On the contrary, much more cash exists out of banks in France and Germany, and in all non-banking countries, than could be found in England or Scotland, where banking is developed.

But that cash is not, so to speak, 'money-market money:' it is not attainable.

Nothing but their immense misfortunes, nothing but a vast loan in their own securities, could have extracted the hoards of France from the custody of the French people.

The offer of no other securities would have tempted them, for they had confidence in no other securities.
For all other purposes the money hoarded was useless and might as well not have been hoarded.

But the English money is 'borrowable' money.