the high price of bullion-第4章

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at　twenty　shillings；　passed　in　all　contracts　for　thirty



shillings。　This　evil　was　then　remedied　by　the　recoinage。　Similar



effects　followed　from　the　debasement　of　the　gold　currency；　which



were　again　corrected　in　1774　by　the　same　means。



　　　　Our　gold　coins　have；　since　1774；　continued　nearly　at　their



standard　purity；　but　our　silver　currency　has　again　become



debased。　By　an　assay　at　the　mint　in　1798；　it　appears　that　our



shillings　were　found　to　be　twenty…four　per　cent；　and　our



sixpences　thirty…eight　per　cent。　under　their　mint　value；　and　I　am



informed；　that　by　a　late　experiment　they　were　found　considerably



more　deficient。　They　do　not；　therefore；　contain　as　much　pure



silver　as　they　did　in　the　reign　of　King　William。　This　debasement；



however；　did　not　operate　previously　to　1798；　as　on　the　former



occasion。　At　that　time　both　gold　and　silver　bullion　rose　in



proportion　to　the　debasement　of　the　silver　coin。　All　foreign



exchanges　were　against　us　full　twenty　per　cent。；　and　many　of　them



still　more。　But　although　the　debasement　of　the　silver　coin　had



continued　for　many　years；　it　had　neither；　previously　to　1798；



raised　the　price　of　gold　nor　silver；　nor　had　it　produced　any



effect　on　the　exchanges。　This　is　a　convincing　proof；　that　gold



coin　was；　during　that　period；　considered　as　the　standard　measure



of　value。　Any　debasement　of　the　gold　coin　would　then　have



produced　the　same　effects　on　the　prices　of　gold　and　silver



bullion；　and　on　the　foreign　exchanges；　which　were　formerly　caused



by　the　debasement　of　the　silver　coins　（5*）。



　　　　While　the　currency　of　different　countries　consists　of　the



precious　metals；　or　of　a　paper　money　which　is　at　all　times



exchangeable　for　them；　and　while　the　metallic　currency　is　not



debased　by　wearing；　or　clipping；　a　comparison　of　the　weight；　and



degree　of　fineness　of　their　coins；　will　enable　us　to　ascertain



their　pit　of　exchange。　Thus　the　par　of　exchange　between　Holland



and　England　is　stated　to　be　about　eleven　florins；　because　the



pure　silver　contained　in　eleven　florins　is　equal　to　the　pure



silver　contained　in　twenty　standard　shillings。



　　　　This　par　is　not；　nor　can　it　be；　absolutely　fixed；　because；



gold　coin　being　the　standard　of　commerce　in　England；　and　silver



coin　in　Holland；　a　pound　sterling；　or　20/21　of　a　guinea；　may　at



different　times　be　more　or　less　valuable　than　twenty　standard



shillings；　and　therefore　more　or　less　valuable　than　its



equivalent　of　eleven　florins。　Estimating　the　par　either　by　silver



or　by　gold　will　be　sufficiently　exact　for　our　purpose。



　　　　If　I　owe　a　debt　in　Holland；　by　knowing　the　par　of　exchange；　I



also　know　the　quantity　of　our　money　which　will　be　necessity　to



discharge　it。



　　　　If　my　debt　amount　to　1100　florins；　and　gold　have　not　varied



in　value；　100　l。　in　our　pure　gold　coin　will　purchase　as　much



Dutch　currency　as　is　necessary　to　pay　my　debt。　By　exporting　the



100　l。　therefore　in　coin；　or　（which　is　the　same　thing）　paying　a



bullion　merchant　the　100　l。　in　coin；　and　allowing　him　the



expences　attending　its　transportation；　such　as　freight；



insurance；　and　his　profit；　he　will　sell　me　a　bill　which　will



discharge　my　debt；　at　the　same　time　he　will　export　the　bullion；



to　enable　his　correspondent　to　pay　the　bill　when　it　shall　become



due。



　　　　These　expences　then　are　the　utmost　limits　of　an　unfavourable



exchange。　However　great　my　debt　may　be；　though　it　equalled　the



