circulatingpaperat
anytiexceedthatsuastheexcessuldneitherbesentabroadnorbeeloyedintheust
iediatelyretuuponthebankstobeexchangedforgoldandsilveypeoplediatelyperceivethattheyhadreofthispaperthanransactingtheirbusiness
atho,andastheyuldnotsenditabroad,theywouldiediatelydendpayntofitfrohebankshis
superfluouspaperedintogoldandsilver,theyuldeasilyfindauseforitbysendingitabroad;buttheyuldfindnoneainedintheshapeofpapertherewouldiediately,therefore,bearunuponthebankstothewholeextentofthissuperfluouspaper,and,iftheyshowedanydiffiuchgreaterextent;
thealarishe
run
overandabovetheexpensesntoeverybranch
oftrade;suchastheexpenseofhouserent,thewagesofservants,clerks,acuntants,etc;theexpensespeculiartoabanknsistchieflyinticles:first,intheexpenseofkeepingatalltisinitsffers,foransheoccasionaldendsoftheholdersofitsnotes,alargesufney,oflosestheinterest;and,sendly,intheexpenseofreplenishingthoseffersasfastastheyareetiedbyansands
abankingpany,orepaperthancanbe
eloyedinthecirculationoftheuntry,andofheexforpaynt,oughtto
increasethequantityofgoldandsilver,heykeepatalltisintheirffers,notonlyinproportiontothisexcessiveinuchgreaterproportion;
theiotesretuingupontheuchfasterthaninproportiontotheexcessoftheirquantitysuchapany,therefore,oughttoincreasethefirstarticleoftheirexpense,notonlyinproportiontothisforcedincreaseoftheirbusiness,butinachgreaterproportion
theffersofsuchapanytoo,thoughtheyoughttobefilledchfuller,yetstetytheelveschfasterthaniftheirbusinessorereasonablebounds,and
strequire,notonlyareviolent,butarenstantanduninterruptedexertionofexpenseinordertoreplenishthetheintoo,husntinuallydrahlarge
quantitiesfroheirffers,ployedinthe
circulationoftheuntryitesinplaceofapaperhisoverandaboveployedinthatcirculation,andisthereforeoverandaboveployedinittoobutasthatinust,inoneshape
oranother,besentabroad,inordertofindthatprofitableeloynte;andthisntinual
exportationofgoldandsilver,byenhancingthedifficulty,stnecessarilyenhancestillfurthertheexpenseofthebank,infindingneoreplenishthoseffers,
ptytheelvessoveryrapidlysuchapany,
therefore,st,inproportiontothisforcedincreaseoftheirbusiness,inore
thanthefirst
letussupposethatallthepaperofaparticularbank,hecirculationoftheuntrycaneasilyabsorbandeloy,auntsexactlytofortythousandpounds;andthatforansands,thisbankisobligedtokeepatall
tisinitsfferstenthousandpoundsingoldandsilvershouldthisbankattettocirculatefortyfourthousandpounds,thefourthousandpoundsthe
ploy,uuponit
alstasfastastheyareissuedforanscasionaldends,therefore,thisbankoughttokeepatalltisinitsffers,noteleventhousandpoundsonly,butfourteenthousandpoundsithusgainnothingbytheinterestofthefourthousandpoundsexcessivecirculation;anditheinuallyllectingfourthousandpoundsin
goldandsilver,inuallygoingoutofits
ffersasfastastheyarebroughtintothe
hadeveryparticularbankingpanyaloodand
attendedtoitsoicularinterest,thecirculationneveruldhavebeenoverstockedoneybutevery
particularbankingpanyhasnotaloodorattendedtoitsoicularinterest,andthecirculationhasfrequentlybeenoverstockedoney
byissuingtoogreataquantityofpaper,ofhe
excessinuallyretuing,inordertobeexchangedforgoldandsilver,thebankofenglandanyyearstogetherobligedtoingoldtotheextentofbethundred
thousandpoundsandallionayear;oratanaverage,abouteighthundredandfiftythousandpoundsforthisgreatinagethebankinnsequenceoftheateinto
hegoldinhadfallenafely
obligedtopurchasegoldbullionatthehighpriceoffourpoundsanounce,soonafterissuedininat5317s1012danounannerbethree
perthoughthebank
thereforepaidnoseignorage,thoughthegoventwasproperlyattheexpenseoftheinage,thisliberalityofgoventdidnotpreventaltogethertheexpenseofthebanktheste
kind,ploynstantlyagentsatlondonto
lle,atanexpensebelowone
andahalfortoneydohe
hecarriersatanadditionalexpenseof
threequarterspercentorfifteenshillingsonthehundredpoundsthoseagentsaloreplenishthe
ffersoftheireloyerssofastastheyptiedinthiscasetheresourceofthebanksodraheir
rrespondentsinlondonbillsofexchangetotheextentofthesueyedhoserrespondentsafterwardsdrew
upontheorthepayntofthissutogetherhtheinterestandassion,sonifthosebanks,frohedistressinto,hadsotis
nootheransofsatisfyingthisdraughtbutbydraondsetofbillseitheruponthesa,oruponsootherrrespondentsinlondon;andthesasuorratherbillsforthesasuannerkesotisrethantwo
orthreejoueys,thedebtor,bank,payingalheinterestandssionupontheulatedsueventhosestch
banksselvesbytheirextre
im
