wealbk02-第13章

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

pretence　for　raising　the　denomination　of　the　coin；　was　to　prevent

the　exportation　of　gold　and　silver；　by　making　equal　quantities　of

those　metals　pass　for　greater　sums　in　the　colony　than　they　did　in

the　mother　country。　It　was　found；　however；　that　the　price　of　all

goods　from　the　mother　country　rose　exactly　in　proportion　as　they

raised　the　denomination　of　their　coin；　so　that　their　gold　and

silver　were　exported　as　fast　as　ever。

　　　　　The　paper　of　each　colony　being　received　in　the　payment　of

the　provincial　taxes；　for　the　full　value　for　which　it　had　been

issued；　it　necessarily　derived　from　this　use　some　additional

value　over　and　above　what　it　would　have　had　from　the　real　or

supposed　distance　of　the　term　of　its　final　discharge　and

redemption。　This　additional　value　was　greater　or　less；　according

as　the　quantity　of　paper　issued　was　more　or　less　above　what　could

be　employed　in　the　payment　of　the　taxes　of　the　particular　colony

which　issued　it。　It　was　in　all　the　colonies　very　much　above　what

could　be　employed　in　this　manner。

　　　　　A　prince　who　should　enact　that　a　certain　proportion　of　his

taxes　should　be　paid　in　a　paper　money　of　a　certain　kind　might

thereby　give　a　certain　value　to　this　paper　money；　even　though　the

term　of　its　final　discharge　and　redemption　should　depend

altogether　upon　the　will　of　the　prince。　If　the　bank　which　issued

this　paper　was　careful　to　keep　the　quantity　of　it　always　somewhat

below　what　could　easily　be　employed　in　this　manner；　the　demand

for　it　might　be　such　as　to　make　it　even　bear　a　premium；　or　sell

for　somewhat　more　in　the　market　than　the　quantity　of　gold　or

silver　currency　for　which　it　was　issued。　Some　people　account　in

this　manner　for　what　is　called　the　Agio　of　the　bank　of　Amsterdam；

or　for　the　superiority　of　bank　money　over　current　money；　though

this　bank　money；　as　they　pretend；　cannot　be　taken　out　of　the　bank

at　the　will　of　the　owner。　The　greater　part　of　foreign　bills　of

exchange　must　be　paid　in　bank　money；　that　is；　by　a　transfer　in

the　books　of　the　bank；　and　the　directors　of　the　bank；　they

allege；　are　careful　to　keep　the　whole　quantity　of　bank　money

always　below　what　this　use　occasions　a　demand　for。　It　is　upon

this　account；　they　say；　that　bank　money　sells　for　a　premium；　or

bears　an　agio　of　four　or　five　per　cent　above　the　same　nominal　sum

of　the　gold　and　silver　currency　of　the　country。　This　account　of

the　bank　of　Amsterdam；　however；　it　will　appear　hereafter；　is　in　a

great　measure　chimerical。

　　　　　A　paper　currency　which　falls　below　the　value　of　gold　and

silver　coin　does　not　thereby　sink　the　value　of　those　metals；　or

occasion　equal　quantities　of　them　to　exchange　for　a　smaller

quantity　of　goods　of　any　other　kind。　The　proportion　between　the

value　of　gold　and　silver　and　that　of　goods　of　any　other　kind

depends　in　all　cases　not　upon　the　nature　or　quantity　of　any

particular　paper　money；　which　may　be　current　in　any　particular

country；　but　upon　the　richness　or　poverty　of　the　mines；　which

happen　at　any　particular　time　to　supply　the　great　market　of　the

commercial　world　with　those　metals。　It　depends　upon　the

proportion　between　the　quantity　of　labour　which　is　necessary　in

order　to　bring　a　certain　quantity　of　gold　and　silver　to　market；

and　that　which　is　necessary　in　order　to　bring　thither　a　certain

quantity　of　any　other　sort　of　goods。

　　　　　If　bankers　are　restrained　from　issuing　any　circulating　bank

notes；　or　notes　payable　to　the　bearer；　for　less　than　a　certain

sum；　and　if　they　are　subjected　to　the　obligation　of　an　immediate

and　unconditional　payment　of　such　bank　notes　as　soon　as

presented；　their　trade　may；　with　safety　to　the　public；　be