largest　subsidy　ever　given　by　this　county　to　an　ally；　while　I



could　pay　the　bullion…merchant　in　coin　of　standard　value；　he



would　be　glad　to　export　it；　and　to　sell　me　bills。　But　if　I　pay



him　for　his　bill　in　a　debased　coin；　or　in　a　depreciated　paper



money；　he　will　not　be　willing　to　sell　me　his　bill　at　this　rate；



because　if　the　coin　be　debased；　it　does　not　contain　the　quantity



of　pure　gold　or　silver　which　ought　to　be　contained　in　100　l。；　and



he　must　therefore　export　an　additional　number　of　such　debased



pieces　of　money；　to　enable　him　to　pay　my　debt　of　100　l。；　or　its



equivalent；　1100　florins。　If　I　pay　him　in　paper　money；　as　he



cannot　send　it　abroad；　he　will　consider　whether　it　will　purchase



as　much　gold　or　silver　bullion　as　is　contained　in　the　coin　for



which　it　is　a　substitute；　if　it　will　do　this；　paper　will　be　as



acceptable　to　him　as　coin；　but　if　it　will　not；　he　will　expect　a



further　premium　for　his　bill；　equal　to　the　depreciation　of　the



paper。



　　　　While　the　circulating　medium　consists；　therefore；　of　coin



undebased；　or　of　paper…money　immediately　exchangeable　for



undebased　coin；　the　exchange　can　never　be　more　above；　or　more



below；　par；　than　the　expences　attending　the　transportation　of　the



precious　metals。　But　when　it　consists　of　a　depreciated



paper…money；　it　necessarily　will　fall　according　to　the　degree　of



the　depreciation。



　　　　The　exchange　will；　therefore；　be　a　tolerably　accurate



criterion　by　which　we　may　judge　of　the　debasement　of　the



currency；　proceeding　either　from　a　clipped　coinage；　or　a



depreciated　paper…money。



　　　　It　is　observed　by　Sir　James　Stuart；　〃That　if　the　foot　measure



was　altered　at　once　over　all　England；　by　adding　to　it；　or　taking



from　it；　any　proportional　part　of　its　standard　length；　the



alteration　would　be　best　discovered；　by　comparing　the　new　foot



with　that　of　Paris；　or　of　any　other　country；　which　had　suffered



no　alteration。



　　　　〃Just　so；　if　the　pound　sterling；　which　is　the　English　unit；



shall　be　found　any　how　changed；　and　if　the　variation　it　has　met



with　be　difficult　to　ascertain；　because　of　a　complication　of



circumstances；　the　best　way　to　discover　it　will　be　to　compare　the



former　and　the　present　value　of　it；　with　the　money　of　other



nations　which　has　suffered　no　variation。　This　the　exchange　will



perform　with　the　greatest　exactness。〃　The　Edinburgh　reviewers；　in



speaking　of　Lord　King's　pamphlet；　observe；　that　〃it　does　not



follow　because　our　imports　always　consist　partly　of　bullion；　that



the　balance　of　trade　is　therefore　permanently　in　our　favour。



Bullion；〃　they　say；　〃is　a　commodity；　for　which；　as　for　every



other；　there　is　a　varying　demand；　and　which；　exactly　like　any



other；　may　enter　the　catalogue　either　of　imports　or　exports；　and



this　exportation　or　importation　of　bullion　will　not　affect　the



course　of　exchange　in　a　different　way　from　the　exportation　or



importation　of　any　other　commodities。〃



　　　　No　person　ever　exports　or　imports　bullion　without　first



considering　the　rate　of　exchange。　It　is　by　the　rate　of　exchange



that　he　discovers　the　relative　value　of　bullion　in　the　two



countries　between　which　it　is　estimated。　It　is　therefore



consulted　by　the　bullion…merchant　in　the　same　manner　as　the



price…current　is　by　other　merchants；　before　they　determine　on　the



exportation　or　importation　of　other　commodities。　If　eleven



florins　in　Holland　contain　an　equal　quantity　of　pure　silver　as



twenty　standard　shillings；　silver　bullion；　equal　in　weight　to



