wealbk01-第11节

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note；　gold　would　appear　to　be　more　invariable　in　its　value　than

silver。　Gold　would　appear　to　measure　the　value　of　silver；　and

silver　would　not　appear　to　measure　the　value　of　gold。　If　the

custom　of　keeping　accounts；　and　of　expressing　promissory　notes

and　other　obligations　for　money　in　this　manner；　should　ever

become　general；　gold；　and　not　silver；　would　be　considered　as　the

metal　which　was　peculiarly　the　standard　or　measure　of　value。

　　　　　In　reality；　during　the　continuance　of　any　one　regulated

proportion　between　the　respective　values　of　the　different　metals

in　coin；　the　value　of　the　most　precious　metal　regulates　the　value

of　the　whole　coin。　Twelve　copper　pence　contain　half　a　pound；

avoirdupois；　of　copper；　of　not　the　best　quality；　which；　before　it

is　coined；　is　seldom　worth　sevenpence　in　silver。　But　as　by　the

regulation　twelve　such　pence　are　ordered　to　exchange　for　a

shilling；　they　are　in　the　market　considered　as　worth　a　shilling；

and　a　shilling　can　at　any　time　be　had　for　them。　Even　before　the

late　reformation　of　the　gold　coin　of　Great　Britain；　the　gold；

that　part　of　it　at　least　which　circulated　in　London　and　its

neighbourhood；　was　in　general　less　degraded　below　its　standard

weight　than　the　greater　part　of　the　silver。　One…and…twenty　worn

and　defaced　shillings；　however；　were　considered　as　equivalent　to

a　guinea；　which　perhaps；　indeed；　was　worn　and　defaced　too；　but

seldom　so　much　so。　The　late　regulations　have　brought　the　gold

coin　as　near　perhaps　to　its　standard　weight　as　it　is　possible　to

bring　the　current　coin　of　any　nation；　and　the　order；　to　receive

no　gold　at　the　public　offices　but　by　weight；　is　likely　to

preserve　it　so；　as　long　as　that　order　is　enforced。　The　silver

coin　still　continues　in　the　same　worn　and　degraded　state　as

before　the　reformation　of　the　gold　coin。　In　the　market；　however；

one…and…twenty　shillings　of　this　degraded　silver　coin　are　still

considered　as　worth　a　guinea　of　this　excellent　gold　coin。

　　　　　The　reformation　of　the　gold　coin　has　evidently　raised　the

value　of　the　silver　coin　which　can　be　exchanged　for　it。

　　　　　In　the　English　mint　a　pound　weight　of　gold　is　coined　into

forty…four　guineas　and　a　half；　which；　at　one…and…twenty　shillings

the　guinea；　is　equal　to　forty…six　pounds　fourteen　shillings　and

sixpence。　An　ounce　of　such　gold　coin；　therefore；　is　worth　L3　17s。

10　1/2d。　in　silver。　In　England　no　duty　or　seignorage　is　paid　upon

the　coinage；　and　he　who　carries　a　pound　weight　or　an　ounce　weight

of　standard　gold　bullion　to　the　mint；　gets　back　a　pound　weight　or

an　ounce　weight　of　gold　in　coin；　without　any　deduction。　Three

pounds　seventeen　shillings　and　tenpence　halfpenny　an　ounce；

therefore；　is　said　to　be　the　mint　price　of　gold　in　England；　or

the　quantity　of　gold　coin　which　the　mint　gives　in　return　for

standard　gold　bullion。

　　　　　Before　the　reformation　of　the　gold　coin；　the　price　of

standard　gold　bullion　in　the　market　had　for　many　years　been

upwards　of　L3　18s。　sometimes　L3　19s。　and　very　frequently　L4　an

ounce；　that　sum；　it　is　probable；　in　the　worn　and　degraded　gold

coin；　seldom　containing　more　than　an　ounce　of　standard　gold。

Since　the　reformation　of　the　gold　coin；　the　market　price　of

standard　gold　bullion　seldom　exceeds　L3　17s。　7d。　an　ounce。　Before

the　reformation　of　the　gold　coin；　the　market　price　was　always

more　or　less　above　the　mint　price。　Since　that　reformation；　the

market　price　has　been　constantly　below　the　mint　price。　But　that

market　price　is　the　same　whether　it　is　paid　in　gold　or　in　silver

coin。　The　late　reformation　of　the　gold　coin；　therefore；　has

raised　not　only　the　value　of　the　gold　coin；　but　likewise　that　of

the　silver　coin　in　proportion　to　gold　bullion；　and　probably；　too；

in　proportion　to　all　other　commodities；　through　the　price　of　the

greater　part　of　other　commodities　being　influenced　by　so　many

other　causes；　the　rise　in　the　value　either　of　gold　or　silver　coin

in　proportion　to　them　may　not　be　so　distinct　and　sensible。

　　　　　In　the　English　mint　a　pound　weight　of　standard　silver

bullion　is　coined　into　sixty…two　shillings；　containing；　in　the

same　manner；　a　pound　weight　of　standard　silver。　Five　shillings

and　twopence　an　ounce；　therefore；　is　said　to　be　the　mint　price　of

silver　in　England；　or　the　quantity　of　silver　coin　which　the　mint

gives　in　return　for　standard　silver　bullion。　Before　the

reformation　of　the　gold　coin；　the　market　price　of　standard　silver

bullion　was；　upon　different　occasions；　five　shillings　and

