wealbk02-第14节

按键盘上方向键 ← 或 → 可快速上下翻页，按键盘上的 Enter 键可回到本书目录页，按键盘上方向键 ↑ 可回到本页顶部！
————未阅读完？加入书签已便下次继续阅读！


or　metal；　may　be　employed　sometimes　in　the　one　circulation　and

sometimes　in　the　other；　yet　as　both　are　constantly　going　on　at

the　same　time；　each　requires　a　certain　stock　of　money　of　one　kind

or　another　to　carry　it　on。　The　value　of　the　goods　circulated

between　the　different　dealers；　never　can　exceed　the　value　of

those　circulated　between　the　dealers　and　the　consumers；　whatever

is　bought　by　the　dealers；　being　ultimately　destined　to　be　sold　to

the　consumers。　The　circulation　between　the　dealers；　as　it　is

carried　on　by　wholesale；　requires　generally　a　pretty　large　sum

for　every　particular　transaction。　That　between　the　dealers　and

the　consumers；　on　the　contrary；　as　it　is　generally　carried　on　by

retail；　frequently　requires　but　very　small　ones；　a　shilling；　or

even　a　halfpenny；　being　often　sufficient。　But　small　sums

circulate　much　faster　than　large　ones。　A　shilling　changes　masters

more　frequently　than　a　guinea；　and　a　halfpenny　more　frequently

than　a　shilling。　Though　the　annual　purchases　of　all　the

consumers；　therefore；　are　at　least　equal　in　value　to　those　of　all

the　dealers；　they　can　generally　be　transacted　with　a　much　smaller

quantity　of　money；　the　same　pieces；　by　a　more　rapid　circulation；

serving　as　the　instrument　of　many　more　purchases　of　the　one　kind

than　of　the　other。

　　　　　Paper　money　may　be　so　regulated　as　either　to　confine　itself

very　much　to　the　circulation　between　the　different　dealers；　or　to

extend　itself　likewise　to　a　great　part　of　that　between　the

dealers　and　the　consumers。　Where　no　bank　notes　are　circulated

under　ten　pounds　value；　as　in　London；　paper　money　confines　itself

very　much　to　the　circulation　between　the　dealers。　When　a　ten

pound　bank　note　comes　into　the　hands　of　a　consumer；　he　is

generally　obliged　to　change　it　at　the　first　shop　where　he　has

occasion　to　purchase　five　shillings'　worth　of　goods；　so　that　it

often　returns　into　the　hands　of　a　dealer　before　the　consumer　has

spent　the　fortieth　part　of　the　money。　Where　bank　notes　are　issued

for　so　small　sums　as　twenty　shillings；　as　in　Scotland；　paper

money　extends　itself　to　a　considerable　part　of　the　circulation

between　dealers　and　consumers。　Before　the　Act　of　Parliament；

which　put　a　stop　to　the　circulation　of　ten　and　five　shilling

notes；　it　filled　a　still　greater　part　of　that　circulation。　In　the

currencies　of　North　America；　paper　was　commonly　issued　for　so

small　a　sum　as　a　shilling；　and　filled　almost　the　whole　of　that

circulation。　In　some　paper　currencies　of　Yorkshire；　it　was　issued

even　for　so　small　a　sum　as　a　sixpence。

　　　　　Where　the　issuing　of　bank　notes　for　such　very　small　sums　is

allowed　and　commonly　practised；　many　mean　people　are　both　enabled

and　encouraged　to　become　bankers。　A　person　whose　promissory　note

for　five　pounds；　or　even　for　twenty　shillings；　would　be　rejected

by　everybody；　will　get　it　to　be　received　without　scruple　when　it

is　issued　for　so　small　a　sum　as　a　sixpence。　But　the　frequent

bankruptcies　to　which　such　beggarly　bankers　must　be　liable　may

occasion　a　very　considerable　inconveniency；　and　sometimes　even　a

very　great　calamity　to　many　poor　people　who　had　received　their

notes　in　payment。

　　　　　It　were　better；　perhaps；　that　no　bank　notes　were　issued　in

any　part　of　the　kingdom　for　a　smaller　sum　than　five　pounds。　Paper

money　would　then；　probably；　confine　itself；　in　every　part　of　the

kingdom；　to　the　circulation　between　the　different　dealers；　as

much　as　it　does　at　present　in　London；　where　no　bank　notes　are

issued　under　ten　pounds'　value；　five　pounds　being；　in　most　parts

of　the　kingdom；　a　sum　which；　though　it　will　purchase；　little　more

than　half　the　quantity　of　goods；　is　as　much　considered；　and　is　as

seldom　spent　all　at　once；　as　ten　pounds　are　amidst　the　profuse

expense　of　London。

　　　　　Where　paper　money；　it　is　to　be　observed；　is　pretty　much

confined　to　the　circulation　between　dealers　and　dealers；　as　at

London；　there　is　always　plenty　of　gold　and　silver。　Where　it

extends　itself　to　a　considerable　part　of　the　circulation　between

dealers　and　consumers；　as　in　Scotland；　and　still　more　in　North

America；　it　banishes　gold　and　silver　almost　entirely　from　the

country；　almost　all　the　ordinary　transactions　of　its　interior

commerce　being　thus　carried　on　by　paper。　The　suppression　of　ten

and　five　shilling　bank　notes　somewhat　relieved　the　scarcity　of

gold　and　silver　in　Scotland；　and　the　suppression　of　twenty

shilling　notes　would　probably　relieve　it　still　more。　Those　metals

are　said　to　have　become　more　abundant　in　America　since　the

