調書をとる／予約する Two, 一時期／支部s I-II

• Introduction
  
• I. Of the 分割 of 在庫／株
  
• II. Of Money considered as a particular 支店 of the general 在庫／株 of the Society, or of the Experience of 持続するing the 国家の 資本／首都

Introduction

But when the 分割 of 労働 has once been 完全に introduced, the produce of a man's own 労働 can 供給（する） but a very small part of his 時折の wants. The far greater part of them are 供給（する）d by the produce of other men's 労働, which he 購入（する）s with the produce, or, what is the same thing, with the price of the produce of his own. But this 購入（する） cannot be made till such time as the produce of his own 労働 has not only been 完全にするd, but sold. A 在庫／株 of goods of different 肉親，親類d, therefore, must be 蓄える／店d up somewhere 十分な to 持続する him, and to 供給（する） him with the 構成要素s and 道具s of his work till such time, at least, as both these events can be brought about. A weaver cannot 適用する himself 完全に to his peculiar 商売／仕事, unless there is beforehand 蓄える／店d up somewhere, either in his own 所有／入手 or in that of some other person, a 在庫／株 十分な to 持続する him, and to 供給（する） him with the 構成要素s and 道具s of his work, till he has not only 完全にするd, but sold his web. This accumulation must, evidently, be previous to his 適用するing his 産業 for so long a time to such a peculiar 商売／仕事.

As the accumulation of 在庫／株 must, in the nature of things, be previous to the 分割 of 労働, so 労働 can be more and more subdivided in 割合 only as 在庫／株 is 以前 more and more 蓄積するd. The 量 of 構成要素s which the same number of people can work up, 増加するs in a 広大な／多数の／重要な 割合 as 労働 comes to be more and more subdivided; and as the 操作／手術s of each workman are 徐々に 減ずるd to a greater degree of 簡単, a variety of new machines come to be invented for 容易にするing and abridging those 操作／手術s. As the 分割 of 労働 前進するs, therefore, ーするために give constant 雇用 to an equal number of workmen, an equal 在庫／株 of 準備／条項s, and a greater 在庫／株 of 構成要素s and 道具s than what would have been necessary in a ruder 明言する／公表する of things, must be 蓄積するd beforehand. But the number of workmen in every 支店 of 商売／仕事 一般に 増加するs with the 分割 of 労働 in that 支店, or rather it is the 増加する of their number which enables them to class and subdivide themselves in this manner.

As the accumulation of 在庫／株 is 以前 necessary for carrying on this 広大な／多数の／重要な 改良 in the 生産力のある 力／強力にするs of 労働, so that accumulation 自然に leads to this 改良. The person who 雇うs his 在庫／株 in 持続するing 労働, やむを得ず wishes to 雇う it in such a manner as to produce as 広大な／多数の／重要な a 量 of work as possible. He endeavours, therefore, both to make の中で his workmen the most proper 配当 of 雇用, and to furnish them with the best machines which he can either invent or afford to 購入（する）. His abilities in both these 尊敬（する）・点s are 一般に in 割合 to the extent of his 在庫／株, or to the number of people whom it can 雇う. The 量 of 産業, therefore, not only 増加するs in every country with the 増加する of the 在庫／株 which 雇うs it, but, in consequence of that 増加する, the same 量 of 産業 produces a much greater 量 of work.

Such are in general the 影響s of the 増加する of 在庫／株 upon 産業 and its 生産力のある 力／強力にするs.

In the に引き続いて 調書をとる／予約する I have endeavoured to explain the nature of 在庫／株, the 影響s of its accumulation into 資本／首都s of different 肉親，親類d, and the 影響s of the different 雇用s of those 資本／首都s. This 調書をとる／予約する is divided into five 一時期／支部s. In the first 一時期／支部, I have endeavoured to show what are the different parts or 支店s into which the 在庫／株, either of an individual, or of a 広大な／多数の／重要な society, 自然に divides itself. In the second, I have endeavoured to explain the nature and 操作／手術 of money considered as a particular 支店 of the general 在庫／株 of the society. The 在庫／株 which is 蓄積するd into a 資本／首都, may either be 雇うd by the person to whom it belongs, or it may be lent to some other person. In the third and fourth 一時期／支部s, I have endeavoured to 診察する the manner in which it operates in both these 状況／情勢s. The fifth and last 一時期／支部 扱う／治療するs of the different 影響s which the different 雇用s of 資本／首都 すぐに produce upon the 量 both of 国家の 産業, and of the 年次の produce of land and 労働.

一時期／支部 I
Of the 分割 of 在庫／株

But when he 所有するs 在庫／株 十分な to 持続する him for months or years, he 自然に endeavours to derive a 歳入 from the greater part of it; reserving only so much for his 即座の 消費 as may 持続する him till this 歳入 begins to come in. His whole 在庫／株, therefore, is distinguished into two parts. That part which, he 推定する／予想するs, is to afford him this 歳入, is called his 資本／首都. The other is that which 供給（する）s his 即座の 消費; and which consists either, first, in that 部分 of his whole 在庫／株 which was 初めは reserved for this 目的; or, secondly, in his 歳入, from whatever source derived, as it 徐々に comes in; or, thirdly, in such things as had been 購入（する）d by either of these in former years, and which are not yet 完全に 消費するd; such as a 在庫／株 of 着せる／賦与するs, 世帯 furniture, and the like. In one, or other, or all of these three articles, consists the 在庫／株 which men 一般的に reserve for their own 即座の 消費.

There are two different ways in which a 資本／首都 may be 雇うd so as to 産する／生じる a 歳入 or 利益（をあげる） to its 雇用者.

First, it may be 雇うd in raising, 製造業の, or 購入（する）ing goods, and selling them again with a 利益（をあげる）. The 資本／首都 雇うd in this manner 産する／生じるs no 歳入 or 利益（をあげる） to its 雇用者, while it either remains in his 所有／入手, or continues in the same 形態／調整. The goods of the merchant 産する／生じる him no 歳入 or 利益（をあげる） till he sells them for money, and the money 産する／生じるs him as little till it is again 交流d for goods. His 資本／首都 is continually going from him in one 形態／調整, and returning to him in another, and it is only by means of such 循環／発行部数, or 連続する 交流s, that it can 産する／生じる him any 利益（をあげる）. Such 資本／首都s, therefore, may very 適切に be called 広まる 資本／首都s.

Secondly, it may be 雇うd in the 改良 of land, in the 購入（する） of useful machines and 器具s of 貿易（する）, or in suchlike things as 産する／生じる a 歳入 or 利益（をあげる） without changing masters, or 広まる any その上の. Such 資本／首都s, therefore, may very 適切に be called 直す／買収する，八百長をするd 資本／首都s.

Different 占領／職業s 要求する very different 割合s between the 直す／買収する，八百長をするd and 広まる 資本／首都s 雇うd in them.

The 資本／首都 of a merchant, for example, is altogether a 広まる 資本／首都. He has occasion for no machines or 器具s of 貿易（する）, unless his shop, or 倉庫／問屋, be considered as such.

Some part of the 資本／首都 of every master artificer or 製造業者 must be 直す／買収する，八百長をするd in the 器具s of his 貿易（する）. This part, however, is very small in some, and very 広大な／多数の／重要な in others. A master tailor 要求するs no other 器具s of 貿易（する） but a 小包 of needles. Those of the master shoemaker are a little, though but a very little, more expensive. Those of the weaver rise a good 取引，協定 above those of the shoemaker. The far greater part of the 資本／首都 of all such master artificers, however, is 循環させるd, either in the 給料 of their workmen, or in the price of their 構成要素s, and repaid with a 利益（をあげる） by the price of the work.

In other 作品 a much greater 直す／買収する，八百長をするd 資本／首都 is 要求するd. In a 広大な／多数の／重要な アイロンをかける-work, for example, the furnace for melting the 鉱石, the (1)偽造する／(2)徐々に進む, the slitt-mill, are 器具s of 貿易（する） which cannot be 築くd without a very 広大な／多数の／重要な expense. In coal-作品 and 地雷s of every 肉親，親類d, the 機械／機構 necessary both for 製図／抽選 out the water and for other 目的s is frequently still more expensive.

That part of the 資本／首都 of the 農業者 which is 雇うd in the 器具s of 農業 is a 直す／買収する，八百長をするd, that which is 雇うd in the 給料 and 維持／整備 of his 労働ing servants, is a 広まる 資本／首都. He makes a 利益（をあげる） of the one by keeping it in his own 所有／入手, and of the other by parting with it. The price or value of his 労働ing cattle is a 直す／買収する，八百長をするd 資本／首都 in the same manner as that of the 器具s of husbandry. Their 維持／整備 is a 広まる 資本／首都 in the same manner as that of the 労働ing servants. The 農業者 makes his 利益（をあげる） by keeping the 労働ing cattle, and by parting with their 維持／整備. Both the price and the 維持／整備 of the cattle which are brought in and fattened, not for 労働, but for sale, are a 広まる 資本／首都. The 農業者 makes his 利益（をあげる） by parting with them. A flock of sheep or a herd of cattle that, in a 産む／飼育するing country, is bought in, neither for 労働, nor for sale, but ーするために make a 利益（をあげる） by their wool, by their milk, and by their 増加する, is a 直す／買収する，八百長をするd 資本／首都. The 利益（をあげる） is made by keeping them. Their 維持／整備 is a 広まる 資本／首都. The 利益（をあげる） is made by parting with it; and it comes 支援する with both its own 利益（をあげる） and the 利益（をあげる） upon the whole price of the cattle, in the price of the wool, the milk, and the 増加する. The whole value of the seed, too, is 適切に a 直す／買収する，八百長をするd 資本／首都. Though it goes backwards and 今後s between the ground and the granary, it never changes masters, and therefore does not 適切に 循環させる. The 農業者 makes his 利益（をあげる）, not by its sale, but by its 増加する.

The general 在庫／株 of any country or society is the same with that of all its inhabitants or members, and therefore 自然に divides itself into the same three 部分s, each of which has a 際立った 機能（する）／行事 or office.

The first is that 部分 which is reserved for 即座の 消費, and of which the characteristic is, that it affords no 歳入 or 利益（をあげる）. It consists in the 在庫／株 of food, 着せる／賦与するs, 世帯 furniture, etc., which have been 購入（する）d by their proper 消費者s, but which are not yet 完全に 消費するd. The whole 在庫／株 of mere dwelling-houses too, subsisting at any one time in the country, make a part of this first 部分. The 在庫／株 that is laid out in a house, if it is to be the dwellinghouse of the proprietor, 中止するs from that moment to serve in the 機能（する）／行事 of a 資本／首都, or to afford any 歳入 to its owner. A dwellinghouse, as such, 与える／捧げるs nothing to the 歳入 of its inhabitant; and though it is, no 疑問, 極端に useful to him, it is as his 着せる／賦与するs and 世帯 furniture are useful to him, which, however, makes a part of his expense, and not of his 歳入. If it is to be let to a tenant for rent, as the house itself can produce nothing, the tenant must always 支払う／賃金 the rent out of some other 歳入 which he derives either from 労働, or 在庫／株, or land. Though a house, therefore, may 産する／生じる a 歳入 to its proprietor, and その為に serve in the 機能（する）／行事 of a 資本／首都 to him, it cannot 産する／生じる any to the public, nor serve in the 機能（する）／行事 of a 資本／首都 to it, and the 歳入 of the whole 団体／死体 of the people can never be in the smallest degree 増加するd by it. 着せる／賦与するs, and 世帯 furniture, in the same manner, いつかs 産する／生じる a 歳入, and その為に serve in the 機能（する）／行事 of a 資本／首都 to particular persons. In countries where masquerades are ありふれた, it is a 貿易（する） to let out masquerade dresses for a night. Upholsterers frequently let furniture by the month or by the year. Undertakers let the furniture of funerals by the day and by the week. Many people let furnished houses, and get a rent, not only for the use of the house, but for that of the furniture. The 歳入, however, which is derived from such things must always be 最終的に drawn from some other source of 歳入. Of all parts of the 在庫／株, either of an individual, or of a society, reserved for 即座の 消費, what is laid out in houses is most slowly 消費するd. A 在庫／株 of 着せる／賦与するs may last several years: a 在庫／株 of furniture half a century or a century: but a 在庫／株 of houses, 井戸／弁護士席 built and 適切に taken care of, may last many centuries. Though the period of their total 消費, however, is more distant, they are still as really a 在庫／株 reserved for 即座の 消費 as either 着せる／賦与するs or 世帯 furniture.

The second of the three 部分s into which the general 在庫／株 of the society divides itself, is the 直す／買収する，八百長をするd 資本／首都, of which the characteristic is, that it affords a 歳入 or 利益（をあげる） without 広まる or changing masters. It consists 主として of the four に引き続いて articles:

First, of all useful machines and 器具s of 貿易（する） which 容易にする and abridge 労働:

Secondly, of all those profitable buildings which are the means of procuring a 歳入, not only to their proprietor who lets them for a rent, but to the person who 所有するs them and 支払う／賃金s that rent for them; such as shops, 倉庫／問屋s, workhouses, farmhouses, with all their necessary buildings; stables, granaries, etc. These are very different from mere dwelling houses. They are a sort of 器具s of 貿易（する）, and may be considered in the same light:

Thirdly, of the 改良s of land, of what has been profitably laid out in （疑いを）晴らすing, draining, enclosing, manuring, and 減ずるing it into the 条件 most proper for tillage and culture. An 改善するd farm may very 正確に，正当に be regarded in the same light as those useful machines which 容易にする and abridge 労働, and by means of which an equal 広まる 資本／首都 can afford a much greater 歳入 to its 雇用者. An 改善するd farm is 平等に advantageous and more 持続する than any of those machines, frequently 要求するing no other 修理s than the most profitable 使用／適用 of the 農業者's 資本／首都 雇うd in cultivating it:

Fourthly, of the acquired and useful abilities of all the inhabitants or members of the society. The 取得／買収 of such talents, by the 維持／整備 of the acquirer during his education, 熟考する／考慮する, or 見習いの身分制度, always costs a real expense, which is a 資本／首都 直す／買収する，八百長をするd and realized, as it were, in his person. Those talents, as they make a part of his fortune, so do they likewise of that of the society to which he belongs. The 改善するd dexterity of a workman may be considered in the same light as a machine or 器具 of 貿易（する） which 容易にするs and abridges 労働, and which, though it costs a 確かな expense, 返すs that expense with a 利益（をあげる）.

The third and last of the three 部分s into which the general 在庫／株 of the society 自然に divides itself, is the 広まる 資本／首都; of which the characteristic is, that it affords a 歳入 only by 広まる or changing masters. It is composed likewise of four parts:

First, of the money by means of which all the other three are 循環させるd and 分配するd to their proper 消費者s:

Secondly, of the 在庫／株 of 準備／条項s which are in the 所有／入手 of the butcher, the grazier, the 農業者, the corn-merchant, the brewer, etc., and from the sale of which they 推定する／予想する to derive a 利益（をあげる）:

Thirdly, of the 構成要素s, whether altogether rude, or more or いっそう少なく 製造（する）d, of 着せる／賦与するs, furniture, and building, which are not yet made up into any of those three 形態／調整s, but which remain in the 手渡すs of the growers, the 製造業者s, the mercers and drapers, the 木材／素質 merchants, the carpenters and joiners, the brickmakers, etc.

Fourthly, and lastly, of the work which is made up and 完全にするd, but which is still in the 手渡すs of the merchant or 製造業者, and not yet 性質の／したい気がして of or 分配するd to the proper 消費者s; such as the finished work which we frequently find ready-made in the shops of the smith, the 閣僚-製造者, the goldsmith, the jeweller, the 磁器-merchant, etc. The 広まる 資本／首都 consists in this manner, of the 準備／条項s, 構成要素s, and finished work of all 肉親，親類d that are in the 手渡すs of their 各々の 売買業者s, and of the money that is necessary for 広まる and 分配するing them to those who are finally to use or to 消費する them.

