After this practice had taken place during some years at Edinburgh, several companies of merchants at Glasgow carried the matter farther. They associated themselves into different banks and issued notes so low as ten shillings, which they used in all payments for goods, manufactures, tradesmen, labour of all kinds; and these notes, from the established credit of the companies, passed as money in all payments throughout the country. By this means a stock of five thousand pounds was able to perform the same operations as if it were ten, and merchants were thereby enabled to trade to a greater extent, and to require less profit in all their transactions. In Newcastle and Bristol, as well as other trading places, the merchants have since instituted banks of a like nature, in imitation of those in Glasgow. But whatever other advantages result from these inventions, it must still be allowed that they banish the precious metals; and nothing can be a more evident proof of it than a comparison of the past and present condition of Scotland in that particular. It was found, upon the recoinage made after the Union, that there was near a million of specie in that country; but notwithstanding the great increase of riches, commerce and manufactures of all kinds, it is thought that, even where there is no extraordinary drain made by England, the current specie will not now amount to a fifth of that sum. But as our projects of paper-credit are almost the only expedient by which we can sink money below its level, so, in my opinion, the only expedient by which we can raise money above its level is a practice which we should all exclaim against as destructive—viz., the gathering large sums into a public treasure, locking them up, and absolutely preventing their circulation. The fluid not communicating with the neighbouring element may, by such an artifice, be raised to what height we please. To prove this we need only return to our first supposition of the annihilating the half or any part of our cash, where we found that the immediate consequence of such an event would be the attraction of an equal sum from all the neighbouring kingdoms. Nor does there seem to be any necessary bounds set by the nature of things to this practice of hoarding. A small city like Geneva, continuing this policy for ages, might engross nine-tenths of the money of Europe. There seems, indeed, in the nature of man an invincible obstacle to that immense growth of riches. A weak state with an enormous treasure will soon become a prey to some of its poorer but more powerful neighbours; a great state would dissipate its wealth in dangerous and ill-concerted projects, and probably destroy with it what is much more valuable—the industry, morals, and number of its people. The fluid in this case, raised to too great a height, bursts and destroys the vessel that contains it, and mixing itself with the surrounding element, soon falls to its proper level.