the high price of bullion-第13节

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equal　value　in　both　countries；　for　all　commodities；　money



included；　and　corn　alone　excepted；　the　returns　would　be　made　so



as　to　preserve　the　relative　amount　and　the　relative　value　of



their　respective　currencies。



　　　　If　the　circulating　medium　of　England　consisted　wholly　of　the



precious　metals；　and　were　a　fiftieth　part　of　the　value　of　the



commodities　which　it　circulated；　the　whole　amount　of　money　which



would　under　the　circumstances　supposed　be　exported　in　exchange



for　corn；　would　be　a　fiftieth　part　of　the　value　of　such　corn：　for



the　rest　we　should　export　commodities；　and　thus　would　the



proportion　between　money　and　commodities　be　equally　preserved　in



both　countries。　England；　in　consequence　of　a　bad　harvest；　would



come　under　the　case　mentioned　at　page　＇53＇　of　this　work；　of　a



country　having　been　deprived　of　a　part　of　its　commodities；　and



therefore　requiring　a　diminished　amount　of　circulating　medium。



The　currency　which　was　before　equal　to　her　payments　would　now



become　superabundant　and　relatively　cheap；　in　the　proportion　of



one　fiftieth　part　of　her　diminished　production；　the　exportation



of　this　sum；　therefore；　would　restore　the　value　of　her　currency



to　the　value　of　the　currencies　of　other　countries。　Thus　it



appears　to　be　satisfactorily　proved　that　a　bad　harvest　operates



on　the　exchange　in　no　other　way　than　by　causing　the　currency



which　was　before　at　its　just　level　to　become　redundant；　and　thus



is　the　principle　that　an　unfavourable　exchange　may　always　be



traced　to　a　relatively　redundant　currency　most　fully　exemplified。



　　　　If　we　can　suppose　that　after　an　unfavourable　harvest；　when



England　has　occasion　for　an　unusual　importation　of　corn；　another



nation　is　possessed　of　a　superabundance　of　that　article；　〃but　has



no　wants　for　any　commodity　whatever；〃　it　would　unquestionably



follow　that　such　nation　would　not　export　its　corn　in　exchange　for



commodities：　but　neither　would　it　export　corn　for　money；　as　that



is　a　commodity　which　no　nation　ever　wants　absolutely；　but



relatively；　as　is　expressly　admitted　by　the　Reviewers。　The　case



is；　however；　impossible；　because　a　nation　possessed　of　every



commodity　necessary　for　the　consumption　and　enjoyment　of　all　its



inhabitants　who　have　wherewithal　to　purchase　them；　will　not　let



the　corn　which　it　has　over　and　above　what　it　can　consume　rot　in



its　granaries。　Whilst　the　desire　of　accumulation　is　not



extinguished　in　the　breast　of　man；　he　will　be　desirous　to　realise



the　excess　of　his　productions；　above　his　own　consumption；　into



the　form　of　capital。　This　he　can　only　do　by　employing；　himself；



or　by　loans　to　others；　enabling　them　to　employ；　an　additional



number　of　labourers；　as　it　is　by　labour　only　that　revenue　is



realized　into　capital。　If　his　revenue　be　corn；　he　will　be



disposed　to　exchange　it　for　fuel；　meat；　butter；　cheese；　and　other



commodities　in　which　the　wages　of　labour　are　usually　expended；



or；　which　is　the　same　thing；　he　will　sell　his　corn　for　money；　pay



the　wages　of　his　labourers　in　money；　and　thereby　create　a　demand



for　those　commodities　which　may　be　obtained　from　other　countries



in　exchange　for　the　superfluous　corn。　Thus　will　be　reproduced　to



him　articles　more　valuable；　which　he　may　again　employ　in　the　same



manner；　adding　to　his　own　riches；　and　augmenting　the　wealth　and



resources　of　his　country。



　　　　No　mistake　can　be　greater　than　to　suppose　that　a　nation　can



ever　be　without　wants　for　commodities　of　some　sort。　It　may



possess　too　much　of　one　or　more　commodities　for　which　it　may　not



find　a　market　at　home。　It　may　have　more　sugar；　coffee；　tallow；



than　it　can　either　consume　or　dispose　of；　but　no　county　ever



possessed　a　general　glut　of　all　commodities。　It　is　evidently



impossible。　If　a　county　possesses　every　thing　necessary　for　the



maintenance　and　comfort　of　man；　and　these　articles　be　divided　in



the　proportions　in　which　they　are　usually　consumed；　they　are



sure；　however　abundant；　to　find　a　market　to　take　them　off。　It



follows　therefore；　that　whilst　a　county　is　in　possession　of　a



commodity　for　which　there　is　no　demand　at　home；　it　will　be



desirous　of　exchanging　it　for　other　commodities　in　the　proportion



in　which　they　are　consumed。