Of these four parts, three- 準備／条項s, 構成要素s, and finished work- are, either 毎年, or in a longer or shorter period, 定期的に 孤立した from it, and placed either in the 直す／買収する，八百長をするd 資本／首都 or in the 在庫／株 reserved for 即座の 消費.

Every 直す／買収する，八百長をするd 資本／首都 is both 初めは derived from, and 要求するs to be continually supported by a 広まる 資本／首都. All useful machines and 器具s of 貿易（する） are 初めは derived from a 広まる 資本／首都, which furnishes the 構成要素s of which they are made, and the 維持／整備 of the workmen who make them. They 要求する, too, a 資本／首都 of the same 肉親，親類d to keep them in constant 修理.

No 直す／買収する，八百長をするd 資本／首都 can 産する／生じる any 歳入 but by means of a 広まる 資本／首都. The most useful machines and 器具s of 貿易（する） will produce nothing without the 広まる 資本／首都 which affords the 構成要素s they are 雇うd upon, and the 維持／整備 of the workmen who 雇う them. Land, however 改善するd, will 産する／生じる no 歳入 without a 広まる 資本／首都, which 持続するs the labourers who cultivate and collect its produce.

To 持続する and augment the 在庫／株 which may be reserved for 即座の 消費 is the 単独の end and 目的 both of the 直す／買収する，八百長をするd and 広まる 資本／首都s. It is this 在庫／株 which 料金d, 着せる／賦与するs, and 宿泊するs the people. Their riches or poverty depends upon the abundant or sparing 供給（する）s which those two 資本／首都s can afford to the 在庫／株 reserved for 即座の 消費.

So 広大な／多数の／重要な a part of the 広まる 資本／首都 存在 continually 孤立した from it, ーするために be placed in the other two 支店s of the general 在庫／株 of the society; it must in its turn 要求する continual 供給（する）s, without which it would soon 中止する to 存在する. These 供給（する）s are principally drawn from three sources, the produce of land, of 地雷s, and of 漁業s. These afford continual 供給（する）s of 準備／条項s and 構成要素s, of which part is afterwards wrought up into finished work, and by which are 取って代わるd the 準備／条項s, 構成要素s, and finished work continually 孤立した from the 広まる 資本／首都. From 地雷s, too, is drawn what is necessary for 持続するing and augmenting that part of it which consists in money. For though, in the ordinary course of 商売／仕事, this part is not, like the other three, やむを得ず 孤立した from it, ーするために be placed in the other two 支店s of the general 在庫／株 of the society, it must, however, like all other things, be wasted and worn out at last, and いつかs, too, be either lost or sent abroad, and must, therefore, 要求する continual, though, no 疑問, much smaller 供給（する）s.

Land, 地雷s, and 漁業s, 要求する all both a 直す／買収する，八百長をするd and a 広まる 資本／首都 to cultivate them; and their produce 取って代わるs with a 利益（をあげる）, not only those 資本／首都s, but all the others in the society. Thus the 農業者 毎年 取って代わるs to the 製造業者 the 準備／条項s which he had 消費するd and the 構成要素s which be had wrought up the year before; and the 製造業者 取って代わるs to the 農業者 the finished work which he had wasted and worn out in the same time. This is the real 交流 that is 毎年 made between those two orders of people, though it seldom happens that the rude produce of the one and the 製造（する）d produce of the other, are 直接／まっすぐに 物々交換するd for one another; because it seldom happens that the 農業者 sells his corn and his cattle, his flax and his wool, to the very same person of whom he chooses to 購入（する） the 着せる／賦与するs, furniture, and 器具s of 貿易（する） which he wants. He sells, therefore, his rude produce for money, with which he can 購入（する）, wherever it is to be had, the 製造（する）d produce he has occasion for. Land even 取って代わるs, in part at least, the 資本／首都s with which 漁業s and 地雷s are cultivated. It is the produce of land which draws the fish from the waters; and it is the produce of the surface of the earth which 抽出するs the minerals from its bowels.

The produce of land, 地雷s, and 漁業s, when their natural fertility is equal, is in 割合 to the extent and proper 使用／適用 of the 資本／首都s 雇うd about them. When the 資本／首都s are equal and 平等に 井戸／弁護士席 適用するd, it is in 割合 to their natural fertility.

In all countries where there is tolerable 安全, every man of ありふれた understanding will endeavour to 雇う whatever 在庫／株 he can 命令（する） in procuring either 現在の enjoyment or 未来 利益（をあげる）. If it is 雇うd in procuring 現在の enjoyment, it is a 在庫／株 reserved for 即座の 消費. If it is 雇うd in procuring 未来 利益（をあげる）, it must procure this 利益（をあげる） either staying with him, or by going from him. In the one 事例／患者 it is 直す／買収する，八百長をするd, in the other it is a 広まる 資本／首都. A man must be perfectly crazy who, where there is tolerable 安全, does not 雇う all the 在庫／株 which he 命令（する）s, whether be his own or borrowed of other people, in some one or other of those three ways.

In those unfortunate countries, indeed, where men are continually afraid of the 暴力／激しさ of their superiors, they frequently bury and 隠す a 広大な／多数の／重要な part of their 在庫／株, ーするために have it always at 手渡す to carry with them to some place of safety, in 事例／患者 of their 存在 脅すd with any of those 災害s to which they consider themselves as at all times exposed. This is said to be a ありふれた practice in Turkey, in Indostan, and, I believe, in most other 政府s of Asia. It seems to have been a ありふれた practice の中で our ancestors during the 暴力／激しさ of the 封建的 政府. Treasure-trove was in those times considered as no contemptible part of the 歳入 of the greatest 君主s in Europe. It consisted in such treasure as was 設立する 隠すd in the earth, and to which no particular person could 証明する any 権利. This was regarded in those times as so important an 反対する, that it was always considered as belonging to the 君主, and neither to the finder nor to the proprietor of the land, unless the 権利 to it had been 伝えるd to the latter by an 表明する 条項 in his 借り切る／憲章. It was put upon the same 地盤 with gold and silver 地雷s, which, without a special 条項 in the 借り切る／憲章, were never supposed to be comprehended in the general 認める of the lands, though 地雷s of lead, 巡査, tin, and coal were as things of smaller consequence.

一時期／支部 II
Of Money considered as a particular 支店 of the general
在庫／株 of the Society, or of the Expense of 持続するing
the 国家の 資本／首都

Since this is the 事例／患者, it has been 観察するd, with regard to every particular 商品／必需品, taken 分かれて, it must be so with regard to all the 商品／必需品s which compose the whole 年次の produce of the land and 労働 of every country, taken complexly. The whole price or exchangeable value of that 年次の produce must 解決する itself into the same three parts, and be parcelled out の中で the different inhabitants of the country, either as the 給料 of their 労働, the 利益（をあげる）s of their 在庫／株, or the rent of their land.

But though the whole value of the 年次の produce of the land and 労働 of every country is thus divided の中で and 構成するs a 歳入 to its different inhabitants, yet as in the rent of a 私的な 広い地所 we distinguish between the 甚だしい／１２ダース rent and the 逮捕する rent, so may we likewise in the 歳入 of all the inhabitants of a 広大な／多数の／重要な country.

The 甚だしい／１２ダース rent of a 私的な 広い地所 comprehends whatever is paid by the 農業者; the 逮捕する rent, what remains 解放する／自由な to the landlord, after deducting the expense of 管理／経営, of 修理s, and all other necessary 告発（する），告訴（する）／料金s; or what, without 傷つけるing his 広い地所, he can afford to place in his 在庫／株 reserved for 即座の 消費, or to spend upon his （米）棚上げする／（英）提議する, equipage, the ornaments of his house and furniture, his 私的な enjoyments and amusements. His real wealth is in 割合, not to his 甚だしい／１２ダース, but to his 逮捕する rent.

The 甚だしい／１２ダース 歳入 of all the inhabitants of a 広大な／多数の／重要な country comprehends the whole 年次の produce of their land and 労働; the 逮捕する 歳入, what remains 解放する／自由な to them after deducting the expense of 持続するing- first, their 直す／買収する，八百長をするd, and, secondly, their 広まる 資本／首都; or what, without encroaching upon their 資本／首都, they can place in their 在庫／株 reserved for 即座の 消費, or spend upon their subsistence, conveniencies, and amusements. Their real wealth, too, is in 割合, not to their 甚だしい／１２ダース, but to their 逮捕する 歳入.

The whole expense of 持続するing the 直す／買収する，八百長をするd 資本／首都 must evidently be 除外するd from the 逮捕する 歳入 of the society. Neither the 構成要素s necessary for supporting their useful machines and 器具s of 貿易（する）, their profitable buildings, etc., nor the produce of the 労働 necessary for fashioning those 構成要素s into the proper form, can ever make any part of it. The price of that 労働 may indeed make a part of it; as the workmen so 雇うd may place the whole value of their 給料 in their 在庫／株 reserved for 即座の 消費. But in other sorts of 労働, both the price and the produce go to this 在庫／株, the price to that of the workmen, the produce to that of other people, whose subsistence, conveniences, and amusements, are augmented by the 労働 of those workmen.

The 意向 of the 直す／買収する，八百長をするd 資本／首都 is to 増加する the 生産力のある 力／強力にするs of 労働, or to enable the same number of labourers to 成し遂げる a much greater 量 of work. In a farm where all the necessary buildings, 盗品故買者s, drains, communications, etc., are in the most perfect good order, the same number of labourers and 労働ing cattle will raise a much greater produce than in one of equal extent and 平等に good ground, but not furnished with equal conveniencies. In 製造（する）s the same number of 手渡すs, 補助装置d with the best 機械／機構, will work up a much greater 量 of goods than with more imperfect 器具s of 貿易（する）. The expense which is 適切に laid out upon a 直す／買収する，八百長をするd 資本／首都 of any 肉親，親類d, is always repaid with 広大な／多数の／重要な 利益（をあげる）, and 増加するs the 年次の produce by a much greater value than that of the support which such 改良s 要求する. This support, however, still 要求するs a 確かな 部分 of that produce. A 確かな 量 of 構成要素s, and the 労働 of a 確かな number of workmen, both of which might have been すぐに 雇うd to augment the food, 着せる／賦与するing and 宿泊するing, the subsistence and conveniencies of the society, are thus コースを変えるd to another 雇用, 高度に advantageous indeed, but still different from this one. It is upon this account that all such 改良s in mechanics, as enable the same number of workmen to 成し遂げる an equal 量 of work, with cheaper and simpler 機械／機構 than had been usual before, are always regarded as advantageous to every society. A 確かな 量 of 構成要素s, and the 労働 of a 確かな number of workmen, which had before been 雇うd in supporting a more コンビナート／複合体 and expensive 機械／機構, can afterwards be 適用するd to augment the 量 of work which that or any other 機械／機構 is useful only for 成し遂げるing. The undertaker of some 広大な／多数の／重要な manufactory who 雇うs a thousand a year in the 維持／整備 of his 機械／機構, if he can 減ずる this expense to five hundred will 自然に 雇う the other five hundred in 購入（する）ing an 付加 量 of 構成要素s to be wrought up by an 付加 number of workmen. The 量 of that work, therefore, which his 機械／機構 was useful only for 成し遂げるing, will 自然に be augmented, and with it all the advantage and conveniency which the society can derive from that work.

The expense of 持続するing the 直す／買収する，八百長をするd 資本／首都 in a 広大な／多数の／重要な country may very 適切に be compared to that of 修理s in a 私的な 広い地所. The expense of 修理s may frequently be necessary for supporting the produce of the 広い地所, and その結果 both the 甚だしい／１２ダース and the 逮捕する rent of the landlord. When by a more proper direction, however, it can be 減らすd without occasioning any diminution of produce, the 甚だしい／１２ダース rent remains at least the same as before, and the 逮捕する rent is やむを得ず augmented.

But though the whole expense of 持続するing the 直す／買収する，八百長をするd 資本／首都 is thus やむを得ず 除外するd from the 逮捕する 歳入 of the society, it is not the same 事例／患者 with that of 持続するing the 広まる 資本／首都. Of the four parts of which this latter 資本／首都 is composed- money, 準備／条項s, 構成要素s, and finished work- the three last, it has already been 観察するd, are 定期的に 孤立した from it, and placed either in the 直す／買収する，八百長をするd 資本／首都 of the society, or in their 在庫／株 reserved for 即座の 消費. Whatever 部分 of those consumable goods is 雇うd in 持続するing the former, goes all to the latter, and makes a part of the 逮捕する 歳入 of the society. The 維持／整備 of those three parts of the 広まる 資本／首都, therefore, 身を引くs no 部分 of the 年次の produce from the 逮捕する 歳入 of the society, besides what is necessary for 持続するing the 直す／買収する，八百長をするd 資本／首都.

The 広まる 資本／首都 of a society is in this 尊敬（する）・点 different from that of an individual. That of an individual is 全く 除外するd from making any part of his 逮捕する 歳入, which must consist altogether in his 利益（をあげる）s. But though the 広まる 資本／首都 of every individual makes a part of that of the society to which he belongs, it is not upon that account 全く 除外するd from making a part likewise of their 逮捕する 歳入. Though the whole goods in a merchant's shop must by no means be placed in his own 在庫／株 reserved for 即座の 消費, they may in that of other people, who, from a 歳入 derived from other 基金s, may 定期的に 取って代わる their value to him, together with its 利益（をあげる）s, without occasioning any diminution either of his 資本／首都 or of theirs.

Money, therefore, is the only part of the 広まる 資本／首都 of a society, of which the 維持／整備 can occasion any diminution in their 逮捕する 歳入.

The 直す／買収する，八百長をするd 資本／首都, and that part of the 広まる 資本／首都 which consists in money, so far as they 影響する／感情 the 歳入 of the society, 耐える a very 広大な／多数の／重要な resemblance to one another.

First, as those machines and 器具s of 貿易（する）, etc., 要求する a 確かな expense, first to 築く them, and afterwards to support them, both which expenses, though they make a part of the 甚だしい／１２ダース, are deductions from the 逮捕する 歳入 of the society; so the 在庫／株 of money which 循環させるs in any country must 要求する a 確かな expense, first to collect it, and afterwards to support it, both which expenses, though they make a part of the 甚だしい／１２ダース, are, in the same manner, deductions from the 逮捕する 歳入 of the society. A 確かな 量 of very 価値のある 構成要素s, gold and silver, and of very curious 労働, instead of augmenting the 在庫／株 reserved for 即座の 消費, the subsistence, conveniencies, and amusements of individuals, is 雇うd in supporting that 広大な／多数の／重要な but expensive 器具 of 商業, by means of which every individual in the society has his subsistence, conveniencies, and amusements 定期的に 分配するd to him in their proper 割合s.

Secondly, as the machines and 器具s of a 貿易（する）, etc., which compose the 直す／買収する，八百長をするd 資本／首都 either of an individual or of a society, make no part either of the 甚だしい／１２ダース or of the 逮捕する 歳入 of either; so money, by means of which the whole 歳入 of the society is 定期的に 分配するd の中で all its different members, makes itself no part of that 歳入. The 広大な／多数の／重要な wheel of 循環／発行部数 is altogether different from the goods which are 循環させるd by means of it. The 歳入 of the society consists altogether in those goods, and not in the wheel which 循環させるs them. In 計算するing either the 甚だしい／１２ダース or the 逮捕する 歳入 of any society, we must always, from their whole 年次の 循環／発行部数 of money and goods, deduct the whole value of the money, of which not a 選び出す／独身 farthing can ever make any part of either.

It is the ambiguity of language only which can make this proposition appear either doubtful or paradoxical. When 適切に explained and understood, it is almost self-evident.

When we talk of any particular sum of money, we いつかs mean nothing but the metal pieces of which it is composed; and いつかs we 含む in our meaning some obscure 言及／関連 to the goods which can be had in 交流 for it, or to the 力／強力にする of 購入（する）ing which the 所有／入手 of it 伝えるs. Thus when we say that the 広まる money of England has been 計算するd at eighteen millions, we mean only to 表明する the 量 of the metal pieces, which some writers have 計算するd, or rather have supposed to 循環させる in that country. But when we say that a man is 価値（がある） fifty or a hundred 続けざまに猛撃するs a year, we mean 一般的に to 表明する not only the 量 of the metal pieces which are 毎年 paid to him, but the value of the goods which he can 毎年 購入（する） or 消費する. We mean 一般的に to ascertain what is or せねばならない be his way of living, or the 量 and 質 of the necessaries and conveniencies of life in which he can with propriety indulge himself.

