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this method of raising money, in the same manner as that

described in the text, must have cost A something more than eight

per cent. By saving, however, the exchange between Edinburgh and

London, it was less expensive than that mentioned in the

foregoing part of this note; but then it required an established

credit with more houses than one in London, an advantage which

many of these adventurers could not always find it easy to

procure.}

The bills which A in Edinburgh drew upon B in London, he

regularly discounted two months before they were due, with some

bank or banker in Edinburgh; and the bills which B in London

redrew upon A in Edinburgh, he as regularly discounted, either

with the Bank of England, or with some other banker in London.

Whatever was advanced upon such circulating bills was in

Edinburgh advanced in the paper of the Scotch banks; and in

London, when they were discounted at the Bank of England in the

paper of that bank.