the high price of bullion-第2章

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equal　quantities　of　the　precious　metals　are　concerned；　than　that



of　another；　that　excess　of　currency　is　but　a　relative　term；　that



if　the　circulation　of　England　were　ten　millions；　that　of　France



five　millions；　that　of　Holland　four　millions；　etc。　etc。　whilst



they　kept　their　proportions；　though　the　currency　of　each　country



were　doubled　or　trebled；　neither　country　would　be　conscious　of　an



excess　of　currency。　The　prices　of　commodities　would　every　where



rise；　on　account　of　the　increase　of　currency；　but　there　would　be



no　exportation　of　money　from　either。　But　if　these　proportions　be



destroyed　by　England　alone　doubling　her　currency；　while　that　of



France；　Holland；　etc。　etc。　continued　as　before；　we　should　then　be



conscious　of　an　excess　in　our　currency；　and　for　the　same　reason



the　other　countries　would　feel　a　deficiency　in　theirs；　and　part



of　our　excess　would　be　exported　till　the　proportions　of　ten；



five；　four；　etc。　were　again　established。



　　　　If　in　France　an　ounce　of　gold　were　more　valuable　than　in



England；　and　would　therefore　in　France　purchase　more　of　any



commodity　common　to　both　countries；　gold　would　immediately　quit



England　for　such　purpose；　and　we　should　send　gold　in　preference



to　any　thing　else；　because　it　would　be　the　cheapest　exchangeable



commodity　in　the　English　market；　for　if　gold　be　dearer　in　France



than　in　England；　goods　must　be　cheaper；　we　should　not　therefore



send　them　from　the　dear　to　the　cheap　market；　but；　on　the



contrary；　they　would　come　from　the　cheap　to　the　dear　market；　and



would　be　exchanged　for　our　gold。



　　　　The　Bank　might　continue　to　issue　their　notes；　and　the　specie



be　exported　with　advantage　to　the　country；　while　their　notes　were



payable　in　specie　on　demand；　because　they　could　never　issue　more



notes　than　the　value　of　the　coin　which　would　have　circulated　had



there　been　no　bank。（1*）





　　　　If　they　attempted　to　exceed　this　amount；　the　excess　would　be



immediately　returned　to　them　for　specie；　because　our　currency；



being　thereby　diminished　in　value；　could　be　advantageously



exported；　and　could　not　be　retained　in　our　circulation。　These　are



the　means；　as　I　have　already　explained；　by　which　our　currency



endeavours　to　equalize　itself　with　the　currencies　of　other



counties。　As　soon　as　this　equality　was　attained；　all　advantage



arising　from　exportation　would　cease；　but　if　the　Bank　assuming；



that　because　a　given　quantity　of　circulating　medium　had　been



necessary　last　year；　therefore　the　same　quantity　must　be



necessary　this；　or　for　any　other　reason；　continued　to　re…issue



the　returned　notes；　the　stimulus　which　a　redundant　currency　first



gave　to　the　exportation　of　the　coin　would　be　again　renewed　with



similar　effects；　gold　would　be　again　demanded；　the　exchange　would



become　unfavourable；　and　gold　bullion　would　rise；　in　a　small



degree；　above　its　mint　price；　because　it　is　legal　to　export



bullion；　but　illegal　to　export　the　coin；　and　the　difference　would



be　about　equal　to　the　fair　compensation　for　the　risk。



　　　　In　this　manner　if　the　Bank　persisted　in　returning　their　notes



into　circulation；　every　guinea　might　be　drawn　out　of　their



coffers。



　　　　If　to　supply　the　deficiency　of　their　stock　of　gold　they　were



to　purchase　gold　bullion　at　the　advanced　price；　and　have　it



coined　into　guineas；　this　would　not　remedy　the　evil；　guineas



would　be　still　demanded；　but　instead　of　being　exported　would　be



