undertaken；　and　for　several　years　carried　on　without　any　other
  fund　to　support　them　besides　what　was　raised　at　this　enormous
  expense。　The　projectors；　no　doubt；　had　in　their　golden　dreams　the
  most　distinct　vision　of　this　great　profit。　Upon　their　awaking；
  however；　either　at　the　end　of　their　projects；　or　when　they　were
  no　longer　able　to　carry　them　on；　they　very　seldom；　I　believe；　had
  the　good　fortune　to　find　it。
  The　bills　A　in　Edinburgh　drew　upon　B　in　London；　he　regularly
  discounted　two　months　before　they　were　due　with　some　bank　or
  banker　in　Edinburgh；　and　the　bills　which　B　in　London　redrew　upon
  A　in　Edinburgh；　he　as　regularly　discounted　either　with　the　Bank
  of　England；　or　with　some　other　bankers　in　London。　Whatever　was
  advanced　upon　such　circulating　bills；　was；　in　Edinburgh；　advanced
  in　the　paper　of　the　Scotch　banks；　and　in　London；　when　they　were
  discounted　at　the　Bank　of　England；　in　the　paper　of　that　bank。
  Though　the　bills　upon　which　this　paper　had　been　advanced　were　all
  of　them　repaid　in　their　turn　as　soon　as　they　became　due；　yet　the
  value　which　had　been　really　advanced　upon　the　first　bill；　was
  never　really　returned　to　the　banks　which　advanced　it；　because；
  before　each　bill　became　due；　another　bill　was　always　drawn　to
  somewhat　a　greater　amount　than　the　bill　which　was　soon　to　be
  paid；　and　the　discounting　of　this　other　bill　was　essentially
  necessary　towards　the　payment　of　that　which　was　soon　to　be　due。
  This　payment；　therefore；　was　altogether　fictitious。　The　stream；
  which；　by　means　of　those　circulating　bills　of　exchange；　had　once
  been　made　to　run　out　from　the　coffers　of　the　banks；　was　never
  replaced　by　any　stream　which　really　run　into　them。
  The　paper　which　was　issued　upon　those　circulating　bills　of
  exchange；　amounted；　upon　many　occasions；　to　the　whole　fund
  destined　for　carrying　on　some　vast　and　extensive　project　of
  agriculture；　commerce；　or　manufactures；　and　not　merely　to　that
  part　of　it　which；　had　there　been　no　paper　money；　the　projector
  would　have　been　obliged　to　keep　by　him；　unemployed　and　in　ready
  money　for　answering　occasional　demands。　The　greater　part　of　this
  paper　was；　consequently；　over　and　above　the　value　of　the　gold　and
  silver　which　would　have　circulated　in　the　country；　had　there　been
  no　paper　money。　It　was　over　and　above；　therefore；　what　the
  circulation　of　the　country　could　easily　absorb　and　employ；　and
  upon　that　account；　immediately　returned　upon　the　banks　in　order
  to　be　exchanged　for　gold　and　silver；　which　they　were　to　find　as
  they　could。　It　was　a　capital　which　those　projectors　had　very
  artfully　contrived　to　draw　from　those　banks；　not　only　without
  their　knowledge　or　deliberate　consent；　but　for　some　time；
  perhaps；　without　their　having　the　most　distant　suspicion　that
  they　had　really　advanced　it。
  When　two　people；　who　are　continually　drawing　and　redrawing
  upon　one　another；　discount　their　bills　always　with　the　same
  banker；　he　must　immediately　discover　what　they　are　about；　and　see
  clearly　that　they　are　trading；　not　with　any　capital　of　their　own；
  but　with　the　capital　which　he　advances　to　them。　But　this
  discovery　is　not　altogether　so　easy　when　they　discount　their
  bills　sometimes　with　one　banker；　and　sometimes　with　another；　and
  when　the　same　two　persons　do　not　constantly　draw　and　redraw　upon
  one　another；　but　occasionally　run　the　round　of　a　great　circle　of
  projectors；　who　find　it　for　their　interest　to　assist　one　another
  in　this　method　of　raising　money；　and　to　render　it；　upon　that
  account；　as　difficult　as　possible　to　distinguish　between　a　real
  and　fictitious　bill　of　exchange；　between　a　bill　drawn　by　a　real
  creditor　upon　a　real　debtor；　and　a　bill　for　which　there　was
  properly　no　real　creditor　but　the　bank　which　discounted　it；　nor
  any　real　debtor　but　the　projector　who　made　use　of　the　money。　When
  a　banker　had　even　made　this　discovery；　he　might　sometimes　make　it
  too　late；　and　might　find　that　he　had　already　discounted　the　bills
  of　those　projectors　to　so　great　an　extent　that；　by　refusing　to
  discount　any　more；　he　would　necessarily　make　them　all　bankrupts；
  and　thus；　by　ruining　them；　might　perhaps　ruin　himself。　For　his
  own　interest　and　safety；　therefore；　he　might　find　it　necessary；
  in　this　very　perilous　situation；　to　go　on　for　some　time；
  endeavouring；　however；　to　withdraw　gradually；　and　upon　that
  account　making　every　day　greater　and　greater　difficulties　about
  discounting；　in　order　to　force　those　projectors　by　degrees　to
  have　recourse；　either　to　other　bankers；　or　to　other　methods　of
  raising　money；　so　that　he　himself　might；　as　soon　as　possible；　get