When, by any particular sum of money, we mean not only to 表明する the 量 of the metal pieces of which it is composed, but to 含む in its signification some obscure 言及／関連 to the goods which can be had in 交流 for them, the wealth or 歳入 which it in this 事例／患者 denotes, is equal only to one of the two values which are thus intimated somewhat ambiguously by the same word, and to the latter more 適切に than to the former, to the money's 価値（がある） more 適切に than to the money.

Thus if a guinea be the 週刊誌 年金 of a particular person, he can in the course of the week 購入（する） with it a 確かな 量 of subsistence, conveniencies, and amusements. In 割合 as this 量 is 広大な／多数の／重要な or small, so are his real riches, his real 週刊誌 歳入. His 週刊誌 歳入 is certainly not equal both to the guinea, and to what can be 購入（する）d with it, but only to one or other of those two equal values; and to the latter more 適切に than to the former, to the guinea's 価値（がある） rather than to the guinea.

If the 年金 of such a person was paid to him, not in gold, but in a 週刊誌 法案 for a guinea, his 歳入 surely would not so 適切に consist in the piece of paper, as in what he could get for it. A guinea may be considered as a 法案 for a 確かな 量 of necessaries and conveniencies upon all the tradesmen in the neighbourhood. The 歳入 of the person to whom it is paid, does not so 適切に consist in the piece of gold, as in what he can get for it, or in what he can 交流 it for. If it could be 交流d for nothing, it would, like a 法案 upon a 破産者／倒産した, be of no more value than the most useless piece of paper.

Though the 週刊誌 or 年一回の 歳入 of all the different inhabitants of any country, in the same manner, may be, and in reality frequently is paid to them in money, their real riches, however, the real 週刊誌 or 年一回の 歳入 of all of them taken together, must always be 広大な／多数の／重要な or small in 割合 to the 量 of consumable goods which they can all of them 購入（する） with this money. The whole 歳入 of all of them taken together is evidently not equal to both the money and the consumable goods; but only to one or other of those two values, and to the latter more 適切に than to the former.

Though we frequently, therefore, 表明する a person's 歳入 by the metal pieces which are 毎年 paid to him, it is because the 量 of those pieces 規制するs the extent of his 力／強力にする of 購入（する）ing, or the value of the goods which he can 毎年 afford to 消費する. We still consider his 歳入 as consisting in this 力／強力にする of 購入（する）ing or 消費するing, and not in the pieces which 伝える it.

But if this is 十分に evident even with regard to an individual, it is still more so with regard to a society. The 量 of the metal pieces which are 毎年 paid to an individual, is often 正確に equal to his 歳入, and is upon that account the shortest and best 表現 of its value. But the 量 of the metal pieces which 循環させる in a society can never be equal to the 歳入 of all its members. As the same guinea which 支払う／賃金s the 週刊誌 年金 of one man to-day, may 支払う／賃金 that of another to-morrow, and that of a third the day thereafter, the 量 of the metal pieces which 毎年 循環させる in any country must always be of much いっそう少なく value than the whole money 年金s 毎年 paid with them. But the 力／強力にする of 購入（する）ing, or the goods which can successively be bought with the whole of those money 年金s as they are successively paid, must always be 正確に of the same value with those 年金s; as must likewise be the 歳入 of the different persons to whom they are paid. That 歳入, therefore, cannot consist in those metal pieces, of which the 量 is so much inferior to its value, but in the 力／強力にする of 購入（する）ing, in the goods which can successively be bought with them as they 循環させる from 手渡す to 手渡す.

Money, therefore, the 広大な／多数の／重要な wheel of 循環／発行部数, the 広大な／多数の／重要な 器具 of 商業, like all other 器具s of 貿易（する）, though it makes a part and a very 価値のある part of the 資本／首都, makes no part of the 歳入 of the society to which it belongs; and though the metal pieces of which it is composed, in the course of their 年次の 循環／発行部数, 分配する to every man the 歳入 which 適切に belongs to him, they make themselves no part of that 歳入.

Thirdly, and lastly, the machines and 器具s of 貿易（する）, etc., which compose the 直す／買収する，八百長をするd 資本／首都, 耐える this その上の resemblance to that part of the 広まる 資本／首都 which consists in money; that as every saving in the expense of 築くing and supporting those machines, which does not 減らす the 生産力のある 力／強力にするs of 労働, is an 改良 of the 逮捕する 歳入 of the society, so every saving in the expense of collecting and supporting that part of the 広まる 資本／首都 which consists in money, is an 改良 of 正確に／まさに the same 肉親，親類d.

It is 十分に obvious, and it has partly, too, been explained already, in what manner every saving in the expense of supporting the 直す／買収する，八百長をするd 資本／首都 is an 改良 of the 逮捕する 歳入 of the society. The whole 資本／首都 of the undertaker of every work is やむを得ず divided between his 直す／買収する，八百長をするd and his 広まる 資本／首都. While his whole 資本／首都 remains the same, the smaller the one part, the greater must やむを得ず be the other. It is the 広まる 資本／首都 which furnishes the 構成要素s and 給料 of 労働, and puts 産業 into 動議. Every saving, therefore, in the expense of 持続するing the 直す／買収する，八百長をするd 資本／首都, which does not 減らす the 生産力のある 力／強力にするs of 労働, must 増加する the 基金 which puts 産業 into 動議, and その結果 the 年次の produce of land and 労働, the real 歳入 of every society.

The substitution of paper in the room of gold and silver money, 取って代わるs a very expensive 器具 of 商業 with one much いっそう少なく 高くつく／犠牲の大きい, and いつかs 平等に convenient. 循環／発行部数 comes to be carried on by a new wheel, which it costs いっそう少なく both to 築く and to 持続する than the old one. But in what manner this 操作／手術 is 成し遂げるd, and in what manner it tends to 増加する either the 甚だしい／１２ダース or the 逮捕する 歳入 of the society, is not altogether so obvious, and may therefore 要求する some その上の explication.

There are several different sorts of paper money; but the 広まる 公式文書，認めるs of banks and 銀行業者s are the 種類 which is best known, and which seems best adapted for this 目的.

When the people of any particular country have such 信用／信任 in the fortune, probity, and prudence of a particular 銀行業者, as to believe that he is always ready to 支払う／賃金 upon 需要・要求する such of his promissory 公式文書，認めるs as are likely to be at any time 現在のd to him; those 公式文書，認めるs come to have the same 通貨 as gold and silver money, from the 信用／信任 that such money can at any time be had for them.

A particular 銀行業者 lends の中で his 顧客s his own promissory 公式文書，認めるs, to the extent, we shall suppose, of a hundred thousand 続けざまに猛撃するs. As those 公式文書，認めるs serve all the 目的s of money, his debtors 支払う／賃金 him the same 利益／興味 as if he had lent them so much money. This 利益／興味 is the source of his 伸び（る）. Though some of those 公式文書，認めるs are continually coming 支援する upon him for 支払い（額）, part of them continue to 循環させる for months and years together. Though he has 一般に in 循環／発行部数, therefore, 公式文書，認めるs to the extent of a hundred thousand 続けざまに猛撃するs, twenty thousand 続けざまに猛撃するs in gold and silver may frequently be a 十分な 準備／条項 for answering 時折の 需要・要求するs. By this 操作／手術, therefore, twenty thousand 続けざまに猛撃するs in gold and silver 成し遂げる all the 機能（する）／行事s which a hundred thousand could さもなければ have 成し遂げるd. The same 交流s may be made, the same 量 of consumable goods may be 循環させるd and 分配するd to their proper 消費者s, by means of his promissory 公式文書，認めるs, to the value of a hundred thousand 続けざまに猛撃するs, as by an equal value of gold and silver money. Eighty thousand 続けざまに猛撃するs of gold and silver, therefore, can, in this manner, be spared from the 循環／発行部数 of the country; and if different 操作／手術s of the same 肉親，親類d should, at the same time, be carried on by many different banks and 銀行業者s, the whole 循環／発行部数 may thus be 行為／行うd with a fifth part only of the gold and silver which would さもなければ have been requisite.

Let us suppose, for example, that the whole 広まる money of some particular country 量d, at a particular time, to one million 英貨の／純銀の, that sum 存在 then 十分な for 広まる the whole 年次の produce of their land and 労働. Let us suppose, too, that some time thereafter, different banks and 銀行業者s 問題／発行するd promissory 公式文書，認めるs, payable to the 持参人払いの, to the extent of one million, reserving in their different coffers two hundred thousand 続けざまに猛撃するs for answering 時折の 需要・要求するs. There would remain, therefore, in 循環／発行部数, eight hundred thousand 続けざまに猛撃するs in gold and silver, and a million of bank 公式文書，認めるs, or eighteen hundred thousand 続けざまに猛撃するs of paper and money together. But the 年次の produce of the land and 労働 of the country had before 要求するd only one million to 循環させる and 分配する it to its proper 消費者s, and that 年次の produce cannot be すぐに augmented by those 操作／手術s of banking. One million, therefore, will be 十分な to 循環させる it after them. The goods to be bought and sold 存在 正確に the same as before, the same 量 of money will be 十分な for buying and selling them. The channel of 循環／発行部数, if I may be 許すd such an 表現, will remain 正確に the same as before. One million we have supposed 十分な to fill that channel. Whatever, therefore, is 注ぐd into it beyond this sum cannot run in it, but must 洪水. One million eight hundred thousand 続けざまに猛撃するs are 注ぐd into it. Eight hundred thousand 続けざまに猛撃するs, therefore, must 洪水, that sum 存在 over and above what can be 雇うd in the 循環／発行部数 of the country. But though this sum cannot be 雇うd at home, it is too 価値のある to be 許すd to 嘘（をつく） idle. It will, therefore, be sent abroad, ーするために 捜し出す that profitable 雇用 which it cannot find at home. But the paper cannot go abroad; because at a distance from the banks which 問題／発行する it, and from the country in which 支払い（額） of it can be exacted by 法律, it will not be received in ありふれた 支払い（額）s. Gold and silver, therefore, to the 量 of eight hundred thousand 続けざまに猛撃するs will be sent abroad, and the channel of home 循環／発行部数 will remain filled with a million of paper, instead of the million of those metals which filled it before.

But though so 広大な／多数の／重要な a 量 of gold and silver is thus sent abroad, we must not imagine that it is sent abroad for nothing, or that its proprietors make a 現在の of it to foreign nations. They will 交流 it for foreign goods of some 肉親，親類d or another, ーするために 供給（する） the 消費 either of some other foreign country or of their own.

If they 雇う it in 購入（する）ing goods in one foreign country ーするために 供給（する） the 消費 of another, or in what is called the carrying 貿易（する）, whatever 利益（をあげる） they make will be an 新規加入 to the 逮捕する 歳入 of their own country. It is like a new 基金, created for carrying on a new 貿易（する）; 国内の 商売／仕事 存在 now transacted by paper, and the gold and silver 存在 変えるd into a 基金 for this new 貿易（する）.

If they 雇う it in 購入（する）ing foreign goods for home 消費, they may either, first, 購入（する） such goods as are likely to be 消費するd by idle people who produce nothing, such as foreign ワインs, foreign silks, etc.; or, secondly, they may 購入（する） an 付加 在庫／株 of 構成要素s, 道具s, and 準備／条項s, ーするために 持続する and 雇う an 付加 number of industrious people, who 再生する, with a 利益（をあげる）, the value of their 年次の 消費.

So far as it is 雇うd in the first way, it 促進するs prodigality, 増加するs expense and 消費 without 増加するing 生産／産物, or 設立するing any 永久の 基金 for supporting that expense, and is in every 尊敬（する）・点 hurtful to the society.

So far as it is 雇うd in the second way, it 促進するs 産業; and though it 増加するs the 消費 of the society, it 供給するs a 永久の 基金 for supporting that 消費, the people who 消費する 再生するing, with a 利益（をあげる）, the whole value of their 年次の 消費. The 甚だしい／１２ダース 歳入 of the society, the 年次の produce of their land and 労働, is 増加するd by the whole value which the 労働 of those workmen 追加するs to the 構成要素s upon which they are 雇うd; and their 逮捕する 歳入 by what remains of this value, after deducting what is necessary for supporting the 道具s and 器具s of their 貿易（する）.

That the greater part of the gold and silver which, 存在 軍隊d abroad by those 操作／手術s of banking, is 雇うd in 購入（する）ing foreign goods for home 消費, is and must be 雇うd in 購入（する）ing those of this second 肉親，親類d, seems not only probable but almost 避けられない. Though some particular men may いつかs 増加する their expense very かなり though their 歳入 does not 増加する at all, we may be 保証するd that no class or order of men ever does so; because, though the 原則s of ありふれた prudence do not always 治める／統治する the 行為／行う of every individual, they always 影響（力） that of the 大多数 of every class or order. But the 歳入 of idle people, considered as a class or order, cannot, in the smallest degree, be 増加するd by those 操作／手術s of banking. Their expense in general, therefore, cannot be much 増加するd by them, though that of a few individuals の中で them may, and in reality いつかs is. The 需要・要求する of idle people, therefore, for foreign goods 存在 the same, or very nearly the same, as before, a very small part of the money, which 存在 軍隊d abroad by those 操作／手術s of banking, is 雇うd in 購入（する）ing foreign goods for home 消費, is likely to be 雇うd in 購入（する）ing those for their use. The greater part of it will 自然に be 運命にあるd for the 雇用 of 産業, and not for the 維持／整備 of idleness.

When we 計算する the 量 of 産業 which the 広まる 資本／首都 of any society can 雇う, we must always have regard to those parts of it only which consist in 準備／条項s, 構成要素s, and finished work: the other, which consists in money, and which serves only to 循環させる those three, must always be deducted. ーするために put 産業 into 動議, three things are requisite; 構成要素s to work upon, 道具s to work with, and the 給料 or recompense for the sake of which the work is done. Money is neither a 構成要素 to work upon, nor a 道具 to work with; and though the 給料 of the workman are 一般的に paid to him in money, his real 歳入, like that of all other men, consists, not in money, but in the money's 価値（がある）; not in the metal pieces, but in what can be got for them.

The 量 of 産業 which any 資本／首都 can 雇う must, evidently, be equal to the number of workmen whom it can 供給（する） with 構成要素s, 道具s, and a 維持／整備 suitable to the nature of the work. Money may be requisite for 購入（する）ing the 構成要素s and 道具s of the work, 同様に as the 維持／整備 of the workmen. But the 量 of 産業 which the whole 資本／首都 can 雇う is certainly not equal both to the money which 購入（する）s, and to the 構成要素s, 道具s, and 維持／整備, which are 購入（する）d with it; but only to one or other of those two values, and to the latter more 適切に than to the former.

When paper is 代用品，人d in the room of gold and silver money, the 量 of the 構成要素s, 道具s, and 維持／整備, which the whole 広まる 資本／首都 can 供給（する）, may be 増加するd by the whole value of gold and silver which used to be 雇うd in 購入（する）ing them. The whole value of the 広大な／多数の／重要な wheel of 循環／発行部数 and 配当 is 追加するd to the goods which are 循環させるd and 分配するd by means of it. The 操作／手術, in some 手段, 似ているs that of the undertaker of some 広大な／多数の／重要な work, who, in consequence of some 改良 in mechanics, takes 負かす／撃墜する his old 機械／機構, and 追加するs the difference between its price and that of the new to his 広まる 資本／首都, to the 基金 from which he furnishes 構成要素s and 給料 to his workmen.

