After the new subscription had been open for some time, scrip indeed, or 4 _per cent._ fell in this month so low as 74½, that is, money rose to 5.4 _per cent._ whereas had scrip stood at the proportion of the 3 _per cents._ it should have been worth about 84: but at the beginning of a war with Spain, when the minds of men were depressed, and filled with apprehensions, and when a new loan was perhaps expected at a higher interest than ever government had given, was it natural for people to be fond of investing in a 4 _per cent._ stock, which was to fall to 3 _per cent._ in a few years? Besides, let us examine the profit to be made by investing even in that fund. 100_l._ produced in Scotland 5_l._ interest, that capital remitted to London at 3 _per cent._ exchange, was reduced to 97_l._: now if 74.5_l._ produced 4_l._ the produce of 97_l._ would be about 5_l._ 4_s._ Would any man for the sake of ⅕ _per cent._ advance of interest on money remitted, ever think of sending large sums to London to be invested in a falling stock? I allow that, upon opening subscriptions, great profit was sometimes made by those who contracted with government, and who received the subscriptions at prime cost. But this profit depended entirely upon the subsequent rise of the subscription, when the original subscribers brought it first to market; as also from the small sums they had advanced: this operation was over before the end of January 1762. The smalness of the sum advanced, upon which the profit was made, and the ministerial interest which was necessary to obtain a share in those subscriptions, rendred it extremely difficult for people in Scotland to share in the profit by remitting large sums in the proper point of time. Farther, might not the banks, in the short period during which such large profits were made, had they had the exchange in their hands, have raised it so high as to frustrate the attempts of our Scots gamesters? If it be said, that exchangers would have disappointed them, by giving it lower; I answer in the negative: because to that set of men exchange will rise, of itself, in proportion to the value of money _in the place to which people incline to remit it_. And could money at any time bring in, at London, 20 _per cent._ interest, exchange upon that place would rise universally in proportion.