All the dealers in circulating bills of exchange, which those other banks had become so backward in discounting, had recourse to this new bank, where they were received with open arms.
In the programme's first week, banks borrowed nearly $12bn, as well as a record $153bn from the central bank's ordinary discount window, at which banks can now borrow without the usual haircut on their collateral.
Whatever was advanced upon such circulating bills was in Edinburgh advanced in the paper of the Scotch banks; and in London, when they were discounted at the Bank of England in the paper of that bank.