What is the 割合 which the 広まる money of any country 耐えるs to the whole value of the 年次の produce 循環させるd by means of it, it is, perhaps, impossible to 決定する. It has been 計算するd by different authors at a fifth, at a tenth, at a twentieth, and at a thirtieth part of that value. But how small soever the 割合 which the 広まる money may 耐える to the whole value of the 年次の produce, as but a part, and frequently but a small part, of that produce, is ever 運命にあるd for the 維持／整備 of 産業, it must always 耐える a very かなりの 割合 to that part. When, therefore, by the substitution of paper, the gold and silver necessary for 循環／発行部数 is 減ずるd to, perhaps, a fifth part of the former 量, if the value of only the greater part of the other four-fifths be 追加するd to the 基金s which are 運命にあるd for the 維持／整備 of 産業, it must make a very かなりの 新規加入 to the 量 of that 産業, and, その結果, to the value of the 年次の produce of land and 労働.

An 操作／手術 of this 肉親，親類d has, within these five-and-twenty or thirty years, been 成し遂げるd in Scotland, by the erection of new banking companies in almost every かなりの town, and even in some country villages. The 影響s of it have been 正確に those above 述べるd. The 商売／仕事 of the country is almost 完全に carried on by means of the paper of those different banking companies, with which 購入（する）s and 支払い（額）s of 肉親，親類d are 一般的に made. Silver very seldom appears except in the change of a twenty shillings bank 公式文書，認める, and gold still seldomer. But though the 行為／行う of all those different companies has not been unexceptionable, and has accordingly 要求するd an 行為／法令／行動する of 議会 to 規制する it, the country, notwithstanding, has evidently derived 広大な／多数の／重要な 利益 from their 貿易（する）. I have heard it 主張するd, that the 貿易（する） of the city of Glasgow 二塁打d in about fifteen years after the first erection of the banks there; and that the 貿易（する） of Scotland has more than quadrupled since the first erection of the two public banks at Edinburgh, of which the one, called the Bank of Scotland, was 設立するd by 行為／法令／行動する of 議会 in 1695; the other, called the 王室の Bank, by 王室の 借り切る／憲章 in 1727. Whether the 貿易（する）, either of Scotland in general, or the city of Glasgow in particular, has really 増加するd in so 広大な／多数の／重要な a 割合, during so short a period, I do not pretend to know. If either of them has 増加するd in this 割合, it seems to be an 影響 too 広大な／多数の／重要な to be accounted for by the 単独の 操作／手術 of this 原因（となる）. That the 貿易（する） and 産業 of Scotland, however, have 増加するd very かなり during this period, and that the banks have 与える／捧げるd a good 取引，協定 to this 増加する, cannot be 疑問d.

The value of the silver money which 循環させるd in Scotland before the union, in 1707, and which, すぐに after it, was brought into the Bank of Scotland ーするために be recoined, 量d to L411,117 10s. 9d. 英貨の／純銀の. No account has been got of the gold coin; but it appears from the 古代の accounts of the 造幣局 of Scotland, that the value of the gold 毎年 coined somewhat 越えるd that of the silver. There were a good many people, too, upon this occasion, who, from a diffidence of 返済, did not bring their silver into the Bank of Scotland: and there was, besides, some English coin which was not called in. The whole value of the gold and silver, therefore, which 循環させるd in Scotland before the union, cannot be 概算の at いっそう少なく than a million 英貨の／純銀の. It seems to have 構成するd almost the whole 循環／発行部数 of that country; for though the 循環／発行部数 of the Bank of Scotland, which had then no 競争相手, was かなりの, it seems to have made but a very small part of the whole. In the 現在の times the whole 循環／発行部数 of Scotland cannot be 概算の at いっそう少なく than two millions, of which that part which consists in gold and silver most probably does not 量 to half a million. But though the 広まる gold and silver of Scotland have 苦しむd so 広大な／多数の／重要な a diminution during this period, its real riches and 繁栄 do not appear to have 苦しむd any. Its 農業, 製造（する）s, and 貿易（する）, on the contrary, the 年次の produce of its land and 労働, have evidently been augmented.

It is 主として by 割引ing 法案s of 交流, that is, by 前進するing money upon them before they are 予定, that the greater part of banks and 銀行業者s 問題／発行する their promissory 公式文書，認めるs. They deduct always, upon whatever sum they 前進する, the 合法的な 利益／興味 till the 法案 shall become 予定. The 支払い（額） of the 法案, when it becomes 予定, 取って代わるs to the bank the value of what had been 前進するd, together with a （疑いを）晴らす 利益（をあげる） of the 利益／興味. The 銀行業者 who 前進するs to the merchant whose 法案 he 割引s, not gold and silver, but his own promissory 公式文書，認めるs, has the advantage of 存在 able to 割引 to a greater 量, by the whole value of his promissory 公式文書，認めるs, which he finds by experience are 一般的に in 循環／発行部数. He is その為に enabled to make his （疑いを）晴らす 伸び（る） of 利益／興味 on so much a larger sum.

The 商業 of Scotland, which at 現在の is not very 広大な／多数の／重要な, was still more inconsiderable when the two first banking companies were 設立するd, and those companies would have had but little 貿易（する） had they 限定するd their 商売／仕事 to the 割引ing of 法案s of 交流. They invented, therefore, another method of 問題／発行するing their promissory 公式文書，認めるs; by 認めるing what they called cash accounts, that is by giving credit to the extent of a 確かな sum (two or three thousand 続けざまに猛撃するs, for example) to any individual who could procure two persons of undoubted credit and good landed 広い地所 to become surety for him, that whatever money should be 前進するd to him, within the sum for which the credit had been given, should be repaid upon 需要・要求する, together with the 合法的な 利益／興味. Credits of this 肉親，親類d are, I believe, 一般的に 認めるd by banks and 銀行業者s in all different parts of the world. But the 平易な 条件 upon which the Scotch banking companies 受託する of 返済 are, so far as I know, peculiar to them, and have, perhaps, been the 主要な／長／主犯 原因（となる）, both of the 広大な／多数の／重要な 貿易（する） of those companies and of the 利益 which the country has received from it.

Whoever has a credit of this 肉親，親類d with one of those companies, and borrows a thousand 続けざまに猛撃するs upon it, for example, may 返す this sum piecemeal, by twenty and thirty 続けざまに猛撃するs at a time, the company 割引ing a proportionable part of the 利益／興味 of the 広大な／多数の／重要な sum from the day on which each of those small sums is paid in till the whole be in this manner repaid. All merchants, therefore, and almost all men of 商売／仕事, find it convenient to keep such cash accounts with them, and are その為に 利益／興味d to 促進する the 貿易（する） of those companies, by readily receiving their 公式文書，認めるs in all 支払い（額）s, and by encouraging all those with whom they have any 影響（力） to do the same. The banks, when their 顧客s 適用する to them for money, 一般に 前進する it to them in their own promissory 公式文書，認めるs. These the merchants 支払う／賃金 away to the 製造業者s for goods, the 製造業者s to the 農業者s for 構成要素s and 準備／条項s, the 農業者s to their landlords for rent, the landlords 返す them to the merchants for the conveniencies and 高級なs with which they 供給（する） them, and the merchants again return them to the banks ーするために balance their cash accounts, or to 取って代わる what they may have borrowed of them; and thus almost the whole money 商売／仕事 of the country is transacted by means of them. Hence the 広大な／多数の／重要な 貿易（する） of those companies.

By means of those cash accounts every merchant can, without imprudence, carry on a greater 貿易（する） than he さもなければ could do. If there are two merchants, one in London and the other in Edinburgh, who 雇う equal 在庫／株s in the same 支店 of 貿易（する）, the Edinburgh merchant can, without imprudence, carry on a greater 貿易（する） and give 雇用 to a greater number of people than the London merchant. The London merchant must always keep by him a かなりの sum of money, either in his own coffers, or in those of his 銀行業者, who gives him no 利益／興味 for it, ーするために answer the 需要・要求するs continually coming upon him for 支払い（額） of the goods which he 購入（する）s upon credit. Let the ordinary 量 of this sum be supposed five hundred 続けざまに猛撃するs. The value of the goods in his 倉庫／問屋 must always be いっそう少なく by five hundred 続けざまに猛撃するs than it would have been had he not been 強いるd to keep such a sum 失業した. Let us suppose that he 一般に 配置する／処分する／したい気持ちにさせるs of his whole 在庫／株 upon 手渡す, or of goods to the value of his whole 在庫／株 upon 手渡す, once in the year. By 存在 強いるd to keep so 広大な／多数の／重要な a sum 失業した, he must sell in a year five hundred 続けざまに猛撃するs' 価値（がある） いっそう少なく goods than he might さもなければ have done. His 年次の 利益（をあげる）s must be いっそう少なく by all that he could have made by the sale of five hundred 続けざまに猛撃するs 価値（がある） more goods; and the number of people 雇うd in 準備するing his goods for the market must be いっそう少なく by all those that five hundred 続けざまに猛撃するs more 在庫／株 could have 雇うd. The merchant in Edinburgh, on the other 手渡す, keeps no money 失業した for answering such 時折の 需要・要求するs. When they 現実に come upon him, he 満足させるs them from his cash account with the bank, and 徐々に 取って代わるs the sum borrowed with the money or paper which comes in from the 時折の sales of his goods. With the same 在庫／株, therefore, he can, without imprudence, have at all times in his 倉庫／問屋 a larger 量 of goods than the London merchant; and can その為に both make a greater 利益（をあげる） himself, and give constant 雇用 to a greater number of industr ious people who 準備する those goods for the market. Hence the 広大な／多数の／重要な 利益 which the country has derived from this 貿易（する）.

The 施設 of 割引ing 法案s of 交流 it may be thought indeed, gives the English merchants a conveniency 同等（の） to the cash accounts of the Scotch merchants. But the Scotch merchants, it must be remembered, can 割引 their 法案s of 交流 as easily as the English merchants; and have, besides, the 付加 conveniency of their cash accounts.

The whole paper money of every 肉親，親類d which can easily 循環させる in any country never can 越える the value of the gold and silver, of which it 供給（する）s the place, or which (the 商業 存在 supposed the same) would 循環させる there, if there was no paper money. If twenty shilling 公式文書，認めるs, for example, are the lowest paper money 現在の in Scotland, the whole of that 通貨 which can easily 循環させる there cannot 越える the sum of gold and silver which would be necessary for transacting the 年次の 交流s of twenty shillings value and 上向きs usually transacted within that country. Should the 広まる paper at any time 越える that sum, as the 超過 could neither be sent abroad nor be 雇うd in the 循環／発行部数 of the country, it must すぐに return upon the banks to be 交流d for gold and silver. Many people would すぐに perceive that they had more of this paper than was necessary for transacting their 商売／仕事 at home, and as they could not send it abroad, they would すぐに 需要・要求する 支払い（額） of it from the banks. When this superfluous paper was 変えるd into gold and silver, they could easily find a use for it by sending it abroad; but they could find 非，不，無 while it remained in the 形態／調整 of paper. There would すぐに, therefore, be a run upon the banks to the whole extent of this superfluous paper, and, if they showed any difficulty or backwardness in 支払い（額）, to a much greater extent; the alarm which this would occasion やむを得ず 増加するing the run.

Over and above the expenses which are ありふれた to every 支店 of 貿易（する）; such as the expense of house-rent, the 給料 of servants, clerks, accountants, etc.; the expenses peculiar to a bank consist 主として in two articles: first, in the expense of keeping at all times in its coffers, for answering the 時折の 需要・要求するs of the 支えるもの／所有者s of its 公式文書，認めるs, a large sum of money, of which it loses the 利益／興味; and, secondly, in the expense of 補充するing those coffers as 急速な／放蕩な as they are emptied by answering such 時折の 需要・要求するs.

A banking company, which 問題／発行するs more paper than can be 雇うd in the 循環／発行部数 of the country, and of which the 超過 is continually returning upon them for 支払い（額）, せねばならない 増加する the 量 of gold and silver, which they keep at all times in their coffers, not only in 割合 to this 過度の 増加する of their 循環／発行部数, but in a much greater 割合; their 公式文書，認めるs returning upon them much faster than in 割合 to the 超過 of their 量. Such a company, therefore, せねばならない 増加する the first article of their expense, not only in 割合 to this 軍隊d 増加する of their 商売／仕事, but in a much greater 割合.

The coffers of such a company too, though they せねばならない be filled much fuller, yet must empty themselves much faster than if their 商売／仕事 was 限定するd within more reasonable bounds, and must 要求する, not only a more violent, but a more constant and 連続する exertion of expense ーするために 補充する them. The coin too, which is thus continually drawn in such large 量s from their coffers, cannot be 雇うd in the 循環／発行部数 of the country. It comes in place of a paper which is over and above what can be 雇うd in that 循環／発行部数, and is therefore over and above what can be 雇うd in it too. But as that coin will not be 許すd to 嘘（をつく） idle, it must, in one 形態／調整 or another, be sent abroad, ーするために find that profitable 雇用 which it cannot find at home; and this continual exportation of gold and silver, by 高めるing the difficulty, must やむを得ず 高める still その上の the expense of the bank, in finding new gold and silver ーするために 補充する those coffers, which empty themselves so very 速く. Such a company, therefore, must, in 割合 to this 軍隊d 増加する of their 商売／仕事, 増加する the second article of their expense still more than the first.

Let us suppose that all the paper of a particular bank, which the 循環／発行部数 of the country can easily 吸収する and 雇う, 量s 正確に／まさに to forty thousand 続けざまに猛撃するs; and that for answering 時折の 需要・要求するs, this bank is 強いるd to keep at all times in its coffers ten thousand 続けざまに猛撃するs in gold and silver. Should this bank 試みる／企てる to 循環させる forty-four thousand 続けざまに猛撃するs, the four thousand 続けざまに猛撃するs which are over and above what the 循環／発行部数 can easily 吸収する and 雇う, will return upon it almost as 急速な／放蕩な as they are 問題／発行するd. For answering 時折の 需要・要求するs, therefore, this bank せねばならない keep at all times in its coffers, not eleven thousand 続けざまに猛撃するs only, but fourteen thousand 続けざまに猛撃するs. It will thus 伸び（る） nothing by the 利益／興味 of the four thousand 続けざまに猛撃するs' 過度の 循環／発行部数; and it will lose the whole expense of continually collecting four thousand 続けざまに猛撃するs in gold and silver, which will be continually going out of its coffers as 急速な／放蕩な as they are brought into them.

Had every particular banking company always understood and …に出席するd to its own particular 利益／興味, the 循環／発行部数 never could have been overstocked with paper money. But every particular banking company has not always understood or …に出席するd to its own particular 利益／興味, and the 循環／発行部数 has frequently been overstocked with paper money.

By 問題／発行するing too 広大な／多数の／重要な a 量 of paper, of which the 超過 was continually returning, ーするために be 交流d for gold and silver, the Bank of England was for many years together 強いるd to coin gold to the extent of between eight hundred thousand 続けざまに猛撃するs and a million a year; or at an 普通の／平均（する）, about eight hundred and fifty thousand 続けざまに猛撃するs. For this 広大な／多数の／重要な coinage the bank (in consequence of the worn and degraded 明言する／公表する into which the gold coin had fallen a few years ago) was frequently 強いるd to 購入（する） gold bullion at the high price of four 続けざまに猛撃するs an ounce, which it soon after 問題／発行するd in coin at 53 17s. 10 1/2d. an ounce, losing in this manner between two and a half and three per cent upon the coinage of so very large a sum. Though the bank therefore paid no seignorage, though the 政府 was 適切に at the expense of the coinage, this liberality of 政府 did not 妨げる altogether the expense of the bank.

The Scotch banks, in consequence of an 超過 of the same 肉親，親類d, were all 強いるd to 雇う 絶えず スパイ／執行官s at London to collect money for them, at an expense which was seldom below one and a half or two per cent. This money was sent 負かす／撃墜する by the waggon, and insured by the 運送／保菌者s at an 付加 expense of three ４半期/4分の1s per cent or fifteen shillings on the hundred 続けざまに猛撃するs. Those スパイ／執行官s were not always able to 補充する the coffers of their 雇用者s so 急速な／放蕩な as they were emptied. In this 事例／患者 the 資源 of the banks was to draw upon their 特派員s in London 法案s of 交流 to the extent of the sum which they 手配中の，お尋ね者. When those 特派員s afterwards drew upon them for the 支払い（額） of this sum, together with the 利益／興味 and a （売買）手数料，委託（する）／委員会／権限, sonic of those banks, from the 苦しめる into which their 過度の 循環／発行部数 had thrown them, had いつかs no other means of 満足させるing this draught but by 製図／抽選 a second 始める，決める of 法案s either upon the same, or upon some other 特派員s in London; and the same sum, or rather 法案s for the same sum, would in this manner make いつかs more than two or three 旅行s, the debtor, bank, 支払う／賃金ing always the 利益／興味 and （売買）手数料，委託（する）／委員会／権限 upon the whole 蓄積するd sum. Even those Scotch banks which never distinguished themselves by their extreme imprudence, were いつかs 強いるd to 雇う this ruinous 資源.

