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