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increasing；　and；　when　it　stopped；　amounted　to　upwards　of　six

hundred　thousand　pounds。　This　bank；　therefore；　had；　in　little

more　than　the　course　of　two　years；　advanced　to　different　people

upwards　of　eight　hundred　thousand　pounds　at　five　per　cent。　Upon

the　two　hundred　thousand　pounds　which　it　circulated　in　bank

notes；　this　five　per　cent　might；　perhaps；　be　considered　as　clear

gain；　without　any　other　deduction　besides　the　expense　of

management。　But　upon　upwards　of　six　hundred　thousand　pounds；　for

which　it　was　continually　drawing　bills　of　exchange　upon　London；

it　was　paying；　in　the　way　of　interest　and　commission；　upwards　of

eight　per　cent；　and　was　consequently　losing　more　than　three　per

cent　upon　more　than　three…fourths　of　all　its　dealings。

　　　　　The　operations　of　this　bank　seem　to　have　produced　effects

quite　opposite　to　those　which　were　intended　by　the　particular

persons　who　planned　and　directed　it。　They　seem　to　have　intended

to　support　the　spirited　undertakings；　for　as　such　they　considered

them；　which　were　at　that　time　carrying　on　in　different　parts　of

the　country；　and　at　the　same　time；　by　drawing　the　whole　banking

business　to　themselves；　to　supplant　all　the　other　Scotch　banks；

particularly　those　established　in　Edinburgh；　whose　backwardness

in　discounting　bills　of　exchange　had　given　some　offence。　This

bank；　no　doubt；　gave　some　temporary　relief　to　those　projectors；

and　enabled　them　to　carry　on　their　projects　for　about　two　years

longer　than　they　could　otherwise　have　done。　But　it　thereby　only

enabled　them　to　get　so　much　deeper　into　debt；　so　that；　when　ruin

came；　it　fell　so　much　the　heavier　both　upon　them　and　upon　their

creditors。　The　operations　of　this　bank；　therefore；　instead　of

relieving；　in　reality　aggravated　in　the　long…run　the　distress

which　those　projectors　had　brought　both　upon　themselves　and　upon

their　country。　It　would　have　been　much　better　for　themselves；

their　creditors；　and　their　country；　had　the　greater　part　of　them

been　obliged　to　stop　two　years　sooner　than　they　actually　did。　The

temporary　relief；　however；　which　this　bank　afforded　to　those

projectors；　proved　a　real　and　permanent　relief　to　the　other

Scotch　banks。　All　the　dealers　in　circulating　bills　of　exchange；

which　those　other　banks　had　become　so　backward　in　discounting；

had　recourse　to　this　new　bank；　where　they　were　received　with　open

arms。　Those　other　banks；　therefore；　were　enabled　to　get　very

easily　out　of　that　fatal　circle；　from　which　they　could　not

otherwise　have　disengaged　themselves　without　incurring　a

considerable　loss；　and　perhaps　too　even　some　degree　of　discredit。

　　　　　In　the　long…run；　therefore；　the　operations　of　this　bank

increased　the　real　distress　of　the　country　which　it　meant　to

relieve；　and　effectually　relieved　from　a　very　great　distress

those　rivals　whom　it　meant　to　supplant。

　　　　　At　the　first　setting　out　of　this　bank；　it　was　the　opinion　of

some　people　that　how　fast　soever　its　coffers　might　be　emptied；　it

might　easily　replenish　them　by　raising　money　upon　the　securities

of　those　to　whom　it　had　advanced　its　paper。　Experience；　I

believe；　soon　convinced　them　that　this　method　of　raising　money

was　by　much　too　slow　to　answer　their　purpose；　and　that　coffers

which　originally　were　so　ill　filled；　and　which　emptied　themselves

so　very　fast；　could　be　replenished　by　no　other　expedient　but　the

ruinous　one　of　drawing　bills　upon　London；　and　when　they　became

due；　paying　them　by　other　drafts　upon　the　same　place　with

accumulated　interest　and　commission。　But　though　they　had　been

able　by　this　method　to　raise　money　as　fast　as　they　wanted　it；

yet；　instead　of　making　a　profit；　they　must　have　suffered　a　loss

by　every　such　operation；　so　that　in　the　long…run　they　must　have

ruined　themselves　as　a　mercantile　company；　though；　perhaps；　not

so　soon　as　by　the　more　expensive　practice　of　drawing　and

redrawing。　They　could　still　have　made　nothing　by　the　interest　of

the　paper；　which；　being　over　and　above　what　the　circulation　of

the　country　could　absorb　and　employ；　returned　upon　them；　in　order

to　be　exchanged　for　gold　and　silver；　as　fast　as　they　issued　it；

and　for　the　payment　of　which　they　were　themselves　continually

obliged　to　borrow　money。　On　the　contrary；　the　whole　expense　of

this　borrowing；　of　employing　agents　to　look　out　for　people　who

had　money　to　lend；　of　negotiating　with　those　people；　and　of

drawing　the　proper　bond　or　assignment；　must　have　fallen　upon

them；　and　have　been　so　much　clear　loss　upon　the　balance　of　their

accounts。　The　project　of　replenishing　their　coffers　in　this