The gold coin which was paid out either by the Bank of England, or by the Scotch banks, in 交流 for that part of their paper which was over and above what could be 雇うd in the 循環／発行部数 of the country, 存在 likewise over and above what could be 雇うd in that 循環／発行部数, was いつかs sent abroad in the 形態／調整 of coin, いつかs melted 負かす／撃墜する and sent abroad in the 形態／調整 of bullion, and いつかs melted 負かす／撃墜する and sold to the Bank of England at the high price of four 続けざまに猛撃するs an ounce. It was the newest, the heaviest, and the best pieces only which were carefully 選ぶd out of the whole coin, and either sent abroad or melted 負かす／撃墜する. At home, and while they remained in the 形態／調整 of coin, those 激しい pieces were of no more value than the light. But they were of more value abroad, or when melted 負かす／撃墜する into bullion, at home. The Bank of England, notwithstanding their 広大な／多数の／重要な 年次の coinage, 設立する to their astonishment that there was every year the same scarcity of coin as there had been the year before; and that notwithstanding the 広大な／多数の／重要な 量 of good and new coin which was every year 問題／発行するd from the bank, the 明言する／公表する of the coin, instead of growing better and better, became every year worse and worse. Every year they 設立する themselves under the necessity of coining nearly the same 量 of gold as they had coined the year before, and from the continual rise in the price of gold bullion, in consequence of the continual wearing and clipping of the coin, the expense of this 広大な／多数の／重要な 年次の coinage became every year greater and greater. The Bank of England, it is to be 観察するd, by 供給（する）ing its own coffers with coin, is 間接に 強いるd to 供給（する） the whole kingdom, into which coin is continually flowing from those coffers in a 広大な／多数の／重要な variety of ways. Whatever coin therefore was 手配中の，お尋ね者 to support this 過度の 循環／発行部数 both of Scotch and English paper money, whatever vacuities this 過度の 循環／発行部数 occasioned in the necessary coin of the kingdom, the Bank of England was 強いるd to 供給（する） them. The Scotch ba nks, no 疑問, paid all of them very dearly for their own imprudence and inattention. But the Bank of England paid very dearly, not only for its own imprudence, but for the much greater imprudence of almost all the Scotch banks.

The overtrading of some bold projectors in both parts of the 部隊d Kingdom was the 初めの 原因（となる） of this 過度の 循環／発行部数 of paper money.

What a bank can with propriety 前進する to a merchant or undertaker of any 肉親，親類d, is not either the whole 資本／首都 with which he 貿易（する）s, or even any かなりの part of that 資本／首都; but that part of it only which he would さもなければ be 強いるd to keep by him 失業した, and in ready money for answering 時折の 需要・要求するs. If the paper money which the bank 前進するs never 越えるs this value, it can never 越える the value of the gold and silver which would やむを得ず 循環させる in the country if there was no paper money; it can never 越える the 量 which the 循環／発行部数 of the country can easily 吸収する and 雇う.

When a bank 割引s to a merchant a real 法案 of 交流 drawn by a real creditor upon a real debtor, and which, as soon as it becomes 予定, is really paid by that debtor, it only 前進するs to him a part of the value which he would さもなければ be 強いるd to keep by him 失業した and in ready money for answering 時折の 需要・要求するs. The 支払い（額） of the 法案, when it becomes 予定, 取って代わるs to the bank the value of what it had 前進するd, together with the 利益／興味. The coffers of the bank, so far as its 取引 are 限定するd to such 顧客s, 似ている a water pond, from which, though a stream is continually running out, yet another is continually running in, fully equal to that which runs out; so that, without any その上の care or attention, the pond keeps always 平等に, or very 近づく 平等に 十分な. Little or no expense can ever be necessary for 補充するing the coffers of such a bank.

A merchant, without overtrading, may frequently have occasion for a sum of ready money, even when he has no 法案s to 割引. When a bank, besides 割引ing his 法案s, 前進するs him likewise upon such occasions such sums upon his cash account, and 受託するs of a piecemeal 返済 as the money comes in from the 時折の sale of his goods, upon the 平易な 条件 of the banking companies of Scotland; it dispenses him 完全に from the necessity of keeping any part of his 在庫／株 by him 失業した and in ready money for answering 時折の 需要・要求するs. When such 需要・要求するs 現実に come upon him, he can answer them 十分に from his cash account. The bank, however, in 取引，協定ing with such 顧客s, せねばならない 観察する with 広大な／多数の／重要な attention, whether in the course of some short period (of four, five, six, or eight months for example) the sum of the 返済s which it 一般的に receives from them is, or is not, fully equal to that of the 前進するs which it 一般的に makes to them. If, within the course of such short periods, the sum of the 返済s from 確かな 顧客s is, upon most occasions, fully equal to that of the 前進するs, it may 安全に continue to を取り引きする such 顧客s. Though the stream which is in this 事例／患者 continually running out from its coffers may be very large, that which is continually running into them must be at least 平等に large; so that without any その上の care or attention those coffers are likely to be always 平等に or very 近づく 平等に 十分な; and 不十分な ever to 要求する any 驚くべき／特命の／臨時の expense to 補充する them. If, on the contrary, the sum of the 返済s from 確かな other 顧客s 落ちるs 一般的に very much short of the 前進するs which it makes to them, it cannot with any safety continue to を取り引きする such 顧客s, at least if they continue to を取り引きする it in this manner. The stream which is in this 事例／患者 continually running out from its coffers is やむを得ず much larger than that which is continually running in; so that, unless they are 補充するd by some 広大な／多数の／重要な and continual 成果／努力 of expens e, those coffers must soon be exhausted altogether.

The banking companies of Scotland, accordingly, were for a long time very careful to 要求する たびたび（訪れる） and 正規の／正選手 返済s from all their 顧客s, and did not care to を取り引きする any person, whatever might be his fortune or credit, who did not make, what they called, たびたび（訪れる） and 正規の／正選手 操作／手術s with them. By this attention, besides saving almost 完全に the 驚くべき／特命の／臨時の expense of 補充するing their coffers, they 伸び（る）d two other very かなりの advantages.

First, by this attention they were enabled to make some tolerable judgment 関心ing the 栄えるing or 拒絶する／低下するing circumstances of their debtors, without 存在 強いるd to look out for any other 証拠 besides what their own 調書をとる／予約するs afforded them; men 存在 for the most part either 正規の／正選手 or 不規律な in their 返済s, （許可，名誉などを）与えるing as their circumstances are either 栄えるing or 拒絶する／低下するing. A 私的な man who lends out his money to perhaps half a dozen or a dozen of debtors, may, either by himself or his スパイ／執行官s, 観察する and 問い合わせ both 絶えず and carefully into the 行為／行う and 状況／情勢 of each of them. But a banking company, which lends money to perhaps five hundred different people, and of which the attention is continually 占領するd by 反対するs of a very different 肉親，親類d, can have no 正規の／正選手 （警察などへの）密告，告訴（状） 関心ing the 行為／行う and circumstances of the greater part of its debtors beyond what its own 調書をとる／予約するs afford it. In 要求するing たびたび（訪れる） and 正規の／正選手 返済s from all their 顧客s, the banking companies of Scotland had probably this advantage in 見解（をとる）.

Secondly, by this attention they 安全な・保証するd themselves from the 可能性 of 問題／発行するing more paper money than what the 循環／発行部数 of the country could easily 吸収する and 雇う. When they 観察するd that within 穏健な periods of time the 返済s of a particular 顧客 were upon most occasions fully equal to the 前進するs which they had made to him, they might be 保証するd that the paper money which they had 前進するd to him had not at any time 越えるd the 量 of gold and silver which he would さもなければ have been 強いるd to keep by him for answering 時折の 需要・要求するs; and that, その結果, the paper money, which they had 循環させるd by his means, had not at any time 越えるd the 量 of gold and silver which would have 循環させるd in the country had there been no paper money. The frequency, regularity, and 量 of his 返済s would 十分に 論証する that the 量 of their 前進するs had at no time 越えるd that part of his 資本／首都 which he would さもなければ have been 強いるd to keep by him 失業した and in ready money for answering 時折の 需要・要求するs; that is, for the 目的 of keeping the 残り／休憩（する） of his 資本／首都 in constant 雇用. It is this part of his 資本／首都 only which, within 穏健な periods of time, is continually returning to every 売買業者 in the 形態／調整 of money, whether paper or coin, and continually going from him in the same 形態／調整. If the 前進するs of the bank had 一般的に 越えるd this part of his 資本／首都, the ordinary 量 of his 返済s could not, within 穏健な periods of time, have equalled the ordinary 量 of its 前進するs. The stream which, by means of his 取引, was continually running into the coffers of the bank, could not have been equal to the stream which, by means of the same 取引, was continually running out. The 前進するs of the bank paper, by 越えるing the 量 of gold and silver which, had there been no such 前進するs, he would have been 強いるd to keep by him for answering 時折の 需要・要求するs, might soon come to 越える the whole 量 of gold and silver which (the 商業 存在 supposed the same) would have 循環させるd in the country had there been no paper money; and その結果 to 越える the 量 which the 循環／発行部数 of the country could easily 吸収する and 雇う; and the 超過 of this paper money would すぐに have returned upon the bank ーするために be 交流d for gold and silver. This second advantage, though 平等に real, was not perhaps so 井戸／弁護士席 understood by all the different banking companies of Scotland as the first.

When, partly by the conveniency of 割引ing 法案s, and partly by that of cash accounts, the creditable 仲買人s of any country can be dispensed from the necessity of keeping any part of their 在庫／株 by them 失業した and in ready money for answering 時折の 需要・要求するs, they can reasonably 推定する／予想する no さらに先に 援助 from banks and 銀行業者s, who, when they have gone thus far, cannot, 終始一貫して with their own 利益／興味 and safety, go さらに先に. A bank cannot, 終始一貫して with its own 利益／興味, 前進する to a 仲買人 the whole or even the greater part of the 広まる 資本／首都 with which he 貿易（する）s; because, though that 資本／首都 is continually returning to him in the 形態／調整 of money, and going from him in the same 形態／調整, yet the whole of the returns is too distant from the whole of the 去っていく／社交的なs, and the sum of his 返済s could not equal the sum of its 前進するs within such 穏健な periods of time as 控訴 the conveniency of a bank. Still いっそう少なく, could a bank afford to 前進する him any かなりの part of his 直す／買収する，八百長をするd 資本／首都; of the 資本／首都 which the undertaker of an アイロンをかける (1)偽造する／(2)徐々に進む, for example, 雇うs in 築くing his (1)偽造する／(2)徐々に進む and smelting-house, his workhouses and 倉庫／問屋s, the dwelling-houses of his workmen, etc.; of the 資本／首都 which the undertaker of a 地雷 雇うs in 沈むing his 軸s, in 築くing engines for 製図／抽選 out the water, in making roads and waggon-ways, etc.; of the 資本／首都 which the person who 請け負うs to 改善する land 雇うs in （疑いを）晴らすing, draining, enclosing, manuring, and ploughing waste and uncultivated fields, in building farm-houses, with all their necessary appendages of stables, granaries, etc. The returns of the 直す／買収する，八百長をするd 資本／首都 are in almost all 事例／患者s much slower than those of the 広まる 資本／首都; and such expenses, even when laid out with the greatest prudence and judgment, very seldom return to the undertaker till after a period of many years, a period by far too distant to 控訴 the conveniency of a bank. 仲買人s and other undertakers may, no 疑問, with 広大な／多数の／重要な propriety, carry on a very 反対／詐欺s iderable part of their 事業／計画（する）s with borrowed money. In 司法（官） to their creditors, however, their own 資本／首都 ought, in this 事例／患者, to be 十分な to 確実にする, if I may say so, the 資本／首都 of those creditors; or to （判決などを）下す it 極端に improbable that those creditors should 背負い込む any loss, even though the success of the 事業／計画（する） should 落ちる very much short of the 期待 of the projectors. Even with this 警戒 too, the money which is borrowed, and which it is meant should not be repaid till after a period of several years, ought not to be borrowed of a bank, but せねばならない be borrowed upon 社債 or mortgage of such 私的な people as 提案する to live upon the 利益／興味 of their money without taking the trouble themselves to 雇う the 資本／首都, and who are upon that account willing to lend that 資本／首都 to such people of good credit as are likely to keep it for several years. A bank, indeed, which lends its money without the expense of stamped paper, or of 弁護士／代理人／検事s' 料金s for 製図／抽選 社債s and mortgages, and which 受託するs of 返済 upon the 平易な 条件 of the banking companies of Scotland, would, no 疑問, be a very convenient creditor to such 仲買人s and undertakers. But such 仲買人s and undertakers would, surely, be most inconvenient debtors to such a bank.

It is now more than five-and-twenty years since the paper money 問題／発行するd by the different banking companies of Scotland was fully equal, or rather was somewhat more than fully equal, to what the 循環／発行部数 of the country could easily 吸収する and 雇う. Those companies, therefore, had so long ago given all the 援助 to the 仲買人s and other undertakers of Scotland which it is possible for banks and 銀行業者s, 終始一貫して with their own 利益／興味, to give. They had even done somewhat more. They had overtraded a little, and had brought upon themselves that loss, or at least that diminution of 利益（をあげる）, which in this particular 商売／仕事 never fails to …に出席する the smallest degree of overtrading. Those 仲買人s and other undertakers, having got so much 援助 from banks and 銀行業者s, wished to get still more. The banks, they seem to have thought, could 延長する their credits to whatever sum might be 手配中の，お尋ね者, without incurring any other expense besides that of a few reams of paper. They complained of the 契約d 見解（をとる）s and dastardly spirit of the directors of those banks, which did not, they said, 延長する their credits in 割合 to the 拡張 of the 貿易（する） of the country; meaning, no 疑問, by the 拡張 of that 貿易（する） the 拡張 of their own 事業／計画（する）s beyond what they could carry on, either with their own 資本／首都, or with what they had credit to borrow of 私的な people in the usual way of 社債 or mortgage. The banks, they seem to have thought, were in honour bound to 供給（する） the 欠陥／不足, and to 供給する them with all the 資本／首都 which they 手配中の，お尋ね者 to 貿易（する） with. The banks, however, were of a different opinion, and upon their 辞退するing to 延長する their credits, some of those 仲買人s had 頼みの綱 to an expedient which, for a time, served their 目的, though at a much greater expense, yet as effectually as the 最大の 拡張 of bank credits could have done. This expedient was no other than the 井戸／弁護士席-known 転換 of 製図／抽選 and redrawing; the 転換 to which unfortunate 仲買人s have いつかs 頼みの綱 when they a re upon the brink of 破産. The practice of raising money in this manner had been long known in England, and during the course of the late war, when the high 利益（をあげる）s of 貿易（する） afforded a 広大な／多数の／重要な 誘惑 to overtrading, is said to have carried on to a very 広大な／多数の／重要な extent. From England it was brought into Scotland, where, in 割合 to the very 限られた／立憲的な 商業, and to the very 穏健な 資本／首都 of the country, it was soon carried on to a much greater extent than it ever had been in England.

The practice of 製図／抽選 and redrawing is so 井戸／弁護士席 known to all men of 商売／仕事 that it may perhaps be thought unnecessary to give an account of it. But as this 調書をとる／予約する may come into the 手渡すs of many people who are not men of 商売／仕事, and as the 影響s of this practice upon the banking 貿易（する） are not perhaps 一般に understood even by men of 商売／仕事 themselves, I shall endeavour to explain it as distinctly as I can.

