our¡¡debased¡¡silver¡¡coin£»¡¡and¡¡not¡¡of¡¡our¡¡standard¡¡silver¡£¡¡This¡¡is
not¡¡true£»¡¡because¡¡the¡¡law¡¡which¡¡I¡¡have¡¡already¡¡quoted¡¡declares
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to¡¡give¡¡him¡¡standard¡¡silver¡¡of¡¡full¡¡weight£»¡¡or¡¡debased¡¡silver¡¡of
an¡¡equal¡¡value£»¡¡with¡¡the¡¡exception¡¡of¡¡25¡¡l¡£¡¡which¡¡they¡¡might¡¡pay
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present¡¡market¡¡value¡¡of¡¡silver¡¡bullion¡£
¡¡¡¡¡¡¡¡It¡¡is¡¡said¡¡that¡¡the¡¡amount¡¡of¡¡bank¡notes¡¡has¡¡not¡¡increased¡¡in
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and¡¡therefore¡¡cannot¡¡be¡¡excessive¡£¡¡This¡¡assertion¡¡would¡¡be
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improvements¡¡which¡¡we¡¡are¡¡making¡¡in¡¡the¡¡art¡¡of¡¡economizing¡¡the
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exclusion¡¡of¡¡those¡¡of¡¡their¡¡rivals£»¡¡in¡¡every¡¡district¡¡where¡¡the
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¡¡¡¡¡¡¡¡As¡¡the¡¡latter¡¡have¡¡more¡¡than¡¡doubled¡¡in¡¡number¡¡within¡¡very
few¡¡years£»¡¡is¡¡it¡¡not¡¡probable¡¡that¡¡their¡¡activity¡¡may¡¡have¡¡been
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those¡¡of¡¡the¡¡Bank¡¡of¡¡England£¿
¡¡¡¡¡¡¡¡If¡¡this¡¡have¡¡happened£»¡¡the¡¡same¡¡amount¡¡of¡¡Bank¡¡of¡¡England
notes¡¡would¡¡now¡¡be¡¡excessive£»¡¡which£»¡¡with¡¡a¡¡less¡¡extended
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each¡¡other¡£
¡¡¡¡¡¡¡¡It¡¡is¡¡doubted£»¡¡whether¡¡two¡¡or¡¡three¡¡millions¡¡of¡¡Bank¡notes
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that¡¡if¡¡the¡¡Bank¡¡increase¡¡their¡¡issues¡¡three¡¡millions£»¡¡they
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general¡¡circulation¡¡of¡¡England¡£
¡¡¡¡¡¡¡¡The¡¡money¡¡of¡¡a¡¡particular¡¡county¡¡is¡¡divided¡¡amongst¡¡its
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is¡¡divided¡¡amongst¡¡the¡¡different¡¡nations¡¡of¡¡which¡¡it¡¡is¡¡composed¡£
Each¡¡district¡¡will¡¡retain¡¡in¡¡its¡¡circulation¡¡such¡¡a¡¡proportionate
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amount¡¡in¡¡circulation£»¡¡the¡¡currency¡¡will¡¡become¡¡cheaper¡¡there
than¡¡elsewhere£»¡¡or¡¡goods¡¡will¡¡become¡¡dearer¡£¡¡Goods¡¡will£»
therefore£»¡¡be¡¡sent¡¡from¡¡the¡¡country¡¡to¡¡the¡¡London¡¡market£»¡¡to¡¡be
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¡¡¡¡¡¡¡¡In¡¡the¡¡same¡¡manner£»¡¡if¡¡Bank¡¡of¡¡England¡¡notes¡¡be¡¡diminished
one¡¡million£»¡¡the¡¡comparative¡¡value¡¡of¡¡the¡¡currency¡¡of¡¡London¡¡will
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England¡¡note¡¡will¡¡then¡¡be¡¡more¡¡valuable¡¡than¡¡a¡¡country¡¡bank¡¡note£»
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have¡¡previously¡¡increased¡¡the¡¡amount¡¡of¡¡their¡¡notes¡£
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¡¡¡¡¡¡¡¡¡¨Money£»¡¨¡¡observes¡¡Dr¡¡A¡£¡¡Smith£»¡¡¡¨the¡¡great¡¡wheel¡¡of
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¡¡¡¡¡¡¡¡Mr¡¡Hume¡¡has¡¡supported¡¡the¡¡same¡¡opinion¡£¡¡The¡¡value¡¡of¡¡the
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