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Where paper money, it is to be observed, is pretty much confined

to the circulation between dealers and dealers, as at London,

there is always plenty of gold and silver. Where it extends

itself to a considerable part of the circulation between dealers

and consumers, as in Scotland, and still more in North America,

it banishes gold and silver almost entirely from the country;

almost all the ordinary transactions of its interior commerce

being thus carried on by paper. The suppression of ten and five

shilling bank notes, somewhat relieved the scarcity of gold and

silver in Scotland; and the suppression of twenty shilling notes

will probably relieve it still more. Those metals are said to

have become more abundant in America, since the suppression of

some of their paper currencies. They are said, likewise, to have

been more abundant before the institution of those currencies.