the high price of bullion-第7章

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have　previously　increased　the　amount　of　their　notes。



　　　　It　is　contended；　that　the　rate　of　interest；　and　not　the　price



of　gold　or　silver　bullion；　is　the　criterion　by　which　we　may；　that



if　it　were　always　judge　of　the　abundance　of　paper…money　too



abundant；　interest　would　fall；　and　if　not　sufficiently　so；



interest　would　rise。　It　can；　I　think；　be　made　manifest；　that　the



rate　of　interest　is　not　regulated　by　the　abundance　or　scarcity　of



money；　but　by　the　abundance　or　scarcity　of　that　part　of　capital；



not　consisting　of　money。



　　　　〃Money；〃　observes　Dr　A。　Smith；　〃the　great　wheel　of



circulation；　the　great　instrument　of　commerce；　like　all　other



instruments　of　trade；　though　it　makes　a　part；　and　a　very　valuable



part　of　the　capital；　makes　no　part　of　the　revenue　of　the　society



to　which　it　belongs；　and　though　the　metal　pieces　of　which　it　is



composed；　in　the　course　of　their　annual　circulation；　distribute



to　every　man　the　revenue　which　properly　belongs　to　him；　they　make



themselves　no　part　of　that　revenue。



　　　　〃When　we　compute　the　quantity　of　industry　which　the



circulating　capital　of　any　society　can　employ；　we　must　always



have　regard　to　those　parts　of　it　only　which　consist　in



provisions；　materials；　and　finished　work：　the　other；　which



consists　in　money；　and　which　serves　only　to　circulate　those



three；　must　always　be　deducted。　In　order　to　put　industry　into



motion；　three　things　are　requisite：　…　materials　to　work　upon；



tools　to　work　with；　and　the　wages　or　recompense　for　the　sake　of



which　the　work　is　done。　Money　is　neither　a　material　to　work　upon；



nor　a　tool　to　work　with；　and　though　the　wages　of　the　workman　are



commonly　paid　to　him　in　money；　his　real　revenue；　like　that　of　all



other　men；　consists　not　in　money；　but　in　money's　worth；　not　in



the　metal　pieces；　but　what　can　be　got　for　them。〃



　　　　And　in　other　parts　of　his　work；　it　is　maintained；　that　the



discovery　of　the　mines　in　America；　which　so　greatly　increased　the



quantity　of　money；　did　not　lessen　the　interest　for　the　use　of　it：



the　rate　of　interest　being　regulated　by　the　profits　on　the



employment　of　capital；　and　not　by　the　number　or　quality　of　the



pieces　of　metal；　which　are　used　to　circulate　its　produce。



　　　　Mr　Hume　has　supported　the　same　opinion。　The　value　of　the



circulating　medium　of　every　country　bears　some　proportion　to　the



value　of　the　commodities　which　it　circulates。　In　some　countries



this　proportion　is　much　greater　than　in　others；　and　varies；　on



some　occasions；　in　the　same　country。　It　depends　upon　the　rapidity



of　circulation；　upon　the　degree　of　confidence　and　credit　existing



between　traders；　and　above　all；　on　the　judicious　operations　of



banking。　In　England　so　many　means　of　economizing　the　use　of



circulating　medium　have　been　adopted；　that　its　value；　compared



with　the　value　of　the　commodities　which　it　circulates；　is



probably　（during　a　period　of　confidence　（10*））　reduced　to　as



small　a　proportion　as　is　practicable。



　　　　What　that　proportion　may　be　has　been　variously　estimated。　No



increase　or　decrease　of　its　quantity；　whether　consisting　of　gold；



silver；　or　paper…money；　can　increase　or　decrease　its　value　above



or　below　this　proportion。　If　the　mines　cease　to　supply　the　annual



consumption　of　the　precious　metals；　money　will　become　more



valuable；　and　a　smaller　quantity　will　be　employed　as　a



circulating　medium。　The　diminution　in　the　quantity　will　be



