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Paper money may be so regulated as either to confine itself very

much to the circulation between the different dealers, or to

extend itself likewise to a great part of that between the

dealers and the consumers. Where no bank notes are circulated

under £10 value, as in London, paper money confines itself very

much to the circulation between the dealers. When a ten pound

bank note comes into the hands of a consumer, he is generally

obliged to change it at the first shop where he has occasion to

purchase five shillings worth of goods; so that it often returns

into the hands of a dealer before the consumer has spent the

fortieth part of the money. Where bank notes are issued for so

small sums as 20s. as in Scotland, paper money extends itself to

a considerable part of the circulation between dealers and

consumers. Before the Act of parliament which put a stop to the

circulation of ten and five shilling notes, it filled a still

greater part of that circulation.