Pagina 813 de 2651

They complained of the contracted views and dastardly spirit of

the directors of those banks, which did not, they said, extend

their credits in proportion to the extension of the trade of the

country; meaning, no doubt, by the extension of that trade, the

extension of their own projects beyond what they could carry on

either with their own capital, or with what they had credit to

borrow of private people in the usual way of bond or mortgage.

The banks, they seem to have thought, were in honour bound to

supply the deficiency, and to provide them with all the capital

which they wanted to trade with. The banks, however, were of a

different opinion; and upon their refusing to extend their

credits, some of those traders had recourse to an expedient

which, for a time, served their purpose, though at a much greater

expense, yet as effectually as the utmost extension of bank

credits could have done.