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The paper which was issued upon those circulating bills of

exchange amounted, upon many occasions, to the whole fund

destined for carrying on some vast and extensive project of

agriculture, commerce, or manufactures; and not merely to that

part of it which, had there been no paper money, the projector

would have been obliged to keep by him unemployed, and in ready

money, for answering occasional demands. The greater part of this

paper was, consequently, over and above the value of the gold and

silver which would have circulated in the country, had there been

no paper money. It was over and above, therefore, what the

circulation of the country could easily absorb and employ, and

upon that account, immediately returned upon the banks, in order

to be exchanged for gold and silver, which they were to find as

they could.