TheBankofEnglandisthegreatregulatorofthecountrypaper。Whentheyincreaseordecreasetheamountoftheirnotes，thecountrybanksdothesame；andinnocasecancountrybanksaddtothegeneralcirculation，unlesstheBankofEnglandshallhavepreviouslyincreasedtheamountoftheirnotes。
Itiscontended，thattherateofinterest，andnotthepriceofgoldorsilverbullion，isthecriterionbywhichwemay，thatifitwerealwaysjudgeoftheabundanceofpaper-moneytooabundant，interestwouldfall，andifnotsufficientlyso，interestwouldrise。Itcan，Ithink，bemademanifest，thattherateofinterestisnotregulatedbytheabundanceorscarcityofmoney，butbytheabundanceorscarcityofthatpartofcapital，notconsistingofmoney。
\"Money，\"observesDrA。Smith，\"thegreatwheelofcirculation，thegreatinstrumentofcommerce，likeallotherinstrumentsoftrade，thoughitmakesapart，andaveryvaluablepartofthecapital，makesnopartoftherevenueofthesocietytowhichitbelongs；andthoughthemetalpiecesofwhichitiscomposed，inthecourseoftheirannualcirculation，distributetoeverymantherevenuewhichproperlybelongstohim，theymakethemselvesnopartofthatrevenue。
\"Whenwecomputethequantityofindustrywhichthecirculatingcapitalofanysocietycanemploy，wemustalwayshaveregardtothosepartsofitonlywhichconsistinprovisions，materials，andfinishedwork:theother，whichconsistsinmoney，andwhichservesonlytocirculatethosethree，mustalwaysbededucted。Inordertoputindustryintomotion，threethingsarerequisite:-materialstoworkupon，toolstoworkwith，andthewagesorrecompenseforthesakeofwhichtheworkisdone。Moneyisneitheramaterialtoworkupon，noratooltoworkwith；andthoughthewagesoftheworkmanarecommonlypaidtohiminmoney，hisrealrevenue，likethatofallothermen，consistsnotinmoney，butinmoney\'sworth；notinthemetalpieces，butwhatcanbegotforthem。\"
Andinotherpartsofhiswork，itismaintained，thatthediscoveryoftheminesinAmerica，whichsogreatlyincreasedthequantityofmoney，didnotlessentheinterestfortheuseofit: