wealbk02-第12章

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dealers　and　consumers；　as　in　Scotland；　and　still　more　in　North

America；　it　banishes　gold　and　silver　almost　entirely　from　the

country；　almost　all　the　ordinary　transactions　of　its　interior

commerce　being　thus　carried　on　by　paper。　The　suppression　of　ten

and　five　shilling　bank　notes　somewhat　relieved　the　scarcity　of

gold　and　silver　in　Scotland；　and　the　suppression　of　twenty

shilling　notes　would　probably　relieve　it　still　more。　Those　metals

are　said　to　have　become　more　abundant　in　America　since　the

suppression　of　some　of　their　paper　currencies。　They　are　said；

likewise；　to　have　been　more　abundant　before　the　institution　of

those　currencies。

　　　　　Though　paper　money　should　be　pretty　much　confined　to　the

circulation　between　dealers　and　dealers；　yet　banks　and　bankers

might　still　be　able　to　give　nearly　the　same　assistance　to　the

industry　and　commerce　of　the　country　as　they　had　done　when　paper

money　filled　almost　the　whole　circulation。　The　ready　money　which

a　dealer　is　obliged　to　keep　by　him；　for　answering　occasional

demands；　is　destined　altogether　for　the　circulation　between

himself　and　other　dealers　of　whom　he　buys　goods。　He　has　no

occasion　to　keep　any　by　him　for　the　circulation　between　himself

and　the　consumers；　who　are　his　customers；　and　who　bring　ready

money　to　him；　instead　of　taking　any　from　him。　Though　no　paper

money；　therefore；　was　allowed　to　be　issued　but　for　such　sums　as

would　confine　it　pretty　much　to　the　circulation　between　dealers

and　dealers；　yet；　partly　by　discounting　real　bills　of　exchange；

and　partly　by　lending　upon　cash　accounts；　banks　and　bankers　might

still　be　able　to　relieve　the　greater　part　of　those　dealers　from

the　necessity　of　keeping　any　considerable　part　of　their　stock　by

them；　unemployed　and　in　ready　money；　for　answering　occasional

demands。　They　might　still　be　able　to　give　the　utmost　assistance

which　banks　and　bankers　can；　with　propriety；　give　to　traders　of

every　kind。

　　　　　To　restrain　private　people；　it　may　be　said；　from　receiving

in　payment　the　promissory　notes　of　a　banker；　for　any　sum　whether

great　or　small；　when　they　themselves　are　willing　to　receive　them；

or　to　restrain　a　banker　from　issuing　such　notes；　when　all　his

neighbours　are　willing　to　accept　of　them；　is　a　manifest　violation

of　that　natural　liberty　which　it　is　the　proper　business　of　law

not　to　infringe；　but　to　support。　Such　regulations　may；　no　doubt；

be　considered　as　in　some　respects　a　violation　of　natural　liberty。

But　those　exertions　of　the　natural　liberty　of　a　few　individuals；

which　might　endanger　the　security　of　the　whole　society；　are；　and

ought　to　be；　restrained　by　the　laws　of　all　governments；　of　the

most　free　as　well　as　of　the　most　despotical。　The　obligation　of

building　party　walls；　in　order　to　prevent　the　communication　of

fire；　is　a　violation　of　natural　liberty　exactly　of　the　same　kind

with　the　regulations　of　the　banking　trade　which　are　here

proposed。

　　　　　A　paper　money　consisting　in　bank　notes；　issued　by　people　of

undoubted　credit；　payable　upon　demand　without　any　condition；　and

in　fact　always　readily　paid　as　soon　as　presented；　is；　in　every

respect；　equal　in　value　to　gold　and　silver　money；　since　gold　and

silver　money　can　at　any　time　be　had　for　it。　Whatever　is　either

bought　or　sold　for　such　paper　must　necessarily　be　bought　or　sold

as　cheap　as　it　could　have　been　for　gold　and　silver。

　　　　　The　increase　of　paper　money；　it　has　been　said；　by　augmenting

the　quantity；　and　consequently　diminishing　the　value　of　the　whole

currency；　necessarily　augments　the　money　price　of　commodities。

But　as　the　quantity　of　gold　and　silver；　which　is　taken　from　the

currency；　is　always　equal　to　the　quantity　of　paper　which　is　added

