wealbk02-第13章

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understood。　This　bank　was　more　liberal　than　any　other　had　ever

been；　both　in　granting　cash　accounts；　and　in　discounting　bills　of

exchange。　With　regard　to　the　latter；　it　seems　to　have　made　scarce

any　distinction　between　real　and　circulating　bills；　but　to　have

discounted　all　equally。　It　was　the　avowed　principle　of　this　bank

to　advance；　upon　any　reasonable　security；　the　whole　capital　which

was　to　be　employed　in　those　improvements　of　which　the　returns　are

the　most　slow　and　distant；　such　as　the　improvements　of　land。　To

promote　such　improvements　was　even　said　to　be　the　chief　of　the

public…spirited　purposes　for　which　it　was　instituted。　By　its

liberality　in　granting　cash　accounts；　and　in　discounting　bills　of

exchange；　it；　no　doubt；　issued　great　quantities　of　its　bank

notes。　But　those　bank　notes　being；　the　greater　part　of　them；　over

and　above　what　the　circulation　of　the　country　could　easily　absorb

and　employ；　returned　upon　it；　in　order　to　be　exchanged　for　gold

and　silver　as　fast　as　they　were　issued。　Its　coffers　were　never

well　filled。　The　capital　which　had　been　subscribed　to　this　bank

at　two　different　subscriptions；　amounted　to　one　hundred　and　sixty

thousand　pounds；　of　which　eighty　per　cent　only　was　paid　up。　This

sum　ought　to　have　been　paid　in　at　several　different　instalments。

A　great　part　of　the　proprietors；　when　they　paid　in　their　first

instalment；　opened　a　cash　account　with　the　bank；　and　the

directors；　thinking　themselves　obliged　to　treat　their　own

proprietors　with　the　same　liberality　with　which　they　treated　all

other　men；　allowed　many　of　them　to　borrow　upon　this　cash　account

what　they　paid　in　upon　all　their　subsequent　instalments。　Such

payments；　therefore；　only　put　into　one　coffer　what　had　the　moment

before　been　taken　out　of　another。　But　had　the　coffers　of　this

bank　been　filled　ever　so　well；　its　excessive　circulation　must

have　emptied　them　faster　than　they　could　have　been　replenished　by

any　other　expedient　but　the　ruinous　one　of　drawing　upon　London；

and　when　the　bill　became　due；　paying　it；　together　with　interest

and　commission；　by　another　draft　upon　the　same　place。　Its　coffers

having　been　filled　so　very　ill；　it　is　said　to　have　been　driven　to

this　resource　within　a　very　few　months　after　it　began　to　do

business。　The　estates　of　the　proprietors　of　this　bank　were　worth

several　millions；　and　by　their　subscription　to　the　original　bond

or　contract　of　the　bank；　were　really　pledged　for　answering　all

its　engagements。　By　means　of　the　great　credit　which　so　great　a

pledge　necessarily　gave　it；　it　was；　notwithstanding　its　too

liberal　conduct；　enabled　to　carry　on　business　for　more　than　two

years。　When　it　was　obliged　to　stop；　it　had　in　the　circulation

about　two　hundred　thousand　pounds　in　bank　notes。　In　order　to

support　the　circulation　of　those　notes　which　were　continually

returning　upon　it　as　fast　they　were　issued；　it　had　been

constantly　in　the　practice　of　drawing　bills　of　exchange　upon

London；　of　which　the　number　and　value　were　continually

increasing；　and；　when　it　stopped；　amounted　to　upwards　of　six

hundred　thousand　pounds。　This　bank；　therefore；　had；　in　little

more　than　the　course　of　two　years；　advanced　to　different　people

upwards　of　eight　hundred　thousand　pounds　at　five　per　cent。　Upon

the　two　hundred　thousand　pounds　which　it　circulated　in　bank

notes；　this　five　per　cent　might；　perhaps；　be　considered　as　clear

gain；　without　any　other　deduction　besides　the　expense　of

management。　But　upon　upwards　of　six　hundred　thousand　pounds；　for

which　it　was　continually　drawing　bills　of　exchange　upon　London；

it　was　paying；　in　the　way　of　interest　and　commission；　upwards　of

eight　per　cent；　and　was　consequently　losing　more　than　three　per

cent　upon　more　than　three…fourths　of　all　its　dealings。

　　　　　The　operations　of　this　bank　seem　to　have　produced　effects

quite　opposite　to　those　which　were　intended　by　the　particular

persons　who　planned　and　directed　it。　They　seem　to　have　intended

to　support　the　spirited　undertakings；　for　as　such　they　considered

