wealbk02-第5节

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In　proportion　as　this　quantity　is　great　or　small；　so　are　his　real

riches；　his　real　weekly　revenue。　His　weekly　revenue　is　certainly

not　equal　both　to　the　guinea；　and　to　what　can　be　purchased　with

it；　but　only　to　one　or　other　of　those　two　equal　values；　and　to

the　latter　more　properly　than　to　the　former；　to　the　guinea's

worth　rather　than　to　the　guinea。

　　　　　If　the　pension　of　such　a　person　was　paid　to　him；　not　in

gold；　but　in　a　weekly　bill　for　a　guinea；　his　revenue　surely　would

not　so　properly　consist　in　the　piece　of　paper；　as　in　what　he

could　get　for　it。　A　guinea　may　be　considered　as　a　bill　for　a

certain　quantity　of　necessaries　and　conveniencies　upon　all　the

tradesmen　in　the　neighbourhood。　The　revenue　of　the　person　to　whom

it　is　paid；　does　not　so　properly　consist　in　the　piece　of　gold；　as

in　what　he　can　get　for　it；　or　in　what　he　can　exchange　it　for。　If

it　could　be　exchanged　for　nothing；　it　would；　like　a　bill　upon　a

bankrupt；　be　of　no　more　value　than　the　most　useless　piece　of

paper。

　　　　　Though　the　weekly　or　yearly　revenue　of　all　the　different

inhabitants　of　any　country；　in　the　same　manner；　may　be；　and　in

reality　frequently　is　paid　to　them　in　money；　their　real　riches；

however；　the　real　weekly　or　yearly　revenue　of　all　of　them　taken

together；　must　always　be　great　or　small　in　proportion　to　the

quantity　of　consumable　goods　which　they　can　all　of　them　purchase

with　this　money。　The　whole　revenue　of　all　of　them　taken　together

is　evidently　not　equal　to　both　the　money　and　the　consumable

goods；　but　only　to　one　or　other　of　those　two　values；　and　to　the

latter　more　properly　than　to　the　former。

　　　　　Though　we　frequently；　therefore；　express　a　person's　revenue

by　the　metal　pieces　which　are　annually　paid　to　him；　it　is　because

the　amount　of　those　pieces　regulates　the　extent　of　his　power　of

purchasing；　or　the　value　of　the　goods　which　he　can　annually

afford　to　consume。　We　still　consider　his　revenue　as　consisting　in

this　power　of　purchasing　or　consuming；　and　not　in　the　pieces

which　convey　it。

　　　　　But　if　this　is　sufficiently　evident　even　with　regard　to　an

individual；　it　is　still　more　so　with　regard　to　a　society。　The

amount　of　the　metal　pieces　which　are　annually　paid　to　an

individual；　is　often　precisely　equal　to　his　revenue；　and　is　upon

that　account　the　shortest　and　best　expression　of　its　value。　But

the　amount　of　the　metal　pieces　which　circulate　in　a　society　can

never　be　equal　to　the　revenue　of　all　its　members。　As　the　same

guinea　which　pays　the　weekly　pension　of　one　man　to…day；　may　pay

that　of　another　to…morrow；　and　that　of　a　third　the　day

thereafter；　the　amount　of　the　metal　pieces　which　annually

circulate　in　any　country　must　always　be　of　much　less　value　than

the　whole　money　pensions　annually　paid　with　them。　But　the　power

of　purchasing；　or　the　goods　which　can　successively　be　bought　with

the　whole　of　those　money　pensions　as　they　are　successively　paid；

must　always　be　precisely　of　the　same　value　with　those　pensions；

as　must　likewise　be　the　revenue　of　the　different　persons　to　whom

they　are　paid。　That　revenue；　therefore；　cannot　consist　in　those

metal　pieces；　of　which　the　amount　is　so　much　inferior　to　its

value；　but　in　the　power　of　purchasing；　in　the　goods　which　can

successively　be　bought　with　them　as　they　circulate　from　hand　to

hand。

　　　　　Money；　therefore；　the　great　wheel　of　circulation；　the　great

instrument　of　commerce；　like　all　other　instruments　of　trade；

though　it　makes　a　part　and　a　very　valuable　part　of　the　capital；

makes　no　part　of　the　revenue　of　the　society　to　which　it　belongs；

and　though　the　metal　pieces　of　which　it　is　composed；　in　the

course　of　their　annual　circulation；　distribute　to　every　man　the

revenue　which　properly　belongs　to　him；　they　make　themselves　no

part　of　that　revenue。

　　　　　Thirdly；　and　lastly；　the　machines　and　instruments　of　trade；

etc。；　which　compose　the　fixed　capital；　bear　this　further

resemblance　to　that　part　of　the　circulating　capital　which

consists　in　money；　that　as　every　saving　in　the　expense　of

erecting　and　supporting　those　machines；　which　does　not　diminish

the　productive　powers　of　labour；　is　an　improvement　of　the　net

revenue　of　the　society；　so　every　saving　in　the　expense　of

collecting　and　supporting　that　part　of　the　circulating　capital

which　consists　in　money；　is　an　improvement　of　exactly　the　same

kind。

　　　　　It　is　sufficiently　obvious；　and　it　has　partly；　too；　been

explained　already；　in　what　manner　every　saving　in　the　expense　of

supporting　the　fixed　capital　is　an　improvement　of　the　net　revenue