melted　and　sold　to　the　Bank　as　bullion　at　the　advanced　price。



〃The　operations　of　the　Bank；〃　observed　Dr　Smith；　alluding　to　an



analogous　case；　〃were　upon　this　account　somewhat　like　the　web　of



Penelope；　the　work　that　was　done　in　the　day　was　undone　in　the



night。〃　The　same　sentiment　is　expressed　by　Mr　Thornton：　…



〃Finding　the　guineas　in　their　coffers　to　lessen　every　day；　they



must　naturally　be　supposed　to　be　desirous　of　replacing　them　by



all　effectual　and　not　extravagantly　expensive　means。　They　will　be



disposed；　to　a　certain　degree；　to　buy　gold；　though　at　a　losing



price；　and　to　coin　it　into　new　guineas；　but　they　will　have　to　do



this　at　the　very　moment　when　many　are　privately　melting　what　is



coined。　The　one　party　will　be　melting　and　selling　while　the　other



is　buying　and　coining。　And　each　of　these　two　contending



businesses　will　now　be　carried　on；　not　on　account　of　an　actual



exportation　of　each　melted　guinea　to　Hamburgh；　but　the　operation



or　at　least　a　great　part　of　it　will　be　confined　to　London；　the



coiners　and　the　melters　living　on　the　same　spot；　and　giving



constant　employment　to　each　other。



　　　　〃The　Bank；〃　continues　Mr　Thornton；　〃if　we　suppose　it；　as　we



now　do；　to　carry　on　this　sort　of　contest　with　the　melters；　is



obviously　waging　a　very　unequal　war；　and　even　though　it　should



not　be　tired　early；　it　will　be　likely　to　be　tired　sooner　than　its



adversaries。〃



　　　　The　Bank　would　be　obliged　therefore　ultimately　to　adopt　the



only　remedy　in　their　power　to　put　a　stop　to　the　demand　for



guineas。　They　would　withdraw　part　of　their　notes　from



circulation；　till　they　should　have　increased　the　value　of　the



remainder　to　that　of　gold　bullion；　and　consequently　to　the　value



of　the　currencies　of　other　countries。　All　advantage　from　the



exportation　of　gold　bullion　would　then　cease；　and　there　would　be



no　temptation　to　exchange　bank…notes　for　guineas。



　　　　In　this　view　of　the　subject；　then；　it　appears；　that　the



temptation　to　export　money　in　exchange　for　goods；　or　what　is



termed　an　unfavourable　balance　of　trade；　never　arises　but　from　a



redundant　currency。　But　Mr　Thornton；　who　has　considered　this



subject　very　much　at　large；　supposes　that　a　very　unfavourable



balance　of　trade　may　be　occasioned　to　this　country　by　a　bad



harvest；　and　the　consequent　importation　of　corn；　and　that　there



may　be　at　the　same　time　an　unwillingness　in　the　country；　to　which



we　are　indebted；　to　receive　our　goods　in　payment；　the　balance　due



to　the　foreign　country　must　therefore　be　paid　out　of　that　part　of



our　currency；　consisting　of　coin；　and　that　hence　arises　the



demand　for　gold　bullion　and　its　increased　price。　He　considers　the



Bank　as　affording　considerable　accommodation　to　the　merchants；　by



supplying　with　their　notes　the　void　occasioned　by　the　exportation



of　the　specie。



　　　　As　it　is　acknowledged　by　Mr　Thornton；　in　many　parts　of　his



work；　that　the　price　of　gold　bullion　is　rated　in　gold　coin；　and



as　it　is　also　acknowledged　by　him；　that　the　law　against　melting



gold　coin　into　bullion　and　exporting　it　is　easily　evaded；　it



follows；　that　no　demand　for　gold　bullion；　arising　from　this　or



any　other　cause；　can　raise　the　money　price　of　that　commodity。　The



error　of　this　reasoning　proceeds　from　not　distinguishing　between



an　increase　in　the　value　of　gold；　and　an　increase　in　its　money



price。



　　　　If　there　were　a　great　demand　for　corn　its　money　price　would



advance；　because；　in　comparing　corn　with　money；　we　in　fact



