beenpaidinatseveraldifferentinstalnts
agreatpartoftheproprietors,heypaidintheirfirstinstalnt,openedacashacunththebank;andthedireselvesobligedtotreattheirown
proprietorseliberalityhheytreatedall
othe,alloanyoftheoborrohiscashacunt
entssuch
paynts,therefore,onlyputintoonefferont
beforebeentakenoutofanotherbuthadtheffersofthisbankbeenfilledeversoust
haveetiedtheasterthantheyuldhavebeenreplenishedbyanyotherexpedientbuttheruinousoneofdrawinguponlondon,andedue,payingit,togetherhinterest
andssion,byanotherdraftuponthesaplaceitsffershavingbeenfilledsoveryill,itissaidtohavebeendriventothisresourceonthsafteritbegantodo
businesstheestatesoftheproprietorsofthisbankhseveralllions,andbytheirsubscriptiontotheoriginalbondotractofthebank,werereallypledgedforansweringallitsengagentsbyansofthegreatcredita
pledgenecessarilygaveit,ithstandingitstooliberalnduorethantwo
yearsostop,ithadinthecirculation
aboutthousandpoundsinbanknotesinordertosupportthecirculationofthosenotesinuallyretuinguponitasfasttheyhadbeen
nstantlyinthepracticeofdrahangeupon
london,ofberandvalueinually
increasing,and,ountedtoupwardsofsix
hundredthousandpoundsthisbank,therefore,had,inlittlerethantheurseoftodifferentpeople
uphundredthousandpoundsatfivepercentuponthethousandpoundscirculatedinbank
notes,thisfivepercentght,perhaps,bensideredascleargain,houtanyotherdeductionbesidestheexpenseofnagentbutuponuphousandpounds,for
inuallydrahangeuponlondon,
itssion,upwardsof
eightpercent,andorethanthreeper
orethanthreefourthsofallitsdealings
theoperationsofthisbankseeohaveproducedeffectsquiteoppositetothoseendedbytheparticularpersonstohaveintended
tosupportthespiritedundertakings,forassuchtheynsideredtheecarryingonindifferentpartsof
theuntry;andatthesati,bydrahewholebankingbusinesstotheelves,tosupplantalltheotherstchbanks,particularlythoseestablishedinedinburgh,kwardnessindisuntingbillsofexchangehadgivensooffencethisbank,nodoubt,gavesoteoraryrelieftothoseprojectors,andenabledtheocarryontheirprojectsforabouttwoyearslongerthantheyuldotherittherebyonly
enabledtheogetsochdeeperintodebt,sothat,whenruinandupontheir
creditorstheoperationsofthisbank,therefore,insteadofrelieving,inrealityaggravatedinthelongrunthedistressselvesandupon
theiruntryituselves,
their
beenobligedtostopthantheyactuallydidtheteoraryrelief,hohisbankaffordedtothose
projeanentrelieftotheother
stchbanksallthedealersincirculatingbillsofexchange,esobacking,
hadreursetothisneheyhopen
arthoseotherbanks,therefore,ogetvery
easilyoutofthatfatalcircle,froeyuldnot
otherselveshoutincurringa
nsiderableloss,andperhapstooevensodegreeofdiscreditinthelongrun,therefore,theoperationsofthisbankincreasedtherealdistressoftheuntryeanttorelieve;andeffectuallyrelievedfroverygreatdistressthoserivalsitanttosupplant
atthefirstsettingoutofthisbank,itheopinionofsopeoplethathoightbeetied,it
ghteasilyreplenishtheyraisingneyuponthesecuritiesofthosetoithadadvanceditspaperexperience,ibelieve,soonnvinoney
uchtooslooansheirpurpose;andthatffers
ptiedtheelves
soveryfast,uldbereplenishedbynootherexpedientbuttheruinousoneofdrae
due,payingtheyotherdraftsuponthesaplacehacculatedinterestandssionbutthoughtheyhadbeenablebythisthodtoraiseneyasfastastheyedit,yet,insteadofkingaprofit,theysthavesufferedalossbyeverysuusthave
ruinedtheelvesasarcantilepany,though,perhaps,notsosoonasbythereexpensivepracticeofdrawingandredraadenothingbytheinterestof
thepaper,thecirculationof
theuntryuldabsorbandeloy,retuedupontheinordertobeexchangedforgoldandsilver,asfastastheyissuedit;andforthepayntofselvesntinually
obligedtoborrooneyonthentrary,thewholeexpenseofthisborroployingagentstolookoutforpeoplewhohadneytolend,ofnegotiatinghthosepeople,andofdraent,sthavefallenupon
theandhavebeensochclearlossuponthebalanceoftheiracuntstheprojectofreplenishingtheirffersinthisnnerybeparedtothatofan
inuallyrunningout,andintohno
streanuallyrunning,butokeepit
alployinganuerofpeopletogo
ntinuallyelesdistancein
ordertobringertorepleni**
butthoughthisoperationhadprovednotonlypracticablebutprofitabletothebankasarcantilepany,yettheuntryuldhavederivednobenefitfrot;but,onthentrary,sthavesufferedaverynsiderablelossbyitthisoperationuldnotaugntinthesllestdegreethequantityofneytobelentituldonlyhaveerectedt