The customs of merchants, which were 設立するd when the barbarous 法律s of Europe did not 施行する the 業績／成果 of their 契約s, and which during the course of the two last centuries have been 可決する・採択するd into the 法律s of all European nations, have given such 驚くべき／特命の／臨時の 特権s to 法案s of 交流 that money is more readily 前進するd upon them than upon any other 種類 of 義務, 特に when they are made payable within so short a period as two or three months after their date. If, when the 法案 becomes 予定, the acceptor does not 支払う／賃金 it as soon as it is 現在のd, he becomes from that moment a 破産者／倒産した. The 法案 is 抗議するd, and returns upon the drawer, who, if he does not すぐに 支払う／賃金 it, becomes likewise a 破産者／倒産した. If, before it （機の）カム to the person who 現在のs it to the acceptor for 支払い（額）, it had passed through the 手渡すs of several other persons, who had successively 前進するd to one another the contents of it either in money or goods, and who to 表明する that each of them had in his turn received those contents, had all of them in their order 是認するd, that is, written their 指名するs upon the 支援する of the 法案; each endorser becomes in his turn liable to the owner of the 法案 for those contents, and, if he fails to 支払う／賃金, he becomes too from that moment a 破産者／倒産した. Though the drawer, acceptor, and endorsers of the 法案 should, all of them, be persons of doubtful credit; yet still the shortness of the date gives some 安全 to the owner of the 法案. Though all of them may be very likely to become 破産者／倒産したs, it is a chance if they all become so in so short a time. The house is crazy, says a 疲れた／うんざりした traveller to himself, and will not stand very long; but it is a chance if it 落ちるs to-night, and I will 投機・賭ける, therefore, to sleep in it to-night.

The 仲買人 A in Edinburgh, we shall suppose, draws a 法案 upon B in London, payable two months after date. In reality B in London 借りがあるs nothing to A in Edinburgh; but he agrees to 受託する of A's 法案, upon 条件 that before the 称する，呼ぶ／期間／用語 of 支払い（額） he shall redraw upon A in Edinburgh for the same sum, together with the 利益／興味 and a （売買）手数料，委託（する）／委員会／権限, another 法案, payable likewise two months after date. B accordingly, before the 満期 of the first two months, redraws this 法案 upon A in Edinburgh; who again, before the 満期 of the second two months, draws a second 法案 upon B in London, payable likewise two months after date; and before the 満期 of the third two months, B in London redraws upon A in Edinburgh another 法案, payable also two months after date. This practice has いつかs gone on, not only for several months, but for several years together, the 法案 always returning upon A in Edinburgh, with the 蓄積するd 利益／興味 and （売買）手数料，委託（する）／委員会／権限 of all the former 法案s. The 利益／興味 was five per cent in the year, and the （売買）手数料，委託（する）／委員会／権限 was never いっそう少なく than one half per cent on each 草案. This （売買）手数料，委託（する）／委員会／権限 存在 repeated more than six times in the year, whatever money A might raise by this expedient must やむを得ず have, cost him something more than eight per cent in the year, and いつかs a 広大な／多数の／重要な 取引，協定 more; when either the price of the （売買）手数料，委託（する）／委員会／権限 happened to rise, or when he was 強いるd to 支払う／賃金 構内／化合物 利益／興味 upon the 利益／興味 and （売買）手数料，委託（する）／委員会／権限 of former 法案s. This practice was called raising money by 循環／発行部数.

In a country where the ordinary 利益（をあげる）s of 在庫／株 in the greater part of 商業の 事業／計画（する）s are supposed to run between six and ten per cent, it must have been a very fortunate 憶測 of which the returns could not only 返す the enormous expense at which the money was thus borrowed for carrying it on; but afford, besides, a good 黒字／過剰 利益（をあげる） to the projector. Many 広大な and 広範囲にわたる 事業／計画（する）s, however, were undertaken, and for several years carried on without any other 基金 to support them besides what was raised at this enormous expense. The projectors, no 疑問, had in their golden dreams the most 際立った 見通し of this 広大な／多数の／重要な 利益（をあげる）. Upon their awaking, however, either at the end of their 事業／計画（する）s, or when they were no longer able to carry them on, they very seldom, I believe, had the good fortune to find it.

The 法案s A in Edinburgh drew upon B in London, he 定期的に 割引d two months before they were 予定 with some bank or 銀行業者 in Edinburgh; and the 法案s which B in London redrew upon A in Edinburgh, he as 定期的に 割引d either with the Bank of England, or with some other 銀行業者s in London. Whatever was 前進するd upon such 広まる 法案s, was, in Edinburgh, 前進するd in the paper of the Scotch banks, and in London, when they were 割引d at the Bank of England, in the paper of that bank. Though the 法案s upon which this paper had been 前進するd were all of them repaid in their turn as soon as they became 予定; yet the value which had been really 前進するd upon the first 法案, was never really returned to the banks which 前進するd it; because, before each 法案 became 予定, another 法案 was always drawn to somewhat a greater 量 than the 法案 which was soon to be paid; and the 割引ing of this other 法案 was essentially necessary に向かって the 支払い（額） of that which was soon to be 予定. This 支払い（額）, therefore, was altogether fictitious. The stream, which, by means of those 広まる 法案s of 交流, had once been made to run out from the coffers of the banks, was never 取って代わるd by any stream which really run into them.

The paper which was 問題／発行するd upon those 広まる 法案s of 交流, 量d, upon many occasions, to the whole 基金 運命にあるd for carrying on some 広大な and 広範囲にわたる 事業／計画（する） of 農業, 商業, or 製造（する）s; and not 単に to that part of it which, had there been no paper money, the projector would have been 強いるd to keep by him, 失業した and in ready money for answering 時折の 需要・要求するs. The greater part of this paper was, その結果, over and above the value of the gold and silver which would have 循環させるd in the country, had there been no paper money. It was over and above, therefore, what the 循環／発行部数 of the country could easily 吸収する and 雇う, and upon that account, すぐに returned upon the banks ーするために be 交流d for gold and silver, which they were to find as they could. It was a 資本／首都 which those projectors had very artfully contrived to draw from those banks, not only without their knowledge or 審議する／熟考する 同意, but for some time, perhaps, without their having the most distant 疑惑 that they had really 前進するd it.

When two people, who are continually 製図／抽選 and redrawing upon one another, 割引 their 法案s always with the same 銀行業者, he must すぐに discover what they are about, and see 明確に that they are 貿易（する）ing, not with any 資本／首都 of their own, but with the 資本／首都 which he 前進するs to them. But this 発見 is not altogether so 平易な when they 割引 their 法案s いつかs with one 銀行業者, and いつかs with another, and when the same two persons do not 絶えず draw and redraw upon one another, but occasionally run the 一連の会議、交渉／完成する of a 広大な／多数の／重要な circle of projectors, who find it for their 利益／興味 to 補助装置 one another in this method of raising money, and to （判決などを）下す it, upon that account, as difficult as possible to distinguish between a real and fictitious 法案 of 交流; between a 法案 drawn by a real creditor upon a real debtor, and a 法案 for which there was 適切に no real creditor but the bank which 割引d it, nor any real debtor but the projector who made use of the money. When a 銀行業者 had even made this 発見, he might いつかs make it too late, and might find that he had already 割引d the 法案s of those projectors to so 広大な／多数の／重要な an extent that, by 辞退するing to 割引 any more, he would やむを得ず make them all 破産者／倒産したs, and thus, by 廃虚ing them, might perhaps 廃虚 himself. For his own 利益／興味 and safety, therefore, he might find it necessary, in this very perilous 状況／情勢, to go on for some time, endeavouring, however, to 身を引く 徐々に, and upon that account making every day greater and greater difficulties about 割引ing, ーするために 軍隊 those projectors by degrees to have 頼みの綱, either to other 銀行業者s, or to other methods of raising money; so that he himself might, as soon as possible, get out of the circle. The difficulties, accordingly, which the Bank of England, which the 主要な／長／主犯 銀行業者s in London, and which even the more 慎重な Scotch banks began, after a 確かな time, and when all of them had already gone too far, to make about 割引ing, not only alarmed , but enraged in the highest degree those projectors. Their own 苦しめる, of which this 慎重な and necessary reserve of the banks was, no 疑問, the 即座の occasion, they called the 苦しめる of the country; and this 苦しめる of the country, they said, was altogether 借りがあるing to the ignorance, pusillanimity, and bad 行為／行う of the banks, which did not give a 十分に 自由主義の 援助（する） to the spirited undertakings of those who 発揮するd themselves ーするために beautify, 改善する, and 濃厚にする the country. It was the 義務 of the banks, they seemed to think, to lend for as long a time, and to as 広大な／多数の／重要な an extent as they might wish to borrow. The banks, however, by 辞退するing in this manner to give more credit to those to whom they had already given a 広大な／多数の／重要な 取引，協定 too much, took the only method by which it was now possible to save either their own credit or the public credit of the country.

In the 中央 of this clamour and 苦しめる, a new bank was 設立するd in Scotland for the 表明する 目的 of relieving the 苦しめる of the country. The design was generous; but the 死刑執行 was imprudent, and the nature and 原因（となる）s of the 苦しめる which it meant to relieve were not, perhaps, 井戸／弁護士席 understood. This bank was more 自由主義の than any other had ever been, both in 認めるing cash accounts, and in 割引ing 法案s of 交流. With regard to the latter, it seems to have made 不十分な any distinction between real and 広まる 法案s, but to have 割引d all 平等に. It was the avowed 原則 of this bank to 前進する, upon any reasonable 安全, the whole 資本／首都 which was to be 雇うd in those 改良s of which the returns are the most slow and distant, such as the 改良s of land. To 促進する such 改良s was even said to be the 長，指導者 of the public-spirited 目的s for which it was 学校／設けるd. By its liberality in 認めるing cash accounts, and in 割引ing 法案s of 交流, it, no 疑問, 問題／発行するd 広大な／多数の／重要な 量s of its bank 公式文書，認めるs. But those bank 公式文書，認めるs 存在, the greater part of them, over and above what the 循環／発行部数 of the country could easily 吸収する and 雇う, returned upon it, ーするために be 交流d for gold and silver as 急速な／放蕩な as they were 問題／発行するd. Its coffers were never 井戸／弁護士席 filled. The 資本／首都 which had been subscribed to this bank at two different subscriptions, 量d to one hundred and sixty thousand 続けざまに猛撃するs, of which eighty per cent only was paid up. This sum せねばならない have been paid in at several different instalments. A 広大な／多数の／重要な part of the proprietors, when they paid in their first instalment, opened a cash account with the bank; and the directors, thinking themselves 強いるd to 扱う／治療する their own proprietors with the same liberality with which they 扱う／治療するd all other men, 許すd many of them to borrow upon this cash account what they paid in upon all their その後の instalments. Such 支払い（額）s, 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 井戸／弁護士席, its 過度の 循環／発行部数 must have emptied them faster than they could have been 補充するd by any other expedient but the ruinous one of 製図／抽選 upon London, and when the 法案 became 予定, 支払う／賃金ing it, together with 利益／興味 and （売買）手数料，委託（する）／委員会／権限, by another 草案 upon the same place. Its coffers having been filled so very ill, it is said to have been driven to this 資源 within a very few months after it began to do 商売／仕事. The 広い地所s of the proprietors of this bank were 価値（がある） several millions, and by their subscription to the 初めの 社債 or 契約 of the bank, were really 誓約（する）d for answering all its 約束／交戦s. By means of the 広大な／多数の／重要な credit which so 広大な／多数の／重要な a 誓約（する） やむを得ず gave it, it was, notwithstanding its too 自由主義の 行為／行う, enabled to carry on 商売／仕事 for more than two years. When it was 強いるd to stop, it had in the 循環／発行部数 about two hundred thousand 続けざまに猛撃するs in bank 公式文書，認めるs. ーするために support the 循環／発行部数 of those 公式文書，認めるs which were continually returning upon it as 急速な／放蕩な they were 問題／発行するd, it had been 絶えず in the practice of 製図／抽選 法案s of 交流 upon London, of which the number and value were continually 増加するing, and, when it stopped, 量d to 上向きs of six hundred thousand 続けざまに猛撃するs. This bank, therefore, had, in little more than the course of two years, 前進するd to different people 上向きs of eight hundred thousand 続けざまに猛撃するs at five per cent. Upon the two hundred thousand 続けざまに猛撃するs which it 循環させるd in bank 公式文書，認めるs, this five per cent might, perhaps, be considered as （疑いを）晴らす 伸び（る）, without any other deduction besides the expense of 管理／経営. But upon 上向きs of six hundred thousand 続けざまに猛撃するs, for which it was continually 製図／抽選 法案s of 交流 upon London, it was 支払う／賃金ing, in the way of 利益／興味 and （売買）手数料，委託（する）／委員会／権限, 上向きs of eight per cent, and was その結果 losing more than three per cent upon more than three-fourths of all its 取引.

The 操作／手術s of this bank seem to have produced 影響s やめる opposite to those which were ーするつもりであるd by the particular persons who planned and directed it. They seem to have ーするつもりであるd 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 製図／抽選 the whole banking 商売／仕事 to themselves, to 取って代わる all the other Scotch banks, 特に those 設立するd in Edinburgh, whose backwardness in 割引ing 法案s of 交流 had given some offence. This bank, no 疑問, gave some 一時的な 救済 to those projectors, and enabled them to carry on their 事業／計画（する）s for about two years longer than they could さもなければ have done. But it その為に only enabled them to get so much deeper into 負債, so that, when 廃虚 （機の）カム, it fell so much the heavier both upon them and upon their creditors. The 操作／手術s of this bank, therefore, instead of relieving, in reality 悪化させるd in the long-run the 苦しめる 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 強いるd to stop two years sooner than they 現実に did. The 一時的な 救済, however, which this bank afforded to those projectors, 証明するd a real and 永久の 救済 to the other Scotch banks. All the 売買業者s in 広まる 法案s of 交流, which those other banks had become so backward in 割引ing, had 頼みの綱 to this new bank, where they were received with open 武器. Those other banks, therefore, were enabled to get very easily out of that 致命的な circle, from which they could not さもなければ have 解放する／撤去させるd themselves without incurring a かなりの loss, and perhaps too even some degree of discredit.

In the long-run, therefore, the 操作／手術s of this bank 増加するd the real 苦しめる of the country which it meant to relieve; and effectually relieved from a very 広大な／多数の／重要な 苦しめる those 競争相手s whom it meant to 取って代わる.

At the first setting out of this bank, it was the opinion of some people that how 急速な／放蕩な soever its coffers might be emptied, it might easily 補充する them by raising money upon the 安全s of those to whom it had 前進するd its paper. Experience, I believe, soon 納得させるd them that this method of raising money was by much too slow to answer their 目的; and that coffers which 初めは were so ill filled, and which emptied themselves so very 急速な／放蕩な, could be 補充するd by no other expedient but the ruinous one of 製図／抽選 法案s upon London, and when they became 予定, 支払う／賃金ing them by other 草案s upon the same place with 蓄積するd 利益／興味 and （売買）手数料，委託（する）／委員会／権限. But though they had been able by this method to raise money as 急速な／放蕩な as they 手配中の，お尋ね者 it, yet, instead of making a 利益（をあげる）, they must have 苦しむd a loss by every such 操作／手術; so that in the long-run they must have 廃虚d themselves as a 商業の company, though, perhaps, not so soon as by the more expensive practice of 製図／抽選 and redrawing. They could still have made nothing by the 利益／興味 of the paper, which, 存在 over and above what the 循環／発行部数 of the country could 吸収する and 雇う, returned upon them, ーするために be 交流d for gold and silver, as 急速な／放蕩な as they 問題／発行するd it; and for the 支払い（額） of which they were themselves continually 強いるd to borrow money. On the contrary, the whole expense of this borrowing, of 雇うing スパイ／執行官s to look out for people who had money to lend, of 交渉するing with those people, and of 製図／抽選 the proper 社債 or assignment, must have fallen upon them, and have been so much （疑いを）晴らす loss upon the balance of their accounts. The 事業／計画（する） of 補充するing 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 提案するd to keep it always 平等に 十分な by 雇うing a number of people to go continually with buckets to a 井戸／弁護士席 at some miles distance ーするために bring water to 補充する it.

