Sayfa 824 / 2651

Though the bills upon which this paper had been advanced were all

of them repaid in their turn as soon as they became due, yet the

value which had been really advanced upon the first bill was

never really returned to the banks which advanced it; because,

before each bill became due, another bill was always drawn to

somewhat a greater amount than the bill which was soon to be

paid: and the discounting of this other bill was essentially

necessary towards the payment of that which was soon to be due.

This payment, therefore, was altogether fictitious. The stream

which, by means of those circulating bills of exchange, had once

been made to run out from the coffers of the banks, was never

replaced by any stream which really ran into them.