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capital in money by such extended circula- 
tion ot paper, would soon be blown up, and- 
thereby receive the reward of their temerity, 
before the community could suffer much 
loss. It never entered into the mind of this 
political philosopher that any Governor 
and Company of the Bank of England, who, 
in their official capacity, ought to stand the 
firm unbiassed guardians and trustees of the 
public, should take upon themselves to enter 
into a political alliance, and suffer the trea- 
sures of the public to be appropriated to 
speculative purposes ; or that a majority of 
men, the best informed, and possessing the 
greatest interest in the state, sliould, at any 
time, sanction a measure so unpromising and 
unprecedented. 
This great national institution being thus 
made auxiliary to political purposes, and 
being relieved from the necessity of paying 
cash for its notes, may, from the apparent 
pliability of its Principals, be tempted to ex- 
tend its loans and its discounts to an amount 
that may ultimately prove hurtful to the 
