credit of the companies, passed as money in all payments throughout the country. By this means a stock of five thousand pounds was able to perform the same operations as if it were ten, and merchants were thereby enabled to trade to a greater extent, and to require less profit in all their transactions. In Newcastle and Bristol, as well as other trading places, the merchants have since instituted banks of a like nature, in imitation of those in Glasgow. But whatever other advantages result from these inventions, it must still be allowed that they banish the precious metals; and nothing can be a more evident proof of it than a comparison of the past and present condition of Scotland in that particular. It was found, upon the recoinage made after the Union, that there was near a million of specie in that country; but notwithstanding the great increase of {p62} riches, commerce and manufactures of all kinds, it is thought that, even where there is no extraordinary drain made by England, the current specie will not now amount to a fifth of that sum.
But as our projects of paper-credit are almost the only expedient by which we can sink money below its level, so, in my opinion, the only expedient by which we can raise money above its level is a practice which we