political economy-第22节
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on such of the proceeds of trade as were payable at long dates； that banks pushed their notes into circulation。 They required an interest for exchanging their paper against that of trade； because theirs was exigible at sight； though it was not really paid before the other。 The discount required by the bank served to introduce the interest of money； and to regulate it in the place。 Bankers； in virtue of their credit alone； seemed to have capitals of almost immense extent； to offer in the service of merchants。 Credit soon appeared to have a creative power； and speculators； persuaded that by emitting a bank one； they added as much to the public wealth as by importing an equal sum of money； delivered their minds to dreams dangerous for themselves； and for the states that gave ear to them。 They proposed the establishment of banks to multiply the funds of trade； to provide for the enterprises of agriculture； to set labour every where in motion； to increase the general capital； and redouble the activity of industry。 Governments； on their side； imagined that in banks they had found an open mine； from which they might draw at discretion。 At each new season of need； they stuck new bank…notes。 But they soon perceived； with astonishment； that notes were no longer received with the same confidence； and were speedily carried back to the bank for payment； and next； as their custom generally is； they substituted their authority for the nature of things。 They refused payment on demand； but they ordered each citizen to receive as ready coin； those notes which had thus become paper money； and they authorised every debtor to pay his accounts with it。 The circulation of paper money became； in a short time； nothing less than a general bankruptcy。 Notwithstanding all the orders of government； paper fell every day in its proportion to silver or to goods。 The bearers of it； feeling that they had no pledge for the values； the sign of which they were always presenting； dreaded lest the paper should undergo a new deterioration in their hands； and made haste to get rid of it。 Each lost and caused loss； each having no longer any common measure of value； became unable to distinguish the gain from the loss of his bargain； and always selling with advantage； he ended in ruin。 During this time； coin disappeared； goods themselves were exported from the country； without giving any return； and the expedient； which promised to create immense wealth； produced nothing but ruin and confusion。 A fatal error had led to all these misfortunes。 It was imagined that credit had the power of creating wealth； whilst； in fact； credit never creates any thing； but merely borrows with one hand to lend with the other； that wealth； which； to be of use； must have previously existed in the state。 Paper money can be substituted only for the metallic money already in existence； it is the value of this which it borrows。 The banker； who finds credit； acquires the power to dispose of a part of the currency equal to the paper he emits。 If he in reality withdraw part of the currency from circulation； his paper will remain there； if he does not withdraw it； others will withdraw it for him； the instant it becomes superfluous。 But； if this currency was not in circulation at the moment when his bank…notes were emitted； he could not borrow it。 In that case； by giving forced circulation to his paper； he depreciates not only this paper； but all that was already in the hands of the public。 The money of a country has a determinate relation to the wealth of that country； and to the activity with which its wealth circulates。 The same guineas serve； in the course of a year； for a great number of different bargains； yet still there is a necessary equation between the mass of values sold； and the sum of guineas which serves to pay them； multiplied by the rapidity of the circulation。 If too many guineas exist in the country for the wants of the circulation； this is not a reason why the person holding them in his coffers should keep them longer than he has occasion so to do。 All useless stagnation would be so much interest lost for him； and； therefore； he continues still to give them circulation； and some one is always at hand； who； not finding any profitable use to make of them in the country； takes them out of it。 If exportation is forbidden； a greater mass of idle guineas will be kept within the country； till the loss of those unable to employ them be great enough to pay the risk of smuggling。 If precautions are so well taken that exportation is entirely impossible； the whole money circulated in the country will fall in value till it be reduced to the equation which it cannot pass； that is； to the numerical value of all the sales and payments made within the year； divided by the rapidity of circulation。 In like manner； if the money of a country is not sufficient for its circulation； the country will purchase money in exchange for some one of the values it possesses； just as it would have purchased any other kind of goods。 It is not the balance of trade which can make money enter or leave a country。 This balance is completely illusory； for it is not true that nations settle their accounts with each other。 On the contrary； indeed； it often happens that one is constantly a borrower； the other constantly a lender。 And； the credit sales of the most commercial being renewed from year to year … before the first debt is extinguished； a second is already contracted； which is followed by a third； and though each is paid in its turn； the purchaser may nevertheless； perpetually remain debtor to his seller。 Thus； sales on credit form a capital which may either increase； or be reimbursed in the inverse sense of other commercial speculations。 Abstracting all that concerns these credits； which modify more than three…fourths of its commercial speculations； the purchases of a nation would be exactly balanced by its sales； because it is as impossible for the one always to purchase； and find the source of a perpetual draining of money； unless it work at mines； as for the other to sell always； and find an employment for a perpetual importation of coined metal。 Money is imported； and exported from one nation to another； not because it pays their accounts； but because the one having need of it； sells goods cheaper； till it has acquired enough； and； because the other； having more than enough for its circulation； buys dearer； or； gives a greater quantity of guineas for the same quantity of goods； till the equilibrium is reestablished。 But as the emission of any sum in bank notes； supplies the place of an equal sum of money； the latter is immediately withdrawn from circulation； and sold in foreign countries。 So long as there remains any coin to be exported； credit may repeat its operation and create new bank notes； when there is no more coin to export； the paper money； will； of itself； diminishing in value； seek the proper equation； and to whatever nominal sum its fabrication may be carried； it will never sell； in the total amount； for any thing more than the pre…existing total amount of money which it replaces。
Chapter 6
Of Taxation
The primary object of political economy is the development of national wealth； but the object of all governments； since they began to bestow any attention on this subject； has been to participate in this wealth； and to acquire the disposal of a greater share of the nation's annual revenue。 The ever increasing necessities of governments； and the excessive expense of wars； have forced princes to load their people with the weightiest possible yoke。 Taxation； of itself always an object of repugnance to the subject； has become a nearly intolerable burden； the question is no longer how to make it easy； it is not to do good； but to the least possible evil； that all the efforts of governments in this respect are limited。 Quesnay's sect of economists； who discovered in the net revenue of land the solitary source of wealth； might also believe in the advantage of a solitary species of taxation。 They rightly observe； that government； in justice； ought to apply to him who is destined to pay the tax in the long run； because； if this tax is paid by one citizen； reimbursed by a second； who again is reimbursed by a third； not only will there be three persons instead of one incommoded by this payment； but the third will be so much the more incommoded； as it will be necessary for him to indemnify the preceding two for their advances of money。 Upon the same principle； the economists called the tax which weighs on the revenue of land a direct tax； to all others they gave the name of indirect； because those taxes arrive indirectly at the person who pays them at last。 Their system has fallen； their definitions are no longer admitted； but their denominations have remained in general use。 We have recognised but a single source of wealth； which is labour； yet we have not recognised but a single class of citizens； to whom the revenues produced by labour belong。 These are distributed among all the classes of the nation； they assume all manner of forms； and； therefore； it is just that taxation should follow them into all their ramifications。 Taxation ought to be considered by the citizens of