to　it；　paper　money　does　not　necessarily　increase　the　quantity　of

the　whole　currency。　From　the　beginning　of　the　last　century　to　the

present　time；　provisions　never　were　cheaper　in　Scotland　than　in

1759；　though；　from　the　circulation　of　ten　and　five　shilling　bank

notes；　there　was　then　more　paper　money　in　the　country　than　at

present。　The　proportion　between　the　price　of　provisions　in

Scotland　and　that　in　England　is　the　same　now　as　before　the　great

multiplication　of　banking　companies　in　Scotland。　Corn　is；　upon

most　occasions；　fully　as　cheap　in　England　as　in　France；　though

there　is　a　great　deal　of　paper　money　in　England；　and　scarce　any

in　France。　In　1751　and　in　1752；　when　Mr。　Hume　published　his

Political　Discourses；　and　soon　after　the　great　multiplication　of

paper　money　in　Scotland；　there　was　a　very　sensible　rise　in　the

price　of　provisions；　owing；　probably；　to　the　badness　of　the

seasons；　and　not　to　the　multiplication　of　paper　money。

　　　　　It　would　be　otherwise；　indeed；　with　a　paper　money　consisting

in　promissory　notes；　of　which　the　immediate　payment　depended；　in

any　respect；　either　upon　the　good　will　of　those　who　issued　them；

or　upon　a　condition　which　the　holder　of　the　notes　might　not

always　have　it　in　his　power　to　fulfil；　or　of　which　the　payment

was　not　exigible　till　after　a　certain　number　of　years；　and　which

in　the　meantime　bore　no　interest。　Such　a　paper　money　would；　no

doubt；　fall　more　or　less　below　the　value　of　gold　and　silver；

according　as　the　difficulty　or　uncertainty　of　obtaining　immediate

payment　was　supposed　to　be　greater　or　less；　or　according　to　the

greater　or　less　distance　of　time　at　which　payment　was　exigible。

　　　　　Some　years　ago　the　different　banking　companies　of　Scotland

were　in　the　practice　of　inserting　into　their　bank　notes；　what

they　called　an　Optional　Clause；　by　which　they　promised　payment　to

the　bearer；　either　as　soon　as　the　note　should　be　presented；　or；

in　the　option　of　the　directors；　six　months　after　such

presentment；　together　with　the　legal　interest　for　the　said　six

months。　The　directors　of　some　of　those　banks　sometimes　took

advantage　of　this　optional　clause；　and　sometimes　threatened　those

who　demanded　gold　and　silver　in　exchange　for　a　considerable

number　of　their　notes　that　they　Would　take　advantage　of　it；

unless　such　demanders　would　content　themselves　with　a　part　of

what　they　demanded。　The　promissory　notes　of　those　banking

companies　constituted　at　that　time　the　far　greater　part　of　the

currency　of　Scotland；　which　this　uncertainty　of　payment

necessarily　degraded　below　the　value　of　gold　and　silver　money。

During　the　continuance　of　this　abuse　（which　prevailed　chiefly　in

1762；　1763；　and　1764）；　while　the　exchange　between　London　and

Carlisle　was　at　par；　that　between　London　and　Dumfries　would

sometimes　be　four　per　cent　against　Dumfries；　though　this　town　is

not　thirty　miles　distant　from　Carlisle。　But　at　Carlisle；　bills

were　paid　in　gold　and　silver；　whereas　at　Dumfries　they　were　paid

in　Scotch　bank　notes；　and　the　uncertainty　of　getting　those　bank

notes　exchanged　for　gold　and　silver　coin　had　thus　degraded　them

four　per　cent　below　the　value　of　that　coin。　The　same　Act　of

Parliament　which　suppressed　ten　and　five　shilling　bank　notes

suppressed　likewise　this　optional　clause；　and　thereby　restored

the　exchange　between　England　and　Scotland　to　its　natural　rate；　or

to　what　the　course　of　trade　and　remittances　might　happen　to　make

it。

　　　　　In　the　paper　currencies　of　Yorkshire；　the　payment　of　so

small　a　sum　as　a　sixpence　sometimes　depended　upon　the　condition

that　the　holder　of　the　note　should　bring　the　change　of　a　guinea

to　the　person　who　issued　it；　a　condition　which　the　holders　of

