he hands of _arch-treasurers_, it has
been running into bankruptcy; and as to the arch-treasurer _apparent_,
he has been a bankrupt long ago. What a miserable prospect has England
before its eyes!

* Put of the inscription on an English guinea.--_Author_.

Before the war of 1755 there were no bank notes lower than twenty
pounds. During that war, bank notes of fifteen pounds and of ten pounds
were coined; and now, since the commencement of the present war, they
are coined as low as five pounds. These five-pound notes will circulate
chiefly among little shop-keepers, butchers, bakers, market-people,
renters of small houses, lodgers, &c. All the high departments of
commerce and the affluent stations of life were already _overstocked_,
as Smith expresses it, with the bank notes. No place remained open
wherein to crowd an additional quantity of bank notes but among the
class of people I have just mentioned, and the means of doing this
could be best effected by coining five-pound notes. This conduct has the
appearance of that of an unprincipled insolvent, who, when on the verge
of bankruptcy to the amount of many thousands, will borrow as low as
five pounds of the servants in his house, and break the next day.

But whatever momentary relief or aid the minister and his bank might
expect from this low contrivance of five-pound notes, it will increase
the inability of the bank to pay the higher notes, and hasten the
destruction of all; for even the small taxes that used to be paid in
money will now be paid in those notes, and the bank will soon find
itself with scarcely any other money than what the hair-powder
guinea-tax brings in.

The bank notes make the most serious part of the business of finance:
what is called the national funded debt is but a trifle when put in
comparison with it; yet the case of the bank notes has never been
touched upon. But it certainly ought to be known upon what authority,
whether that of the minister or of the directors, and upon what
foundation, such immense quantities are issued. I have stated the amount
of them at sixty millions; I have produced data for that estimation; and
besides this, the apparent quantity of them, far beyond that of gold and
silver in the nation, corroborates the statement. But were there but a
third part of sixty millions, the bank cannot pay half a crown in the
pound; for no new supply of money, as before said, can arrive at the
bank, as all the taxes will be pai