twenty　standard　shillings；　can　never　be　exported　from　London　to



Amsterdam　whilst　the　exchange　is　at　par；　or　unfavourable　to



Holland。　Some　expence　and　risk　must　attend　its　exportation；　and



the　very　term　par　expresses　that　a　quantity　of　silver　bullion；



equal　to　that　weight　and　purity；　is　to　be　obtained　in　Holland　by



the　purchase　of　a　bill　of　exchange；　free　of　all　expence。　Who



would　send　bullion　to　Holland　at　an　expence　of　three　or　four　per



cent。　when；　by　the　purchase　of　a　bill　at　par；　he　in　fact　obtains



an　order　for　the　delivery　to　his　correspondent　in　Holland　of　the



same　weight　of　bullion　which　he　was　about　to　export？



　　　　It　would　be　as　reasonable　to　contend；　that　when　the　price　of



corn　is　higher　in　England　than　on　the　Continent；　corn　would　be



sent；　notwithstanding　all　the　charges　on　its　exportation；　to　be



sold　in　the　cheaper　market。



　　　　Having　already　noticed　the　disorders　to　which　a　metallic



currency　is　exposed；　I　will　proceed　to　consider　those　which；



though　not　caused　by　the　debased　state　of　either　the　gold　or



silver　coins；　are　nevertheless　more　serious　in　their　ultimate



consequences。



　　　　Our　circulating　medium　is　almost　wholly　composed　of　paper；



and　it　behoves　us　to　guard　against　the　depreciation　of　the　paper



currency　with　at　least　as　much　vigilance　as　against　that　of　the



coins。



　　　　This　we　have　neglected　to　do。



　　　　Parliament；　by　restricting　the　Bank　from　paying　in　specie；



have　enabled　the　conductors　of　that　concern　to　increase　or



decrease　at　pleasure　the　quantity　and　amount　of　their　notes；　and



the　previously　existing　checks　against　an　over…issue　having　been



thereby　removed；　those　conductors　have　acquired　the　power　of



increasing　or　decreasing　the　value　of　the　paper　currency。



　　　　In　tracing　the　present　evils　to　their　source；　and　proving



their　existence　by　an　appeal　to　the　two　unerring　tests　I　have



before　mentioned；　namely；　the　rate　of　exchange　and　the　price　of



bullion；　I　shall　avail　myself　of　the　account　given　by　Mr　Thornton



of　the　conduct　of　the　Bank　before　the　restriction；　to　shew　how



clearly　they　acted　on　the　principle　which　he　has　expressly



acknowledged；　viz。　that　the　value　of　their　notes　is　dependent　on



their　amount；　and　that　they　ascertained　the　variation　in　their



value　by　the　tests　I　have　just　referred　to。



　　　　Mr　Thornton　tells　us；　〃That　if　at　any　time　the　exchanges　of



the　country　became　so　unfavourable　as　to　produce　a　material



excess　of　the　market　above　the　mint　price　of　gold；　the　directors



of　the　Bank；　as　appears　by　the　evidence　of　some　of　their　body；



given　to　parliament；　were　disposed　to　resort　to　a　reduction　of



their　paper；　as　a　means　of　diminishing　or　removing　the　excess；



and　of　thus　providing　for　the　security　of　their　establishment。



They　moreover　have　at　all　times；〃　he　says；　〃been　accustomed　to



observe　some　limit　as　to　the　quantity　of　their　notes　for　the　same



prudential　reasons。　〃　And　in　another　place：　〃　When　the　price



which　our　coin　will　fetch　in　foreign　countries　is　such　as　to



tempt　it　out　of　the　kingdom；　the　directors　of　the　Bank　naturally



diminish；　in　some　degree；　the　quantity　of　their　paper　through　an



anxiety　for　the　safety　of　their　establishment。　By　diminishing



their　paper；　they　raise　its　value；　and　in　rising　its　value；　they



raise　also　the　value　in　England　of　the　current　coin　which　is



exchanged　for　it。　Thus　the　value　of　our　gold　coin　conforms　itself



to　the　value　of　the　current　paper；　and　the　current　paper　is



rendered　by　the　Bank…directors；　of