or　metal；　may　be　employed　sometimes　in　the　one　circulation　and
  sometimes　in　the　other；　yet　as　both　are　constantly　going　on　at
  the　same　time；　each　requires　a　certain　stock　of　money　of　one　kind
  or　another　to　carry　it　on。　The　value　of　the　goods　circulated
  between　the　different　dealers；　never　can　exceed　the　value　of
  those　circulated　between　the　dealers　and　the　consumers；　whatever
  is　bought　by　the　dealers；　being　ultimately　destined　to　be　sold　to
  the　consumers。　The　circulation　between　the　dealers；　as　it　is
  carried　on　by　wholesale；　requires　generally　a　pretty　large　sum
  for　every　particular　transaction。　That　between　the　dealers　and
  the　consumers；　on　the　contrary；　as　it　is　generally　carried　on　by
  retail；　frequently　requires　but　very　small　ones；　a　shilling；　or
  even　a　halfpenny；　being　often　sufficient。　But　small　sums
  circulate　much　faster　than　large　ones。　A　shilling　changes　masters
  more　frequently　than　a　guinea；　and　a　halfpenny　more　frequently
  than　a　shilling。　Though　the　annual　purchases　of　all　the
  consumers；　therefore；　are　at　least　equal　in　value　to　those　of　all
  the　dealers；　they　can　generally　be　transacted　with　a　much　smaller
  quantity　of　money；　the　same　pieces；　by　a　more　rapid　circulation；
  serving　as　the　instrument　of　many　more　purchases　of　the　one　kind
  than　of　the　other。
  Paper　money　may　be　so　regulated　as　either　to　confine　itself
  very　much　to　the　circulation　between　the　different　dealers；　or　to
  extend　itself　likewise　to　a　great　part　of　that　between　the
  dealers　and　the　consumers。　Where　no　bank　notes　are　circulated
  under　ten　pounds　value；　as　in　London；　paper　money　confines　itself
  very　much　to　the　circulation　between　the　dealers。　When　a　ten
  pound　bank　note　comes　into　the　hands　of　a　consumer；　he　is
  generally　obliged　to　change　it　at　the　first　shop　where　he　has
  occasion　to　purchase　five　shillings'　worth　of　goods；　so　that　it
  often　returns　into　the　hands　of　a　dealer　before　the　consumer　has
  spent　the　fortieth　part　of　the　money。　Where　bank　notes　are　issued
  for　so　small　sums　as　twenty　shillings；　as　in　Scotland；　paper
  money　extends　itself　to　a　considerable　part　of　the　circulation
  between　dealers　and　consumers。　Before　the　Act　of　Parliament；
  which　put　a　stop　to　the　circulation　of　ten　and　five　shilling
  notes；　it　filled　a　still　greater　part　of　that　circulation。　In　the
  currencies　of　North　America；　paper　was　commonly　issued　for　so
  small　a　sum　as　a　shilling；　and　filled　almost　the　whole　of　that
  circulation。　In　some　paper　currencies　of　Yorkshire；　it　was　issued
  even　for　so　small　a　sum　as　a　sixpence。
  Where　the　issuing　of　bank　notes　for　such　very　small　sums　is
  allowed　and　commonly　practised；　many　mean　people　are　both　enabled
  and　encouraged　to　become　bankers。　A　person　whose　promissory　note
  for　five　pounds；　or　even　for　twenty　shillings；　would　be　rejected
  by　everybody；　will　get　it　to　be　received　without　scruple　when　it
  is　issued　for　so　small　a　sum　as　a　sixpence。　But　the　frequent
  bankruptcies　to　which　such　beggarly　bankers　must　be　liable　may
  occasion　a　very　considerable　inconveniency；　and　sometimes　even　a
  very　great　calamity　to　many　poor　people　who　had　received　their
  notes　in　payment。
  It　were　better；　perhaps；　that　no　bank　notes　were　issued　in
  any　part　of　the　kingdom　for　a　smaller　sum　than　five　pounds。　Paper
  money　would　then；　probably；　confine　itself；　in　every　part　of　the
  kingdom；　to　the　circulation　between　the　different　dealers；　as
  much　as　it　does　at　present　in　London；　where　no　bank　notes　are
  issued　under　ten　pounds'　value；　five　pounds　being；　in　most　parts
  of　the　kingdom；　a　sum　which；　though　it　will　purchase；　little　more
  than　half　the　quantity　of　goods；　is　as　much　considered；　and　is　as
  seldom　spent　all　at　once；　as　ten　pounds　are　amidst　the　profuse
  expense　of　London。
  Where　paper　money；　it　is　to　be　observed；　is　pretty　much
  confined　to　the　circulation　between　dealers　and　dealers；　as　at
  London；　there　is　always　plenty　of　gold　and　silver。　Where　it
  extends　itself　to　a　considerable　part　of　the　circulation　between
  dealers　and　consumers；　as　in　Scotland；　and　still　more　in　North
  America；　it　banishes　gold　and　silver　almost　entirely　from　the
  country；　almost　all　the　ordinary　transactions　of　its　interior
  commerce　being　thus　carried　on　by　paper。　The　suppression　of　ten
  and　five　shilling　bank　notes　somewhat　relieved　the　scarcity　of
  gold　and　silver　in　Scotland；　and　the　suppression　of　twenty
  shilling　notes　would　probably　relieve　it　still　more。　Those　metals
  are　said　to　have　become　more　abundant　in　America　since　the
  suppression　of　some　of　their　paper　currencies。　They　are　said；
