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Title:  The decline & fall of the English system of finance: By Thomas Paine, author of Common sense, American crisis, Age of reason, &c. [One line of quotation]
Author: Paine, Thomas, 1737-1809.
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own private interest, like Boyd and others, are contracting, or pretending to contract, for new loans, they will conceive they have a just right their bank notes should be paid first. Boyd has been very sly in France, in changing his paper into cash. He will be just as sly in doing the same thing in London; for he has learned to calculate: and then it is probable he will set off for America.A stoppage of payment at the bank is not a new thing. Smith, in his Wealth of Nations, book 2, chap. 2, says, that in the year 1696, exchequer bills fell forty, fifty, and sixty per cent. bank notes twen∣ty per cent. and the bank stopt payment.— That which happened in 1696, may hap∣pen again in 1796. The period in which it happened was the last year of the war of king William. It necessarily put a stop to the further emission of exchequer and navy bills, and to the raising of new loans; and the peace which took place the next year was probably hurried on by this circumstance, and saved the bank from bankruptcy. Smith, in speaking of the circumstances of the bank, upon another 0