manner　may　be　compared　to　that　of　a　man　who　had　a　water…pond　from

which　a　stream　was　continually　running　out；　and　into　which　no

stream　was　continually　running；　but　who　proposed　to　keep　it

always　equally　full　by　employing　a　number　of　people　to　go

continually　with　buckets　to　a　well　at　some　miles　distance　in

order　to　bring　water　to　replenish　it。

　　　　　But　though　this　operation　had　proved　not　only　practicable

but　profitable　to　the　bank　as　a　mercantile　company；　yet　the

country　could　have　derived　no　benefit　from　it；　but；　on　the

contrary；　must　have　suffered　a　very　considerable　loss　by　it。　This

operation　could　not　augment　in　the　smallest　degree　the　quantity

of　money　to　be　lent。　It　could　only　have　erected　this　bank　into　a

sort　of　general　loan　office　for　the　whole　country。　Those　who

wanted　to　borrow　must　have　applied　to　this　bank　instead　of

applying　to　the　private　persons　who　had　lent　it　their　money。　But

a　bank　which　lends　money　perhaps　to　five　hundred　different

people；　the　greater　part　of　whom　its　directors　can　know　very

little　about；　is　not　likely　to　be　more　judicious　in　the　choice　of

its　debtors　than　a　private　person　who　lends　out　his　money　among　a

few　people　whom　he　knows；　and　in　whose　sober　and　frugal　conduct

he　thinks　he　has　good　reason　to　confide。　The　debtors　of　such　a

bank　as　that　whose　conduct　I　have　been　giving　some　account　of

were　likely；　the　greater　part　of　them；　to　be　chimerical

projectors；　the　drawers　and　re…drawers　of　circulating　bills　of

exchange；　who　would　employ　the　money　in　extravagant　undertakings；

which；　with　all　the　assistance　that　could　be　given　them；　they

would　probably　never　be　able　to　complete；　and　which；　if　they

should　be　completed；　would　never　repay　the　expense　which　they　had

really　cost；　would　never　afford　a　fund　capable　of　maintaining　a

quantity　of　labour　equal　to　that　which　had　been　employed　about

them。　The　sober　and　frugal　debtors　of　private　persons；　on　the

contrary；　would　be　more　likely　to　employ　the　money　borrowed　in

sober　undertakings　which　were　proportioned　to　their　capitals；　and

which；　though　they　might　have　less　of　the　grand　and　the

marvellous；　would　have　more　of　the　solid　and　the　profitable；

which　would　repay　with　a　large　profit　whatever　had　been　laid　out

upon　them；　and　which　would　thus　afford　a　fund　capable　of

maintaining　a　much　greater　quantity　of　labour　than　that　which　had

been　employed　about　them。　The　success　of　this　operation；

therefore；　without　increasing　in　the　smallest　degree　the　capital

of　the　country；　would　only　have　transferred　a　great　part　of　it

from　prudent　and　profitable　to　imprudent　and　unprofitable

undertakings。

　　　　　That　the　industry　of　Scotland　languished　for　want　of　money

to　employ　it　was　the　opinion　of　the　famous　Mr。　Law。　By

establishing　a　bank　of　a　particular　kind；　which　he　seems　to　have

imagined　might　issue　paper　to　the　amount　of　the　whole　value　of

all　the　lands　in　the　country；　he　proposed　to　remedy　this　want　of

money。　The　Parliament　of　Scotland；　when　he　first　proposed　his

project；　did　not　think　proper　to　adopt　it。　It　was　afterwards

adopted；　with　some　variations；　by　the　Duke　of　Orleans；　at　that

time　Regent　of　France。　The　idea　of　the　possibility　of　multiplying

paper　to　almost　any　extent　was　the　real　foundation　of　what　is

called　the　Mississippi　scheme；　the　most　extravagant　project　both

of　banking　and　stock…jobbing　that；　perhaps；　the　world　ever　saw。

The　different　operations　of　this　scheme　are　explained　so　fully；

so　clearly；　and　with　so　much　order　and　distinctness；　by　Mr。　du

Verney；　in　his　Examination　of　the　Political　Reflections　upon

Commerce　and　Finances　of　Mr。　du　Tot；　that　I　shall　not　give　any

account　of　them。　The　principles　upon　which　it　was　founded　are

explained　by　Mr。　Law　himself；　in　a　discourse　concerning　money　and

trade；　which　he　published　in　Scotland　when　he　first　proposed　his

project。　The　splendid　but　visionary　ideas　which　are　set　forth　in

that　and　some　other　works　upon　the　same　principles　still　continue

to　make　an　impression　upon　many　people；　and　have；　perhaps；　in

part；　contributed　to　that　excess　of　banking　which　has　of　late

been　complained　of　both　in　Scotland　and　in　other　places。

　　　　　The　Bank　of　England　is　the　greatest　bank　of　circulation　in

Europe。　It　was　incorporated；　in　pursuance　of　an　act　of

Parliament；　by　a　charter　under　the　Great　Seal；　dated　the　27th　of

July；　1694。　It　at　that　time　advanced　to　government　the　sum　of　one

million　two　hundred　thousand　pounds；　for　an　annuity　of　one

hundred　thousand　pounds；　or　for　L96；000　a　year　interest；　at　the

rate　of　eight　per　cent；　and　L4000　a　year