　pounds　only；　but　fourteen　thousand

pounds。　It　will　thus　gain　nothing　by　the　interest　of　the　four

thousand　pounds'　excessive　circulation；　and　it　will　lose　the

whole　expense　of　continually　collecting　four　thousand　pounds　in

gold　and　silver；　which　will　be　continually　going　out　of　its

coffers　as　fast　as　they　are　brought　into　them。

　　　　　Had　every　particular　banking　company　always　understood　and

attended　to　its　own　particular　interest；　the　circulation　never

could　have　been　overstocked　with　paper　money。　But　every

particular　banking　company　has　not　always　understood　or　attended

to　its　own　particular　interest；　and　the　circulation　has

frequently　been　overstocked　with　paper　money。

　　　　　By　issuing　too　great　a　quantity　of　paper；　of　which　the

excess　was　continually　returning；　in　order　to　be　exchanged　for

gold　and　silver；　the　Bank　of　England　was　for　many　years　together

obliged　to　coin　gold　to　the　extent　of　between　eight　hundred

thousand　pounds　and　a　million　a　year；　or　at　an　average；　about

eight　hundred　and　fifty　thousand　pounds。　For　this　great　coinage

the　bank　（in　consequence　of　the　worn　and　degraded　state　into

which　the　gold　coin　had　fallen　a　few　years　ago）　was　frequently

obliged　to　purchase　gold　bullion　at　the　high　price　of　four　pounds

an　ounce；　which　it　soon　after　issued　in　coin　at　53　17s。　10　1/2d。

an　ounce；　losing　in　this　manner　between　two　and　a　half　and　three

per　cent　upon　the　coinage　of　so　very　large　a　sum。　Though　the　bank

therefore　paid　no　seignorage；　though　the　government　was　properly

at　the　expense　of　the　coinage；　this　liberality　of　government　did

not　prevent　altogether　the　expense　of　the　bank。

　　　　　The　Scotch　banks；　in　consequence　of　an　excess　of　the　same

kind；　were　all　obliged　to　employ　constantly　agents　at　London　to

collect　money　for　them；　at　an　expense　which　was　seldom　below　one

and　a　half　or　two　per　cent。　This　money　was　sent　down　by　the

waggon；　and　insured　by　the　carriers　at　an　additional　expense　of

three　quarters　per　cent　or　fifteen　shillings　on　the　hundred

pounds。　Those　agents　were　not　always　able　to　replenish　the

coffers　of　their　employers　so　fast　as　they　were　emptied。　In　this

case　the　resource　of　the　banks　was　to　draw　upon　their

correspondents　in　London　bills　of　exchange　to　the　extent　of　the

sum　which　they　wanted。　When　those　correspondents　afterwards　drew

upon　them　for　the　payment　of　this　sum；　together　with　the　interest

and　a　commission；　sonic　of　those　banks；　from　the　distress　into

which　their　excessive　circulation　had　thrown　them；　had　sometimes

no　other　means　of　satisfying　this　draught　but　by　drawing　a　second

set　of　bills　either　upon　the　same；　or　upon　some　other

correspondents　in　London；　and　the　same　sum；　or　rather　bills　for

the　same　sum；　would　in　this　manner　make　sometimes　more　than　two

or　three　journeys；　the　debtor；　bank；　paying　always　the　interest

and　commission　upon　the　whole　accumulated　sum。　Even　those　Scotch

banks　which　never　distinguished　themselves　by　their　extreme

imprudence；　were　sometimes　obliged　to　employ　this　ruinous

resource。

　　　　　The　gold　coin　which　was　paid　out　either　by　the　Bank　of

England；　or　by　the　Scotch　banks；　in　exchange　for　that　part　of

their　paper　which　was　over　and　above　what　could　be　employed　in

the　circulation　of　the　country；　being　likewise　over　and　above

what　could　be　employed　in　that　circulation；　was　sometimes　sent

abroad　in　the　shape　of　coin；　sometimes　melted　down　and　sent

abroad　in　the　shape　of　bullion；　and　sometimes　melted　down　and

sold　to　the　Bank　of　England　at　the　high　price　of　four　pounds　an

ounce。　It　was　the　newest；　the　heaviest；　and　the　best　p