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veryseldoibelieve,had
thegoodfortuofindit
thebillsainedinburghdrewuponbinlondon,heregularlydisuntedtonthsbeforetheyebankor
bankerinedinburgh;andthebillshbinlondonredrewuponainedinburgh,heasregularlydisuntedeitherhthebankofengland,oreotherbankersinlondoneverwasadvanceduponsuchcirculatingbills,ed
inthepaperofthestchbanks,andinlondon,heyweredisuntedatthebankofengland,inthepaperofthatbankthoughthebillsuponhispaperhadbeenadvancedwerealloftheepaidintheirtuassoonastheybecadue;yetthevaluehefirstbill,was
neverreallyretuedtothebanks;because,
beforeeachbillbecadue,anotherbillo
soountthanthebillobe
paid;andthedisuntingofthisotherbilliallynecessarytoentofthatobedue
thispaynt,therefore,,
eansofthosecirculatingbillsofexchange,hadoncebeendetorunoutfroheffersofthebanks,wasneverreplacedbyanystrea
thepaperhosecirculatingbillsof
exanyoccasions,tothewholefund
destinedforevastandextensiveprojectof
agrianufaerelytothat
partofitoney,theprojector
,uneloyedandinready
neyforansandsthegreaterpartofthis
paperly,overandabovethevalueofthegoldandsilveredintheuntry,hadtherebeen
nopapeeyitherefore,the
ploy,and
uponthatacunt,iediatelyretueduponthebanksinordertobeexchangedforgoldandsilver,heyofindastheyulditalhoseprojectorshadvery
artfullyntrivedtodrathosebanks,notonlyhouttheirknoeti,
perhaps,ostdistantsuspicionthat
theyhadreallyadvancedit
inuallydrawingandredrawing
upononeanother,disunttheirbillsale
banker,hestiediatelydisvertheyareabout,andseeclearlythattheyaretrading,nothanycapitaloftheirown,butbutthis
disveryisnotaltogethersoeasyheydisunttheirbillssotisetishanother,and
etnstantlydrawandredrawupon
oneanother,butoccasionallyruntheroundofagreatcircleofprojectors,fortheirinteresttoassistoneanotherinthisthodofraisingney,andtorenderit,uponthatacunt,asdifficultaspossibletodistinguishbetweenarealandfictitiousbillofexchange;betweenabilldrawnbyarealcreditoruponarealdebtor,andabillforherewasproperlynorealcreditorbutthebankedit,noranyrealdebtorbuttheprojeoneywhen
abankerhadevendethisdisvery,heghtsotiskeittoolate,andghtfindthathehadalreadydisuntedthebillsofthoseprojectorstosogreatanextentthat,byrefusingtodisuntanyre,heakethellbankrupts,
andthus,byruiningtheghtperhapsruinhielfforhisoightfinditnecessary,
inthisveryperiloussituation,togoonforsoti,endeavouring,hoohdrahat
acuntkingeverydaygreaterandgreaterdifficultiesaboutdisunting,inordertoforcethoseprojectorsbydegreestohavereurse,eithertootherbankers,ortootherthodsofraisingney;sothathehielfght,assoonaspossible,getoutofthecirclethedifficulties,acrdingly,hebankofengland,heprincipalbankersinlondon,andheventhereprudentstchbanksbegan,afteracertainti,andhadalreadygooofar,tokeabout
disunting,notonlyalard,butenragedinthehighestdegreethoseprojectorstheiroress,ofhisprudentandneediate
occasion,theycalledthedistressoftheuntry;andthisdistressoftheuntry,theysaid,ogetherootheignorance,pusillanity,andbadnductofthebanks,hdidnotgiveasufficientlyliberalaidtothespiritedundertakingsofthoseselvesinordertobeautify,irove,
andenrichtheuntryited
tothink,tolendforaslongati,andtoasgreatanextentastheyghtoborrohebanks,however,byrefusinginthisnnertogiverecredittothosetotheyhadalreadygivenagreatdealtooethodbywas
noosaveeithertheiroorthepubliccredit
oftheuntry
inthedstofthisclauranddistress,anewbankwasestablishedinstlandfortheexpresspurposeofrelievingthedistressoftheuntrythedesignthe
executionprudent,andthenatureandcausesofthedistresseanttorelieve,perhaps,well
understoodthisbankoreliberalthananyotherhadeverbeen,bothingrantingcashacunts,andindisuntingbillsofexadescarce
anydistinctionbetingbills,buttohave
disuntedallequallyitheavohisbank
toadvance,uponanyreasonablesecurity,thealhployedinthoseiroventsofheretusare
thestsloproventsoflandto
protesuentsobethechiefofthe
publicspiritedpurposesforitutedbyits
liberalityingrantingcashacunts,andindisuntingbillsofexchange,it,nodoubt,issuedgreatquantitiesofitsbanknotesbutthosebanknotesbeing,thegreaterpartoftheoverandabovethecirculationoftheuntryuldeasilyabsorbandeloy,retueduponit,inordertobeexchangedforgoldandsilverasfastastheysfferswerenever
alothisbank
attountedtoonehundredandsixty
thousandpounds,ofypercentonlyhis
suughttohave
