the high price of bullion-第5章

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



rendered　by　the　Bank…directors；　of　that　value　which　it　is



necessary　that　it　should　bear　in　order　to　prevent　large



exportations；…a　value　sometimes　rising　a　little　above；　and



sometimes　falling　a　little　below；　the　price　which　our　coin　bears



abroad。〃



　　　　The　necessity　which　the　Bank　felt　itself　under　to　guard　the



safety　of　its　establishment；　therefore；　always　prevented；　before



the　restriction　from　paying　in　specie；　a　too　lavish　issue　of



paper　money。



　　　　Thus　we　find　that；　for　a　period　of　twenty…three　years



previously　to　the　suspension　of　cash　payments　in　1797；　the



average　price　of　gold　bullion　was　3　l。　17s。　7　3/4d。　per　oz。　about



2　3/4d。　under　the　mint　price；　and　for　sixteen　years　previously　to



1774；　it　never　was　much　above　4　l。　per　oz。　It　should　be



remembered　that　during　these　sixteen　years　our　gold　coin　was



debased　by　wearing；　and　it　is　therefore　probable　that　4　l。　of



such　debased　money　did　not　weigh　as　much　as　the　ounce　of　gold　for



which　it　was　exchanged。



　　　　Dr　A。　Smith　considers　every　permanent　excess　of　the　market



above　the　mint　price　of　gold；　as　referrible　to　the　state　of　the



coins。　While　the　coin　was　of　its　standard　weight　and　purity；　the



market　price　of　gold　bullion；　he　thought；　could　not　greatly



exceed　the　mint　price。



　　　　Mr　Thornton　contends　that　this　cannot　be　the　only　cause。　〃We



have；〃　he　says；　〃lately　experienced　fluctuations　in　our



exchanges；　and　correspondent　variations　in　the　market；　compared



with　the　mint　price　of　gold；　amounting　to　no　less　than　eight　or



ten　per　cent；　the　state　of　our　coinage　continuing　in　all　respects



the　same。〃　Mr　Thornton　should　have　reflected　that　at　the　time　he



wrote；　specie　could　not　be　demanded　at　the　Bank　in　exchange　for



notes；　that　this　was　a　cause　for　the　depreciation　of　the　currency



which　Dr　Smith　could　never　have　anticipated。　If　Mr　Thornton　had



proved　that　there　had　been　a　fluctuation　of　ten　per　cent。　in　the



price　of　gold；　while　the　Bank　paid　their　notes　in　specie；　and　the



coin　was　undebased；　he　would　then　have　convicted　Dr　Smith　of　〃



having　treated　this　important　subject　in　a　defective　and



unsatisfactory　manner。〃　（6*）



　　　　But　as　all　checks　against　the　over…issues　of　the　Bank　are　now



removed　by　the　act　of　parliament；　which　restricts　them　from



paying　their　notes　in　specie；　they　are　no　longer　bound　by　〃fears



for　the　safety　of　their　establishment；〃　to　limit　the　quantity　of



their　notes　to　that　sum　which　shall　keep　them　of　the　same　value



as　the　coin　which　they　represent。　Accordingly　we　find　that　gold



bullion　has　risen　from　3　l。　17s。　7　3/4d。　the　average　price



previously　1　to　1797；　to　4　l。　10s。　and　has　been　lately　as　high　as



4　l。　13s。　per　oz。



　　　　We　may　therefore　fairly　conclude　that　this　difference　in　the



relative　value；　or；　in　other　words；　that　this　depreciation　in　the



actual　value　of　bank…notes　has　been　caused　by　the　too　abundant



quantity　which　the　Bank　has　sent　into　circulation。　The　same　cause



which　has　produced　a　difference　of　from　fifteen　to　twenty　per



cent。　in　bank…notes　when　compared　with　gold　bullion；　may　increase



it　to　fifty　per　cent。　There　can　be　no　limit　to　the　depreciation



which　may　arise　from　a　constantly　increasing　quantity　of　paper。



The　stimulus　which　a　redundant　currency　gives　to　the　exportation



of　the　coin　has　acquired　new　force；　but　cannot；　as　formerly；



relieve　itself。　We　have　paper　money　only　in　circulation；　which　is



