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Even with this precaution, too, the money which is borrowed, and

which it is meant should not be repaid till after a period of

several years, ought not to be borrowed of a bank, but ought to

be borrowed upon bond or mortgage, of such private people as

propose to live upon the interest of their money, without taking

the trouble themselves to employ the capital, and who are, upon

that account, willing to lend that capital to such people of good

credit as are likely to keep it for several years. A bank,

indeed, which lends its money without the expense of stamped

paper, or of attorneys' fees for drawing bonds and mortgages, and

which accepts of repayment upon the easy terms of the banking

companies of Scotland, would, no doubt, be a very convenient

creditor to such traders and undertakers. But such traders and

undertakers would surely be most inconvenient debtors to such a

bank.