Now I ask, how the withholding this 200,000_l._ from circulation, after the first year’s drain, can prevent the balance from returning? There are by the supposition still 800,000_l._ of notes in the country; will not exchangers get hold of two hundred thousand out of _this_ fund, as well as out of the million? For he who owes, _must pay_, that is, _must circulate_. It is only the circulation of the industrious, of the rich, in short _buying_, that is to say, _voluntary circulation_, which is stopped for want of currency: _paying_, that is, _involuntary circulation_, never can be stopped; debtors _must_ find money, as long as there is any in the country, were they to give an acre for a shilling, or a house for half a crown. Now those who owe this foreign balance are debtors; consequently, they must draw 200,000_l._ out of circulation, the second year as the first, whether the standard million be filled up or not. The withholding, therefore, the credits demanded upon the first diminution, has not the least effect in preventing the demand for coin the year following: it only distresses the country, raising exchange, and the interest of money, by rendring money scarce; and what is the most absurd of all, it deprives the bank of 10,000_l._ a year interest, at 5 _per cent._ upon 200,000_l._ which it may issue anew. Suppose again, that a second year’s demand for a balance of 200,000_l._ comes upon the bank: if the coin is out, as we may suppose that after such a drain it will not be in great plenty, expedients must be fallen upon. In such a case, if the bank does not at once fairly borrow at London (without any obligation to repay the capital) a sum of 200,000_l._ and pay for it a regular interest, according to the rate of money, with an obligation to pay, as government does, quarterly[9], on the change of London, it will be involved in expedients which will create a monstrous circulation of coin in the bank, perhaps double of the sum required, and all those operations will land in the end (as to the bank) in paying the interest of this sum out of the mass of its securities or stock. If the bank should borrow this 200,000_l._ in London, in the manner we have said, the circulating fund of coin will be nowise diminished; there will be no call extraordinary, no rising of exchange; the bank will have _this_ in its hands; and if it rises, it is the bank, not the exchangers who will profit by it. Footnote 9: Although the interest or dividends on government securities be paid every half year only, yet by purchasing partly in one fund, and partly in another; for instance, half in Old South Sea annuities, and half in New, purchasers may have their interest paid quarterly.