wealbk04-第14节

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Lowndes；　was　at　that　time　rather　more　than　five…and…twenty　per

cent　below　its　standard　value。　The　real　exchange；　therefore；　may

even　at　that　time　have　been　in　favour　of　England；　notwithstanding

the　computed　exchange　was　so　much　against　it；　a　smaller　number　of

ounces　of　pure　silver　actually　paid　in　England　may　have　purchased

a　bill　for　a　greater　number　of　ounces　of　pure　silver　to　be　paid

in　Holland；　and　the　man　who　was　supposed　to　give　may　in　reality

have　got　the　premium。　The　French　coin　was；　before　the　late

reformation　of　the　English　gold　coin；　much　less　worn　than　the

English；　and　was　perhaps　two　or　three　per　cent　nearer　its

standard。　If　the　computed　exchange　with　France；　therefore；　was

not　more　than　two　or　three　per　cent　against　England；　the　real

exchange　might　have　been　in　its　favour。　Since　the　reformation　of

the　gold　coin；　the　exchange　has　been　constantly　in　favour　of

England；　and　against　France。

　　　　　Secondly；　in　some　countries；　the　expense　of　coinage　is

defrayed　by　the　government；　in　others；　it　is　defrayed　by　the

private　people　who　carry　their　bullion　to　the　mint；　and　the

government　even　derives　some　revenue　from　the　coinage。　In

England；　it　is　defrayed　by　the　government；　and　if　you　carry　a

pound　weight　of　standard　silver　to　the　mint；　you　get　back

sixty…two　shillings；　containing　a　pound　weight　of　the　like

standard　silver。　In　France；　a　duty　of　eight　per　cent　is　deducted

for　the　coinage；　which　not　only　defrays　the　expense　of　it；　but

affords　a　small　revenue　to　the　government。　In　England；　as　the

coinage　costs　nothing；　the　current　coin　can　never　be　much　more

valuable　than　the　quantity　of　bullion　which　it　actually　contains。

In　France；　the　workmanship；　as　you　pay　for　it；　adds　to　the　value

in　the　same　manner　as　to　that　of　wrought　plate。　A　sum　of　French

money；　therefore；　containing　a　certain　weight　of　pure　silver；　is

more　valuable　than　a　sum　of　English　money　containing　an　equal

weight　of　pure　silver；　and　must　require　more　bullion；　or　other

commodities；　to　purchase　it。　Though　the　current　coin　of　the　two

countries；　therefore；　were　equally　near　the　standards　of　their

respective　mints；　a　sum　of　English　money　could　not　well　purchase

a　sum　of　French　money　containing　an　equal　number　of　ounces　of

pure　silver；　nor　consequently　a　bill　upon　France　for　such　a　sum。

If　for　such　a　bill　no　more　additional　money　was　paid　than　what

was　sufficient　to　compensate　the　expense　of　the　French　coinage；

the　real　exchange　might　be　at　par　between　the　two　countries；

their　debts　and　credits　might　mutually　compensate　one　another；

while　the　computed　exchange　was　considerably　in　favour　of　France。

If　less　than　this　was　paid；　the　real　exchange　might　be　in　favour

of　England；　while　the　computed　was　in　favour　of　France。

　　　　　Thirdly；　and　lastly；　in　some　places；　as　at　Amsterdam；

Hamburg；　Venice；　etc。；　foreign　bills　of　exchange　are　paid　in　what

they　call　bank　money；　while　in　others；　as　at　London；　Lisbon；

Antwerp；　Leghorn；　etc。；　they　are　paid　in　the　common　currency　of

the　country。　What　is　called　bank　money　is　always　of　more　value

than　the　same　nominal　sum　of　common　currency。　A　thousand　guilders

in　the　Bank　of　Amsterdam；　for　example；　are　of　more　value　than　a

thousand　guilders　of　Amsterdam　currency。　The　difference　between

them　is　called　the　agio　of　the　bank；　which；　at　Amsterdam；　is

generally　about　five　per　cent。　Supposing　the　current　money　of　the

two　countries　equally　near　to　the　standard　of　their　respective

mints；　and　that　the　one　pays　foreign　bills　in　this　common

currency；　while　the　other　pays　them　in　bank　money；　it　is　evident

that　the　computed　exchange　may　be　in　favour　of　that　which　pays　in

bank　money；　though　the　real　exchange　should　be　in　favour　of　that

which　pays　in　current　money；　for　the　same　reason　that　the

computed　exchange　may　be　in　favour　of　that　which　pays　in　better

money；　or　in　money　nearer　to　its　own　standard；　though　the　real

exchange　should　be　in　favour　of　that　which　pays　in　worse。　The

computed　exchange；　before　the　late　reformation　of　the　gold　coin；

was　generally　against　London　with　Amsterdam；　Hamburg；　Venice；

and；　I　believe；　with　all　other　places　which　pay　in　what　is　called

bank　money。　It　will　by　no　means　follow；　however；　that　the　real

exchange　was　against　it。　Since　the　reformation　of　the　gold　coin；

it　has　been　in　favour　of　London　even　with　those　places。　The

computed　exchange　has　generally　been　in　favour　of　London　with

Lisbon；　Antwerp；　Leghorn；　and；　if　you　except　France；　I　believe；

with　most　other　parts　of　Europe　that　pay　in　common　currency；　and

