the high price of bullion-第13章
按键盘上方向键 ← 或 → 可快速上下翻页，按键盘上的 Enter 键可回到本书目录页，按键盘上方向键 ↑ 可回到本页顶部！
————未阅读完？加入书签已便下次继续阅读！
not instantaneous； but require some interval of time to produce
their full effect； … that a rise or fal1 in the price of silver；
as compared with gold； alters the relative value of the
currencies of England and Hamburgh； and therefore makes the
currency of one or other relatively redundant and cheap；…that the
same effect is produced； as I have already stated； by an abundant
or deficient harvest； either in this country or in those
countries with which we trade； or by any other addition or
diminution to their real wealth； which by altering the relative
proportion between commodities and money alters the value of the
circulating medium。 With these corrections； I have no fear but
that it will be found that Mr Pearse's objections may be refuted
without having recourse to the abandonment of a principle； which；
if yielded； will establish the mercantile theory of exchange； and
may be made to account for a drain of circulating medium； so
great； that it can only be counteracted by locking up our money
in the bank； and absolving the directors from the obligation of
paying their notes in specie。
Mr Pearse's statement； as presented to the Bullion Committee：
Total of Bank Notes； Millions； Rate of Hambro'
Exchange
17th February； 1797； 8 1/2； 35s 6g
Rose Gradually in 1797 and 1798 to； 13； 38s 0g
March 1799； 13 1/2； 37s 7g
After this period； great commercial distress； large importation
of corn； heavy subsidies； and the Hambro' Exchange continued
falling； and on the 2d January； 1801 wasas low as； ； 29s 8g
Between the end of the year 1799 to the end of 1802； an increased
quantity of 1 l。 and 2 l。 notes were issued； swelling the sum
total to all notes to； 13 1/2 to 16 1/2； Fluctuation from 33s 3g
to 29s 8g
From January； 1803； to the end of 1807； 16 1/2 to 18； Fluctuation
from 32s 10g to 35s 10g
From January； 1808； to Christmas 1809； 17 1/2 to 18； Fall from
34s 9g to 28s 6g
The rate of the Hambro' Exchange is taken from Lloyd's list。
I have omitted as much of Mr Pearse's paper as regarded the
amount of bank notes in circulation before the restriction on
bank payments； because whilst the public possessed the power of
obtaining specie for their notes； the exchange could not put be
momentarily lowered by the amount of the bank issues。
The average amount of bank notes from the year 1797 to 1809
inclusive； in the following table； is copied from the Report of
the Bullion Committee。 The rates of exchange are extracted from a
list presented by the mint to parliament。 There have been three
returns made to parliament by the Bank； of the amount of their
notes in circulation in the year 1810； the first for the 7th and
12th of each month； the second a weekly return from the 19th
January； 1810； to 28th December； and the third also a weekly
account from the 3d March to 29th December； 1810。 The average
amount of notes above 5 l。 including bank post bills； according
to the first account is
*15；706；226 of notes under 5 l。 *6；560；674
Second。。。 16；192；110 6；758；895
Third。。。 16；358；230 6；614；721
3） 48；256；566 19；934；290
General average 16；085；522 6；644；763
In the years marked thus * the value of silver as compared
with gold exceeded the mint valuation；…this was the case
particularly in the year 1801； when less than 14 oz。 of silver
could purchase an ounce of gold； … the mint valuation is as 1 to
15。07； the present market value is as 1 to 16 nearly。
Average amount of Bank of England Notes in circulation in each of
the following years：
Notes of 5 l。 and upwards； including Bank Post Bills； Notes under
5 l。； Total； Highest rate of Exchange with Hamburgh； Lowest rate
of Exchange with Hamburgh
1798； *11；527；250； *1；807；502； *13；334；752； 38。2 Jan。； 37。4 Dec。
1799； 12；408；522； 1；653；805； 14；062；327； 37。7 Jan。； 31。6 Oct。
1800； 13；598；666； 2；243；266； 15；841；932； 32。5 May； 31。0 Feb。
1801； 13；454；367； 2；715；182； 16；169；594； 31。8 Oct。； 29。8 Jan。
1802； 13；917；977； 3；136；477； 17；054；454； 34。0 Dec。； 32。0 Feb。
1803； 12；983；477； 3；864；045； 16；847；511； 35。0 Dec。； 34。0 Jan。
1804； 12；621；348； 4；723；672； 17；345；020； 36。0 Dec。； 34。8 Feb。
1805； 12；697；352； 4；544；580； 17；241；932； 35。8 March； 32。8 Feb。
1806； 12；844；170； 4；291；230； 17；135；400； 34。8 Dec。； 33。3 Jan。
1807； 13；221；988； 4；183；013； 17；405；001； 34。1 March； 34。2
Sept。
1808； 13；402；160； 4；132；420； 17；534；580； 35。3 July； 32。4 Dec。
1809； 14；133；615； 4；868；275； 19；001；890； 31。3 Jan。； 28。6 Nov。
1810； 16；085；522； 6；644；763； 22；730；285； 31。2 June； 28。6 Dec。
1811； ； 26。6 Jan。； 24。0 March
The Bank have made a return of the amount of their notes for
eighteen days in this present year 1811。 The average amount of
notes of 5 l。 and upwards in circulation for those eighteen days；
including bank post bills； is *16；286；950
And of those under 5 l。 *7；260；575
Total *23；547；525
〃If；〃 say the Reviewers； 〃considerable portions of the
currency were taken from the idle； and those who live upon fixed