of　the　society。　The　whole　capital　of　the　undertaker　of　every　work

is　necessarily　divided　between　his　fixed　and　his　circulating

capital。　While　his　whole　capital　remains　the　same；　the　smaller

the　one　part；　the　greater　must　necessarily　be　the　other。　It　is

the　circulating　capital　which　furnishes　the　materials　and　wages

of　labour；　and　puts　industry　into　motion。　Every　saving；

therefore；　in　the　expense　of　maintaining　the　fixed　capital；　which

does　not　diminish　the　productive　powers　of　labour；　must　increase

the　fund　which　puts　industry　into　motion；　and　consequently　the

annual　produce　of　land　and　labour；　the　real　revenue　of　every

society。

　　　　　The　substitution　of　paper　in　the　room　of　gold　and　silver

money；　replaces　a　very　expensive　instrument　of　commerce　with　one

much　less　costly；　and　sometimes　equally　convenient。　Circulation

comes　to　be　carried　on　by　a　new　wheel；　which　it　costs　less　both

to　erect　and　to　maintain　than　the　old　one。　But　in　what　manner

this　operation　is　performed；　and　in　what　manner　it　tends　to

increase　either　the　gross　or　the　net　revenue　of　the　society；　is

not　altogether　so　obvious；　and　may　therefore　require　some　further

explication。

　　　　　There　are　several　different　sorts　of　paper　money；　but　the

circulating　notes　of　banks　and　bankers　are　the　species　which　is

best　known；　and　which　seems　best　adapted　for　this　purpose。

　　　　　When　the　people　of　any　particular　country　have　such

confidence　in　the　fortune；　probity；　and　prudence　of　a　particular

banker；　as　to　believe　that　he　is　always　ready　to　pay　upon　demand

such　of　his　promissory　notes　as　are　likely　to　be　at　any　time

presented　to　him；　those　notes　come　to　have　the　same　currency　as

gold　and　silver　money；　from　the　confidence　that　such　money　can　at

any　time　be　had　for　them。

　　　　　A　particular　banker　lends　among　his　customers　his　own

promissory　notes；　to　the　extent；　we　shall　suppose；　of　a　hundred

thousand　pounds。　As　those　notes　serve　all　the　purposes　of　money；

his　debtors　pay　him　the　same　interest　as　if　he　had　lent　them　so

much　money。　This　interest　is　the　source　of　his　gain。　Though　some

of　those　notes　are　continually　coming　back　upon　him　for　payment；

part　of　them　continue　to　circulate　for　months　and　years　together。

Though　he　has　generally　in　circulation；　therefore；　notes　to　the

extent　of　a　hundred　thousand　pounds；　twenty　thousand　pounds　in

gold　and　silver　may　frequently　be　a　sufficient　provision　for

answering　occasional　demands。　By　this　operation；　therefore；

twenty　thousand　pounds　in　gold　and　silver　perform　all　the

functions　which　a　hundred　thousand　could　otherwise　have

performed。　The　same　exchanges　may　be　made；　the　same　quantity　of

consumable　goods　may　be　circulated　and　distributed　to　their

proper　consumers；　by　means　of　his　promissory　notes；　to　the　value

of　a　hundred　thousand　pounds；　as　by　an　equal　value　of　gold　and

silver　money。　Eighty　thousand　pounds　of　gold　and　silver；

therefore；　can；　in　this　manner；　be　spared　from　the　circulation　of

the　country；　and　if　different　operations　of　the　same　kind　should；

at　the　same　time；　be　carried　on　by　many　different　banks　and

bankers；　the　whole　circulation　may　thus　be　conducted　with　a　fifth

part　only　of　the　gold　and　silver　which　would　otherwise　have　been

requisite。

　　　　　Let　us　suppose；　for　example；　that　the　whole　circulating

money　of　some　particular　country　amounted；　at　a　particular　time；

to　one　million　sterling；　that　sum　being　then　sufficient　for

circulating　the　whole　annual　produce　of　their　land　and　labour。

Let　us　suppose；　too；　that　some　time　thereafter；　different　banks

and　bankers　issued　promissory　notes；　payable　to　the　bearer；　to

the　extent　of　one　million；　reserving　in　their　different　coffers

two　hundred　thousand　pounds　for　answering　occasional　demands。

There　would　remain；　therefore；　in　circulation；　eight　hundred

thousand　pounds　in　gold　and　silver；　and　a　million　of　bank　notes；

or　eighteen　hundred　thousand　pounds　of　paper　and　money　together。

But　the　annual　produce　of　the　land　and　labour　of　the　country　had

before　required　only　one　million　to　circulate　and　distribute　it

to　its　proper　consumers；　and　that　annual　produce　cannot　be

immediately　augmented　by　those　operations　of　banking。　One

million；　therefore；　will　be　sufficient　to　circulate　it　after

them。　The　goods　to　be　bought　and　sold　being　precisely　the　same　as

before；　the　same　quantity　of　money　will　be　sufficient　for　buying

and　selling　them。　The　channel　of　circulation；　if　I　may　be　allowed

such　an　expression；　will　remain　precisely　the　same　as　before。　One

million　we　have　supposed　sufficient　to　fill　that　channel。

Whatever；　therefore；