wealbk02-第9章

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　　　　　The　trader　A　in　Edinburgh；　we　shall　suppose；　draws　a　bill

upon　B　in　London；　payable　two　months　after　date。　In　reality　B　in

London　owes　nothing　to　A　in　Edinburgh；　but　he　agrees　to　accept　of

A's　bill；　upon　condition　that　before　the　term　of　payment　he　shall

redraw　upon　A　in　Edinburgh　for　the　same　sum；　together　with　the

interest　and　a　commission；　another　bill；　payable　likewise　two

months　after　date。　B　accordingly；　before　the　expiration　of　the

first　two　months；　redraws　this　bill　upon　A　in　Edinburgh；　who

again；　before　the　expiration　of　the　second　two　months；　draws　a

second　bill　upon　B　in　London；　payable　likewise　two　months　after

date；　and　before　the　expiration　of　the　third　two　months；　B　in

London　redraws　upon　A　in　Edinburgh　another　bill；　payable　also　two

months　after　date。　This　practice　has　sometimes　gone　on；　not　only

for　several　months；　but　for　several　years　together；　the　bill

always　returning　upon　A　in　Edinburgh；　with　the　accumulated

interest　and　commission　of　all　the　former　bills。　The　interest　was

five　per　cent　in　the　year；　and　the　commission　was　never　less　than

one　half　per　cent　on　each　draft。　This　commission　being　repeated

more　than　six　times　in　the　year；　whatever　money　A　might　raise　by

this　expedient　must　necessarily　have；　cost　him　something　more

than　eight　per　cent　in　the　year；　and　sometimes　a　great　deal　more；

when　either　the　price　of　the　commission　happened　to　rise；　or　when

he　was　obliged　to　pay　compound　interest　upon　the　interest　and

commission　of　former　bills。　This　practice　was　called　raising

money　by　circulation。

　　　　　In　a　country　where　the　ordinary　profits　of　stock　in　the

greater　part　of　mercantile　projects　are　supposed　to　run　between

six　and　ten　per　cent；　it　must　have　been　a　very　fortunate

speculation　of　which　the　returns　could　not　only　repay　the

enormous　expense　at　which　the　money　was　thus　borrowed　for

carrying　it　on；　but　afford；　besides；　a　good　surplus　profit　to　the

projector。　Many　vast　and　extensive　projects；　however；　were

undertaken；　and　for　several　years　carried　on　without　any　other

fund　to　support　them　besides　what　was　raised　at　this　enormous

expense。　The　projectors；　no　doubt；　had　in　their　golden　dreams　the

most　distinct　vision　of　this　great　profit。　Upon　their　awaking；

however；　either　at　the　end　of　their　projects；　or　when　they　were

no　longer　able　to　carry　them　on；　they　very　seldom；　I　believe；　had

the　good　fortune　to　find　it。

　　　　　The　bills　A　in　Edinburgh　drew　upon　B　in　London；　he　regularly

discounted　two　months　before　they　were　due　with　some　bank　or

banker　in　Edinburgh；　and　the　bills　which　B　in　London　redrew　upon

A　in　Edinburgh；　he　as　regularly　discounted　either　with　the　Bank

of　England；　or　with　some　other　bankers　in　London。　Whatever　was

advanced　upon　such　circulating　bills；　was；　in　Edinburgh；　advanced

in　the　paper　of　the　Scotch　banks；　and　in　London；　when　they　were

discounted　at　the　Bank　of　England；　in　the　paper　of　that　bank。

Though　the　bills　upon　which　this　paper　had　been　advanced　were　all

of　them　repaid　in　their　turn　as　soon　as　they　became　due；　yet　the

value　which　had　been　really　advanced　upon　the　first　bill；　was

never　really　returned　to　the　banks　which　advanced　it；　because；

before　each　bill　became　due；　another　bill　was　always　drawn　to

somewhat　a　greater　amount　than　the　bill　which　was　soon　to　be

paid；　and　the　discounting　of　this　other　bill　was　essentially

necessary　towards　the　payment　of　that　which　was　soon　to　be　due。

This　payment；　therefore；　was　altogether　fictitious。　The　stream；

which；　by　means　of　those　circulating　bills　of　exchange；　had　once

been　made　to　run　out　from　the　coffers　of　the　banks；　was　never

replaced　by　any　stream　which　really　run　into　them。

