the high price of bullion-第9章

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be　added　the　value　of　the　bullion　exported。　A　part　of　the　amount



may　be　due　to　us　from　foreign　nations；　but　the　reminder　must　be



precisely　equal　to　our　foreign　expenditure；　consisting　of



subsidies　to　our　allies；　and　the　maintenance　of　our　fleets　and



armies　on　foreign　stations。







3。　It　has　been　observed；　in　a　work　of　great　and　deserved　repute；



the　Edinburgh　Review；　that　an　increase　in　the　paper　currency　will



only　occasion　a　rise　in　the　paper　or　currency　price　of



commodities；　but　will　not　cause　an　increase　in　their　bullion



price。



　　　　This　would　be　true　at　a　time　when　the　currency　consisted



wholly　of　paper　not　convertible　into　specie；　but　not　while　specie



formed　any　part　of　the　circulation。　In　the　latter　case　the　effect



of　an　increased　issue　of　paper　would　be　to　throw　out　of



circulation　an　equal　amount　of　specie；　but　this　could　not　be　done



without　adding　to　the　quantity　of　bullion　in　the　market；　and



thereby　lowering　its　value；　or　in　other　words；　increasing　the



bullion　price　of　commodities。　It　is　only　in　consequence　of　this



fall　in　the　value　of　the　metallic　currency；　and　of　bullion；　that



the　temptation　to　export　them　arises；　and　the　penalties　on



melting　the　coin　is　the　sole　cause　of　a　small　difference　between



the　value　of　the　coin　and　of　bullion；　or　a　small　excess　of　the



market　above　the　mint　price。　But　exporting　of　bullion　is



synonymous　with　an　unfavourable　balance　of　trade。　From　whatever



cause　an　exportation　of　bullion；　in　exchange　for　commodities；　may



proceed；　it　is　called　（I　think　very　incorrectly）　an　unfavourable



balance　of　trade。



　　　　When　the　circulation　consists　wholly　of　paper；　any　increase



in　its　quantity　will　raise　the　money　price　of　bullion　without



lowering　its　value；　in　the　same　manner；　and　in　the　same



proportion；　as　it　will　raise　the　prices　of　other　commodities；　and



for　the　same　reason　will　lower　the　foreign　exchanges；　but　this



will　only　be　a　nominal；　not　a　real　fall；　and　will　not　occasion



the　exportation　of　bullion；　because　the　real　value　of　bullion



will　not　be　diminished；　as　there　will　be　no　increase　to　the



quantity　in　the　market。







4。　Strictly　speaking；　there　can　be　no　permanent　measure　of　value。



A　measure　of　value　should　itself　be　invariable；　but　this　is　not



the　case　with　either　gold　or　silver；　they　being　subject　to



fluctuations　as　well　as　other　commodities。　Experience　has　indeed



taught　us；　that　though　the　variations　in　the　value　of　gold　or



silver　may　be　considerable；　on　a　comparison　of　distant　periods；



yet　for　short　spaces　of　time　their　value　is　tolerably　fixed。　It



is　this　property；　among　their　other　excellencies；　which　fits　them





better　than　any　other　commodity　for　the　uses　of　money。　Either



gold　or　silver　may　therefore；　in　the　point　of　view　in　which　we



are　considering　them；　be　called　a　measure　of　value。







5。　When　the　gold　coin　was　debased；　previously　to　the　re…coinage



in　1774；　gold　and　silver　bullion　rose　above　their　mint　prices；



and　fell　immediately　on　the　gold　coin　attaining　its　present



perfection。　The　exchanges　were；　owing　to　the　same　causes；　from



being　unfavourable　rendered　favourable。







6。　An　excess　in　the　market　above　the　mint　price　of　gold　or　silver



bullion；　may；　whilst　the　coins　of　both　metals　are　legal　tender；



and　there　is　no　prohibition　against　the　coinage　of　either　metal；



be　caused　by　a　variation　in　the　relative　value　of　those　metals；