them；　which　were　at　that　time　carrying　on　in　different　parts　of

the　country；　and　at　the　same　time；　by　drawing　the　whole　banking

business　to　themselves；　to　supplant　all　the　other　Scotch　banks；

particularly　those　established　in　Edinburgh；　whose　backwardness

in　discounting　bills　of　exchange　had　given　some　offence。　This

bank；　no　doubt；　gave　some　temporary　relief　to　those　projectors；

and　enabled　them　to　carry　on　their　projects　for　about　two　years

longer　than　they　could　otherwise　have　done。　But　it　thereby　only

enabled　them　to　get　so　much　deeper　into　debt；　so　that；　when　ruin

came；　it　fell　so　much　the　heavier　both　upon　them　and　upon　their

creditors。　The　operations　of　this　bank；　therefore；　instead　of

relieving；　in　reality　aggravated　in　the　long…run　the　distress

which　those　projectors　had　brought　both　upon　themselves　and　upon

their　country。　It　would　have　been　much　better　for　themselves；

their　creditors；　and　their　country；　had　the　greater　part　of　them

been　obliged　to　stop　two　years　sooner　than　they　actually　did。　The

temporary　relief；　however；　which　this　bank　afforded　to　those

projectors；　proved　a　real　and　permanent　relief　to　the　other

Scotch　banks。　All　the　dealers　in　circulating　bills　of　exchange；

which　those　other　banks　had　become　so　backward　in　discounting；

had　recourse　to　this　new　bank；　where　they　were　received　with　open

arms。　Those　other　banks；　therefore；　were　enabled　to　get　very

easily　out　of　that　fatal　circle；　from　which　they　could　not

otherwise　have　disengaged　themselves　without　incurring　a

considerable　loss；　and　perhaps　too　even　some　degree　of　discredit。

　　　　　In　the　long…run；　therefore；　the　operations　of　this　bank

increased　the　real　distress　of　the　country　which　it　meant　to

relieve；　and　effectually　relieved　from　a　very　great　distress

those　rivals　whom　it　meant　to　supplant。

　　　　　At　the　first　setting　out　of　this　bank；　it　was　the　opinion　of

some　people　that　how　fast　soever　its　coffers　might　be　emptied；　it

might　easily　replenish　them　by　raising　money　upon　the　securities

of　those　to　whom　it　had　advanced　its　paper。　Experience；　I

believe；　soon　convinced　them　that　this　method　of　raising　money

was　by　much　too　slow　to　answer　their　purpose；　and　that　coffers

which　originally　were　so　ill　filled；　and　which　emptied　themselves

so　very　fast；　could　be　replenished　by　no　other　expedient　but　the

ruinous　one　of　drawing　bills　upon　London；　and　when　they　became

due；　paying　them　by　other　drafts　upon　the　same　place　with

accumulated　interest　and　commission。　But　though　they　had　been

able　by　this　method　to　raise　money　as　fast　as　they　wanted　it；

yet；　instead　of　making　a　profit；　they　must　have　suffered　a　loss

by　every　such　operation；　so　that　in　the　long…run　they　must　have

ruined　themselves　as　a　mercantile　company；　though；　perhaps；　not

so　soon　as　by　the　more　expensive　practice　of　drawing　and

redrawing。　They　could　still　have　made　nothing　by　the　interest　of

the　paper；　which；　being　over　and　above　what　the　circulation　of

the　country　could　absorb　and　employ；　returned　upon　them；　in　order

to　be　exchanged　for　gold　and　silver；　as　fast　as　they　issued　it；

and　for　the　payment　of　which　they　were　themselves　continually

obliged　to　borrow　money。　On　the　contrary；　the　whole　expense　of

this　borrowing；　of　employing　agents　to　look　out　for　people　who

had　money　to　lend；　of　negotiating　with　those　people；　and　of

drawing　the　proper　bond　or　assignment；　must　have　fallen　upon

them；　and　have　been　so　much　clear　loss　upon　the　balance　of　their

accounts。　The　project　of　replenishing　their　coffers　in　this

manner　may　be　compared　to　that　of　a　man　who　had　a　water…pond　from

which　a　stream　was　continually　running　out；　and　into　which　no

stream　was　continually　running；　but　who　proposed　to　keep　it

always　equally　full　by　employing　a　number　of　people　to　go

continually　with　buckets　to　a　well　at　some　miles　distance　in

order　to　bring　water　to　replenish　it。

　　　　　But　though　this　operation　had　proved　not　only　practicable

but　profitable　to　the　bank　as　a　mercantile　company；　yet　the

country　could　have　derived　no　benefit　from　it；　but；　on　the

contrary；　must　have　suffered　a　very　c