　　　　No　nation　grows　corn；　or　any　other　commodity；　with　a　view　to



realise　its　value　in　money；　（the　case　supposed；　or　involved　in



the　case　supposed；　by　the　Reviewers）；　as　this　would　be　the　most



unprofitable　object　to　which　the　labour　of　man　could　be　devoted。



Money　is　precisely　that　article　which　till　it　is　re…exchanged



never　adds　to　the　wealth　of　a　county：　accordingly　we　find；　that



to　increase　its　amount　is　never　the　voluntary　act　of　any　county



any　more　than　it　is　that　of　any　individual。　Money　is　forced　upon



them　only　in　consequence　of　the　relatively　less　value　which　it



possesses　in　those　counties　with　which　they　have　intercourse。



　　　　Whilst　a　country　employs　the　precious　metals　for　money；　and



has　no　mines　of　its　own；　it　is　a　conceivable　case　that　it　may



greatly　augment　the　amount　of　the　productions　of　its　land　and



labour　without　adding　to　its　wealth；　because　at　the　same　time



those　counties　which　are　in　possessIon　of　the　mines　may　possibly



have　obtained　so　enormous　a　supply　of　the　precious　metals　as　to



have　forced　an　increase　of　currency　on　the　industious　county；



equal　in　value　to　the　whole　of　its　increased　productions。　But　by



so　doing　the　augmented　currency；　added　to　that　which　was　before



employed；　will　be　of　no　more　real　value　than　the　original　amount



of　currency。　Thus　then　will　this　industrious　nation　become



tributary　to　those　nations　which　are　in　possession　of　the　mines；



and　will　carry　on　a　trade　in　which　it　gains　nothing　and　loses



every　thing。



　　　　That　the　exchange　is　in　a　constant　state　of　fluctuation　with



all　counties　I　am　not　disposed　to　deny；　but　it　does　not　generally



vary　to　those　limits　at　which　remittances　can　be　more



advantageously　made　by　means　of　bullion　than　by　the　purchase　of



bills。　Whilst　this　is　the　case；　it　cannot　be　disputed　that



imports　are　balanced　by　exports。　The　varying　demands　of　all



countries　may　be　supplied；　and　the　exchanges　of　all　deviate　in



some　degree　from　par；　if　the　currency　of　any　one　of　them　is



either　redundant　or　deficient；　as　compared　with　the　rest。　Suppose



England　to　send　goods　to　Holland；　and　not　to　find　there　any



commodities　which　suit　the　English　market；　or；　which　is　the　same



thing；　suppose　that　we　can　purchase　those　commodities　cheaper　in



France。　In　this　case　we　confine　our　operation　to　the　sale　of



goods　in　Holland；　and　the　purchase　of　other　goods　in　France。　The



currency　of　England　is　not　disturbed　by　either　transaction；　as　we



shall　pay　France　by　a　bill　on　Holland；　and　there　will　neither　be



an　excess　of　imports　nor　of　exports。　The　exchange　may；　however；



be　favourable　to　us　with　Holland；　and　unfavourable　with　France；



and　will　be　so；　if　the　account　be　not　balanced　by　the　importation



into　France　of　goods　from　Holland；　or　from　some　country　indebted



to　Holland。　If　there　be　no　such　importation；　it　can　arise　only



from　a　relative　redundancy　of　the　circulation　of　Holland；　as



compared　with　that　of　France；　and　in　payment　of　the　bill　it　will



suit　both　those　counties　that　bullion　should　be　transmitted。　If



the　balance　be　settled　by　the　transmission　of　goods；　the　exchange



between　all　the　three　countries　will　be　at　par。　If　by　bullion；



the　exchange　between　Holland　and　England　will　be　as　much　above



par；　as　that　between　France　and　England　will　be　below　the　par；



and　the　difference　will　be　equal　to　the　expenses　attending　the



passage　of　bullion　from　Holland　to　France。　It　will　make　no



difference　in　the　result；　if　every　nation　of　the　world　were



concerned　in　the　transaction。　England　having　bought　goods　from



France　and　sold　goods　to　Holland；　France　might　have　purchased　to



the　same　amount　from　Italy；　Italy　may　have　done　the　same　from



Russia；　Russia　from　Germany；　and　Germany　within　100；000　l。　of　the



same　amount　from　Holland；　Germany　might　require　this　amount　of



bullion　either　to　supply　a　deficient　currency；　or　for　the



fabrication　of　plate。　All　these　various　tansactions　would　be



settled　by　bills　of　exchange；　with　the　exception　of　the　100；000



l。　which　would　be　either　transmitted　from　an　existing　redundancy



of　coin　or　bullion　in　Holland；　or　it　would　be　collected　by



Holland　from　the　different　currencies　of　Europe。　It　is　not



contended；　as　the　Reviewers　infer；　〃that　a　bad　harvest；　or　the



necessity　of　paying　a　subsidy　in　one　county；　should　be



immediately　and　invar