the high price of bullion-第8节

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is　divided　amongst　the　different　nations　of　which　it　is　composed。



Each　district　will　retain　in　its　circulation　such　a　proportionate



share　of　the　currency　of　the　country；　as　its　trade；　and



consequently　its　payments；　may　require；　compared　to　the　trade　of



the　whole；　and　no　increase　can　take　place　in　the　circulating



medium　of　one　district；　without　being　generally　diffused；　or



calling　forth　a　proportionable　quantity　in　every　other　district。



It　is　this　which　keeps　a　country　bank　note　always　of　the　same



value　as　a　Bank　of　England　note。　If　in　London；　where　Bank　of



England　notes　only　are　current；　one　million　be　added　to　the



amount　in　circulation；　the　currency　will　become　cheaper　there



than　elsewhere；　or　goods　will　become　dearer。　Goods　will；



therefore；　be　sent　from　the　country　to　the　London　market；　to　be



sold　at　the　high　prices；　or　which　is　much　more　probable；　the



country　banks　will　take　advantage　of　the　relative　deficiency　in



the　country　currency；　and　increase　the　amount　of　their　notes　in



the　same　proportion　as　the　Bank　of　England　had　done；　prices　would



then　be　generally；　and　not　partially　affected。



　　　　In　the　same　manner；　if　Bank　of　England　notes　be　diminished



one　million；　the　comparative　value　of　the　currency　of　London　will



be　increased；　and　the　prices　of　goods　diminished。　A　Bank　of



England　note　will　then　be　more　valuable　than　a　country　bank　note；



because　it　will　be　wanted　to　purchase　goods　in　the　cheap　market；



and　as　the　country　banks　are　obliged　to　give　Bank　of　England



notes　for　their　own　when　demanded；　they　would　be　called　upon　for



them　till　the　quantity　of　country　paper　should　be　reduced　to　the



same　proportion　which　it　before　bore　to　the　London　paper；



producing　a　corresponding　fall　in　the　prices　of　all　goods　for



which　it　was　exchangeable。



　　　　The　country　banks　could　never　increase　the　amount　of　their



notes；　unless　to　fill　up　a　relative　deficiency　in　the　country



currency；　caused　by　the　increased　issues　of　the　Bank　of



England。（9*）　If　they　attempted　it；　the　same　check　which　compelled



the　Bank　of　England　to　withdraw　part　of　their　notes　from



circulation　when　they　used　to　pay　them　on　demand　in　specie；　would



oblige　the　country　banks　to　adopt　the　same　course。　Their　notes



would；　on　account　of　the　increased　quantity；　be　rendered　of　less



value　than　the　Bank　of　England　notes；　in　the　same　manner　as　Bank



of　England　notes　were　rendered　of　less　value　than　the　guineas



which　they　represented。　They　would　therefore　be　exchanged　for



Bank　of　England　notes　until　they　were　of　the　same　value。



　　　　The　Bank　of　England　is　the　great　regulator　of　the　country



paper。　When　they　increase　or　decrease　the　amount　of　their　notes；



the　country　banks　do　the　same；　and　in　no　case　can　country　banks



add　to　the　general　circulation；　unless　the　Bank　of　England　shall



have　previously　increased　the　amount　of　their　notes。



　　　　It　is　contended；　that　the　rate　of　interest；　and　not　the　price



of　gold　or　silver　bullion；　is　the　criterion　by　which　we　may；　that



if　it　were　always　judge　of　the　abundance　of　paper…money　too



abundant；　interest　would　fall；　and　if　not　sufficiently　so；



interest　would　rise。　It　can；　I　think；　be　made　manifest；　that　the



rate　of　interest　is　not　regulated　by　the　abundance　or　scarcity　of



money；　but　by　the　abundance　or　scarcity　of　that　part　of　capital；



not　consisting　of　money。



　　　　〃Money；〃　observes　Dr　A。　Smith；　〃the　great　wheel　of



circulation；　the　great　instrument　of　commerce；　like　all　other



instruments　of　trade；　though　it　makes　a　part；　and　a　very　valuable



part　of　the　capital；　makes　no　part　of　the　revenue　of　the　society



to　which　it　belongs；　and　though　the　metal　pieces　of　which　it　is



composed；　in　the　course　of　their　annual　circulation；　distribute



to　every　man　the　revenue　which　properly　belongs　to　him；　they　make



themselves　no　part　of　that　revenue。



　　　　〃When　we　compute　the　quantity　of　industry　which　the



circulating　capital　of　any　society　can　employ；　we　must　always



have　regard　to　those　parts　of　it　only　which　consist　in



provisions；　materials；　and　finished　work：　the　other；　which



consists　in　money；　and　which　serves　only　to　circulate　those



three；　must　always　be　deducted。　In　order　to　put　industry　into