suppression　of　some　of　their　paper　currencies。　They　are　said；

likewise；　to　have　been　more　abundant　before　the　institution　of

those　currencies。

　　　　　Though　paper　money　should　be　pretty　much　confined　to　the

circulation　between　dealers　and　dealers；　yet　banks　and　bankers

might　still　be　able　to　give　nearly　the　same　assistance　to　the

industry　and　commerce　of　the　country　as　they　had　done　when　paper

money　filled　almost　the　whole　circulation。　The　ready　money　which

a　dealer　is　obliged　to　keep　by　him；　for　answering　occasional

demands；　is　destined　altogether　for　the　circulation　between

himself　and　other　dealers　of　whom　he　buys　goods。　He　has　no

occasion　to　keep　any　by　him　for　the　circulation　between　himself

and　the　consumers；　who　are　his　customers；　and　who　bring　ready

money　to　him；　instead　of　taking　any　from　him。　Though　no　paper

money；　therefore；　was　allowed　to　be　issued　but　for　such　sums　as

would　confine　it　pretty　much　to　the　circulation　between　dealers

and　dealers；　yet；　partly　by　discounting　real　bills　of　exchange；

and　partly　by　lending　upon　cash　accounts；　banks　and　bankers　might

still　be　able　to　relieve　the　greater　part　of　those　dealers　from

the　necessity　of　keeping　any　considerable　part　of　their　stock　by

them；　unemployed　and　in　ready　money；　for　answering　occasional

demands。　They　might　still　be　able　to　give　the　utmost　assistance

which　banks　and　bankers　can；　with　propriety；　give　to　traders　of

every　kind。

　　　　　To　restrain　private　people；　it　may　be　said；　from　receiving

in　payment　the　promissory　notes　of　a　banker；　for　any　sum　whether

great　or　small；　when　they　themselves　are　willing　to　receive　them；

or　to　restrain　a　banker　from　issuing　such　notes；　when　all　his

neighbours　are　willing　to　accept　of　them；　is　a　manifest　violation

of　that　natural　liberty　which　it　is　the　proper　business　of　law

not　to　infringe；　but　to　support。　Such　regulations　may；　no　doubt；

be　considered　as　in　some　respects　a　violation　of　natural　liberty。

But　those　exertions　of　the　natural　liberty　of　a　few　individuals；

which　might　endanger　the　security　of　the　whole　society；　are；　and

ought　to　be；　restrained　by　the　laws　of　all　governments；　of　the

most　free　as　well　as　of　the　most　despotical。　The　obligation　of

building　party　walls；　in　order　to　prevent　the　communication　of

fire；　is　a　violation　of　natural　liberty　exactly　of　the　same　kind

with　the　regulations　of　the　banking　trade　which　are　here

proposed。

　　　　　A　paper　money　consisting　in　bank　notes；　issued　by　people　of

undoubted　credit；　payable　upon　demand　without　any　condition；　and

in　fact　always　readily　paid　as　soon　as　presented；　is；　in　every

respect；　equal　in　value　to　gold　and　silver　money；　since　gold　and

silver　money　can　at　any　time　be　had　for　it。　Whatever　is　either

bought　or　sold　for　such　paper　must　necessarily　be　bought　or　sold

as　cheap　as　it　could　have　been　for　gold　and　silver。

　　　　　The　increase　of　paper　money；　it　has　been　said；　by　augmenting

the　quantity；　and　consequently　diminishing　the　value　of　the　whole

currency；　necessarily　augments　the　money　price　of　commodities。

But　as　the　quantity　of　gold　and　silver；　which　is　taken　from　the

currency；　is　always　equal　to　the　quantity　of　paper　which　is　added

to　it；　paper　money　does　not　necessarily　increase　the　quantity　of

the　whole　currency。　From　the　beginning　of　the　last　century　to　the

present　time；　provisions　never　were　cheaper　in　Scotland　than　in

1759；　though；　from　the　circulation　of　ten　and　five　shilling　bank

notes；　there　was　then　more　paper　money　in　the　country　than　at

present。　The　proportion　between　the　price　of　provisions　in

Scotland　and　that　in　England　is　the　same　now　as　before　the　great

multiplication　of　banking　companies　in　Scotland。　Corn　is；　upon

most　occasions；　fully　as　cheap　in　England　as　in　France；　though

there　is　a　great　deal　of　paper　money　in　England；　and　scarce　any

in　France。　In　1751　and　in　1752；　when　Mr。　Hume　published　his

Political　Discourses；　and　soon　after　the　great　multiplication　of

paper　money　in　Scotland；　there　was　a　very　sensible　rise　in　the

price　of　provisions；　owing；　probably；　to　the　badness　of　the

seasons；　and　not　to　the　multiplication　of　paper　money。

　　　　　It　would　be　otherwise；　indeed；　with　a　paper　money　consisting

in　promissory　notes；　of　which　the　immediate　payment　depended；　in

any　respect；　either　upon　the　good　will　of　those　who　issued　them；

or　upon　a　condition　which　the　holder　of　the　notes　might　not

always　have　it　in　his　power　to　fulfil；　or　of　which　the　payment

was　not　exigible　till　after　a　certain　number　of　years；　and　which

in　the　meantime　bore　no　interest。　Such　a　paper　money　would；　no

doubt；　fall　more　or　less　be