fourpence；　five　shillings　and　fivepence；　five　shillings　and

sixpence；　five　shillings　and　sevenpence；　and　very　often　five

shillings　and　eightpence　an　ounce。　Five　shillings　and　sevenpence；

however；　seems　to　have　been　the　most　common　price。　Since　the

reformation　of　the　gold　coin；　the　market　price　of　standard　silver

bullion　has　fallen　occasionally　to　five　shillings　and　threepence；

five　shillings　and　fourpence；　and　five　shillings　and　fivepence　an

ounce；　which　last　price　it　has　scarce　ever　exceeded。　Though　the

market　price　of　silver　bullion　has　fallen　considerably　since　the

reformation　of　the　gold　coin；　it　has　not　fallen　so　low　as　the

mint　price。

　　　　　In　the　proportion　between　the　different　metals　in　the

English　coin；　as　copper　is　rated　very　much　above　its　real　value；

so　silver　is　rated　somewhat　below　it。　In　the　market　of　Europe；　in

the　French　coin　and　in　the　Dutch　coin；　an　ounce　of　fine　gold

exchanges　for　about　fourteen　ounces　of　fine　silver。　In　the

English　coin；　it　exchanges　for　about　fifteen　ounces；　that　is；　for

more　silver　than　it　is　worth　according　to　the　common　estimation

of　Europe。　But　as　the　price　of　copper　in　bars　is　not；　even　in

England；　raised　by　the　high　price　of　copper　in　English　coin；　so

the　price　of　silver　in　bullion　is　not　sunk　by　the　low　rate　of

silver　in　English　coin。　Silver　in　bullion　still　preserves　its

proper　proportion　to　gold；　for　the　same　reason　that　copper　in

bars　preserves　its　proper　proportion　to　silver。

　　　　　Upon　the　reformation　of　the　silver　coin　in　the　reign　of

William　III　the　price　of　silver　bullion　still　continued　to　be

somewhat　above　the　mint　price。　Mr。　Locke　imputed　this　high　price

to　the　permission　of　exporting　silver　bullion；　and　to　the

prohibition　of　exporting　silver　coin。　This　permission　of

exporting；　he　said；　rendered　the　demand　for　silver　bullion

greater　than　the　demand　for　silver　coin。　But　the　number　of　people

who　want　silver　coin　for　the　common　uses　of　buying　and　selling　at

home；　is　surely　much　greater　than　that　of　those　who　want　silver

bullion　either　for　the　use　of　exportation　or　for　any　other　use。

There　subsists　at　present　a　like　permission　of　exporting　gold

bullion；　and　a　like　prohibition　of　exporting　gold　coin：　and　yet

the　price　of　gold　bullion　has　fallen　below　the　mint　price。　But　in

the　English　coin　silver　was　then；　in　the　same　manner　as　now；

under…rated　in　proportion　to　gold；　and　the　gold　coin　（which　at

that　time　too　was　not　supposed　to　require　any　reformation）

regulated　then；　as　well　as　now；　the　real　value　of　the　whole　coin。

As　the　reformation　of　the　silver　coin　did　not　then　reduce　the

price　of　silver　bullion　to　the　mint　price；　it　is　not　very

probable　that　a　like　reformation　will　do　so　now。

　　　　　Were　the　silver　coin　brought　back　as　near　to　its　standard

weight　as　the　gold；　a　guinea；　it　is　probable；　would；　according　to

the　present　proportion；　exchange　for　more　silver　in　coin　than　it

would　purchase　in　bullion。　The　silver　coin　containing　its　full

standard　weight；　there　would　in　this　case　be　a　profit　in　melting

it　down；　in　order；　first；　to　sell　the　bullion　for　gold　coin；　and

afterwards　to　exchange　this　gold　coin　for　silver　coin　to　be

melted　down　in　the　same　manner。　Some　alteration　in　the　present

proportion　seems　to　be　the　only　method　of　preventing　this

inconveniency。

　　　　　The　inconveniency　perhaps　would　be　less　if　silver　was　rated

in　the　coin　as　much　above　its　proper　proportion　to　gold　as　it　is

at　present　rated　below　it；　provided　it　was　at　the　same　time

enacted　that　silver　should　not　be　a　legal　tender　for　more　than

the　change　of　a　guinea；　in　the　same　manner　as　copper　is　not　a

legal　tender　for　more　than　the　change　of　a　shilling。　No　creditor

could　in　this　case　be　cheated　in　consequence　of　the　high

valuation　of　silver　in　coin；　as　no　creditor　can　at　present　be

cheated　in　consequence　of　the　high　valuation　of　copper。　The

bankers　only　would　suffer　by　this　regulation。　When　a　run　comes

upon　them　they　sometimes　endeavour　to　gain　time　by　paying　in

sixpences；　and　they　would　be　precluded　by　this　regulation　from

this　discreditable　method　of　evading　immediate　payment。　They

would　be　obliged　in　consequence　to　keep　at　all　times　in　their

coffers　a　greater　quantity　of　cash　than　at　present；　and　though

this　might　no　doubt　be　a　considerable　inconveniency　to　them；　it

would　at　the　same　time　be　a　considerable　security　to　their

creditors。

　　　　　Three　pounds　seventeen　shillings　and　tenpence　halfpenny　（the

mint　price　of　gold）　certainly　does　not　contain；　even　in　our

present　exce