  likewise；　to　have　been　more　abundant　before　the　institution　of
  those　currencies。
  Though　paper　money　should　be　pretty　much　confined　to　the
  circulation　between　dealers　and　dealers；　yet　banks　and　bankers
  might　still　be　able　to　give　nearly　the　same　assistance　to　the
  industry　and　commerce　of　the　country　as　they　had　done　when　paper
  money　filled　almost　the　whole　circulation。　The　ready　money　which
  a　dealer　is　obliged　to　keep　by　him；　for　answering　occasional
  demands；　is　destined　altogether　for　the　circulation　between
  himself　and　other　dealers　of　whom　he　buys　goods。　He　has　no
  occasion　to　keep　any　by　him　for　the　circulation　between　himself
  and　the　consumers；　who　are　his　customers；　and　who　bring　ready
  money　to　him；　instead　of　taking　any　from　him。　Though　no　paper
  money；　therefore；　was　allowed　to　be　issued　but　for　such　sums　as
  would　confine　it　pretty　much　to　the　circulation　between　dealers
  and　dealers；　yet；　partly　by　discounting　real　bills　of　exchange；
  and　partly　by　lending　upon　cash　accounts；　banks　and　bankers　might
  still　be　able　to　relieve　the　greater　part　of　those　dealers　from
  the　necessity　of　keeping　any　considerable　part　of　their　stock　by
  them；　unemployed　and　in　ready　money；　for　answering　occasional
  demands。　They　might　still　be　able　to　give　the　utmost　assistance
  which　banks　and　bankers　can；　with　propriety；　give　to　traders　of
  every　kind。
  To　restrain　private　people；　it　may　be　said；　from　receiving
  in　payment　the　promissory　notes　of　a　banker；　for　any　sum　whether
  great　or　small；　when　they　themselves　are　willing　to　receive　them；
  or　to　restrain　a　banker　from　issuing　such　notes；　when　all　his
  neighbours　are　willing　to　accept　of　them；　is　a　manifest　violation
  of　that　natural　liberty　which　it　is　the　proper　business　of　law
  not　to　infringe；　but　to　support。　Such　regulations　may；　no　doubt；
  be　considered　as　in　some　respects　a　violation　of　natural　liberty。
  But　those　exertions　of　the　natural　liberty　of　a　few　individuals；
  which　might　endanger　the　security　of　the　whole　society；　are；　and
  ought　to　be；　restrained　by　the　laws　of　all　governments；　of　the
  most　free　as　well　as　of　the　most　despotical。　The　obligation　of
  building　party　walls；　in　order　to　prevent　the　communication　of
  fire；　is　a　violation　of　natural　liberty　exactly　of　the　same　kind
  with　the　regulations　of　the　banking　trade　which　are　here
  proposed。
  A　paper　money　consisting　in　bank　notes；　issued　by　people　of
  undoubted　credit；　payable　upon　demand　without　any　condition；　and
  in　fact　always　readily　paid　as　soon　as　presented；　is；　in　every
  respect；　equal　in　value　to　gold　and　silver　money；　since　gold　and
  silver　money　can　at　any　time　be　had　for　it。　Whatever　is　either
  bought　or　sold　for　such　paper　must　necessarily　be　bought　or　sold
  as　cheap　as　it　could　have　been　for　gold　and　silver。
  The　increase　of　paper　money；　it　has　been　said；　by　augmenting
  the　quantity；　and　consequently　diminishing　the　value　of　the　whole
  currency；　necessarily　augments　the　money　price　of　commodities。
  But　as　the　quantity　of　gold　and　silver；　which　is　taken　from　the
  currency；　is　always　equal　to　the　quantity　of　paper　which　is　added
  to　it；　paper　money　does　not　necessarily　increase　the　quantity　of
  the　whole　currency。　From　the　beginning　of　the　last　century　to　the
  present　time；　provisions　never　were　cheaper　in　Scotland　than　in
  1759；　though；　from　the　circulation　of　ten　and　five　shilling　bank
  notes；　there　was　then　more　paper　money　in　the　country　than　at
  present。　The　proportion　between　the　price　of　provisions　in
  Scotland　and　that　in　England　is　the　same　now　as　before　the　great
  multiplication　of　banking　companies　in　Scotland。　Corn　is；　upon
  most　occasions；　fully　as　cheap　in　England　as　in　France；　though
  there　is　a　great　deal　of　paper　money　in　England；　and　scarce　any
  in　France。　In　1751　and　in　1752；　when　Mr。　Hume　published　his
  Political　Discourses；　and　soon　after　the　great　multiplication　of
  paper　money　in　Scotland；　there　was　a　very　sensible　rise　in　the
  price　of　provisions；　owing；　probably；　to　the　badness　of　the
  seasons；　and　not　to　the　multiplication　of　paper　money。
  It　would　be　otherwise；　indeed；　with　a　paper　money　consisting
  in　promissory　notes；　of　which　the　immediate　payment　depended；　in
  any　respect；　either　upon　the　good　will　of　those　who　issued　them；
  or　upon　a　condition　which　the　holder　of　the　notes　might　not
  always　have　it　in　his　power　to　fulfil；　or　of　which　the　payment
  was　not　exigible　till　after　a　certain　number　of　years；　and　which
  in　the　meantime　bore　no　interest。　Such　a　paper　money　would；　no
  doubt；　fall　more　or　less　be