proportioned　to　the　increase　of　its　value。　In　like　manner；　if　new



mines　be　discovered；　the　value　of　the　precious　metals　will　be



reduced；　and　an　increased　quantity　used　in　the　circulation；　so



that　in　either　case　the　relative　value　of　money；　to　the



commodities　which　it　circulates；　will　continue　as　before。



　　　　If；　whilst　the　Bank　paid　their　notes　on　demand　in　specie；



they　were　to　increase　their　quantity；　they　would　produce　little



permanent　effect　on　the　value　of　the　currency；　because　nearly　an



equal　quantity　of　the　coin　would　be　withdrawn　from　circulation



and　exported。



　　　　If　the　Bank　were　restricted　from　paying　their　notes　in



specie；　and　all　the　coin　had　been　exported；　any　excess　of　their



notes　would　depreciate　the　value　of　the　circulating　medium　in



proportion　to　the　excess。　If　twenty　millions　had　been　the



circulation　of　England　before　the　restriction；　and　four　millions



were　added　to　it；　the　twenty…four　millions　would　be　of　no　more



value　than　the　twenty　were　before；　provided　commodities　had



remained　the　same；　and　there　had　been　no　corresponding



exportation　of　coins；　and　if　the　Bank　were　successively　to



increase　it　to　fifty；　or　a　hundred　millions；　the　increased



quantity　would　be　all　absorbed　in　the　circulation　of　England；　but



would　be；　in　all　cases；　depreciated　to　the　value　of　the　twenty



millions。



　　　　I　do　not　dispute；　that　if　the　Bank　were　to　bring　a　large



additional　sum　of　notes　into　the　market；　and　offer　them　on　loan；



but　that　they　would　for　a　time　affect　the　rate　of　interest。　The



same　effects　would　follow　from　the　discovery　of　a　hidden　treasure



of　gold　or　silver　coin。　If　the　amount　were　large；　the　Bank；　or



the　owner　of　the　treasure；　might　not　be　able　to　lend　the　notes　or



the　money　at　four；　nor　perhaps；　above　three　per　cent。；　but　having



done　so；　neither　the　notes；　nor　the　money；　would　be　retained



unemployed　by　the　borrowers；　they　would　be　sent　into　every



market；　and　would　every　where　raise　the　prices　of　commodities；



till　they　were　absorbed　in　the　general　circulation。　It　is　only



during　the　interval　of　the　issues　of　the　Bank；　and　their　effect



on　prices；　that　we　should　be　sensible　of　an　abundance　of　money；



interest　would；　during　that　interval；　be　under　its　natural　level；



but　as　soon　as　the　additional　sum　of　notes　or　of　money　became



absorbed　in　the　general　circulation；　the　rate　of　interest　would



be　as　high；　and　new　loans　would　be　demanded　with　as　much



eagerness　as　before　the　additional　issues。



　　　　The　circulation　can　never　be　over…full。　If　it　be　one　of　gold



and　silver；　any　increase　in　its　quantity　will　be　spread　over　the



world。　If　it　be　one　of　paper；　it　will　diffuse　itself　only　in　the



country　where　it　is　issued。　Its　effects　on　prices　will　then　be



only　local　and　nominal；　as　a　compensation　by　means　of　the



exchange　will　be　made　to　foreign　purchasers。



　　　　To　suppose　that　any　increased　issues　of　the　Bank　can　have　the



effect　of　permanently　lowering　the　rate　of　interest；　and



satisfying　the　demands　of　all　borrowers；　so　that　there　will　be



none　to　apply　for　new　loans；　or　that　a　productive　gold　or　silver



mine　can　have　such　an　effect；　is　to　attribute　a　power　to　the



circulating　medium　which　it　can　never　possess。　Banks　would；　if



this　were　possible；　become　powerful　engines　indeed。　By　creating



paper　money；　and　lending　it　at　three　or　two　per　cent。　under　the



present　market　rate　of　interest；　the　Bank　would　reduce　the



profits　on　trade　in　the　same　proportion；　and　if　they　were



