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The returns of the fixed capital are, in almost all cases, much

slower than those of the circulating capital: and such expenses,

even when laid out with the greatest prudence and judgment, very

seldom return to the undertaker till after a period of many

years, a period by far too distant to suit the conveniency of a

bank. Traders and other undertakers may, no doubt with great

propriety, carry on a very considerable part of their projects

with borrowed money. In justice to their creditors, however,

their own capital ought in this case to be sufficient to insure,

if I may say so, the capital of those creditors; or to render it

extremely improbable that those creditors should incur any loss,

even though the success of the project should fall very much

short of the expectation of the projectors.