necessarily　confined　to　ourselves。　Every　increase　in　its　quantity



degrades　it　below　the　value　of　gold　and　silver　bullion；　below　the



value　of　the　currencies　of　other　counties。



　　　　The　effect　is　the　same　as　that　which　would　have　been　produced



from　clipping　our　coins。



　　　　If　one…fifth　were　taken　off　from　every　guinea；　the　market



price　of　gold　bullion　would　rise　one…fifth　above　the　mint　price。



Forty…four　guineas　and　a　half　（the　number　of　guineas　weighing　a



pound；　and　therefore　called　the　mint　price）；　would　no　longer



weigh　a　pound；　therefore　a　fifth　more　than　that　quantity；　or



about　56　l。　would　be　the　price　of　a　pound　of　gold；　and　the



difference　between　the　market　and　the　mint　price；　between　56　l。



and　46　l。　14s。　6d。　would　measure　the　depreciation。



　　　　If　such　debased　coin　were　to　continue　to　be　called　by　the



name　of　guineas；　and　if　the　value　of　gold　bullion　and　all　other



commodities　were　rated　in　the　debased　coin；　a　guinea　fresh　from



the　mint　would　be　said　to　be　worth　1　l。　5s。　and　that　sum　would　be



given　for　it　by　the　illicit　trader；　but　it　would　not　be　the　value



of　the　new　guinea　which　had　increased；　but　that　of　the　debased



guineas　which　had　fallen。　This　would　immediately　be　evident；　if　a



proclamation　were　issued；　prohibiting　the　debased　guineas　from



being　current　but　by　weight　at　the　mint　price　of　3　l。　17s。　10



1/2d。；　this　would　be　constituting　the　new　and　heavy　guineas；　the



standard　measure　of　value；　in　lieu　of　the　clipped　and　debased



guineas。　The　latter　would　then　pass　at　their　true　value；　and　be



called　17　or　18　shilling…pieces。　So　if　a　proclamation　to　the　same



effect　were　now　enforced；　banknotes　would　not　be　less　current；



but　would　pass　only　for　the　value　of　the　gold　bullion　which　they



would　purchase。　A　guinea　would　then　no　longer　be　said　to　be　worth



1　l。　4s。　but　a　pound　note　would　be　current　only　for　16　or　17



shillings。　At　present　gold　coin　is　only　a　commodity；　and



bank…notes　are　the　standard　measure　of　value；　but　in　that　case



gold　coin　would　be　that　measure；　and　bank…notes　would　be　the



marketable　commodity。



　　　　〃　It　is；〃　says　Mr　Thornton；　〃　the　maintenance　of　our　general



exchanges；　or；　in　other　words；　it　is　the　agreement　of　the　mint



price　with　the　bullion　price　of　gold；　which　seems　to　be　the　true



proof　that　the　circulating　paper　is　not　depreciated。〃　When　the



motive　for　exporting　gold　occurs；　while　the　Bank　do　not　pay　in



specie；　and　gold　cannot　therefore　be　obtained　at　its　mint　price；



the　small　quantity　that　can　be　procured　will　be　collected　for



exportation；　and　bank…notes　will　be　sold　at　a　discount　for　gold



in　proportion　to　their　excess。　In　saying　however　that　gold　is　at



a　high　price；　we　are　mistaken；　it　is　not　gold；　it　is　paper　which



has　changed　its　value。　Compare　an　ounce　of　gold；　or　3　l。　17s。　10



1/2d。　to　commodities；　it　bears　the　same　proportion　to　them　which



it　has　before　done；　and　if　it　do　not；　it　is　referrible　to



increased　taxation；　or　to　some　of　those　causes　which　are　so



constantly　operating　on　its　value。　But　if　we　compare　the



substitute　of　an　ounce　of　gold；　3　l。　17s。　10　1/2d。　in　banknotes；



with　commodities；　we　shall　then　discover　the　depreciation　of　the



bank…notes。　In　every　market　of　the　world　I　am　obliged　to　part



with　4　l。　10s。　in　bank…notes　to　purchase　the　same　quantity　of



commodities　which　I　can　obtain　for　the　gold　that　is　in　3　l。　17s。



10　1/2d。　of　coin。



　　　　It　is　often　asserted；　that　a　guinea　is　worth　at　Hamburgh　26