　　　　　The　paper　which　was　issued　upon　those　circulating　bills　of

exchange；　amounted；　upon　many　occasions；　to　the　whole　fund

destined　for　carrying　on　some　vast　and　extensive　project　of

agriculture；　commerce；　or　manufactures；　and　not　merely　to　that

part　of　it　which；　had　there　been　no　paper　money；　the　projector

would　have　been　obliged　to　keep　by　him；　unemployed　and　in　ready

money　for　answering　occasional　demands。　The　greater　part　of　this

paper　was；　consequently；　over　and　above　the　value　of　the　gold　and

silver　which　would　have　circulated　in　the　country；　had　there　been

no　paper　money。　It　was　over　and　above；　therefore；　what　the

circulation　of　the　country　could　easily　absorb　and　employ；　and

upon　that　account；　immediately　returned　upon　the　banks　in　order

to　be　exchanged　for　gold　and　silver；　which　they　were　to　find　as

they　could。　It　was　a　capital　which　those　projectors　had　very

artfully　contrived　to　draw　from　those　banks；　not　only　without

their　knowledge　or　deliberate　consent；　but　for　some　time；

perhaps；　without　their　having　the　most　distant　suspicion　that

they　had　really　advanced　it。

　　　　　When　two　people；　who　are　continually　drawing　and　redrawing

upon　one　another；　discount　their　bills　always　with　the　same

banker；　he　must　immediately　discover　what　they　are　about；　and　see

clearly　that　they　are　trading；　not　with　any　capital　of　their　own；

but　with　the　capital　which　he　advances　to　them。　But　this

discovery　is　not　altogether　so　easy　when　they　discount　their

bills　sometimes　with　one　banker；　and　sometimes　with　another；　and

when　the　same　two　persons　do　not　constantly　draw　and　redraw　upon

one　another；　but　occasionally　run　the　round　of　a　great　circle　of

projectors；　who　find　it　for　their　interest　to　assist　one　another

in　this　method　of　raising　money；　and　to　render　it；　upon　that

account；　as　difficult　as　possible　to　distinguish　between　a　real

and　fictitious　bill　of　exchange；　between　a　bill　drawn　by　a　real

creditor　upon　a　real　debtor；　and　a　bill　for　which　there　was

properly　no　real　creditor　but　the　bank　which　discounted　it；　nor

any　real　debtor　but　the　projector　who　made　use　of　the　money。　When

a　banker　had　even　made　this　discovery；　he　might　sometimes　make　it

too　late；　and　might　find　that　he　had　already　discounted　the　bills

of　those　projectors　to　so　great　an　extent　that；　by　refusing　to

discount　any　more；　he　would　necessarily　make　them　all　bankrupts；

and　thus；　by　ruining　them；　might　perhaps　ruin　himself。　For　his

own　interest　and　safety；　therefore；　he　might　find　it　necessary；

in　this　very　perilous　situation；　to　go　on　for　some　time；

endeavouring；　however；　to　withdraw　gradually；　and　upon　that

account　making　every　day　greater　and　greater　difficulties　about

discounting；　in　order　to　force　those　projectors　by　degrees　to

have　recourse；　either　to　other　bankers；　or　to　other　methods　of

raising　money；　so　that　he　himself　might；　as　soon　as　possible；　get

out　of　the　circle。　The　difficulties；　accordingly；　which　the　Bank

of　England；　which　the　principal　bankers　in　London；　and　which　even

the　more　prudent　Scotch　banks　began；　after　a　certain　time；　and

when　all　of　them　had　already　gone　too　far；　to　make　about

discounting；　not　only　alarmed；　but　enraged　in　the　highest　degree

those　projectors。　Their　own　distress；　of　which　this　prudent　and

necessary　reserve　of　the　banks　was；　no　doubt；　the　immediate

occasion；　they　called　the　distress　of　the　country；　and　this

distress　of　the　country；　they　said；　was　altogether　owing　to　the

ignorance；　pusillanimity；　and　bad　conduct　of　the　banks；　which　did

not　give　a　sufficiently　liberal　aid　to　the　spirited　undertakings

of　those　who　exerted　themselves　in　order　to　beautify；　improve；

and　enrich　the　country。　It　was　the　duty　of　the　banks；　they　seemed

