ionofstland
atedatlessthantillions,ofhatpart
ostprobablydoesnotaunt
tohalfallionbutthoughthecirculatinggoldandsilverofstlandhavesufferedsogreatadinutionduringthisperiod,itsrealrichesandprosperitydonotappeartohavesufferedanyitsagriculture,nufactures,andtrade,onthentrary,theannualproduceofitslandandlabour,haveevidentlybeenaugnted
itischieflybydisuntingbillsofexchange,thatis,byadvanbeforetheyaredue,thatthegreater
partofbanksandbankersissuetheirprossorynotestheydeductaltheyadvance,thelegalinterest
tillthebillshallbeeduethepayntofthebill,beesdue,replacestothebankthevalueofhadbeenadvanced,togetherhaclearprofitoftheinterestthebankererchants,not
goldandsilver,buthisoissorynotes,hastheadvantageofbeingabletodisunttoagreateraunt,bythewholevalueofhisprossorynotes,hhefindsbyexperiencearenlyinakehisclear
gainofinterestonsochalargersu
therceofstland,presentisnotvery
great,oreinnsiderablehetbanking
paniespanieswouldhavehad
butlittletradehadtheynfinedtheirbusinesstothedisuntingofbillsofexchangetheyinvented,therefore,anotherthodofissuingtheirprossorynotes;bygrantingtheycalledcashacunts,thatisbygivingcredittotheextentofacertainsuhreethousandpounds,forexaletoanyindividualwopersonsof
undoubted,
thatoneyshouldbeadvan,for
and,
togetherhthelegalinterestcreditsofthiskindare,ibelieve,nlygrantedbybanksandbankersinalldifferentpartsofthesuponhestch
bankingpaniesaentare,sofarasiknow,
pe,andhave,perhaps,beentheprincipalcause,bothofthegreattradeofthosepaniesandofthebenefitit
ofthiskindhoneofthose
panies,andborrople,
yrepaythissuieceal,bytyandthirtypoundsatati,thepanydisuntingaproportionablepartoftheinterestofthegreatsurohedayonhose
sllsuispaidintilltheannerrepaid
allrostallnofbusiness,findit
nvenienttokeepsuchcashacunts,andaretherebyinterestedtoprotethetradeofthosepanies,byreadilyreents,andbyenuragingall
thosetheyhaveanyinfluenethe
banks,ersapplytotheoey,generally
advanintheiroissorynotesthesethe
rchantspayaanufacturersforgoods,the
nufaersforterialsandprovisions,the
farrstotheirlandlordsforrent,thelandlordsrepaytheotherchantsforthenvenienciesandluxurieshheysupplytheandtherchantsagainretutheothebanksinordertobalancetheircashacunts,ortoreplaceayhaveborro;andthusalsttheoneybusiness
oftheuntryistransahencethegreat
tradeofthosepanies
byansofthosecashacuntseveryrchantcan,houtirudence,carryonagreatertradethanheotheroulddoifthereareterchants,oneinlondonandtheotherinedinburgh,ebranchoftrade,
theedinburghrchantcan,prudence,carryonagreatertradeandgiveeloynttoagreateuerofpeoplethanthelondonrerchantstalwayskeepby
hinsiderablesufney,eitherinhisooffers,orinthoseofhisbanker,nointerestforit,inordertoansandsntinuallyinguponhiorpayntof
thegoodsount
ofthissuesupposedfivehundredpoundsthevalueofthegoodsinhisustalwaysbelessbyfivehundredpoundsthanitbeenobligedtokeepsucha
suneloyedletussupposethathegenerallydisposesofhisockuponhand,orofgoodstothevalueofhiswholestockuponhand,onceintheyearbybeingobligedtokeepsogreatasuneloyed,hestsellinayearfivehundredpoundsightotherwisehavedonehis
annualprofitsstbelessbyallthatheuldhavedebythesaleoffivehundredpoundsoregoods;andthenuerofpeopleeloyedinpreparinghisgoodsfortherketstbelessbyallthosethatfivehundredpoundsrestockuldhaveeloyedtherchantinedinburgh,ontheotherhand,keepsnoneyuneloyedforansandshey
a,hesatisfiestheroiscashacunt
borrohthe
neyorpaperesinfroheoccasionalsalesofhisgoodsestock,therefore,hecan,hout
irudence,haveatalltisinhisity
ofgoodsthanthelondonrakea
greaterprofithielf,andgivenstanteloynttoagreaternuerofindustriouspeoplehosegoodsforthe
rkethencethegreatbenefitheuntryhasderivedfrohistrade
thefaaybe
thoughtindeed,givestheenglishrchantsanveniencyequivalenttotheerchantsbutthe
stchrchants,itstbereered,candisunttheirbillsofexchangeaseasilyastheenglishrchants;andhave,besides,theadditionalnveniencyoftheircashacuntstheoneyofeverykindhcaneasily
circulateinanyuntrynevercanexceedthevalueofthegoldandsilver,ofsuppliestheplace,orhe
reethere,ifthere
oneyiftple,are
thelooneycurrentinstland,thehat
currency
ofgoldandsilverransactingthe
annualexchangesoftyshillingsvalueandupwardsusuallytransactedhinthatuntryshouldthe
