the high price of bullion-第2节

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and　might　consider　that　as　a　disadvantageous　trade　which　required



us　to　part　with　it；　indeed　the　law　so　considers　it　by　its



enactments　against　the　exportation　of　specie；　but　a　very　little



reflection　will　convince　us　that　it　is　our　choice；　and　not　our



necessity；　that　sends　it　abroad；　and　that　it　is　highly　beneficial



to　us　to　exchange　that　commodity　which　is　superfluous；　for　others



which　may　be　made　productive。



　　　　The　exportation　of　the　specie　may　at　all　times　be　safely　left



to　the　discretion　of　individuals；　it　will　not　be　exported　more



than　any　other　commodity；　unless　its　exportation　should　be



advantageous　to　the　county。　If　it　be　advantageous　to　export　it；



no　laws　can　effectually　prevent　its　exportation。　Happily　in　this



case；　as　well　as　in　most　others　in　commerce　where　there　is　free



competition；　the　interests　of　the　individual　and　that　of　the



community　are　never　at　variance。



　　　　Were　it　possible　to　carry　the　law　against　melting　or



exporting　of　coin　into　strict　execution；　at　the　same　time　that



the　exportation　of　gold　bullion　was　freely　allowed；　no　advantage



could　accrue　from　it；　but　great　injury　must　arise　to　those　who



might　have　to　pay；　possibly；　two　ounces　or　more　of　coined　gold



for　one　of　uncoined　gold。　This　would　be　a　real　depreciation　of



our　currency；　raising　the　prices　of　all　other　commodities　in　the



same　proportion　as　it　increased　that　of　gold　bullion。　The　owner



of　money　would　in　this　case　suffer　an　injury　equal　to　what　a



proprietor　of　corn　would　suffer；　were　a　law　to　be　passed



prohibiting　him　from　selling　his　corn　for　more　than　half　its



market　value。　The　law　against　the　exportation　of　the　coin　has



this　tendency；　but　is　so　easily　evaded；　that　gold　in　bullion　has



always　been　nearly　of　the　same　value　as　gold　in　coin。



　　　　Thus　then　it　appears　that　the　currency　of　one　country　can



never　for　any　length　of　time　be　much　more　valuable；　as　far　as



equal　quantities　of　the　precious　metals　are　concerned；　than　that



of　another；　that　excess　of　currency　is　but　a　relative　term；　that



if　the　circulation　of　England　were　ten　millions；　that　of　France



five　millions；　that　of　Holland　four　millions；　etc。　etc。　whilst



they　kept　their　proportions；　though　the　currency　of　each　country



were　doubled　or　trebled；　neither　country　would　be　conscious　of　an



excess　of　currency。　The　prices　of　commodities　would　every　where



rise；　on　account　of　the　increase　of　currency；　but　there　would　be



no　exportation　of　money　from　either。　But　if　these　proportions　be



destroyed　by　England　alone　doubling　her　currency；　while　that　of



France；　Holland；　etc。　etc。　continued　as　before；　we　should　then　be



conscious　of　an　excess　in　our　currency；　and　for　the　same　reason



the　other　countries　would　feel　a　deficiency　in　theirs；　and　part



of　our　excess　would　be　exported　till　the　proportions　of　ten；



five；　four；　etc。　were　again　established。



　　　　If　in　France　an　ounce　of　gold　were　more　valuable　than　in



England；　and　would　therefore　in　France　purchase　more　of　any



commodity　common　to　both　countries；　gold　would　immediately　quit



England　for　such　purpose；　and　we　should　send　gold　in　preference



to　any　thing　else；　because　it　would　be　the　cheapest　exchangeable



commodity　in　the　English　market；　for　if　gold　be　dearer　in　France



than　in　England；　goods　must　be　cheaper；　we　should　not　therefore



send　them　from　the　dear　to　the　cheap　market；　but；　on　the



contrary；　they　would　come　from　the　cheap　to　the　dear　market；　and



would　be　exchanged　for　our　gold。



　　　　The　Bank　might　continue　to　issue　their　notes；　and　the　specie



be　exported　with　advantage　to　the　country；　while　their　notes　were



payable　in　specie　on　demand；　because　they　could　never　issue　more



notes　than　the　value　of　the　coin　which　would　have　circulated　had



there　been　no　bank。（1*）





　　　　If　they　attempted　to　exceed　this　amount；　the　excess　would　be



immediately　returned　to　them　for　specie；　because　our　currency；



being　thereby　diminished　in　value；　could　be　advantageously



exported；　and　could　not　be　retained　in　our　circulation。　These　are



the　means；　as　I　have　already　explained；　by　which　our　currency



endeavours　to　equalize　itself　with　the　currencies　of　other



counties。　As　soon　as　this　equality　was　attained；　all　advantage



