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In the currencies of North America, paper was commonly issued for

so small a sum as a shilling, and filled almost the whole of that

circulation. In some paper currencies of Yorkshire, it was issued

even for so small a sum as a sixpence.

Where the issuing of bank notes for such very small sums is

allowed, and commonly practised, many mean people are both

enabled and encouraged to become bankers. A person whose

promissory note for £5, or even for 20s. would be rejected by

every body, will get it to be received without scruple when it is

issued for so small a sum as a sixpence. But the frequent

bankruptcies to which such beggarly bankers must be liable, may

occasion a very considerable inconveniency, and sometimes even a

very great calamity, to many poor people who had received their

notes in payment.