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The substitution of paper in the room of gold and silver money,

replaces a very expensive instrument of commerce with one much

less costly, and sometimes equally convenient. Circulation comes

to be carried on by a new wheel, which it costs less both to

erect and to maintain than the old one. But in what manner this

operation is performed, and in what manner it tends to increase

either the gross or the neat revenue of the society, is not

altogether so obvious, and may therefore require some further

explication.

There are several different sorts of paper money; but the

circulating notes of banks and bankers are the species which is

best known, and which seems best adapted for this purpose.