it　is　not　improbable　that　the　real　exchange　was　so　too。　　　

DIGRESSION　CONCERNING　BANKS　OF　DEPOSIT；　PARTICULARLY　CONCERNING

　　　　　　　　　　　　　　　　　　　　　　　THAT　OF　AMSTERDAM　

　　　　　The　currency　of　a　great　state；　such　as　France　or　England；

generally　consists　almost　entirely　of　its　own　coin。　Should　this

currency；　therefore；　be　at　any　time　worn；　clipt；　or　otherwise

degraded　below　its　standard　value；　the　state　by　a　reformation　of

its　coin　can　effectually　re…establish　its　currency。　But　the

currency　of　a　small　state；　such　as　Genoa　or　Hamburg；　can　seldom

consist　altogether　in　its　own　coin；　but　must　be　made　up；　in　a

great　measure；　of　the　coins　of　all　the　neighbouring　states　with

which　its　inhabitants　have　a　continual　intercourse。　Such　a　state；

therefore；　by　reforming　its　coin；　will　not　always　be　able　to

reform　its　currency。　If　foreign　bills　of　exchange　are　paid　in

this　currency；　the　uncertain　value　of　any　sum；　of　what　is　in　its

own　nature　so　uncertain；　must　render　the　exchange　always　very

much　against　such　a　state；　its　currency　being；　in　all　foreign

states；　necessarily　valued　even　below　what　it　is　worth。

　　　　　In　order　to　remedy　the　inconvenience　to　which　this

disadvantageous　exchange　must　have　subjected　their　merchants；

such　small　states；　when　they　began　to　attend　to　the　interest　of

trade；　have　frequently　enacted；　that　foreign　bills　of　exchange　of

a　certain　value　should　be　paid　not　in　common　currency；　but　by　an

order　upon；　or　by　a　transfer　in　the　books　of　a　certain　bank；

established　upon　the　credit；　and　under　the　protection　of　the

state；　this　bank　being　always　obliged　to　pay；　in　good　and　true

money；　exactly　according　to　the　standard　of　the　state。　The　banks

of　Venice；　Genoa；　Amsterdam；　Hamburg；　and　Nuremberg；　seem　to　have

been　all　originally　established　with　this　view；　though　some　of

them　may　have　afterwards　been　made　subservient　to　other　purposes。

The　money　of　such　banks　being　better　than　the　common　currency　of

the　country；　necessarily　bore　an　agio；　which　was　greater　or

smaller　according　as　the　currency　was　supposed　to　be　more　or　less

degraded　below　the　standard　of　the　state。　The　agio　of　the　Bank　of

Hamburg；　for　example；　which　is　said　to　be　commonly　about　fourteen

per　cent　is　the　supposed　difference　between　the　good　standard

money　of　the　state；　and　the　clipt；　worn；　and　diminished　currency

poured　into　it　from　all　the　neighbouring　states。

　　　　　Before　1609　the　great　quantity　of　clipt　and　worn　foreign

coin；　which　the　extensive　trade　of　Amsterdam　brought　from　all

parts　of　Europe；　reduced　the　value　of　its　currency　about　nine　per

cent　below　that　of　good　money　fresh　from　the　mint。　Such　money　no

sooner　appeared　than　it　was　melted　down　or　carried　away；　as　it

always　is　in　such　circumstances。　The　merchants；　with　plenty　of

currency；　could　not　always　find　a　sufficient　quantity　of　good

money　to　pay　their　bills　of　exchange；　and　the　value　of　those

bills；　in　spite　of　several　regulations　which　were　made　to　prevent

it；　became　in　a　great　measure　uncertain。

　　　　　In　order　to　remedy　these　inconveniences；　a　bank　was

established　in　1609　under　the　guarantee　of　the　city。　This　bank

received　both　foreign　coin；　and　the　light　and　worn　coin　of　the

country　at　its　real　intrinsic　value　in　the　good　standard　money　of

the　country；　deducting　only　so　much　as　was　necessary　for

defraying　the　expense　of　coinage；　and　the　other　necessary　expense

of　management。　For　the　value　which　remained；　after　this　small

deduction　was　made；　it　gave　a　credit　in　its　books。　This　credit

was　called　bank　money；　which；　as　it　represented　money　exactly

according　to　the　standard　of　the　mint；　was　always　of　the　same

real　value；　and　intrinsically　worth　more　than　current　money。　It

was　at　the　same　time　enacted；　that　all　bills　drawn　upon　or

negotiated　at　Amsterdam　of　the　value　of　six　hundred　guilders　and

upwards　should　be　paid　in　bank　money；　which　at　once　took　away　all

uncertainty　in　the　value　of　those　bills。　Every　merchant；　in

consequence　of　this　regulation；　was　obliged　to　keep　an　account

with　the　bank　in　order　to　pay　his　foreign　bills　of　exchange；

which　necessarily　occasioned　a　certain　demand　for　bank　money。

　　　　　Bank　money；　over　and　above　its　intrinsic　superiority　to

currency；　and　the　additional　value　which　this　demand　necessarily

gives　it；　has　likewise　some　other　advantages。　It　is　secure　from

fire；　robbery；　and　other　accidents；　the　city　of　Amsterdam　is

bound　for　it；　it　can　be　paid　away　by　a　simple　transfer；　without

the　trouble　of　counting；　or　the　risk　of　transporting　it　from　one

place　to　another。　In　consequence　of　those　different　advantag