arising　from　exportation　would　cease；　but　if　the　Bank　assuming；



that　because　a　given　quantity　of　circulating　medium　had　been



necessary　last　year；　therefore　the　same　quantity　must　be



necessary　this；　or　for　any　other　reason；　continued　to　re…issue



the　returned　notes；　the　stimulus　which　a　redundant　currency　first



gave　to　the　exportation　of　the　coin　would　be　again　renewed　with



similar　effects；　gold　would　be　again　demanded；　the　exchange　would



become　unfavourable；　and　gold　bullion　would　rise；　in　a　small



degree；　above　its　mint　price；　because　it　is　legal　to　export



bullion；　but　illegal　to　export　the　coin；　and　the　difference　would



be　about　equal　to　the　fair　compensation　for　the　risk。



　　　　In　this　manner　if　the　Bank　persisted　in　returning　their　notes



into　circulation；　every　guinea　might　be　drawn　out　of　their



coffers。



　　　　If　to　supply　the　deficiency　of　their　stock　of　gold　they　were



to　purchase　gold　bullion　at　the　advanced　price；　and　have　it



coined　into　guineas；　this　would　not　remedy　the　evil；　guineas



would　be　still　demanded；　but　instead　of　being　exported　would　be



melted　and　sold　to　the　Bank　as　bullion　at　the　advanced　price。



〃The　operations　of　the　Bank；〃　observed　Dr　Smith；　alluding　to　an



analogous　case；　〃were　upon　this　account　somewhat　like　the　web　of



Penelope；　the　work　that　was　done　in　the　day　was　undone　in　the



night。〃　The　same　sentiment　is　expressed　by　Mr　Thornton：　…



〃Finding　the　guineas　in　their　coffers　to　lessen　every　day；　they



must　naturally　be　supposed　to　be　desirous　of　replacing　them　by



all　effectual　and　not　extravagantly　expensive　means。　They　will　be



disposed；　to　a　certain　degree；　to　buy　gold；　though　at　a　losing



price；　and　to　coin　it　into　new　guineas；　but　they　will　have　to　do



this　at　the　very　moment　when　many　are　privately　melting　what　is



coined。　The　one　party　will　be　melting　and　selling　while　the　other



is　buying　and　coining。　And　each　of　these　two　contending



businesses　will　now　be　carried　on；　not　on　account　of　an　actual



exportation　of　each　melted　guinea　to　Hamburgh；　but　the　operation



or　at　least　a　great　part　of　it　will　be　confined　to　London；　the



coiners　and　the　melters　living　on　the　same　spot；　and　giving



constant　employment　to　each　other。



　　　　〃The　Bank；〃　continues　Mr　Thornton；　〃if　we　suppose　it；　as　we



now　do；　to　carry　on　this　sort　of　contest　with　the　melters；　is



obviously　waging　a　very　unequal　war；　and　even　though　it　should



not　be　tired　early；　it　will　be　likely　to　be　tired　sooner　than　its



adversaries。〃



　　　　The　Bank　would　be　obliged　therefore　ultimately　to　adopt　the



only　remedy　in　their　power　to　put　a　stop　to　the　demand　for



guineas。　They　would　withdraw　part　of　their　notes　from



circulation；　till　they　should　have　increased　the　value　of　the



remainder　to　that　of　gold　bullion；　and　consequently　to　the　value



of　the　currencies　of　other　countries。　All　advantage　from　the



exportation　of　gold　bullion　would　then　cease；　and　there　would　be



no　temptation　to　exchange　bank…notes　for　guineas。



　　　　In　this　view　of　the　subject；　then；　it　appears；　that　the



temptation　to　export　money　in　exchange　for　goods；　or　what　is



termed　an　unfavourable　balance　of　trade；　never　arises　but　from　a



redundant　currency。　But　Mr　Thornton；　who　has　considered　this



subject　very　much　at　large；　supposes　that　a　very　unfavourable



balance　of　trade　may　be　occasioned　to　this　country　by　a　bad



harvest；　and　the　consequent　importation　of　corn；　and　that　there



may　be　at　the　same　time　an　unwillingness　in　the　country；　to　which



we　are　indebted；　to　receive　our　goods　in　payment；　the　balance　due



to　the　foreign　country　must　therefore　be　paid　out　of　that　part　of



our　currency；　consisting　of　coin；　and　that　hence　arises　the



demand　for　gold　bullion　and　its　increased　price。　He　considers　the



Bank　as　affording　considerable　accommodation　to　the　merchants；　by



supplying　with　their　notes　the　void　occasioned　by　the　exportation



of　the　specie。



　　　　As　it　is　acknowledged　by　Mr　Thornton；　in　many　parts　of　his



work；　that　the　price　of　gold　bullion　is　rated　in　gold　coin；　and



as　it　is　also　acknowledged　by　him；　that　the　law　against　melting



gold　coin　into　bullion　and　exporting　it　is　easily　evaded；　it



follows；　that　no　demand　for　gold　bullion；　arising　from　this　or



any　other　cause；　can　raise　the　money　price　of　that　commodity。　The