political economy-第17章

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h　regard　to　the　money　imported；　apparently　its　industry　required　this　money；　otherwise　it　will　be　again　exported。　To　increase　the　circulating　medium　of　a　country；　without　increasing　its　capital；　without　increasing　its　revenue；　without　increasing　its　consumption　is　to　do　nothing　for　its　prosperity；　nothing　for　the　encouragement　of　labour。　　　　　Since　no　labour　can　be　accomplished　without　a　capital　to　set　it　in　motion；　since　no　re…production　of　wealth　can　take　place　without　raw　materials　for　the　work；　and　subsistence　for　the　workmen；　it　follows　that　the　furnisher　of　those　wages　and　materials　has　taken　the　most　intimate　share　in　the　re…production；　he　is；　in　a　great　degree；　the　author　of　its　profits；　and　has　the　most　evident　right　to　participate　in　them。　But　he　who　lends　a　capital　lends　nothing　else　but　those　wages　and　raw　materials　represented　by　money。　He　lends　a　thing　eminently　productive；　or　rather　the　only　one　which　is　productive；　for　since　all　wealth　proceeds　from　labour；　and　all　labour　is　put　in　motion　by　its　wage；　he　lends　labour　itself；　or　the　first　cause　of　production　in　all　kinds　of　wealth。　Hence；　whenever　an　odious　sense　has　been　attached　to　the　word　usury；　meaning　by　it　any　kind　of　interest　paid　for　the　use　of　a　sum　of　money；　under　pretext　that　as　money　produced　no　fruit；　there　could　be　no　lawful　share　of　profit　where　there　was　no　profit；　in　this　case；　an　absurd　distinction　has　been　formed。　There　was　just　as　much　reason　to　prohibit　the　renting　of　land；　or　the　wages　of　labour；　because　without　a　capital　to　put　land　and　labour　in　exercise；　both　would　remain　unfruitful。　　　　　Theologians；　however；　were　right　in　saying　that　gold　and　silver　were　barren　by　nature：　they　are　barren　so　long　as　kept　in　their　own　shape；　they　cease　to　be　barren；　the　instant　they　become　the　sign　of　another　kind　of　wealth；　which　is　emphatically　productive。　Theologians；　if　they　determined　to　abide　by　the　single　principle　on　which　their　prohibition　was　founded；　should　have　been　contented　with　declaring　usury　criminal；　every　time　the　lender　obliged　the　borrower　to　keep　the　deposit　in　its　primary　form；　locked　up　in　a　strong　box；　from　the　moment　of　borrowing　to　that　of　payment。　For　it　is　quite　certain　that　money；　whilst　locked　up；　produces　no　fruit；　and　neither　borrower；　nor　lender　can　get　good　of　it　except　by　parting　with　it。　　　　　But；　if　money　is　of　itself　barren；　it　produces　no　fruit　but　in　so　far　as　it　is　the　sign　of　other　values；　then　it　is　evident　that　no　good　can　be　done　by　multiplying　the　sign　and　not　the　thing。　It　is　true；　if　you　multiply　the　sign　in　a　single　country；　you　give　this　country　the　means　of　commanding　the　thing；　provided　that　thing　be　found　in　any；　country。　but　when　you　multiply　the　sign　in　all　countries　at　once；　you　do　nothing　for　any。　At　present；　there　exists　such　a　proportion　between　the　sign　and　the　thing；　that　a　pound　sterling　is　worth　a　bag　of　corn；　but　if；　by　the　stroke　of　a　magic　rod；　you　should　instantly　double　all　the　money　in　the　world；　since　every　thing　to　be　obtained　in　exchange　would　continue　the　same；　two　pounds　in　place　of　one　would　be　required　to　represent　a　bag　of　corn。　The　quantity　of　corn　consumed　by　a　workman；　in　food；　would　not　be　altered；　consequently　his　wage　must　be　doubled。　With　twice　as　many　guineas；　exactly　the　same　work　would　be　done；　and　nothing　would　be　changed　but　names　and　numbers。　　　　　Capitalists　require　their　capital　to　be　employed；　that　it　may　gain　a　revenue；　and　hence　they　offer　it　for　a　certain　price；　to　such　as　wish　to　cause　labour；　workmen；　on　the　other　hand；　and　those　who　employ　workmen；　have　need　of　capital　for　their　labour；　and；　after　reckoning　up　the　profit　expected　from　it；　they　offer　a　certain　share　of　their　advantage　to　capitalists。　