But though this 操作／手術 had 証明するd not only practicable but profitable to the bank as a 商業の company, yet the country could have derived no 利益 from it; but, on the contrary, must have 苦しむd a very かなりの loss by it. This 操作／手術 could not augment in the smallest degree the 量 of money to be lent. It could only have 築くd this bank into a sort of general 貸付金 office for the whole country. Those who 手配中の，お尋ね者 to borrow must have 適用するd to this bank instead of 適用するing to the 私的な persons who had lent it their money. But a bank which lends money perhaps to five hundred different people, the greater part of whom its directors can know very little about, is not likely to be more judicious in the choice of its debtors than a 私的な person who lends out his money の中で a few people whom he knows, and in whose sober and frugal 行為／行う he thinks he has good 推論する／理由 to confide. The debtors of such a bank as that whose 行為／行う I have been giving some account of were likely, the greater part of them, to be chimerical projectors, the drawers and re-drawers of 広まる 法案s of 交流, who would 雇う the money in extravagant undertakings, which, with all the 援助 that could be given them, they would probably never be able to 完全にする, and which, if they should be 完全にするd, would never 返す the expense which they had really cost, would never afford a 基金 有能な of 持続するing a 量 of 労働 equal to that which had been 雇うd about them. The sober and frugal debtors of 私的な persons, on the contrary, would be more likely to 雇う the money borrowed in sober undertakings which were 割合d to their 資本／首都s, and which, though they might have いっそう少なく of the grand and the marvellous, would have more of the solid and the profitable, which would 返す with a large 利益（をあげる） whatever had been laid out upon them, and which would thus afford a 基金 有能な of 持続するing a much greater 量 of 労働 than that which had been 雇うd about them. The success of this operat イオン, therefore, without 増加するing in the smallest degree the 資本／首都 of the country, would only have transferred a 広大な／多数の／重要な part of it from 慎重な and profitable to imprudent and 無益な undertakings.

That the 産業 of Scotland languished for want of money to 雇う it was the opinion of the famous Mr. 法律. By 設立するing a bank of a particular 肉親，親類d, which he seems to have imagined might 問題／発行する paper to the 量 of the whole value of all the lands in the country, he 提案するd to 治療（薬） this want of money. The 議会 of Scotland, when he first 提案するd his 事業／計画（する）, did not think proper to 可決する・採択する it. It was afterwards 可決する・採択するd, with some variations, by the Duke of Orleans, at that time Regent of フラン. The idea of the 可能性 of multiplying paper to almost any extent was the real 創立／基礎 of what is called the Mississippi 計画／陰謀, the most extravagant 事業／計画（する） both of banking and 在庫／株-jobbing that, perhaps, the world ever saw. The different 操作／手術s of this 計画／陰謀 are explained so fully, so 明確に, and with so much order and distinctness, by Mr. du Verney, in his Examination of the Political Reflections upon 商業 and 財政／金融s of Mr. du こども, that I shall not give any account of them. The 原則s upon which it was 設立するd are explained by Mr. 法律 himself, in a discourse 関心ing money and 貿易（する）, which he published in Scotland when he first 提案するd his 事業／計画（する）. The splendid but visionary ideas which are 始める，決める 前へ／外へ in that and some other 作品 upon the same 原則s still continue to make an impression upon many people, and have, perhaps, in part, 与える／捧げるd to that 超過 of banking which has of late been complained of both in Scotland and in other places.

The Bank of England is the greatest bank of 循環／発行部数 in Europe. It was 会社にする／組み込むd, in pursuance of an 行為／法令／行動する of 議会, by a 借り切る／憲章 under the 広大な／多数の／重要な 調印（する）, 時代遅れの the 27th of July, 1694. It at that time 前進するd to 政府 the sum of one million two hundred thousand 続けざまに猛撃するs, for an annuity of one hundred thousand 続けざまに猛撃するs; or for L96,000 a year 利益／興味, at the 率 of eight per cent, and L4000 a year for the expense of 管理／経営. The credit of the new 政府, 設立するd by the 革命, we may believe, must have been very low, when it was 強いるd to borrow at so high an 利益／興味.

In 1697 the bank was 許すd to 大きくする its 資本／首都 在庫／株 by an engraftment of L1,001,171 10s. Its whole 資本／首都 在庫／株 therefore, 量d at this time to L2,201,171 10s. This engraftment is said to have been for the support of public credit. In 1696, 一致するs had been at forty, and fifty, and sixty per cent 割引, and bank 公式文書，認めるs at twenty per cent. During the 広大な／多数の／重要な recoinage of the silver, which was going on at this time, the bank had thought proper to discontinue the 支払い（額） of its 公式文書，認めるs, which やむを得ず occasioned their discredit.

In pursuance of the 7th Anne, c. 7, the bank 前進するd and paid into the exchequer the sum of L400,000; making in all the sum of L1,600,000 which it had 前進するd upon its 初めの annuity of L96,000 利益／興味 and L4000 for expense of 管理／経営. In 1708, therefore, the credit of 政府 was as good as that of 私的な persons, since it could borrow at six per cent 利益／興味 the ありふれた 合法的な and market 率 of those times. In pursuance of the same 行為／法令／行動する, the bank cancelled exchequer 法案s to the 量 of L1,775,027 17s. 10 1/2d. at six per cent 利益／興味, and was at the same time 許すd to take in subscriptions for 二塁打ing its 資本／首都. In 1708, therefore, the 資本／首都 of the bank 量d to L4,402,343; and it had 前進するd to 政府 the sum of L3,375,027 17s. 10 1/2d.

By a call of fifteen per cent in 1709, there was paid in and made 在庫／株 L656,204 Is. 9d.; and by another of ten per cent in 1710, L501,448 12s. 11d. In consequence of those two calls, therefore, the bank 資本／首都 量d to L5,559,995 14s. 8d.

In pursuance of the 3rd George I, c. 8, the bank 配達するd up two millions of exchequer 法案s to be cancelled. It had at this time, therefore, 前進するd to 政府 17s. 10d. In pursuance of the 8th George 1, c. 21, the bank 購入（する）d of the South Sea Company 在庫／株 to the 量 of 14,000,000; and in 1722, in consequence of the subscriptions which it had taken in for enabling it to make this 購入（する）, its 資本／首都 在庫／株 was 増加するd by L3,400,000. At this time, therefore, the bank had 前進するd to the public L9,375,027 17s. 10 1/2d.; and its 資本／首都 在庫／株 量d only to L8,959,995 14s. 8d. It was upon this occasion that the sum which the bank had 前進するd to the public, and for which it received 利益／興味, began first to 越える its 資本／首都 在庫／株, or the sum for which it paid a （株主への）配当 to the proprietors of bank 在庫／株; or, in other words, that the bank began to have an 分割されない 資本／首都, over and above its divided one. It has continued to have an 分割されない 資本／首都 of the same 肉親，親類d ever since. In 1746, the bank had, upon different occasions, 前進するd to the public L11,686,800 and its divided 資本／首都 had been raised by different calls and subscriptions to L10,780,000. The 明言する／公表する of those two sums has continued to be the same ever since. In pursuance of the 4th of George III, c. 25, the bank agreed to 支払う／賃金 to 政府 for the 再開 of its 借り切る／憲章 L110,000 without 利益／興味 or 返済. This sum, therefore, did not 増加する either of those two other sums.

The （株主への）配当 of the bank has 変化させるd によれば the variations in the 率 of the 利益／興味 which it has, at different times, received for the money it had 前進するd to the public, 同様に as によれば other circumstances. This 率 of 利益／興味 has 徐々に been 減ずるd from eight to three per cent. For some years past the bank （株主への）配当 has been at five and a half per cent.

The 安定 of the Bank of England is equal to that of the British 政府. All that it has 前進するd to the public must be lost before its creditors can 支える any loss. No other banking company in England can be 設立するd by 行為／法令／行動する of 議会, or can consist of more than six members. It 行為／法令／行動するs, not only as an ordinary bank, but as a 広大な／多数の／重要な engine of 明言する／公表する. It receives and 支払う／賃金s the greater part of the annuities which are 予定 to the creditors of the public, it 循環させるs exchequer 法案s, and it 前進するs to 政府 the 年次の 量 of the land and malt 税金s, which are frequently not paid up till some years thereafter. In those different 操作／手術s, its 義務 to the public may いつかs have 強いるd it, without any fault of its directors, to overstock the 循環／発行部数 with paper money. It likewise 割引s merchants' 法案s, and has, upon several different occasions, supported the credit of the 主要な／長／主犯 houses, not only of England, but of Hamburg and Holland. Upon one occasion, in 1763, it is said to have 前進するd for this 目的, in one week, about L1,600,000, a 広大な／多数の／重要な part of it in bullion. I do not, however, pretend to 令状 either the greatness of the sum, or the shortness of the time. Upon other occasions, this 広大な／多数の／重要な company has been 減ずるd to the necessity of 支払う／賃金ing in sixpences.

It is not by augmenting the 資本／首都 of the country, but by （判決などを）下すing a greater part of that 資本／首都 active and 生産力のある than would さもなければ be so, that the most judicious 操作／手術s of banking can 増加する the 産業 of the country. That part of his 資本／首都 which a 売買業者 is 強いるd to keep by him 失業した, and in ready money, for answering 時折の 需要・要求するs, is so much dead 在庫／株, which, so long as it remains in this 状況／情勢, produces nothing either to him or to his country. The judicious 操作／手術s of banking enable him to 変える this dead 在庫／株 into active and 生産力のある 在庫／株; into 構成要素s to work upon, into 道具s to work with, and into 準備／条項s and subsistence to work for; into 在庫／株 which produces something both to himself and to his country. The gold and silver money which 循環させるs in any country, and by means of which the produce of its land and 労働 is 毎年 循環させるd and 分配するd to the proper 消費者s, is, in the same manner as the ready money of the 売買業者, all dead 在庫／株. It is a very 価値のある part of the 資本／首都 of the country, which produces nothing to the country. The judicious 操作／手術s of banking, by 代用品，人ing paper in the room of a 広大な／多数の／重要な part of this gold and silver, enables the country to 変える a 広大な／多数の／重要な part of this dead 在庫／株 into active and 生産力のある 在庫／株; into 在庫／株 which produces something to the country. The gold and silver money which 循環させるs in any country may very 適切に be compared to a 主要道路, which, while it 循環させるs and carries to market all the grass and corn of the country, produces itself not a 選び出す／独身 pile of either. The judicious 操作／手術s of banking, by 供給するing, if I may be 許すd so violent a metaphor, a sort of waggon-way through the 空気／公表する, enable the country to 変える, as it were, a 広大な／多数の／重要な part of its 主要道路s into good pastures and corn-fields, and その為に to 増加する very かなり the 年次の produce of its land and 労働. The 商業 and 産業 of the country, however, it must be 定評のある, though they may be somewha t augmented, cannot be altogether so 安全な・保証する when they are thus, as it were, 一時停止するd upon the Daedalian wings of paper money as when they travel about upon the solid ground of gold and silver. Over and above the 事故s to which they are exposed from the unskillfulness of the conductors of this paper money, they are liable to several others, from which no prudence or 技術 of those conductors can guard them.

An 不成功の war, for example, in which the enemy got 所有／入手 of the 資本／首都, and その結果 of that treasure which supported the credit of the paper money, would occasion a much greater 混乱 in a country where the whole 循環／発行部数 was carried on by paper, than in one where the greater part of it was carried on by gold and silver. The usual 器具 of 商業 having lost its value, no 交流s could be made but either by 物々交換する or upon credit. All 税金s having been usually paid in paper money, the prince would not have wherewithal either to 支払う／賃金 his 軍隊／機動隊s, or to furnish his magazines; and the 明言する／公表する of the country would be much more irretrievable than if the greater part of its 循環／発行部数 had consisted in gold and silver. A prince, anxious to 持続する his dominions at all times in the 明言する／公表する in which he can most easily defend them, ought, upon this account, to guard, not only against that 過度の multiplication of paper money which 廃虚s the very banks which 問題／発行する it; but even against that multiplication of it which enables them to fill the greater part of the 循環／発行部数 of the country with it.

The 循環／発行部数 of every country may be considered as divided into two different 支店s: the 循環／発行部数 of the 売買業者s with one another, and the 循環／発行部数 between the 売買業者s and the 消費者s. Though the same pieces of money, whether paper or metal, may be 雇うd いつかs in the one 循環／発行部数 and いつかs in the other, yet as both are 絶えず going on at the same time, each 要求するs a 確かな 在庫／株 of money of one 肉親，親類d or another to carry it on. The value of the goods 循環させるd between the different 売買業者s, never can 越える the value of those 循環させるd between the 売買業者s and the 消費者s; whatever is bought by the 売買業者s, 存在 最終的に 運命にあるd to be sold to the 消費者s. The 循環／発行部数 between the 売買業者s, as it is carried on by 卸売, 要求するs 一般に a pretty large sum for every particular 処理／取引. That between the 売買業者s and the 消費者s, on the contrary, as it is 一般に carried on by 小売, frequently 要求するs but very small ones, a shilling, or even a halfpenny, 存在 often 十分な. But small sums 循環させる much faster than large ones. A shilling changes masters more frequently than a guinea, and a halfpenny more frequently than a shilling. Though the 年次の 購入（する）s of all the 消費者s, therefore, are at least equal in value to those of all the 売買業者s, they can 一般に be transacted with a much smaller 量 of money; the same pieces, by a more 早い 循環／発行部数, serving as the 器具 of many more 購入（する）s of the one 肉親，親類d than of the other.

Paper money may be so 規制するd as either to 限定する itself very much to the 循環／発行部数 between the different 売買業者s, or to 延長する itself likewise to a 広大な／多数の／重要な part of that between the 売買業者s and the 消費者s. Where no bank 公式文書，認めるs are 循環させるd under ten 続けざまに猛撃するs value, as in London, paper money 限定するs itself very much to the 循環／発行部数 between the 売買業者s. When a ten 続けざまに猛撃する bank 公式文書，認める comes into the 手渡すs of a 消費者, he is 一般に 強いるd to change it at the first shop where he has occasion to 購入（する） five shillings' 価値（がある） of goods, so that it often returns into the 手渡すs of a 売買業者 before the 消費者 has spent the fortieth part of the money. Where bank 公式文書，認めるs are 問題／発行するd for so small sums as twenty shillings, as in Scotland, paper money 延長するs itself to a かなりの part of the 循環／発行部数 between 売買業者s and 消費者s. Before the 行為／法令／行動する of 議会, which put a stop to the 循環／発行部数 of ten and five shilling 公式文書，認めるs, it filled a still greater part of that 循環／発行部数. In the 通貨s of North America, paper was 一般的に 問題／発行するd for so small a sum as a shilling, and filled almost the whole of that 循環／発行部数. In some paper 通貨s of Yorkshire, it was 問題／発行するd even for so small a sum as a sixpence.

Where the 問題／発行するing of bank 公式文書，認めるs for such very small sums is 許すd and 一般的に practised, many mean people are both enabled and encouraged to become 銀行業者s. A person whose promissory 公式文書，認める for five 続けざまに猛撃するs, or even for twenty shillings, would be 拒絶するd by everybody, will get it to be received without scruple when it is 問題／発行するd for so small a sum as a sixpence. But the たびたび（訪れる） 破産s to which such beggarly 銀行業者s must be liable may occasion a very かなりの inconveniency, and いつかs even a very 広大な／多数の／重要な calamity to many poor people who had received their 公式文書，認めるs in 支払い（額）.

It were better, perhaps, that no bank 公式文書，認めるs were 問題／発行するd in any part of the kingdom for a smaller sum than five 続けざまに猛撃するs. Paper money would then, probably, 限定する itself, in every part of the kingdom, to the 循環／発行部数 between the different 売買業者s, as much as it does at 現在の in London, where no bank 公式文書，認めるs are 問題／発行するd under ten 続けざまに猛撃するs' value; five 続けざまに猛撃するs 存在, in most parts of the kingdom, a sum which, though it will 購入（する）, little more than half the 量 of goods, is as much considered, and is as seldom spent all at once, as ten 続けざまに猛撃するs are まっただ中に the profuse expense of London.

