Pagina 805 de 2651

In requiring frequent and regular repayments from all their

customers, the banking companies of Scotland had probably this

advantage in view.

Secondly, by this attention they secured themselves from the

possibility of issuing more paper money than what the circulation

of the country could easily absorb and employ. When they

observed, that within moderate periods of time, the repayments of

a particular customer were, upon most occasions, fully equal to

the advances which they had made to him, they might be assured

that the paper money which they had advanced to him had not, at

any time, exceeded the quantity of gold and silver which he would

otherwise have been obliged to keep by him for answering

occasional demands; and that, consequently, the paper money,

which they had circulated by his means, had not at any time

exceeded the quantity of gold and silver which would have

circulated in the country, had there been no paper money.