This step, of calling in the bank credits, and opening a subscription for a loan, is represented by others in a light somewhat different. By these it is alledged, that in the beginning of the year 1762, when the Edinburgh banks withdrew ¼ of all their cash accompts, and opened a subscription for borrowing-in their own notes, at an interest of 4, and even 5 _per cent._ the demand for money, to send to England, was not occasioned by the great balance owing by Scotland, but to the high premium money then bore at London; because, says the author of a letter to J... F...... Esq; published at that time, “This demand arises from a profit on carrying money to London, _as a commodity_, and not as a balance of trade.” It is not easy to comprehend how there could be much profit in carrying money to London at 3 _per cent._ loss by exchange, from Scotland, where it bore 5 _per cent._ interest. It is true, that at certain times, there were considerable profits made upon stock-jobbing; by which some won, and others were ruined. I agree, that the country was greatly hurt by the folly of those who played away their own property, and by the roguery of others, who borrowed that of their neighbours, with an intention of gaming at their risk. But is this a vice which any bank can correct, while it has a note in circulation? If, therefore, it was a sentiment of patriotism which moved the banks to such a plan of conduct, I say they thereby did more hurt to industry, by contracting circulation, than good to Scotland, by attempting a thing which was beyond their power to accomplish. If they were moved to it by a principle of self preservation, I say they lost their aim, by cutting off their own profits, which would have done much more than indemnify them for the loss of borrowing at London, at the time when money there was hardest to be got: for whatever exorbitant expence of exchange gamesters may incur, to procure ready money to play with, the rate of the stocks at that time never was so low, as to afford a profit upon money remitted at 3 _per cent._ loss by exchange, while that money was bearing 5 _per cent._ interest at home. The lowest rate of stocks was in January 1762. Towards the end of that month 3 _per cents._ fell to 63¼: this makes the value of money to be about 4_l_. 12_s._ _per cent._ In these funds, certainly, no body could invest, with profit, money sent from Scotland.