but　an　excess　of　the　market　above　the　mint　price　prodding　from



this　cause　will　be　at　once　perceived　by　its　affecting　only　the



price　of　one　of　the　metals。　Thus　gold　would　be　at　or　below；　while



silver　was　above；　its　mint　price；　or　silver　at　or　below　its　mint



price；　whilst　gold　was　above。



　　　　In　the　latter　end　of　1795；　when　the　Bank　had　considerably



more　notes　in　circulation　than　either　the　preceding　or　the



subsequent　year；　when　their　embarrassments　had　already　commenced；



when　they　appear　to　have　resigned　all　prudence　in　the　management



of　their　concerns；　and　to　have　constituted　Mr　Pitt　sole　director；



the　price　of　gold　bullion　did　for　a　short　time　rise　to　4　l。　3s。



or　4　l。　4s。　per　oz。；　but　the　directors　were　not　without　their



fears　for　the　consequences。　In　a　remonstrance　sent　by　them　to　Mr



Pitt；　dated　October　1795；　after　stating；　〃that　the　demand　for



gold　not　appearing　likely　soon　to　cease；〃　and　〃that　it　had



excited　great　apprehension　in　the　court　of　directors；〃　they



observe；　〃The　present　price　of　gold　being　4　l。　3s。　to　4　l。　4s。



＇It　is　difficult　to　determine　on　what　authority　the　directors



made　this　assertion；　as　by　a　return　lately　made　to　parliament　it



appears　that　during　the　year　1795　they　did　not　purchase　gold



bullion　at　a　price　higher　than　3　l。　17s。　6d。＇　per　ounce；　and　our



guineas　being　to　be　purchased　at　3　l。　17s。　10　1/2d。；　clearly



demonstrates　the　grounds　of　our　fears；　it　being　only　necessary　to



state　those　facts　to　the　Chancellor　of　the　Exchequer　〃　It　is



remarkable　that　no　price　of　gold　above　the　mint　price　is　quoted



during　the　whole　year　in　Wetenhall's　list。　In　December　it　is



there　marked　3　l。　17s。　6d。







7。　The　relative　value　of　gold　and　silver　is　on　the　Continent



nearly　the　same　as　in　London。







8。　It　must　be　meant　that　every　guinea　in　the　Bank　would　leave　the



country；　the　temptation　of　fifteen　per　cent　is　amply　sufficient



to　send　those　out　which　can　be　collected　from　the　circulation。







9。　They　might；　on　some　occasion；　displace　Bank　of　England　notes；



but　that　consideration　does　not　affect　the　question　which　we　are



not　discussing。







10。　In　the　following　observations；　I　wish　it　to　be　understood；　as



supposing　always　the　same　degree　of　confidence　and　credit　to



exist。







11。　I　have　already　allowed　that　the　Bank；　as　far　as　they　enable



us　to　turn　our　coin　into　〃materials；　provisions；　etc。〃　have



produced　a　national　benefit；　as　they　have　thereby　increased　the



quantity　of　productive　capital；　but　I　am　here　speaking　of　an



excess　of　their　notes；　of　that　quantity　which　adds　to　our



circulation　without　effecting　any　corresponding　exportation　of



coin；　and　which；　therefore；　degrades　the　notes　below　the　value　of



the　bullion　contained　in　the　coin　which　they　represent。







12。　At　that　period　the　price　of　gold　kept　steadily　under　its　mint



price。







APPENDIX







　　　　The　public　having　called　for　a　new　edition　of　this　pamphlet；



I　avail　myself　of　the　occasion　to　consider　the　observations　which



the　Edinburgh　Reviewers；　in　the　last　number　of　their　publication；



have　done　me　the　honour　to　make　on　some　of　the　passages　contained



in　it。　I　am　induced　to　do　this　from　the　conviction　that



discussion　on　every　point　connected　with　this　important　subject



will　hasten　the　remedy　against　the　existing　abuse；　and　will　tend



to　secure　us　against　the　risk　of　its　recurrence　in　future。



　　　　In　the　article　on　the　depreciation　of　money；　the　Reviewers



