"The bank" (says Smith, book ii. chap. 2.) "acts not only as an ordinary bank, but as a great engine of State; it receives and pays a greater part of the annuities which are due to the creditors of the _public_." (It is worth observing, that the _public_, or the _nation_, is always put for the government, in speaking of debts.) "It circulates" (says Smith) "exchequer bills, and it advances to government the annual amount of the land and malt taxes, which are frequently not paid till several years afterwards." (This advancement is also done in bank notes, for which there is not property in the bank.) "In those different operations" (says Smith) "_its duty to the public_ may sometimes have obliged it, without any fault of its directors, _to overstock the circulation with paper money_."--bank notes. How its _duty_ to _the public_ can induce it _to overstock that public_ with promissory bank notes which it _cannot pay_, and thereby expose the individuals of that public to ruin, is too paradoxical to be explained; for it is on the credit which individuals _give to the bank_, by receiving and circulating its notes, and not upon its _own_ credit or its _own_ property, for it has none, that the bank sports. If, however, it be the duty of the bank to expose the public to this hazard, it is at least equally the duty of the individuals of that public to get their money and take care of themselves; and leave it to placemen, pensioners, government contractors, Reeves' association, and the members of both houses of Parliament, who have voted away the money at the nod of the minister, to continue the credit if they can, and for which their estates individually and collectively ought to answer, as far as they will go. There has always existed, and still exists, a mysterious, suspicious connection, between the minister and the directors of the bank, and which explains itself no otherways than by a continual increase in bank notes. Without, therefore, entering into any further details of the various contrivances by which bank notes are issued, and thrown upon the public, I proceed, as I before mentioned, to offer an estimate on the total quantity of bank notes in circulation. However disposed governments may be to wring money by taxes from the people, there is a limit to the practice established by the nature of things. That limit is the proportion between the quantity of money in a nation, be that quantity what it may, and the greatest quantity of taxes that can be raised upon it. People have other uses for money besides paying taxes; and it is only a proportional part of the money they can spare for taxes, as it is only a proportional part they can spare for house-rent, for clothing, or for any other particular use. These proportions find out and establish themselves; and that with such exactness, that if any one part exceeds its proportion, all the other parts feel it.