thousand pounds which it circulated in bank notes, this five per cent might, perhaps, be considered as clear gain, without any other deduction besides the expense of management. But upon upwards of six hundred thousand pounds, for which it was continually drawing bills of exchange upon London, it was paying, in the way of interest and commission, upwards of eight per cent, and was consequently losing more than three per cent upon more than three-fourths of all its dealings.

The operations of this bank seem to have produced effects quite opposite to those which were intended by the particular persons who planned and directed it.

They seem to have intended to support the spirited undertakings, for as such they considered them, which were at that time carrying on in different parts of the