heuntryuldeasilyabsorband
eloythosepanies,therefore,hadsolongagogivenalltheassistancetothetradersandotherundertakersofstlandhitispossibleforbanksandbankers,nsistentlyhtheirowninterest,togivetheyhadevendonesooretheyhadovertradedalittle,andhadbroughtupontheelvesthatloss,oratleastthatdinutionofprofit,hisparticularbusinessneverfailstoattendthesllestdegreeofovertradingthosetradersandotherundertakers,havinggotsochassistancefroanksandbankers,ore
thebanks,theyseeohavethought,uldextendtheircreditstoghtbeed,houtincurringanyother
expensebesidesthatofafesofpapertheyplainedofthentractedvieardlyspiritofthedirectorsofthosebanks,,theysaid,extendtheircreditsinproportiontotheextensionofthetradeoftheuntry;aning,nodoubt,bytheextensionofthattradetheextensionoftheirosbeyondtheyuldcarryon,eitherhtheir
oal,orhtheyhadcredittoborroe
peopleintheusualortgagethebanks,theyseebr >tohavethought,osupplythedeficiency,
andtoprovidetheallthecapitalheyedto
tradehthebanks,hoopinion,and
upontheirrefusingtoextendtheircredits,soofthosetradershadreursetoanexpediente,served
theirpurpose,thoughatachgreaterexpense,yetaseffectuallyastheutstextensionofbankcreditsuldhavedonethisexpedientherthantheof
draheshifttounatetraders
havesotisreurseheyareuponthebrinkof
bankruptoneyinthisnnerhadbeen
longknoheurseofthelatewar,
ptationto
overtrading,issaidtohavecarriedontoaverygreatextentfronglanditintostland,ion
totheverylitedroderatecapitalof
theuntry,ituchgreaterextentthan
iteverhadbeeninengland
thepracticeofdrao
allnofbusinessthatityperhapsbethoughtunnecessarytogiveanaayeintothehands
ofnypeopleenofbusiness,andastheeffectsofthispracticeuponthebankingtradearenotperhapsgenerallyunderstoodevenbynofbusinesstheelves,ishallendeavourtoexplainitasdistinctlyasican
theerchants,ablishedhe
barbarouslaanceoftheir
ntracts,andheurseofthetcenturies
havebeenadoptedintothelaions,have
givensuchextraordinaryprivilegestobillsofexchangethatneyisrereadilyadvanthanuponanyother
speciesofobligation,especiallyadepayableonthsaftertheirdate
if,esdue,theacceptordoesnotpayitas
soonasitispresented,hebeesfrohatntabankruptthebillisprotested,andretusuponthedrawer,who,ifhedoesnotiediatelypayit,beeslikeif,
beforeitcatothepersonsittotheacceptorforpaynt,ithadpassedthroughthehandsofseveralotherpersons,ooneanotherthe
ntentsofiteitherinneyorgoods,andoexpressthateahadinhistureceivedthosentents,hadallofthentheirorderendorsed,thatis,esupon
thebackofthebill;eachendorserbeesinhistuliabletotheohebillforthosentents,and,ifhefailstopay,hebeestoofrohatntabankruptthoughthedra,
bepersonsofdoubtfulcredit;yetstilltheshortnessofthedategivessosecuritytotheohebillthoughalloftheaybeverylikelytobeebankrupts,itisachanceiftheyallbeesoinsoshortatithehouseiscrazy,saysaself,andstandverylong;butit
isachanceifitfallstonight,andiure,therefore,tosleepinittonight
thetraderainedinburgh,weshallsuppose,drawsabilluponbinlondon,payabletonthsafterdateinrealitybinlondonohingtoainedinburgh;butheagreestoacceptofasbill,uponnditionthatbeforetheterfpayntheshallredraesutogetherhthe
interestandassion,anotherbill,payablelikewonthsafterdatebacrdingly,beforetheexpirationofthefirsttonths,redrahisbilluponainedinburgh;whoagain,beforetheexpirationofthesendtonths,drawsasendbilluponbinlondon,payablelikeonthsafterdate;andbeforetheexpirationofthethirdtonths,binlondonredraherbill,payablealsotwo
nthsafterdatethispraesgoneon,notonly
forseveralnths,butforseveralyearstogether,thebillalulated
interestandssionofalltheforrbillstheinterestwasfivepercentintheyear,andthessionhan
onehalfperissionbeingrepeated
rethansixtisintheyear,oneyaghtraiseby
thisexpedientstneore
thaneightperesagreatdealre;
ssionhappenedtorise,orwhen
hepoundinterestupontheinterestand
ssionofforrbillsthispracticealledraisingneybycirculation
inauntryheordinaryprofitsofstockinthe
greaterpartofrcantileprojectsaresupposedtorunbetweensixandtenpercent,itsthavebeenaveryfortunatespeculationofheretusuldnotonlyrepaythe
enorusexpenseatoneyhusborrowedfor
carryingiton;butafford,besides,agoodsurplusprofittotheprojeanyvastandextensiveprojects,however,wereundertaken,andforseveralyearscarriedonhoutanyotherfundtosupporttheesidesous
expensetheprojesthe
stdistinctvisionofthisgreatprofitupontheirawaking,hoherattheendoftheirprojects,orheywere
nolongerabletocarrythen,they