The　necessities　of　money…lenders　and　of　money…borrowers；　come　thus　to　a　state　of　equilibrium　in　all　markets；　those　classes　of　men　agree　upon　a　medium　rate。　The　regulator　of　their　bargain　is　always　the　quantity　of　labour　required　by　consumers；　compared　with　the　quantity　of　capital；　representing　raw　materials　and　wages；　to　be　disposed　of　in　executing　this　labour。　If　the　want　is　great；　and　the　means　of　labour　small；　the　interest　of　money　will　be　considerable；　if；　on　the　contrary；　there　is　much　capital　in　circulation；　and　little　employment　for　it；　interest　will　be　very　low。　It　must　always　be　regulated　by　what　is　called　the　quantity　of　money　offered　in　the　market；　because　money　is　the　sign　of　capital；　though　not　capital　itself。　Far　from　being　augmented　by　the　magical　increase　of　money　above　alluded　to；　capital　would　not　even　be　increased　by　the　arrival　of　money；　in　great　abundance；　at　a　particular　place　of　trade；　without　losing　any　thing　of　its　value　in　comparison　with　the　things　it　purchases；　and　no　change　in　the　rate　of　interest　would　result　from　this　circumstance。　　　　　Nearly　all　the　circulating　capital　of　each　manufacturer　and　trader　is　successively　presented　to　him　under　the　shape　of　money；　in　its　return　from　the　buyer　to　the　seller；　but　the　part　of　his　funds；　which　a　merchant　actually　has　in　money；　forms；　in　ordinary　cases；　but　a　small　portion　of　the　capital　employed　in　his　commerce；　an　infinitely　greater　portion　being　kept　in　its　original　state　in　his　own　warehouses；　or　in　those　of　his　debtors。　On　the　other　hand；　it　is　almost　always　in　the　power　of　each　merchant　instantaneously　to　augment　the　quantity　of　money　at　his　disposal；　by　selling　his　goods　at　a　less　profit；　or　by　discounting　the　debts　which　are　owed　him。　In　this　way；　he　has　money　when　he　pleases；　without　being　richer；　the　money；　far　from　adding　to　his　capital；　is　purchased　with　it。　If　such　operations　are　performed　at　one　time　by　several　merchants　in　the　same　town；　that　town　purchases　money　from　its　neighbours；　if　by　a　great　number　of　French；　English；　or　German　merchants；　we　say　that　France；　England；　or　Germany　purchases　money。　There　will；　in　reality；　be　found　much　more　in　the　markets　to　make　payments　with；　guineas　will　be　much　more　abundant；　but　there　will　be　neither　more　nor　fewer　deposits　offered　to　lend；　and　the　rate　of　interest　will　not　be　any　way　affected　by　the　change。　Such　as　are　acquainted　with　the　movements　of　trading　places；　know　well　that　guineas　may　abound　in　them　while　capitals　are　scarce；　or　guineas　be　scarce　while　capitals　abound。　　　　　It　is　a　gross　error；　then；　to　believe；　that；　in　all　cases；　a　considerable　importation　of　the　circulating　medium　will　make　the　rate　of　interest　fall；　or　an　exportation　make　it　rise。　Money　is　a　kind　of　wealth；　and　like　any　other　kind　of　wealth；　it　forms　part　of　the　circulating　capital。　If　the　money　imported　is　a　gift；　or　a　tribute；　if　it　costs　nothing　to　the　nation；　it　will　certainly　augment　its　circulating　capital；　and　must　certainly　contribute　to　lower　the　rate　of　interest　on　the　spot；　but　the　same　sums　paid　to　the　nation　in　goods　would　equally　contribute　to　that　end。　If；　on　the　other　hand；　this　money　has　been　purchased　with　any　other　portion　of　the　capital；　in　that　case　the　sum　total　of　the　latter　will　remain　the　same；　and　the　rate　of　interest　will　not　be　affected。　　　　　Upon　these　principles；　it　is　easy　to　see　how　mines　of　silver　and　gold　do　not　enrich　a　nation　more　than　any　other　kind　of　industry。　The　precious　metals　drawn　from　the　mine　are　goods　purchased；　like　all　other　goods；　at　the　price　of　labour　and　capital。　The　opening　of　the　mine；　the　construction　of　its　galleries；　the　establishment　of　refining　furnaces；　require　large　advances；　independently　of　the　labour　by　which　the　ore　is　drawn　from　the　bowels　of　the　earth。　