enpu520.cc 
iii,c25,thebank
agreedtopaytogoventfortherenescharter
l110,000entthissutherefore,did
notincreaseeitherofthosets
thedividendofthebankhasvariedacrdingtothevariationsintherateoftheinteresthas,atdifferenttis,reoneyithadadvancedtothepublic,as
stancesthisrateofinterest
hasgraduallybeenredue
yearspastthebankdividendhasbeenatfiveandahalfpercent
thestabilityofthebankofenglandisequaltothatofthebritishgoventallthatithasadvanust
belostbeforeitscreditorscansustainanylossnootherbankingpanyinenglandcanbeestablishedbyactofparliant,ororethansixersitacts,not
onlyasanordinarybank,butasagreatengineofstateitreceivesandpaysthegreaterpartoftheannuitieshareduetothecreditorsofthepublic,itcirculatesexchequerbills,anditadvanenttheannualauntofthelandand
lttaxes,eyears
thereafterinthosedifferentoperations,itsdutytothepublicysotishaveobligedit,houtanyfaultofits
directors,tooverstockthecirculationoneyitlikeerchantsbills,andhas,uponseveral
differentoccasions,supportedthecreditoftheprincipalhouses,notonlyofengland,butofhaurgandhollandupononeoccasion,in1763,itissaidtohaveadvancedforthispurpose,inonel1,600,000,agreatpartofitinbullionidonot,hoendtoeitherthegreatnessofthe
suortheshortnessofthetiuponotheroccasions,thisgreatpanyhasbeenreducedtothenecessityofpayinginsixpences
itisnotbyaugntingthecapitaloftheuntry,butbyrenderingagreaterpartofthatcapitalactiveandproductivethanostjudiciousoperationsof
bankingcanincreasetheindustryoftheuntrythatpartofhiscapitaluneloyed,
andinreadyney,foransands,issoch
deadstock,ainsinthissituation,
produortohisuntrythejudicious
operationsofbankingenablehionvertthisdeadstockintoaaterialstoo
toolstoh,andintoprovisionsandsubsistencetoworkfor;intostoselfandto
hisuntrythegoldandsilveeyesinany
untry,andbyansofheproduceofitslandandlabourisannuallyers,
is,inthesannerasthereadyneyofthedealer,alldeadstockitisaveryvaluablepartofthecapitaloftheuntry,hingtotheuntrythejudiciousoperations
ofbanking,bysubstitutingpaperintheroofagreatpartofthisgoldandsilver,enablestheuntrytonvertagreatpartofthisdeadstockintoactiveandproductivestock;intostockethingtotheuntrythegoldandsilver
neyayveryproperlybe
paredtoahighcirculatesandcarriesto
rketallthegrassandoftheuntry,producesitselfnotasinglepileofeitherthejudiciousoperationsofbanking,byproviding,ifiybealloetaphor,asortof
hroughtheair,enabletheuntrytonvert,asitpartofitshighogoodpasturesand
fields,andtherebytoincreaseverynsiderablytheannualproduerceandindustryofthe
untry,houstbeacknoaybe
soented,cannotbealtogethersosecureheyarethus,asithedaedalianwingsofpaper
neyasheytravelaboutuponthesolidgroundofgoldandsilveroverandabovetheaccidentstoheyareexposedfroheunskillfulnessofthenduoney,
theyareliabletoseveralothers,fronoprudenceorskillofthosendu
anunsuccessfulple,inygot
possessionofthecapital,andnsequentlyofthattreasureoney,casiona
chgreatefusioninauntryheion
haninonehegreaterpartofit
entof
radebut
eitherbybarteroruponcreditalltaxeshavingbeenusuallypaidinpapeey,theprincehavehaleither
topayhistroops,ortofuishhisgazines;andthestateoftheuntryuchreirretrievablethanifthegreaterpartofitscirculationhadnsistedingoldandsilveraprinaintainhisdonionsatalltisinthe
stateinosteasilydefendtheought,uponthisaultiplication
ofpapeeyheverybanks;but
evenagainstthatltiplicationofittofill
thegreaterpartofthecirculationoftheuntryhittheaybensideredas
dividedintotbranches:thecirculationofthedealershoneanother,andthecirculationbethedealersandthensursthoughthesapieoney,herpaper
ortal,ybeeloyedsotisintheonecirculationandsotisintheother,yetasbotharenstantlygoingonatthesati,eaoneyofonekind
oranothertocarryitonthevalueofthegoodscirculatedbethedifferentdealers,nevercanexceedthevalueofthosecirculatedbeters;ever
isboughtbythedealers,beingultitelydestinedtobesoldtothensursthecirculationbethedealers,asitiscarriedonby
foreveryparticulartransactionthatbethedealersandthensurs,onthentrary,asitisgenerallycarriedonbyretail,frequentlyrequiresbutverysllones,ashilling,orevenahalfpenny,beingoftensufficientbutsllsuasters
refrequentlythanaguinea,andahalfpennyrefrequentlythanashillingthoughtheannualpurchasesofallthensurs,therefore,areatleastequalinvaluetothoseofallthedealers,theycangenerallybetransacteduchsller