rendered　in　all　other　respects　perfectly　free。　The　late

multiplication　of　banking　companies　in　both　parts　of　the　United

Kingdom；　an　event　by　which　many　people　have　been　much　alarmed；

instead　of　diminishing；　increases　the　security　of　the　public。　It

obliges　all　of　them　to　be　more　circumspect　in　their　conduct；　and；

by　not　extending　their　currency　beyond　its　due　proportion　to

their　cash；　to　guard　themselves　against　those　malicious　runs

which　the　rivalship　of　so　many　competitors　is　always　ready　to

bring　upon　them。　It　restrains　the　circulation　of　each　particular

company　within　a　narrower　circle；　and　reduces　their　circulating

notes　to　a　smaller　number。　By　dividing　the　whole　circulation　into

a　greater　number　of　parts；　the　failure　of　any　one　company；　an

accident　which；　in　the　course　of　things；　must　sometimes　happen；

becomes　of　less　consequence　to　the　public。　This　free　competition；

too；　obliges　all　bankers　to　be　more　liberal　in　their　dealings

with　their　customers；　lest　their　rivals　should　carry　them　away。

In　general；　if　any　branch　of　trade；　or　any　division　of　labour；　be

advantageous　to　the　public；　the　freer　and　more　general　the

competition；　it　will　always　be　the　more　so。　　



　　　　　　　　　　　　　　　　　　　　　　　　　　　　　CHAPTER　III



Of　the　Accumulation　of　Capital；　or　of　Productive　and　Unproductive

Labour　



　　　　　THERE　is　one　sort　of　labour　which　adds　to　the　value　of　the

subject　upon　which　it　is　bestowed：　there　is　another　which　has　no

such　effect。　The　former；　as　it　produces　a　value；　may　be　called

productive；　the　latter；　unproductive　labour。　Thus　the　labour　of　a

manufacturer　adds；　generally；　to　the　value　of　the　materials　which

he　works　upon；　that　of　his　own　maintenance；　and　of　his　master's

profit。　The　labour　of　a　menial　servant；　on　the　contrary；　adds　to

the　value　of　nothing。　Though　the　manufacturer　has　his　wages

advanced　to　him　by　his　master；　he；　in　reality；　costs　him　no

expense；　the　value　of　those　wages　being　generally　restored；

together　with　a　profit；　in　the　improved　value　of　the　subject　upon

which　his　labour　is　bestowed。　But　the　maintenance　of　a　menial

servant　never　is　restored。　A　man　grows　rich　by　employing　a

multitude　of　manufacturers：　he　grows　poor　by　maintaining　a

multitude　of　menial　servants。　The　labour　of　the　latter；　however；

has　its　value；　and　deserves　its　reward　as　well　as　that　of　the

former。　But　the　labour　of　the　manufacturer　fixes　and　realizes

itself　in　some　particular　subject　or　vendible　commodity；　which

lasts　for　some　time　at　least　after　that　labour　is　past。　It　is；　as

it　were；　a　certain　quantity　of　labour　stocked　and　stored　up　to　be

employed；　if　necessary；　upon　some　other　occasion。　That　subject；

or　what　is　the　same　thing；　the　price　of　that　subject；　can

afterwards；　if　necessary；　put　into　motion　a　quantity　of　labour

equal　to　that　which　had　originally　produced　it。　The　labour　of　the

menial　servant；　on　the　contrary；　does　not　fix　or　realize　itself

in　any　particular　subject　or　vendible　commodity。　His　services

generally　perish　in　the　very　instant　of　their　performance；　and

seldom　leave　any　trace　or　value　behind　them　for　which　an　equal

quantity　of　service　could　afterwards　be　procured。

　　　　　The　labour　of　some　of　the　most　respectable　orders　in　the

society　is；　like　that　of　menial　servants；　unproductive　of　any

value；　and　does　not　fix　or　realize　itself　in　any　permanent

subject；　or　vendible　commodity；　which　endures　after　that　labour

is　past；　and　for　which　an　equal　quantity　of　labour　could

afterwards　be　procured。　The　sovereign；　for　example；　with　all　the

officers　both　of　justice　and　war　who　serve　under　him；　the　whole

army　and　navy；　are　unproductive　labourers。　They　are　the　servants

of　the　public；　and　are　maintained　by　a　part　of　the　annual　produce