  out　of　the　circle。　The　difficulties；　accordingly；　which　the　Bank
  of　England；　which　the　principal　bankers　in　London；　and　which　even
  the　more　prudent　Scotch　banks　began；　after　a　certain　time；　and
  when　all　of　them　had　already　gone　too　far；　to　make　about
  discounting；　not　only　alarmed；　but　enraged　in　the　highest　degree
  those　projectors。　Their　own　distress；　of　which　this　prudent　and
  necessary　reserve　of　the　banks　was；　no　doubt；　the　immediate
  occasion；　they　called　the　distress　of　the　country；　and　this
  distress　of　the　country；　they　said；　was　altogether　owing　to　the
  ignorance；　pusillanimity；　and　bad　conduct　of　the　banks；　which　did
  not　give　a　sufficiently　liberal　aid　to　the　spirited　undertakings
  of　those　who　exerted　themselves　in　order　to　beautify；　improve；
  and　enrich　the　country。　It　was　the　duty　of　the　banks；　they　seemed
  to　think；　to　lend　for　as　long　a　time；　and　to　as　great　an　extent
  as　they　might　wish　to　borrow。　The　banks；　however；　by　refusing　in
  this　manner　to　give　more　credit　to　those　to　whom　they　had　already
  given　a　great　deal　too　much；　took　the　only　method　by　which　it　was
  now　possible　to　save　either　their　own　credit　or　the　public　credit
  of　the　country。
  In　the　midst　of　this　clamour　and　distress；　a　new　bank　was
  established　in　Scotland　for　the　express　purpose　of　relieving　the
  distress　of　the　country。　The　design　was　generous；　but　the
  execution　was　imprudent；　and　the　nature　and　causes　of　the
  distress　which　it　meant　to　relieve　were　not；　perhaps；　well
  understood。　This　bank　was　more　liberal　than　any　other　had　ever
  been；　both　in　granting　cash　accounts；　and　in　discounting　bills　of
  exchange。　With　regard　to　the　latter；　it　seems　to　have　made　scarce
  any　distinction　between　real　and　circulating　bills；　but　to　have
  discounted　all　equally。　It　was　the　avowed　principle　of　this　bank
  to　advance；　upon　any　reasonable　security；　the　whole　capital　which
  was　to　be　employed　in　those　improvements　of　which　the　returns　are
  the　most　slow　and　distant；　such　as　the　improvements　of　land。　To
  promote　such　improvements　was　even　said　to　be　the　chief　of　the
  public…spirited　purposes　for　which　it　was　instituted。　By　its
  liberality　in　granting　cash　accounts；　and　in　discounting　bills　of
  exchange；　it；　no　doubt；　issued　great　quantities　of　its　bank
  notes。　But　those　bank　notes　being；　the　greater　part　of　them；　over
  and　above　what　the　circulation　of　the　country　could　easily　absorb
  and　employ；　returned　upon　it；　in　order　to　be　exchanged　for　gold
  and　silver　as　fast　as　they　were　issued。　Its　coffers　were　never
  well　filled。　The　capital　which　had　been　subscribed　to　this　bank
  at　two　different　subscriptions；　amounted　to　one　hundred　and　sixty
  thousand　pounds；　of　which　eighty　per　cent　only　was　paid　up。　This
  sum　ought　to　have　been　paid　in　at　several　different　instalments。
  A　great　part　of　the　proprietors；　when　they　paid　in　their　first
  instalment；　opened　a　cash　account　with　the　bank；　and　the
  directors；　thinking　themselves　obliged　to　treat　their　own
  proprietors　with　the　same　liberality　with　which　they　treated　all
  other　men；　allowed　many　of　them　to　borrow　upon　this　cash　account
  what　they　paid　in　upon　all　their　subsequent　instalments。　Such
  payments；　therefore；　only　put　into　one　coffer　what　had　the　moment
  before　been　taken　out　of　another。　But　had　the　coffers　of　this
  bank　been　filled　ever　so　well；　its　excessive　circulation　must
  have　emptied　them　faster　than　they　could　have　been　replenished　by
  any　other　expedient　but　the　ruinous　one　of　drawing　upon　London；
  and　when　the　bill　became　due；　paying　it；　together　with　interest
  and　commission；　by　another　draft　upon　the　same　place。　Its　coffers
  having　been　filled　so　very　ill；　it　is　said　to　have　been　driven　to
  this　resource　within　a　very　few　months　after　it　began　to　do
  business。　The　estates　of　the　proprietors　of　this　bank　were　worth
  several　millions；　and　by　their　subscription　to　the　original　bond
  or　contract　of　the　bank；　were　really　pledged　for　answering　all
  its　engagements。　By　means　of　the　great　credit　which　so　great　a
  pledge　necessarily　gave　it；　it　was；　notwithstanding　its　too
  liberal　conduct；　enabled　to　carry　on　business　for　more　than　two
  years。　When　it　was　obliged　to　stop；　it　had　in　the　circulation
  about　two　hundred　thousand　pounds　in　bank　notes。　In　order　to
  support　the　circulation　of　those　notes　which　were　continually
  returning　upon　it　as　fast　they　were　issued；　it　had　been
  constantly　in　the　practice　of　drawing　bills　of　exchange　upon
  London；　of　which　the　number　and　value　were　continually
  increasing；　and；　when　it　stopped；　amounted　to　upward