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The whole paper money of every kind which can easily circulate in

any country, never can exceed the value of the gold and silver,

of which it supplies the place, or which (the commerce being

supposed the same) would circulate there, if there was no paper

money. If twenty shilling notes, for example, are the lowest

paper money current in Scotland, the whole of that currency which

can easily circulate there, cannot exceed the sum of gold and

silver which would be necessary for transacting the annual

exchanges of twenty shillings value and upwards usually

transacted within that country. Should the circulating paper at

any time exceed that sum, as the excess could neither be sent

abroad nor be employed in the circulation of the country, it must

immediately return upon the banks, to be exchanged for gold and

silver.