Where paper money, it is to be 観察するd, is pretty much 限定するd to the 循環／発行部数 between 売買業者s and 売買業者s, as at London, there is always plenty of gold and silver. Where it 延長するs itself to a かなりの part of the 循環／発行部数 between 売買業者s and 消費者s, as in Scotland, and still more in North America, it banishes gold and silver almost 完全に from the country; almost all the ordinary 処理／取引s of its 内部の 商業 存在 thus carried on by paper. The 鎮圧 of ten and five shilling bank 公式文書，認めるs somewhat relieved the scarcity of gold and silver in Scotland; and the 鎮圧 of twenty shilling 公式文書，認めるs would probably relieve it still more. Those metals are said to have become more abundant in America since the 鎮圧 of some of their paper 通貨s. They are said, likewise, to have been more abundant before the 会・原則 of those 通貨s.

Though paper money should be pretty much 限定するd to the 循環／発行部数 between 売買業者s and 売買業者s, yet banks and 銀行業者s might still be able to give nearly the same 援助 to the 産業 and 商業 of the country as they had done when paper money filled almost the whole 循環／発行部数. The ready money which a 売買業者 is 強いるd to keep by him, for answering 時折の 需要・要求するs, is 運命にあるd altogether for the 循環／発行部数 between himself and other 売買業者s of whom he buys goods. He has no occasion to keep any by him for the 循環／発行部数 between himself and the 消費者s, who are his 顧客s, and who bring ready money to him, instead of taking any from him. Though no paper money, therefore, was 許すd to be 問題／発行するd but for such sums as would 限定する it pretty much to the 循環／発行部数 between 売買業者s and 売買業者s, yet, partly by 割引ing real 法案s of 交流, and partly by lending upon cash accounts, banks and 銀行業者s might still be able to relieve the greater part of those 売買業者s from the necessity of keeping any かなりの part of their 在庫／株 by them, 失業した and in ready money, for answering 時折の 需要・要求するs. They might still be able to give the 最大の 援助 which banks and 銀行業者s can, with propriety, give to 仲買人s of every 肉親，親類d.

To 抑制する 私的な people, it may be said, from receiving in 支払い（額） the promissory 公式文書，認めるs of a 銀行業者, for any sum whether 広大な／多数の／重要な or small, when they themselves are willing to receive them, or to 抑制する a 銀行業者 from 問題／発行するing such 公式文書，認めるs, when all his 隣人s are willing to 受託する of them, is a manifest 違反 of that natural liberty which it is the proper 商売／仕事 of 法律 not to （規則などを）破る／侵害する, but to support. Such 規則s may, no 疑問, be considered as in some 尊敬（する）・点s a 違反 of natural liberty. But those exertions of the natural liberty of a few individuals, which might 危うくする the 安全 of the whole society, are, and せねばならない be, 抑制するd by the 法律s of all 政府s, of the most 解放する／自由な 同様に as of the most despotical. The 義務 of building party 塀で囲むs, ーするために 妨げる the communication of 解雇する／砲火／射撃, is a 違反 of natural liberty 正確に／まさに of the same 肉親，親類d with the 規則s of the banking 貿易（する） which are here 提案するd.

A paper money consisting in bank 公式文書，認めるs, 問題／発行するd by people of undoubted credit, payable upon 需要・要求する without any 条件, and in fact always readily paid as soon as 現在のd, is, in every 尊敬（する）・点, equal in value to gold and silver money; since gold and silver money can at any time be had for it. Whatever is either bought or sold for such paper must やむを得ず be bought or sold as cheap as it could have been for gold and silver.

The 増加する of paper money, it has been said, by augmenting the 量, and その結果 減らすing the value of the whole 通貨, やむを得ず augments the money price of 商品／必需品s. But as the 量 of gold and silver, which is taken from the 通貨, is always equal to the 量 of paper which is 追加するd to it, paper money does not やむを得ず 増加する the 量 of the whole 通貨. From the beginning of the last century to the 現在の time, 準備／条項s never were cheaper in Scotland than in 1759, though, from the 循環／発行部数 of ten and five shilling bank 公式文書，認めるs, there was then more paper money in the country than at 現在の. The 割合 between the price of 準備／条項s in Scotland and that in England is the same now as before the 広大な／多数の／重要な multiplication of banking companies in Scotland. Corn is, upon most occasions, fully as cheap in England as in フラン; though there is a 広大な／多数の／重要な 取引，協定 of paper money in England, and 不十分な any in フラン. In 1751 and in 1752, when Mr. Hume published his Political Discourses, and soon after the 広大な／多数の／重要な multiplication of paper money in Scotland, there was a very sensible rise in the price of 準備／条項s, 借りがあるing, probably, to the badness of the seasons, and not to the multiplication of paper money.

It would be さもなければ, indeed, with a paper money consisting in promissory 公式文書，認めるs, of which the 即座の 支払い（額） depended, in any 尊敬（する）・点, either upon the good will of those who 問題／発行するd them, or upon a 条件 which the 支えるもの／所有者 of the 公式文書，認めるs might not always have it in his 力／強力にする to fulfil; or of which the 支払い（額） was not exigible till after a 確かな number of years, and which in the 合間 bore no 利益／興味. Such a paper money would, no 疑問, 落ちる more or いっそう少なく below the value of gold and silver, （許可，名誉などを）与えるing as the difficulty or 不確定 of 得るing 即座の 支払い（額） was supposed to be greater or いっそう少なく; or によれば the greater or いっそう少なく distance of time at which 支払い（額） was exigible.

Some years ago the different banking companies of Scotland were in the practice of 挿入するing into their bank 公式文書，認めるs, what they called an Optional 条項, by which they 約束d 支払い（額） to the 持参人払いの, either as soon as the 公式文書，認める should be 現在のd, or, in the 選択 of the directors, six months after such presentment, together with the 合法的な 利益／興味 for the said six months. The directors of some of those banks いつかs took advantage of this optional 条項, and いつかs 脅すd those who 需要・要求するd gold and silver in 交流 for a かなりの number of their 公式文書，認めるs that they Would take advantage of it, unless such demanders would content themselves with a part of what they 需要・要求するd. The promissory 公式文書，認めるs of those banking companies 構成するd at that time the far greater part of the 通貨 of Scotland, which this 不確定 of 支払い（額） やむを得ず degraded below the value of gold and silver money. During the continuance of this 乱用 (which 勝つ／広く一帯に広がるd 主として in 1762, 1763, and 1764), while the 交流 between London and Carlisle was at par, that between London and Dumfries would いつかs be four per cent against Dumfries, though this town is not thirty miles distant from Carlisle. But at Carlisle, 法案s were paid in gold and silver; 反して at Dumfries they were paid in Scotch bank 公式文書，認めるs, and the 不確定 of getting those bank 公式文書，認めるs 交流d for gold and silver coin had thus degraded them four per cent below the value of that coin. The same 行為／法令／行動する of 議会 which 抑えるd ten and five shilling bank 公式文書，認めるs 抑えるd likewise this optional 条項, and その為に 回復するd the 交流 between England and Scotland to its natural 率, or to what the course of 貿易（する） and remittances might happen to make it.

In the paper 通貨s of Yorkshire, the 支払い（額） of so small a sum as a sixpence いつかs depended upon the 条件 that the 支えるもの／所有者 of the 公式文書，認める should bring the change of a guinea to the person who 問題／発行するd it; a 条件 which the 支えるもの／所有者s of such 公式文書，認めるs might frequently find it very difficult to fulfil, and which must have degraded this 通貨 below the value of gold and silver money. An 行為／法令／行動する of 議会 accordingly 宣言するd all such 条項s unlawful, and 抑えるd, in the same manner as in Scotland, all promissory 公式文書，認めるs, payable to the 持参人払いの, under twenty shillings value.

The paper 通貨s of North America consisted, not in bank 公式文書，認めるs payable to the 持参人払いの on 需要・要求する, but in 政府 paper, of which the 支払い（額） was not exigible till several years after it was 問題／発行するd; and though the 植民地 政府s paid no 利益／興味 to the 支えるもの／所有者s of this paper, they 宣言するd it to be, and in fact （判決などを）下すd it, a 合法的な tender of 支払い（額） for the 十分な value for which it was 問題／発行するd. But 許すing the 植民地 安全 to be perfectly good, a hundred 続けざまに猛撃するs payable fifteen years hence, for example, in a country where 利益／興味 at six per cent, is 価値（がある） little more than forty 続けざまに猛撃するs ready money. To 強いる a creditor, therefore, to 受託する of this as 十分な 支払い（額） for a 負債 of a hundred 続けざまに猛撃するs 現実に paid 負かす／撃墜する in ready money was an 行為／法令／行動する of such violent 不正 as has 不十分な, perhaps, been 試みる／企てるd by the 政府 of any other country which pretended to be 解放する／自由な. It 耐えるs the evident 示すs of having 初めは been, what the honest and downright Doctor Douglas 保証するs us it was, a 計画／陰謀 of fraudulent debtors to cheat their creditors. The 政府 of Pennsylvania, indeed, pretended, upon their first 放出／発行 of paper money, in 1722, to （判決などを）下す their paper of equal value with gold and silver by 制定するing 刑罰，罰則s against all those who made any difference in the price of their goods when they sold them for a 植民地 paper, and when they sold them for gold and silver; a 規則 平等に tyrannical, but much いっそう少なく effectual than that which it was meant to support. A 肯定的な 法律 may （判決などを）下す a shilling a 合法的な tender for guinea, because it may direct the 法廷，裁判所s of 司法（官） to 発射する／解雇する the debtor who has made that tender. But no 肯定的な 法律 can 強いる a person who sells goods, and who is at liberty to sell or not to sell as he pleases, to 受託する of a shilling as 同等（の） to a guinea in the price of them. Notwithstanding any 規則 of this 肉親，親類d, it appeared by the course of 交流 with 広大な／多数の／重要な Britain, that a hundred 続けざまに猛撃するs 英貨の／純銀の was occasionally considered as 同等（の）, in some of the 植民地s, to a hundred and thirty 続けざまに猛撃するs, and in others to so 広大な／多数の／重要な a sum as eleven hundred 続けざまに猛撃するs 通貨; this difference in the value arising from the difference in the 量 of paper emitted in the different 植民地s, and in the distance and probability of the 称する，呼ぶ／期間／用語 of its final 発射する／解雇する and redemption.

No 法律, therefore, could be more equitable than the 行為／法令／行動する of 議会, so 不正に complained of in the 植民地s, which 宣言するd that no paper 通貨 to be emitted there in time coming should be a 合法的な tender of 支払い（額）.

Pennsylvania was always more 穏健な in its 放出／発行s of paper money than any other of our 植民地s. Its paper 通貨, accordingly, is said never to have sunk below the value of the gold and silver which was 現在の in the 植民地 before the first 放出／発行 of its paper money. Before that 放出／発行, the 植民地 had raised the denomination of its coin, and had, by 行為／法令／行動する of 議会, ordered five shillings 英貨の／純銀の to pass in the 植民地 for six and threepence, and afterwards for six and eightpence. A 続けざまに猛撃する 植民地 通貨, therefore, even when that 通貨 was gold and silver, was more than thirty per cent below the value of a 続けざまに猛撃する 英貨の／純銀の, and when that 通貨 was turned into paper it was seldom much more than thirty per cent below that value. The pretence for raising the denomination of the coin, was to 妨げる the exportation of gold and silver, by making equal 量s of those metals pass for greater sums in the 植民地 than they did in the mother country. It was 設立する, however, that the price of all goods from the mother country rose 正確に／まさに in 割合 as they raised the denomination of their coin, so that their gold and silver were 輸出（する）d as 急速な／放蕩な as ever.

The paper of each 植民地 存在 received in the 支払い（額） of the 地方の 税金s, for the 十分な value for which it had been 問題／発行するd, it やむを得ず derived from this use some 付加 value over and above what it would have had from the real or supposed distance of the 称する，呼ぶ／期間／用語 of its final 発射する／解雇する and redemption. This 付加 value was greater or いっそう少なく, （許可，名誉などを）与えるing as the 量 of paper 問題／発行するd was more or いっそう少なく above what could be 雇うd in the 支払い（額） of the 税金s of the particular 植民地 which 問題／発行するd it. It was in all the 植民地s very much above what could be 雇うd in this manner.

A prince who should 制定する that a 確かな 割合 of his 税金s should be paid in a paper money of a 確かな 肉親，親類d might その為に give a 確かな value to this paper money, even though the 称する，呼ぶ／期間／用語 of its final 発射する／解雇する and redemption should depend altogether upon the will of the prince. If the bank which 問題／発行するd this paper was careful to keep the 量 of it always somewhat below what could easily be 雇うd in this manner, the 需要・要求する for it might be such as to make it even 耐える a 賞与金, or sell for somewhat more in the market than the 量 of gold or silver 通貨 for which it was 問題／発行するd. Some people account in this manner for what is called the Agio of the bank of Amsterdam, or for the 優越 of bank money over 現在の money; though this bank money, as they pretend, cannot be taken out of the bank at the will of the owner. The greater part of foreign 法案s of 交流 must be paid in bank money, that is, by a 移転 in the 調書をとる／予約するs of the bank; and the directors of the bank, they 主張する, are careful to keep the whole 量 of bank money always below what this use occasions a 需要・要求する for. It is upon this account, they say, that bank money sells for a 賞与金, or 耐えるs an agio of four or five per cent above the same 名目上の sum of the gold and silver 通貨 of the country. This account of the bank of Amsterdam, however, it will appear hereafter, is in a 広大な／多数の／重要な 手段 chimerical.

A paper 通貨 which 落ちるs below the value of gold and silver coin does not その為に 沈む the value of those metals, or occasion equal 量s of them to 交流 for a smaller 量 of goods of any other 肉親，親類d. The 割合 between the value of gold and silver and that of goods of any other 肉親，親類d depends in all 事例／患者s not upon the nature or 量 of any particular paper money, which may be 現在の in any particular country, but upon the richness or poverty of the 地雷s, which happen at any particular time to 供給（する） the 広大な／多数の／重要な market of the 商業の world with those metals. It depends upon the 割合 between the 量 of 労働 which is necessary ーするために bring a 確かな 量 of gold and silver to market, and that which is necessary ーするために bring thither a 確かな 量 of any other sort of goods.

If 銀行業者s are 抑制するd from 問題／発行するing any 広まる bank 公式文書，認めるs, or 公式文書，認めるs payable to the 持参人払いの, for いっそう少なく than a 確かな sum, and if they are 支配するd to the 義務 of an 即座の and 無条件の 支払い（額） of such bank 公式文書，認めるs as soon as 現在のd, their 貿易（する） may, with safety to the public, be （判決などを）下すd in all other 尊敬（する）・点s perfectly 解放する／自由な. The late multiplication of banking companies in both parts of the 部隊d Kingdom, an event by which many people have been much alarmed, instead of 減らすing, 増加するs the 安全 of the public. It 強いるs all of them to be more circumspect in their 行為／行う, and, by not 延長するing their 通貨 beyond its 予定 割合 to their cash, to guard themselves against those malicious runs which the rivalship of so many competitors is always ready to bring upon them. It 抑制するs the 循環／発行部数 of each particular company within a narrower circle, and 減ずるs their 広まる 公式文書，認めるs to a smaller number. By dividing the whole 循環／発行部数 into a greater number of parts, the 失敗 of any one company, an 事故 which, in the course of things, must いつかs happen, becomes of いっそう少なく consequence to the public. This 解放する／自由な 競争, too, 強いるs all 銀行業者s to be more 自由主義の in their 取引 with their 顧客s, lest their 競争相手s should carry them away. In general, if any 支店 of 貿易（する）, or any 分割 of 労働, be advantageous to the public, the freer and more general the 競争, it will always be the more so.