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Vol. xxiv.

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accounts. And indeed it is plain, that while the exchange is high, the trade of carrying the cash out of the kingdom must take place: and though great companies perhaps may desist, after being ill treated, yet the infinite number of finall dealers will never be deterred; and, while high profit excites them, they will persist #. as a sixpence of specie remains in the kingdom. The greater the obstruction that arises from the bank, the higher the exchange will arise, and the greater will be the incitement to such dealers to persevere. I will not pretend to say, that, after things have been allowed to come to such extremities, we have it in our power to remedy them, by the same means which would have served to prevent the evil. Perhaps the exporting the whole specie of Scotland would not be sufficient now to bring the exchange to par; and no proper precautions have been taken to supply the place of what shall be carried away : tout I will venture to affirm, that if the banks had in proper time secured large sums of cash in England when exchange was low, and had lent that money to the public companies there at interest, they might have recalled it gradually from time to time, as the course of exchange required; and by that means, and by offering no obstrućtion to the exportation of specie, they might have prevented the exchange from ever rising high. As they have neglected this precaution, it is just they should suffer; but not that they should on that, account bring destruction upon the trade and manufactures of this country. I am farther of opinion, that it is in their [. still to bring down the exchange, by employing their credit in England, and drawing bills of exchange upon that country at a moderate rate ; and what they now draw for, they may pay back at a convenient time, which cannot now be very distant : and if they shall follow this course, it will be equally unnecessary and improper to obstruct the exportation of our specie. Let us now examine what effect the recalling the cash-accounts can have upon the exchange, or upon the exportation of cur-specie. - - - * - Vol. XXIV.

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Of the abridging of the bank cash-accounts.

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