to　think；　to　lend　for　as　long　a　time；　and　to　as　great　an　extent

as　they　might　wish　to　borrow。　The　banks；　however；　by　refusing　in

this　manner　to　give　more　credit　to　those　to　whom　they　had　already

given　a　great　deal　too　much；　took　the　only　method　by　which　it　was

now　possible　to　save　either　their　own　credit　or　the　public　credit

of　the　country。

　　　　　In　the　midst　of　this　clamour　and　distress；　a　new　bank　was

established　in　Scotland　for　the　express　purpose　of　relieving　the

distress　of　the　country。　The　design　was　generous；　but　the

execution　was　imprudent；　and　the　nature　and　causes　of　the

distress　which　it　meant　to　relieve　were　not；　perhaps；　well

understood。　This　bank　was　more　liberal　than　any　other　had　ever

been；　both　in　granting　cash　accounts；　and　in　discounting　bills　of

exchange。　With　regard　to　the　latter；　it　seems　to　have　made　scarce

any　distinction　between　real　and　circulating　bills；　but　to　have

discounted　all　equally。　It　was　the　avowed　principle　of　this　bank

to　advance；　upon　any　reasonable　security；　the　whole　capital　which

was　to　be　employed　in　those　improvements　of　which　the　returns　are

the　most　slow　and　distant；　such　as　the　improvements　of　land。　To

promote　such　improvements　was　even　said　to　be　the　chief　of　the

public…spirited　purposes　for　which　it　was　instituted。　By　its

liberality　in　granting　cash　accounts；　and　in　discounting　bills　of

exchange；　it；　no　doubt；　issued　great　quantities　of　its　bank

notes。　But　those　bank　notes　being；　the　greater　part　of　them；　over

and　above　what　the　circulation　of　the　country　could　easily　absorb

and　employ；　returned　upon　it；　in　order　to　be　exchanged　for　gold

and　silver　as　fast　as　they　were　issued。　Its　coffers　were　never

well　filled。　The　capital　which　had　been　subscribed　to　this　bank

at　two　different　subscriptions；　amounted　to　one　hundred　and　sixty

thousand　pounds；　of　which　eighty　per　cent　only　was　paid　up。　This

sum　ought　to　have　been　paid　in　at　several　different　instalments。

A　great　part　of　the　proprietors；　when　they　paid　in　their　first

instalment；　opened　a　cash　account　with　the　bank；　and　the

directors；　thinking　themselves　obliged　to　treat　their　own

proprietors　with　the　same　liberality　with　which　they　treated　all

other　men；　allowed　many　of　them　to　borrow　upon　this　cash　account

what　they　paid　in　upon　all　their　subsequent　instalments。　Such

payments；　therefore；　only　put　into　one　coffer　what　had　the　moment

before　been　taken　out　of　another。　But　had　the　coffers　of　this

bank　been　filled　ever　so　well；　its　excessive　circulation　must

have　emptied　them　faster　than　they　could　have　been　replenished　by

any　other　expedient　but　the　ruinous　one　of　drawing　upon　London；

and　when　the　bill　became　due；　paying　it；　together　with　interest

and　commission；　by　another　draft　upon　the　same　place。　Its　coffers

having　been　filled　so　very　ill；　it　is　said　to　have　been　driven　to

this　resource　within　a　very　few　months　after　it　began　to　do

business。　The　estates　of　the　proprietors　of　this　bank　were　worth

several　millions；　and　by　their　subscription　to　the　original　bond

or　contract　of　the　bank；　were　really　pledged　for　answering　all

its　engagements。　By　means　of　the　great　credit　which　so　great　a

pledge　necessarily　gave　it；　it　was；　notwithstanding　its　too

liberal　conduct；　enabled　to　carry　on　business　for　more　than　two

years。　When　it　was　obliged　to　stop；　it　had　in　the　circulation

about　two　hundred　thousand　pounds　in　bank　notes。　In　order　to

support　the　circulation　of　those　notes　which　were　continually

returning　upon　it　as　fast　they　were　issued；　it　had　been

constantly　in　the　practice　of　drawing　bills　of　exchange　upon

London；　of　which　the　number　and　value　were　continually

increasing；　and；　when　it　stopped；　amounted　to　upwards　of　six

h