observe；　〃The　great　fault　of　Mr　Ricardo's　performance　is　the



partial　view　which　he　takes　of　the　causes　which　operate　upon　the



course　of　exchange。　He　attibutes；〃　they　say；　〃a　favourable　or　an



unfavourable　exchange　exclusively　to　a　redundant　or　deficient



currency；　and　overlooks　the　varying　desires　and　wants　of



different　societies；　as　an　original　cause　of　a　temporary　excess



of　imports　above　exports；　or　exports　above　imports。〃　They　then



comment　on　the　passage　in　which　I　have　maintained；　that　a　bad



harvest　will　not　occasion　the　export　of　money　；　unless　money　is



relatively　cheap　in　the　exporting　country；　and　conclude　their



observations　by　giving　it　as　their　decided　opinion；　that　the



exportation　of　money　in　the　supposed　case　of　a　bad　harvest；　〃is



not　occasioned　by　its　cheapness。　It　is　not；　as　Mr。　Ricardo



endeavours　to　persuade　us；　the　cause　of　the　unfavourable　balance；



instead　of　the　effect。　It　is　not　merely　a　salutary　remedy　for　a



redundant　currency：　but　it　is　owing　precisely　to　the　cause



mentioned　by　Mr　Thornton　…　the　unwillingness　of　the　creditor



nation　to　receive　a　great　additional　quantity　of　goods　not　wanted



for　immediate　consumption；　without　being　bribed　to　it　by



excessive　cheapness；　and　its　willingness　to　receive　bullion　…　the



currency　of　the　commercial　world　…　without　any　such　bribe。　It　is



unquestionably　true；　as　stated　by　Mr　Ricardo；　that　no　nation　will



pay　a　debt　in　the　precious　metals；　if　it　can　do　it　cheaper　by



commodities；　but　the　prices　of　commodities　are　liable　to　great



depressions　from　a　glut　in　the　market；　whereas　the　precious



metals；　on　account　of　their　having　been　constituted　by　the



universal　consent　of　society；　the　general　medium　of　exchange；　and



instument　of　commerce；　will　pay　a　debt　of　the　largest　amount　at



its　nominal　estimation；　according　to　the　quantity　of　bullion



contained　in　the　respective　currencies　of　the　counties　in



question；　and；　whatever　variations　between　the　quantity　of



currency　and　commodities　may　be　stated　to　take　place　subsequent



to　the　commencement　of　these　transactions；　it　cannot　be　for　a



moment　doubted　that　the　cause　of　them　is　to　be　found　in　the　wants



and　desires　of　one　of　the　two　nations；　and　not　in　any　original



redundancy　or　deficiency　of　currency　in　either　of　them。〃



　　　　They　agree　with　me；〃　that　no　nation　will　pay　a　debt　in　the



precious　metals；　if　it　can　do　it　cheaper　by　commodities；　but　the



prices　of　commodities；〃　they　say；　〃are　liable　to　great



depressions　from　a　glut　in　the　market。'〃　of　course　they　must　mean



in　the　foreign　market；　and　then　the　words　express　the　opinion



which　they　are　endeavouring　to　controvert；　viz。　that　when　goods



cannot　be　sent　out　so　advantageously　as　money；　money　will　be



exported；　…　which　is　another　way　of　saying　that　money　will　never



be　exported；　unless　it　is　relatively　redundant　with　commodities；



as　compared　with　other　counties。　Yet　immediately　after　they



contend；　that　the　exportation　of　the　〃precious　metals　is　the



effect　of　a　balance　of　trade；　originating　in　causes　which　may



exist　without　any　relation　whatever　to　redundancy　or　deficiency



of　currency。〃　These　opinions　appear　to　me　directly　contradictory。



If　however　the　precious　metals　can　be　exported　from　a　country　in



exchange　for　commodities；　although　they　should　be　as　dear　in　the



exporting　as　in　the　importing　country；　what　are　the　effects　which



will　follow　from　such　improvident　exportation？



　　　　〃A　comparative　deficiency　in　one　country；　and　redundancy　in