the high price of bullion-第14节

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necessity　of　paying　a　subsidy　in　one　county；　should　be



immediately　and　invariably　accompanied　by　an　unusual　demand　for



muslins；　hardware；　and　colonial　produce；〃　as　the　same　effects



would　be　produced　if　the　country　paying　the　subsidy；　or　suffering



from　a　bad　harvest；　were　to　import　less　of　other　commodities　than



it　had　before　been　accustomed　to　do。



　　　　The　Reviewers　observe；　page　345；　〃The　same　kind　of　error



which　we　have　here　noticed　pervades　other　parts　of　Mr　Ricardo's



pamphlet；　particularly　the　opening　of　his　subject。　He　seems　to



think　that　when　once　the　precious　metals　have　been　divided　among



the　different　countries　of　the　earth；　according　to　their　relative



wealth　and　commerce；　that　each　having　an　equal　necessity　for　the



quantity　actually　in　use；　no　temptation　would　be　offered　for



their　importation　or　exportation；　till　either　a　new　mine　or　a　new



bank　was　opened；　or　till　some　marked　change　had　taken　place　in



their　relative　prosperity。〃　And　afterwards　at　page　361；　〃We　have



already　adverted　to　the　error　（confined；　however；　principally　to



Mr　Ricardo；　and　from　which　the　Report　is　entirely　free）　of



denying　the　existence　of　a　balance　of　trade　or　of　payments　not



connected　with　some　original　redundancy　or　deficiency　of



currency。〃　〃But　there　is　another　point　in　which　almost　all　the



writers　on　this　side　of　the　question　concur；　where；



notwithstanding；　we　cannot　agree　with　them；　and　feel　more



inclined　to　the　mercantile　view　of　the　subject。　Though　they



acknowledge　that　bullion　occasionally　passes　from　one　county　to



another　from　causes　connected　with　the　exchange；　yet　they



represent　these　transactions　as　quite　inconsiderable　in　degree。



Mr　Huskisson　observes　'that　the　operations　in　the　trade　of



bullion　originate　almost　entirely　in　the　fresh　supplies　which　are



yearly　poured　in　from　the　mines　of　the　New　World；　and　are　chiefly



confined　to　the　distribution　of　those　supplies　through　the



different　parts　of　Europe。　If　this　supply　were　to　cease



altogether；　the　dealings　in　gold　and　silver；　as　objects　of



foreign　trade；　would　be　very　few；　and　those　of　short　duration。'〃



　　　　〃Mr　Ricardo；　in　his　reply　to　Mr　Bosanquet；　refers　to　this



passage　with　particular　approbation。〃　Now　I　am　at　a　loss　to



discover　in　what　this　opinion　of　Mr　Huskisson　differs　from　that



which　I　had　before　given；　and　on　which　the　Reviewers　had　been



commenting。



　　　　The　passages　are　in　substance　precisely　the　same；　and　must



stand　or　fall　together。　If　〃we　acknowledge　that　bullion



occasionally　passes　from　one　county　to　another；　from　causes



connected　with　the　exchange；〃　we　do　not　acknowledge　that　it　would



so　pass　till　the　exchange　had　fallen　to　such　limits　as　would　make



the　exportation　of　bullion　profitable；　and　I　am　of　opinion　that



if　it　should　so　fall；　it　is　in　consequence　of　the　cheapness　and



redundance　of　currency；　which　〃would　originate　almost　entirely　in



the　fresh　supplies　which　are　yearly　poured　in　from　the　mines　of



the　New　World。〃　This；　then；　is　not　another　point　in　which　the



Reviewers　differ　with　me；　but　the　same。



　　　　If　〃it　is　well　known　that　most　states；　in　their　usual



relations　of　commercial　intercourse；　have　an　almost　constantly



favourable　exchange　with　some　countries；　and　an　almost　constantly



unfavourable　one　with　the　others；〃　to　what　cause　can　it　be



ascribed　but　to　that　mentioned　by　Mr　Huskisson？　〃The　fresh



supplies　of　bullion　which　are　yewly　poured　in；　（and　in　newly　the



same　direction）　from　the　mines　of　the　New　World。〃　Dr　A。　Smith



does　not　seem　to　have　been　sufficiently　aware　of　the　powerful　and



uniform　effects　which　this　stream　of　bullion　had　on　the　foreign



exchanges；　and　he　was　inclined　much　to　overrate　the　uses　of



bullion　in　carrying　on　the　various　roundabout　foreign　tades　which



a　county　finds　it　necessary　to　engage　in。　In　the　ewly　and　rude



transactions　of　commerce　between　nations；　as　in　the　early　and



rude　transactions　between　individuals；　there　is　little　economy　in



the　use　of　money　and　bullion；　it　is　only　in　consequence　of



civilization　and　refinement　that　paper　is　made　to　perform　the



same　office　between　the　commonwealth　of　nations；　as　it　so



advantageously　performs　between　individuals　of　the　same　country。