This　labour；　and　its　fruits；　may　be　exactly　paid　by　the　metal　produced；　and　the　state　will　gain　by　the　operation；　as　by　any　other　manufacture。　But；　in　general；　the　profits　of　mines　are　irregular。　As　the　head　prize　in　a　lottery　seduces　gamesters；　an　unlooked　for　advantage　encourages　miners　to　continue　their　exertions；　although　the　usual　returns　be　inferior　to　those　obtained　by　any　other　kind　of　industry；　and　nearly　all　of　them　are　ruined；　just　like　gamesters；　because　they　were　at　first　successful。　　　　　From　these　principles；　we　may　also　conclude；　that　the　blame　so　frequently　imputed　to　Frederic　II　and　the　Canton　of　Berne　for　having　hoarded　up　and　withdrawn　from　the　country　a　large　portion　of　the　natural　circulating　medium；　is　without　foundation。　By　saving　a　part　of　their　expenses；　they；　of　course；　in　some　degree；　diminished　consumption　and　re…production；　by　preserving　some　millions　in　their　coffers；　they　in　some　degree　diminished　the　circulating　capital：　but　the　money　locked　up　by　them　was　soon　replaced　by　other　moneys　which　the　country　purchased；　and；　besides；　the　whole　circulating　medium　of　a　nation　is　so　small；　compared　with　its　whole　circulating　capital；　that　such　a　void　can　never　be　considered　as　a　national　misfortune；　or　counterbalance　the　immense　advantage　of　possessing　a　fund　ready；　without　new　sacrifices；　at　the　moment　of　want。　　　　　From　confounding　money　with　capital；　has　arisen　the　general　mistake　of　attempting　to　increase　the　national　capital　by　a　fictitious　capital；　which；　not　having　been　created　by　an　expensive　labour；　is　not；　like　gold　or　silver；　a　pledge　of　the　values　it　represents；　and　which；　after　having　delighted　nations　with　the　illusions　of　wealth；　has　so　frequently　left　them　in　ruin。　　　　　It　will　be　more　easy　to　follow　the　operation；　by　which　so　many　states　in　our　time　have　endeavoured　to　replace　their　money　by　paper；　if　we　previously　direct　our　attention　to　the　manner　in　which　one　of　the　most　ancient　trading　cities　of　France　made　a　few　crowns　perform　the　functions　of　a　considerable　circulating　medium。　At　Lyons；　it　was　agreed　upon　in　trade；　that　all　payments　should　take　place　only　at　four　fixed　periods；　quarterly。　During　the　three　days　which　the　payments　took　up；　all　the　accounts　of　the　city　were　settled　at　once。　Each；　at　the　same　period；　had　much　to　receive　and　much　to　pay。　But；　on　the　days　immediately　preceding　the　payments；　all　the　merchants　used　to　meet　on　the　exchange；　to　make　what　they　called　viremens；　in　other　words；　to　assign；　one　to　another；　such　sums　as　would　settle　their　accounts。　A　owed　B；　who　owed　C；　who　owed　D；　who　owed　E；　himself　indebted　to　A；　and　the　five　accounts　were　settled　without　any　payment。　If　E　was　not　indebted　to　A；　it　was　agreed　that　A　should　pay　E；　and　the　other　four　were　acquitted　by　a　single　payment。　Every　merchant　bought　but　to　sell　again；　received；　therefore；　but　to　pay；　and　if　those　assignments　were　extended　to　their　utmost　limits；　one　single　sum　of　ten　thousand　pounds　would　probably　settle　all　the　transactions　of　a　city；　though　these　amounted　to　several　millions。　　　　　But　all　mutual　debts　are　not　equal；　and　bankruptcies　occasion　difficulties；　and　sometimes　errors　in　the　assignments。　The　invention　of　banks　has　supplied　this　deficiency。　The　Bank　of　Amsterdam　is　a　kind　of　open　bar；　where　assignments　may　constantly　be　made。　Every　trader　pays　or　receives；　by　a　line　which　is　written　down　in　the　bank's　books；　on　the　debtor　or　creditor　side　of　his　account；　without　any　money　being　disbursed。　Among　merchants；　who　have　all　an　open　credit　with　the　bank；　the　operation　of　the　book…keeper　supplies　with　the　utmost　ease　that　of　cashier；　and　no　difference　of　amount；　or　day　of　payment；　prevents　sums　from　being　reciprocally　balanced。　　　　　A　bank　like　that　of　Amsterdam；　however；　is　of　use　only　to　such　as　have　a　current　account　in　it。　Ma