incomes； and transferred to farmers； manufacturers； and
merchants； … the proportion between capital and revenue would be
greatly altered to the advantage of capital； and in a short time
the produce of the country would be greatly augmented。〃 It is no
doubt true 〃 that it is not the quantity〃 of circulating medium
which adds to the national wealth； 〃but the different
distribution of it。〃 If； therefore； we could be fully assured
that the effects of the abundance； and the consequent
depreciation of the currency； would diminish the powers of
consumption in the idle and unproductive class； whilst it
increased the number of the industrious and productive class； the
effect would undoubtedly be to augment the national wealth； as it
would realize into capital that which was before expended as
revenue。 But the question is； will it so operate？ Will not a
thousand pounds saved by the stockholder from his income and lent
to the farmer； be equally productive as if it had been saved by
the farmer himself？ The Reviewers observe； 〃On every fresh issue
of notes； not only is the quantity of the circulating medium
increased； but the distribution of the whole mass is altered。 A
large proportion falls into the hands of those who consume and
produce； and a smaller proportion into the hands of those who
only consume。〃 But is this necessarily so？ They appear to take it
for granted； that those who live on fixed incomes must consume
the whole of their income； and that no part of it can be saved
and annually added to capital。 But this is very far from being
the true state of the case； and I would ask； Do not the
stockholders give as great a stimulus to the growth of the
national wealth by saving half their incomes and investing it in
the stocks； thereby liberating a capital which will ultimately be
employed by those who consume and produce； as would be done if
their incomes were depreciated 50 per cent by the issues of
bank…notes； and the power of saving were in consequence entirely
taken from them； although the Bank should lend to an industrious
man an amount of notes equal in value to the diminished income of
the stockholder？ The difference； and the only difference appears
to me to be this； that in the one case the interest on the money
lent would be paid to the real owner of the property； in the
other it would ultimately be paid in the shape ofincreased
dividends or bonuses to the bank proprietors； who had been
enabled unjustly to possess themselves of it。 If the creditor of
the Bank employed his loan in less profitable speculations than
the employer of the savings of the stockholders would have done；
there would result a real loss to the country； so that a
depreciation of currency may； as far as it is considered as a
stimulus to production； be beneficial or otherwise。
I see no reason why it should diminish the idle； and add to
the productive class of society。 At any rate the evil is certain。
It must be accompanied with a degree of injustice to individuals
which requires only to be understood to excite the censure and
indignation of all those who are not wholly insensible to every
honourable feeling。
With the sentiments of the remainder of the article I most
cordially agree； and trust the efforts of the Reviewers will
powerfully contribute to overturn the mass of error and prejudice
which pervades the public mind on this most important subject。
It is often objected to the recommendation of the Bullion
Committee； namely that the Bank should be required to pay their
notes in specie in twO years； that； if adopted； the Bank would be
exposed to considerable difficulty in providing themselves with
the requisite amount of bullion for such purpose； and it cannot
be denied； that before the Restriction Bill can be repealed； the
Bank would be in prudence bound to make ample provision for every
demand which might by possibility be made on them。 It is observed
by the Bullion Committee； that the average amount of Bank notes
in circulation； including Bank Post Bills； in the year 1809； was
19 millions。 During the same period the average price of gold was
4 l。 10s。 exceeding its mint price by nearly 17 per cent； and
proving a depreciation of the currency of nearly 15 per cent。 A
diminution therefore of 15 per cent in the amount of the Bank
circulation in 1809； should； on the principles of the Committee；
raise it to par； and reduce the market price of gold to 3 l。 17s。
10 1/2d。； and till such reduction take place； there would be
imminent danger to the Bank as well as to the public； that the
Restriction Bill should cease to operate。 Now； admitting （which
we are far from doing） the truth of your principles； say the
advocates for the Bank； admitting that after such a reduction in
the amount of Bank notes； the value of the reminder would be so
rised； that it would not be the interest of any person to demand
specie at the Bank in exchange for notes； because no profit could
be made by the ex