of　the　industry　of　other　people。　Their　service；　how　honourable；

how　useful；　or　how　necessary　soever；　produces　nothing　for　which

an　equal　quantity　of　service　can　afterwards　be　procured。　The

protection；　security；　and　defence　of　the　commonwealth；　the　effect

of　their　labour　this　year　will　not　purchase　its　protection；

security；　and　defence　for　the　year　to　come。　In　the　same　class

must　be　ranked；　some　both　of　the　gravest　and　most　important；　and

some　of　the　most　frivolous　professions：　churchmen；　lawyers；

physicians；　men　of　letters　of　all　kinds；　players；　buffoons；

musicians；　opera…singers；　opera…dancers；　etc。　The　labour　of　the

meanest　of　these　has　a　certain　value；　regulated　by　the　very　same

principles　which　regulate　that　of　every　other　sort　of　labour；　and

that　of　the　n　oblest　and　most　useful；　50　produces　nothing　which

could　afterwards　purchase　or　procure　an　equal　quantity　of　labour。

Like　the　declamation　of　the　actor；　the　harangue　of　the　orator；　or

the　tune　of　the　musician；　the　work　of　all　of　them　perishes　in　the

very　instant　of　its　production。

　　　　　Both　productive　and　unproductive　labourers；　and　those　who　do

not　labour　at　all；　are　all　equally　maintained　by　the　annual

produce　of　the　land　and　labour　of　the　country。　This　produce；　how

great　soever；　can　never　be　infinite；　but　must　have　certain

limits。　According；　therefore；　as　a　smaller　or　greater　proportion

of　it　is　in　any　one　year　employed　in　maintaining　unproductive

hands；　the　more　in　the　one　case　and　the　less　in　the　other　will

remain　for　the　productive；　and　the　next　year's　produce　will　be

greater　or　smaller　accordingly；　the　whole　annual　produce；　if　we

except　the　spontaneous　productions　of　the　earth；　being　the　effect

of　productive　labour。

　　　　　Though　the　whole　annual　produce　of　the　land　and　labour　of

every　country　is；　no　doubt；　ultimately　destined　for　supplying　the

consumption　of　its　inhabitants；　and　for　procuring　a　revenue　to

them；　yet　when　it　first　comes　either　from　the　ground；　or　from　the

hands　of　the　productive　labourers；　it　naturally　divides　itself

into　two　parts。　One　of　them；　and　frequently　the　largest；　is；　in

the　first　place；　destined　for　replacing　a　capital；　or　for

renewing　the　provisions；　materials；　and　finished　work；　which　had

been　withdrawn　from　a　capital；　the　other　for　constituting　a

revenue　either　to　the　owner　of　this　capital；　as　the　profit　of　his

stock；　or　to　some　other　person；　as　the　rent　of　his　land。　Thus；　of

the　produce　of　land；　one　part　replaces　the　capital　of　the　farmer；

the　other　pays　his　profit　and　the　rent　of　the　landlord；　and　thus

constitutes　a　revenue　both　to　the　owner　of　this　capital；　as　the

profits　of　his　stock；　and　to　some　other　person；　as　the　rent　of

his　land。　Of　the　produce　of　a　great　manufactory；　in　the　same

manner；　one　part；　and　that　always　the　largest；　replaces　the

capital　of　the　undertaker　of　the　work；　the　other　pays　his　profit；

and　thus　constitutes　a　revenue　to　the　owner　of　this　capital。

　　　　　That　part　of　the　annual　produce　of　the　land　and　labour　of

any　country　which　replaces　a　capital　never　is　immediately

employed　to　maintain　any　but　productive　hands。　It　pays　the　wages

of　productive　labour　only。　That　which　is　immediately　destined　for

constituting　a　revenue；　either　as　profit　or　as　rent；　may　maintain

indifferently　either　productive　or　unproductive　hands。

　　　　　Whatever　part　of　his　stock　a　man　employs　as　a　capital；　he

always　expects　is　to　be　replaced　to　him　with　a　profit。　He　employs

it；　therefore；　in　maintaining　productive　bands　only；　and　after

having　served　in　the　function　of　a　capital　to　him；　it　constitutes

a　revenue　to　them。　Whenever　he　employs　any　part　of　it　in

maintaining　unproductive　hands　of　any　kind；　that　part　is；　fr