The　Reviewers　do　not　appear　to　me　to　be　sufficiently　aware　of　the



extent　to　which　the　principle　of　economy　in　the　use　of　the



precious　metals　is　extended　between　nations；　indeed　they　do　not



seem　to　acknowledge　its　force　even　when　confined　to　a　single



nation；　as　from　a　passage　in　page　346；　their　readers　would　be



induced　to　suppose　their　opinion　to　be；　that　there　are　frequent



transfers　of　currency　between　the　distant　provinces　of　the　same



country；　for　they　tell　us　that　〃there　have　been　and　ever　will　be



a　quantity　of　the　precious　metals　in　use　destined　to　perform　the



same　part　with　regard　to　the　different　nations　connected　with



each　other　by　commerce；　which　the　currency　of　a　particular



country　performs　with　regard　to　its　distant　provinces。〃　Now　what



part　does　the　currency　of　a　country　perform　with　regard　to　the



distant　provinces？



　　　　I　am　well　persuaded　that　in　all　the　multiplicity　of



commercial　transactions　which　take　place　between　the　distant



provinces　of　this　kingdom；　the　currency　performs　a　very　inferior



part；　imports　being　almost　always　balanced　by　exports*；　and　the



proof　is；　that　the　local　currency　of　the　provinces　（and　they　have



no　other）　is　seldom　circulated　at　any　considerable　distance　from



the　place　where　it　is　issued。



　　　　It　appears　to　me　that　the　Reviewers　were　induced　to　admit　the



erroneous　doctrine　of　the　merchants；　that　money　might　be　exported



in　exchange　for　commodities；　although　money　were　no　cheaper　in



the　exporting　country；　because　they　could　in　no　other　way　account



for　the　rise　of　the　exchange　having；　on　some　occasions；



accompanied　the　increased　amount　of　Bank　notes；　as　stated　by　Mr



Pearse；　the　late　deputy…governor　and　now　governor　of　the　Bank；　in



a　paper　delivered　by　him　to　the　Bullion　Committee。　They　say；



〃according　to　this　view　of　the　subject；　it　certainly　is　not　easy



to　explain　an　improving　exchange　under　an　obviously　increasing



issue　of　notes：　an　event　that　not　unfrequently　happens；　and　was



much　insisted　upon　by　the　deputy…governor　of　the　Bank；　as　a　proof



that　our　foreign　exchanges　had　no　connexion　with　the　state　of　our



currency。〃



　　　　These　are　circumstances；　however；　which　are　not　absolutely



irreconcileable。　Mr　Pearse；　as　well　as　the　Edinburgh　Reviewer；



appears　to　have　wholly　mistaken　the　principle　advanced　by　those



who　are　desirous　of　the　repeal　of　the　restriction　bill。　They　do



not　contend；　as　they　are　understood　to　do；　that　the　increase　of



bank　notes　will　permanently　lower　the　exchange；　but　that　such　an



effect　will　proceed　from　a　redundant　currency。　It　remains；



therefore；　to　be　considered　whether　an　increase　of　bank　notes　is



necessarily；　at　all　times；　accompanied　with　a　permanently



increased　currency；　as　if　I　can　make　it　appear　that　it　is　not；



there　will　be　no　difficulty　in　accounting　for　a　rise　in　the



exchange；　with　an　increased　amount　of　bank…notes。



　　　　It　will　be　readily　admitted；　that　whilst　there　is　any　great



portion　of　coin　in　circulation；　every　increase　of　bank…notes；



though　it　will　for　a　short　time　lower　the　value　of　the　whole



currency；　paper　as　well　as　gold；　yet　that　such　depression　will



not　be　permanent；　because　the　redundant　and　cheap　currency　will



lower　the　exchange　and　will　occasion　the　exportation　of　a　portion



of　the　coin；　which　will　cease　as　soon　as　the　remainder　of　the



currency　shall　have　regained　its　value；　and　restored　the　exchange



to　par。　The　increase　of　small　notes；　then；　will　ultimately　be　a



substitution　of　one　currency　for　another；　of　a　paper　for　a



metallic　currency；　and　will　not　operate　in　the　same　way　as　an



actual　and　permanent　increase　of　circulation*。　We　are　not；



however；　without　a　criterion　by　which　we　may　determine　the



relative　amount　of　currency　at　different　periods；　as



distinguished　from　bank…notes；　on　which　though　we　cannot



infallibly　rely；　it　will　probably　be　a　sufficiently　accurate　test



to　determine　the　question　which　we　are　now　discussing。　This



criterion　is　the　amount　of　notes　of　5l。　and　upwards　in



circulation；　which　we　may　reasonably　calculate　always　bear　some



tolerably　regular　proportion　to　the　whole　circulation。　Thus；　if



since　1797　the　bank…notes　of　this　description　have　increased　from



twelve　to　sixteen　millions；　we　may　infer　that　the　whole



circulation　has　increased　one…third；