पृष्ठ 821 / 2651

{The method described in the text was by no means either the most

common or the most expensive one in which those adventurers

sometimes raised money by circulation. It frequently happened,

that A in Edinburgh would enable B in London to pay the first

bill of exchange, by drawing, a few days before it became due, a

second bill at three months date upon the same B in London. This

bill, being payable to his own order, A sold in Edinburgh at par;

and with its contents purchased bills upon London, payable at

sight to the order of B, to whom he sent them by the post.

Towards the end of the late war, the exchange between Edinburgh

and London was frequently three per cent. against Edinburgh, and

those bills at sight must frequently have cost A that premium.

This transaction, therefore, being repeated at least four times

in the year, and being loaded with a commission of at least one

half per cent. upon each repetition, must at that period have

cost A, at least, fourteen per cent. in the year.