motion；　three　things　are　requisite：　…　materials　to　work　upon；



tools　to　work　with；　and　the　wages　or　recompense　for　the　sake　of



which　the　work　is　done。　Money　is　neither　a　material　to　work　upon；



nor　a　tool　to　work　with；　and　though　the　wages　of　the　workman　are



commonly　paid　to　him　in　money；　his　real　revenue；　like　that　of　all



other　men；　consists　not　in　money；　but　in　money's　worth；　not　in



the　metal　pieces；　but　what　can　be　got　for　them。〃



　　　　And　in　other　parts　of　his　work；　it　is　maintained；　that　the



discovery　of　the　mines　in　America；　which　so　greatly　increased　the



quantity　of　money；　did　not　lessen　the　interest　for　the　use　of　it：



the　rate　of　interest　being　regulated　by　the　profits　on　the



employment　of　capital；　and　not　by　the　number　or　quality　of　the



pieces　of　metal；　which　are　used　to　circulate　its　produce。



　　　　Mr　Hume　has　supported　the　same　opinion。　The　value　of　the



circulating　medium　of　every　country　bears　some　proportion　to　the



value　of　the　commodities　which　it　circulates。　In　some　countries



this　proportion　is　much　greater　than　in　others；　and　varies；　on



some　occasions；　in　the　same　country。　It　depends　upon　the　rapidity



of　circulation；　upon　the　degree　of　confidence　and　credit　existing



between　traders；　and　above　all；　on　the　judicious　operations　of



banking。　In　England　so　many　means　of　economizing　the　use　of



circulating　medium　have　been　adopted；　that　its　value；　compared



with　the　value　of　the　commodities　which　it　circulates；　is



probably　（during　a　period　of　confidence　（10*））　reduced　to　as



small　a　proportion　as　is　practicable。



　　　　What　that　proportion　may　be　has　been　variously　estimated。　No



increase　or　decrease　of　its　quantity；　whether　consisting　of　gold；



silver；　or　paper…money；　can　increase　or　decrease　its　value　above



or　below　this　proportion。　If　the　mines　cease　to　supply　the　annual



consumption　of　the　precious　metals；　money　will　become　more



valuable；　and　a　smaller　quantity　will　be　employed　as　a



circulating　medium。　The　diminution　in　the　quantity　will　be



proportioned　to　the　increase　of　its　value。　In　like　manner；　if　new



mines　be　discovered；　the　value　of　the　precious　metals　will　be



reduced；　and　an　increased　quantity　used　in　the　circulation；　so



that　in　either　case　the　relative　value　of　money；　to　the



commodities　which　it　circulates；　will　continue　as　before。



　　　　If；　whilst　the　Bank　paid　their　notes　on　demand　in　specie；



they　were　to　increase　their　quantity；　they　would　produce　little



permanent　effect　on　the　value　of　the　currency；　because　nearly　an



equal　quantity　of　the　coin　would　be　withdrawn　from　circulation



and　exported。



　　　　If　the　Bank　were　restricted　from　paying　their　notes　in



specie；　and　all　the　coin　had　been　exported；　any　excess　of　their



notes　would　depreciate　the　value　of　the　circulating　medium　in



proportion　to　the　excess。　If　twenty　millions　had　been　the



circulation　of　England　before　the　restriction；　and　four　millions



were　added　to　it；　the　twenty…four　millions　would　be　of　no　more



value　than　the　twenty　were　before；　provided　commodities　had



remained　the　same；　and　there　had　been　no　corresponding



exportation　of　coins；　and　if　the　Bank　were　successively　to



increase　it　to　fifty；　or　a　hundred　millions；　the　increased



quantity　would　be　all　absorbed　in　the　circulation　of　England；　but



would　be；　in　all　cases；　depreciated　to　the　value　of　the　twenty



millions。



　　　　I　do　not　dispute；　that　if　the　Bank　were　to　bring　a　large



additional　sum　of　notes　into　the　market；　and　offer　them　on　loan；



but　that　they　would　for　a　time　affect　the　rate　of　interest。　The



same　effects　would　follow　from　the　discovery　of　a　hidden　treasure



of　gold　or　silver　coin。　If　the　amount　were　large；　the　Bank；　or



the　owner　of　the　treasure；　might　not　be　able　to　lend　the　notes　or



the　money　at　four；　nor　perhaps；　above　three　per　cent。；　but　having



done　so；　neither　the　notes；　nor　the　money；　would　be　retained



unemployed　by　the　borrowers；　they　would　be　sent　into　every



market；　and　would　every　where　raise　the　prices　of　commodities；



till　they　were　absorbed　in　the　general　circulation。　It　is　only



during　the　interval　of　the　issues　of　the　Bank；　and　their　effect



on　prices；　that　we　should　be　sensible　of　an　abundance　of　money；



interest　would；　during　that　interval；　be　under　its　natural　level；



but　as　soon　as　the　additional　sum　of　notes　or　of