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general；　or　the　city　of　Glasgow　in　particular；　has　really

increased　in　so　great　a　proportion；　during　so　short　a　period；　I

do　not　pretend　to　know。　If　either　of　them　has　increased　in　this

proportion；　it　seems　to　be　an　effect　too　great　to　be　accounted

for　by　the　sole　operation　of　this　cause。　That　the　trade　and

industry　of　Scotland；　however；　have　increased　very　considerably

during　this　period；　and　that　the　banks　have　contributed　a　good

deal　to　this　increase；　cannot　be　doubted。

　　　　　The　value　of　the　silver　money　which　circulated　in　Scotland

before　the　union；　in　1707；　and　which；　immediately　after　it；　was

brought　into　the　Bank　of　Scotland　in　order　to　be　recoined；

amounted　to　L411；117　10s。　9d。　sterling。　No　account　has　been　got

of　the　gold　coin；　but　it　appears　from　the　ancient　accounts　of　the

mint　of　Scotland；　that　the　value　of　the　gold　annually　coined

somewhat　exceeded　that　of　the　silver。　There　were　a　good　many

people；　too；　upon　this　occasion；　who；　from　a　diffidence　of

repayment；　did　not　bring　their　silver　into　the　Bank　of　Scotland：

and　there　was；　besides；　some　English　coin　which　was　not　called

in。　The　whole　value　of　the　gold　and　silver；　therefore；　which

circulated　in　Scotland　before　the　union；　cannot　be　estimated　at

less　than　a　million　sterling。　It　seems　to　have　constituted　almost

the　whole　circulation　of　that　country；　for　though　the　circulation

of　the　Bank　of　Scotland；　which　had　then　no　rival；　was

considerable；　it　seems　to　have　made　but　a　very　small　part　of　the

whole。　In　the　present　times　the　whole　circulation　of　Scotland

cannot　be　estimated　at　less　than　two　millions；　of　which　that　part

which　consists　in　gold　and　silver　most　probably　does　not　amount

to　half　a　million。　But　though　the　circulating　gold　and　silver　of

Scotland　have　suffered　so　great　a　diminution　during　this　period；

its　real　riches　and　prosperity　do　not　appear　to　have　suffered

any。　Its　agriculture；　manufactures；　and　trade；　on　the　contrary；

the　annual　produce　of　its　land　and　labour；　have　evidently　been

augmented。

　　　　　It　is　chiefly　by　discounting　bills　of　exchange；　that　is；　by

advancing　money　upon　them　before　they　are　due；　that　the　greater

part　of　banks　and　bankers　issue　their　promissory　notes。　They

deduct　always；　upon　whatever　sum　they　advance；　the　legal　interest

till　the　bill　shall　become　due。　The　payment　of　the　bill；　when　it

becomes　due；　replaces　to　the　bank　the　value　of　what　had　been

advanced；　together　with　a　clear　profit　of　the　interest。　The

banker　who　advances　to　the　merchant　whose　bill　he　discounts；　not

gold　and　silver；　but　his　own　promissory　notes；　has　the　advantage

of　being　able　to　discount　to　a　greater　amount；　by　the　whole　value

of　his　promissory　notes；　which　he　finds　by　experience　are

commonly　in　circulation。　He　is　thereby　enabled　to　make　his　clear

gain　of　interest　on　so　much　a　larger　sum。

　　　　　The　commerce　of　Scotland；　which　at　present　is　not　very

great；　was　still　more　inconsiderable　when　the　two　first　banking

companies　were　established；　and　those　companies　would　have　had

but　little　trade　had　they　confined　their　business　to　the

discounting　of　bills　of　exchange。　They　invented；　therefore；

another　method　of　issuing　their　promissory　notes；　by　granting

what　they　called　cash　accounts；　that　is　by　giving　credit　to　the

extent　of　a　certain　sum　（two　or　three　thousand　pounds；　for

example）　to　any　individual　who　could　procure　two　persons　of

undoubted　credit　and　good　landed　estate　to　become　surety　for　him；

that　whatever　money　should　be　advanced　to　him；　within　the　sum　for

which　the　credit　had　been　given；　should　be　repaid　upon　demand；

together　with　the　legal　interest。　Credits　of　this　kind　are；　I

believe；　commonly　granted　by　banks　and　bankers　in　all　different

parts　of　the　world。　But　the　easy　terms　upon　which　the　Scotch

banking　companies　accept　of　repayment　are；　so　far　as　I　know；

peculiar　to　them；　and　have；　perhaps；　been　the　principal　cause；

both　of　the　great　trade　of　those　companies　and　of　the　benefit

which　the　country　has　received　from　it。

　　　　　Whoever　has　a　credit　of　this　kind　with　one　of　those

companies；　and　borrows　a　thousand　pounds　upon　it；　for　example；

may　repay　this　sum　piecemeal；　by　twenty　and　thirty　pounds　at　a

time；　the　company　discounting　a　proportionable　part　of　the

interest　of　the　great　sum　from　the　day　on　which　each　of　those

small　sums　is　paid　in　till　the　whole　be　in　this　manner　repaid。

All　merchants；　therefore；　and　almost　all　men　of　business；　find　it

convenient　to　keep　such　cash　accounts　with　them；　and　are　thereby

interested　to　promote　the　trade　of　those　companies；　by　readily

receiving　their　notes　in　all　payments；　and　by　encouraging　all

those　with　whom　they　have　any　influence　to　do　the　same。　The

banks；　when　their　customers　apply　to　them　for　money；　generally

advance　it　to　them　in　their　own　promissory　notes。　These　the

merchants　pay　away　to　the　manufacturers　for　goods；　the

manufacturers　to　the　farmers　for　materials　and　provisions；　the

farmers　to　their　landlords　for　rent；　the　landlords　repay　them　to

the　merchants　for　the　conveniencies　and　luxuries　with　which　they

supply　them；　and　the　merchants　again　return　them　to　the　banks　in

order　to　balance　their　cash　accounts；　or　to　replace　what　they　may

have　borrowed　of　them；　and　thus　almost　the　whole　money　business

of　the　country　is　transacted　by　means　of　them。　Hence　the　great

trade　of　those　companies。

　　　　　By　means　of　those　cash　accounts　every　merchant　can；　without

imprudence；　carry　on　a　greater　trade　than　he　otherwise　could　do。

If　there　are　two　merchants；　one　in　London　and　the　other　in

Edinburgh；　who　employ　equal　stocks　in　the　same　branch　of　trade；

the　Edinburgh　merchant　can；　without　imprudence；　carry　on　a

greater　trade　and　give　employment　to　a　greater　number　of　people

than　the　London　merchant。　The　London　merchant　must　always　keep　by

him　a　considerable　sum　of　money；　either　in　his　own　coffers；　or　in

those　of　his　banker；　who　gives　him　no　interest　for　it；　in　order

to　answer　the　demands　continually　coming　upon　him　for　payment　of

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　t