Pagina 798 de 2651

Whatever coin, therefore, was wanted to support this excessive

circulation both of Scotch and English paper money, whatever

vacuities this excessive circulation occasioned in the necessary

coin of the kingdom, the Bank of England was obliged to supply

them. The Scotch banks, no doubt, paid all of them very dearly

for their own imprudence and inattention: but the Bank of England

paid very dearly, not only for its own imprudence, but for the

much greater imprudence of almost all the Scotch banks.

The over-trading of some bold projectors in both parts of the

united kingdom, was the original cause of this excessive

circulation of paper money.