compare　it　with　another　commodity；　and　for　the　same　reason；　when



there　is　a　great　demand　for　gold　its　corn　price　will　increase；



but　in　neither　case　will　a　bushel　of　corn　be　worth　more　than　a



bushel　of　corn；　or　an　ounce　of　gold　more　than　an　ounce　of　gold。



An　ounce　of　gold　bullion　could　not；　whatever　the　demand　might　be；



whilst　its　price　was　rated　in　gold　coin；　be　of　more　value　than　an



ounce　of　coined　gold；　or　3　l。　17s。　10　1/2d。



　　　　If　this　argument　should　not　be　considered　as　conclusive；　I



should　urge；　that　a　void　in　the　currency；　as　here　supposed；　can



only　be　occasioned　by　the　annihilation　or　limitation　of　paper



currency；　and　then　it　would　speedily　be　filled　by　importations　of



bullion；　which　its　increased　value；　in　consequence　of　the



diminution　of　circulating　medium；　would　infallibly　attract　to　the



advantageous　market。　However　great　the　scarcity　of　corn　might　be；



the　exportation　of　money　would　be　limited　by　its　increasing



scarcity。　Money　is　in　such　general　demand；　and　in　the　present



state　of　civilization　is　so　essential　to　commercial　transactions；



that　it　can　never　be　exported　to　excess；　even　in　a　war　such　as



the　present；　when　our　enemy　endeavours　to　interdict　all　commerce



with　us；　the　value　which　the　currency　would　bear；　from　its



increasing　scarcity；　would　prevent　the　exportation　of　it　from



being　carried　so　far　as　to　occasion　a　void　in　the　circulation。



　　　　Mr　Thornton　has　not　explained　to　us；　why　any　unwillingness



should　exist　in　the　foreign　country　to　receive　our　goods　in



exchange　for　their　corn；　and　it　would　be　necessary　for　him　to



show；　that　if　such　an　unwillingness　were　to　exist；　we　should



agree　to　indulge　it　so　far　as　to　consent　to　part　with　our　coin。



　　　　If　we　consent　to　give　coin　in　exchange　for　goods；　it　must　be



from　choice；　not　necessity。　We　should　not　import　more　goods　than



we　export；　unless　we　had　a　redundancy　of　currency；　which　it



therefore　suits　us　to　make　a　part　of　our　exports。　The　exportation



of　the　coin　is　caused　by　its　cheapness；　and　is　not　the　effect；



but　the　cause　of　an　unfavourable　balance；　we　should　not　export



it；　if　we　did　not　send　it　to　a　better　market；　or　if　we　had　any



commodity　which　we　could　export　more　profitably。　It　is　a　salutary



remedy　for　a　redundant　currency；　and　as　I　have　already



endeavoured　to　prove；　that　redundancy　or　excess　is　only　a



relative　term；　it　follows；　that　the　demand　for　it　abroad　arises



only　from　the　comparative　deficiency　of　the　currency　of　the



importing　country；　which　there　causes　its　superior　value。



　　　　It　resolves　itself　entirely　into　a　question　of　interest。　If



the　sellers　of　the　corn　to　England；　to　the　amount　I　will　suppose



of　a　million；　could　import　goods　which　cost　a　million　in　England；



but　would　produce；　when　sold　abroad；　more　than　if　the　million　had



been　sent　in　money；　goods　would　be　preferred；　if　otherwise；　money



would　be　demanded。



　　　　It　is　only　after　a　comparison　of　the　value　in　their　markets



and　in　our　own；　of　gold　and　other　commodities；　and　because　gold



is　cheaper　in　the　London　market　than　in　theirs；　that　foreigners



prefer　gold　in　exchange　for　their　corn。　If　we　diminish　the



quantity　of　currency；　we　give　an　additional　value　to　it：　this



will　induce　them　to　alter　their　election；　and　prefer　the



commodities。　If　I　owed　a　debt　in　Hamburgh　of　100　l。　I　should



endeavour　to　find　out　the　cheapest　mode　of　paying　it。　If　I　send



money；　the　expence　attending　its　transportation　being　I　will



suppose　5　l。　to　discharge　my　debt　will　cost　me　105　l。　If　I



p