or　28　shillings；　but　we　should　be　very　much　deceived　if　we　should



therefore　conclude　that　a　guinea　could　be　sold　at　Hamburgh　for　as



much　silver　as　is　contained　in　26　or　28　shillings。　Before　the



alteration　in　the　relative　value　of　gold　and　silver；　a　guinea



would　not　sell　at　Hamburgh　for　as　much　silver　coin　as　is



contained　in　21　standard　shillings；　it　will　at　the　present　market



price　sell　for　a　sum　of　silver　currency；　which；　if　imported　and



carried　to　our　mint　to　be　coined；　will　produce　in　our　standard



silver　coin　21s。　5d。　（7*）



　　　　It　is　nevertheless　true；　that　the　same　quantity　of　silver



will；　at　Hamburgh；　purchase　a　bill　payable　in　London；　in



banknotes；　for　26　or　28　shillings。　Can　there　be　a　more



satisfactory　proof　of　the　depreciation　of　our　circulating　medium？



　　　　It　is　said；　that；　if　the　Restriction…bill　were　not　in　force；



every　guinea　would　leave　the　country。（8*）



　　　　This　is；　no　doubt；　true；　but　if　the　Bank　were　to　diminish　the



quantity　of　their　notes　until　they　had　increased　their　value



fifteen　per　cent。；　the　restriction　might　be　safely　removed；　as



there　would　then　be　no　temptation　to　export　specie。　However　long



it　may　be　deferred；　however　great　may　be　the　discount　on　their



notes；　the　Bank　can　never　resume　their　payments　in　specie；　until



they　first　reduce　the　amount　of　their　notes　in　circulation　to



these　limits。



　　　　The　law　is　allowed　by　all　writers　on　political　economy　to　be



a　useless　barrier　against　the　exportation　of　guineas：　it　is　so



easily　evaded；　that　it　is　doubted　whether　it　has　had　the　effect



of　keeping　a　single　guinea　more　in　England　than　there　would　have



been　without　such　law。　Mr　Locke；　Sir　J。　Stuart；　Dr　A。　Smith；　Lord



Liverpool；　and　Mr　Thornton；　all　agree　on　this　subject。　The　latter



gentleman　observes；　〃That　the　state　of　the　British　law



unquestionably　serves　to　discourage　and　limit；　though　not



effectually　to　hinder；　that　exportation　of　guineas　which　is



encouraged　by　an　unfavourable　balance　of　trade；　and　perhaps



scarcely　lessens　it　when　the　profit　on　exportation　becomes　very



great。〃　Yet　after　every　guinea　that　can　in　the　present　state　of



things　be　procured　by　the　illicit　trader　has　been　melted　and



exported；　he　will　hesitate　before　he　openly　buys　guineas　with



bank…notes　at　a　premium；　because；　though　considerable　profit　may



attend　such　speculation；　he　will　thereby　render　himself　an　object



of　suspicion。　He　may　be　watched；　and　prevented　from　effecting　his



object。　As　the　penalties　of　the　law　are　severe；　and　the



temptation　to　informers　great；　secrecy　is　essential　to　his



operations。　When　guineas　can　be　procured　by　merely　sending　a



bank…note　for　them　to　the　Bank；　the　law　will　be　easily　evaded；



but　when　it　is　necessary　to　collect　them　openly　and　from　a　widely



diffused　circulation；　consisting　almost　wholly　of　paper；　the



advantage　attending　it　must　be　very　considerable　before　any　one



will　encounter　the　risk　of　being　detected。



　　　　When　we　reflect　that　above　sixty　millions　sterling　have　been



coined　into　guineas　during　his　present　Majesty's　reign；　we　may



form　some　idea　of　the　extent　to　which　the　exportation　of　gold



must　have　been　carried。　…　But　repeal　the　law　against　the



exportation　of　guineas；　permit　them　to　be　openly　sent　out　of　the



county；　and　what　can　prevent　an　ounce　of　standard　gold　in　guineas



from　selling　at　as　good　a　price　for　bank…notes；　as　an　ounce　of



Portugueze　gold　coin；　or　standard　gold　in　bars；　when　it　is　known