such　notes　might　frequently　find　it　very　difficult　to　fulfil；　and

which　must　have　degraded　this　currency　below　the　value　of　gold

and　silver　money。　An　Act　of　Parliament　accordingly　declared　all

such　clauses　unlawful；　and　suppressed；　in　the　same　manner　as　in

Scotland；　all　promissory　notes；　payable　to　the　bearer；　under

twenty　shillings　value。

　　　　　The　paper　currencies　of　North　America　consisted；　not　in　bank

notes　payable　to　the　bearer　on　demand；　but　in　government　paper；

of　which　the　payment　was　not　exigible　till　several　years　after　it

was　issued；　and　though　the　colony　governments　paid　no　interest　to

the　holders　of　this　paper；　they　declared　it　to　be；　and　in　fact

rendered　it；　a　legal　tender　of　payment　for　the　full　value　for

which　it　was　issued。　But　allowing　the　colony　security　to　be

perfectly　good；　a　hundred　pounds　payable　fifteen　years　hence；　for

example；　in　a　country　where　interest　at　six　per　cent；　is　worth

little　more　than　forty　pounds　ready　money。　To　oblige　a　creditor；

therefore；　to　accept　of　this　as　full　payment　for　a　debt　of　a

hundred　pounds　actually　paid　down　in　ready　money　was　an　act　of

such　violent　injustice　as　has　scarce；　perhaps；　been　attempted　by

the　government　of　any　other　country　which　pretended　to　be　free。

It　bears　the　evident　marks　of　having　originally　been；　what　the

honest　and　downright　Doctor　Douglas　assures　us　it　was；　a　scheme

of　fraudulent　debtors　to　cheat　their　creditors。　The　government　of

Pennsylvania；　indeed；　pretended；　upon　their　first　emission　of

paper　money；　in　1722；　to　render　their　paper　of　equal　value　with

gold　and　silver　by　enacting　penalties　against　all　those　who　made

any　difference　in　the　price　of　their　goods　when　they　sold　them

for　a　colony　paper；　and　when　they　sold　them　for　gold　and　silver；

a　regulation　equally　tyrannical；　but　much　less　effectual　than

that　which　it　was　meant　to　support。　A　positive　law　may　render　a

shilling　a　legal　tender　for　guinea；　because　it　may　direct　the

courts　of　justice　to　discharge　the　debtor　who　has　made　that

tender。　But　no　positive　law　can　oblige　a　person　who　sells　goods；

and　who　is　at　liberty　to　sell　or　not　to　sell　as　he　pleases；　to

accept　of　a　shilling　as　equivalent　to　a　guinea　in　the　price　of

them。　Notwithstanding　any　regulation　of　this　kind；　it　appeared　by

the　course　of　exchange　with　Great　Britain；　that　a　hundred　pounds

sterling　was　occasionally　considered　as　equivalent；　in　some　of

the　colonies；　to　a　hundred　and　thirty　pounds；　and　in　others　to　so

great　a　sum　as　eleven　hundred　pounds　currency；　this　difference　in

the　value　arising　from　the　difference　in　the　quantity　of　paper

emitted　in　the　different　colonies；　and　in　the　distance　and

probability　of　the　term　of　its　final　discharge　and　redemption。

　　　　　No　law；　therefore；　could　be　more　equitable　than　the　Act　of

Parliament；　so　unjustly　complained　of　in　the　colonies；　which

declared　that　no　paper　currency　to　be　emitted　there　in　time

coming　should　be　a　legal　tender　of　payment。

　　　　　Pennsylvania　was　always　more　moderate　in　its　emissions　of

paper　money　than　any　other　of　our　colonies。　Its　paper　currency；

accordingly；　is　said　never　to　have　sunk　below　the　value　of　the

gold　and　silver　which　was　current　in　the　colony　before　the　first

emission　of　its　paper　money。　Before　that　emission；　the　colony　had

raised　the　denomination　of　its　coin；　and　had；　by　act　of　assembly；

ordered　five　shillings　sterling　to　pass　in　the　colony　for　six　and

threepence；　and　afterwards　for　six　and　eightpence。　A　pound　colony

currency；　therefore；　even　when　that　currency　was　gold　and　silver；

was　more　than　thirty　per　cent　below　the　value　of　a　pound

sterling；　and　when　that　currency　was　turned　into　paper　it　was

seldom　much　more　than　thirty　per　cent　below　that　value。　The

pretence　for　raising　the　denomin