sufficiently　patriotic　to　lend　their　notes　at　an　interest　no



higher　than　necessary　to　pay　the　expences　of　their　establishment；





profits　would　be　still　further　reduced；　no　nation；　but　by　similar



means；　could　enter　into　competition　with　us；　we　should　engross



the　trade　of　the　world。　To　what　absurdities　would　not　such　a



theory　lead　us！　Profits　can　only　be　lowered　by　a　competition　of



capitals　not　consisting　of　circulating　medium。　As　the　increase　of



Bank…notes　does　not　add　to　this　species　of　capital；　as　it　neither



increases　our　exportable　commodities；　our　machinery；　or　our　raw



materials；　it　cannot　add　to　our　profits　nor　lower　interest。　（11*）



　　　　When　any　one　borrows　money　for　the　purpose　of　entering　into



trade；　he　borrows　it　as　a　medium　by　which　he　can　possess　himself



of　〃　materials；　provisions；　etc。〃　to　carry　on　that　trade；　and　it



can　be　of　little　consequence　to　him；　provided　he　obtain　the



quantity　of　materials；　etc。　necessary；　whether　he　be　obliged　to



borrow　a　thousand；　or　ten　thousand　pieces　of　money。　If　he　borrow



ten　thousand；　the　produce　of　his　manufacture　will　be　ten　times



the　nominal　value　of　what　it　would　have　been；　had　one　thousand



been　sufficient　for　the　same　purpose。　The　capital　actually



employed　in　the　county　is　necessarily　limited　to　the　amount　of



the　〃materials；　provisions；　etc。〃　and　might　be　made　equally



productive；　though　not　with　equal　facility；　if　trade　were　carried



on　wholly　by　barter。　The　successive　possessors　of　the　circulating



medium　have　the　command　over　this　capital：　but　however　abundant



may　be　the　quantity　of　money　or　of　bank…notes；　though　it　may



increase　the　nominal　prices　of　commodities；　though　it　may



distribute　the　productive　capital　in　different　proportions；



though　the　Bank；　by　increasing　the　quantity　of　their　notes；　may



enable　A　to　carry　on　part　of　the　business　formerly　engrossed　by　B



and　C；　nothing　will　be　added　to　the　real　revenue　and　wealth　of



the　country。　B　and　C　may　be　injured；　and　A　and　the　Bank　may　be



gainers；　but　they　will　gain　exactly　what　B　and　C　lose。　There　will



be　a　violent　and　an　unjust　transfer　of　property；　but　no　benefit



whatever　will　be　gained　by　the　community。



　　　　For　these　reasons　I　am　of　opinion　that　the　funds　are　not



indebted　for　their　high　price　to　the　depreciation　of　our



currency。　Their　price　must　be　regulated　by　the　general　rate　of



interest　given　for　money。　If　before　the　depreciation　I　gave



thirty　years'　purchase　for　land；　and　twenty…five　for　an　annuity



in　the　stocks；　I　can　after　the　depreciation　give　a　larger　sum　for



the　purchase　of　land；　without　giving　more　years'　purchase；



because　the　produce　of　the　land　will　sell　for　a　greater　nominal



value　in　consequence　of　the　depreciation；　but　as　the　annuity　in



the　funds　is　paid　in　the　depreciated　medium；　there　can　be　no



reason　why　I　should　give　a　greater　nominal　value　for　it　after



than　before　the　depreciation。



　　　　If　guineas　were　degraded　by　clipping　to　half　their　present



value；　every　commodity　as　well　as　land　would　rise　to　double　its



present　nominal　value；　but　as　the　interest　of　the　stocks　would　be



paid　in　the　degraded　guineas；　they　would；　on　that　account；



experience　no　rise。



　　　　The　remedy　which　I　propose　for　all　the　evils　in　our　currency；



is　that　the　Bank　should　gradually　decrease　the　amount　of　their



notes　in　circulation　until　they　shall　have　rendered　the　reminder



of　equal　value　with　the　coins　which　they　represent；　or；　in　other



words；　till　the　prices　of　gold　and　silver　bullion　shall　be