wealbk04-第13章

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bank　gives　340　per　mark。　In　general；　however；　something　more　is

given　upon　coin　of　a　known　fineness；　than　upon　gold　and　silver

bars；　of　which　the　fineness　cannot　be　ascertained　but　by　a

process　of　melting　and　assaying。　

　　　　　The　person　who　by　making　a　deposit　of　bullion　obtains　both　a

bank　credit　and　receipt；　pays　his　bills　of　exchange　as　they

become　due　with　his　bank　credit；　and　either　sells　or　keeps　his

receipt　according　as　he　judges　that　the　price　of　bullion　is

likely　to　rise　or　to　fall。　The　receipt　and　the　bank　credit　seldom

keep　long　together；　and　there　is　no　occasion　that　they　should。

The　person　who　has　a　receipt；　and　who　wants　to　take　out　bullion；

finds　always　plenty　of　bank　credits；　or　bank　money　to　buy　at　the

ordinary　price；　and　the　person　who　has　bank　money；　and　wants　to

take　out　bullion；　finds　receipts　always　in　equal　abundance。

　　　　　The　owners　of　bank　credits；　and　the　holders　of　receipts；

constitute　two　different　sorts　of　creditors　against　the　bank。　The

holder　of　a　receipt　cannot　draw　out　the　bullion　for　which　it　is

granted；　without　reassigning　to　the　bank　a　sum　of　bank　money

equal　to　the　price　at　which　the　bullion　had　been　received。　If　he

has　no　bank　money　of　his　own；　he　must　purchase　it　of　those　who

have　it。　The　owner　of　bank　money　cannot　draw　out　bullion　without

producing　to　the　bank　receipts　for　the　quantity　which　he　wants。

If　he　has　none　of　his　own；　he　must　buy　them　of　those　who　have

them。　The　holder　of　a　receipt；　when　he　purchases　bank　money；

purchases　the　power　of　taking　out　a　quantity　of　bullion；　of　which

the　mint　price　is　five　per　cent　above　the　bank　price。　The　agio　of

five　per　cent　therefore；　which　he　commonly　pays　for　it；　is　paid

not　for　an　imaginary　but　for　a　real　value。　The　owner　of　bank

money；　when　he　purchases　a　receipt；　purchases　the　power　of　taking

out　a　quantity　of　bullion　of　which　the　market　price　is　commonly

from　two　to　three　per　cent　above　the　mint　price。　The　price　which

he　pays　for　it；　therefore；　is　paid　likewise　for　a　real　value。　The

price　of　the　receipt；　and　the　price　of　the　bank　money；　compound

or　make　up　between　them　the　full　value　or　price　of　the　bullion。

　　　　　Upon　deposits　of　the　coin　current　in　the　country；　the　bank

grants　receipts　likewise　as　well　as　bank　credits；　but　those

receipts　are　frequently　of　no　value；　and　will　bring　no　price　in

the　market。　Upon　ducatoons；　for　example；　which　in　the　currency

pass　for　three　guilders　three　stivers　each；　the　bank　gives　a

credit　of　three　guilders　only；　or　five　per　cent　below　their

current　value。　It　grants　a　receipt　likewise　entitling　the　bearer

to　take　out　the　number　of　ducatoons　deposited　at　any　time　within

six　months；　upon　paying　one…fourth　per　cent　for　the　keeping。　This

receipt　will　frequently　bring　no　price　in　the　market。　Three

guilders　bank　money　generally　sell　in　the　market　for　three

guilders　three　stivers；　the　full　value　of　the　ducatoons；　if　they

were　taken　out　of　the　bank；　and　before　they　can　be　taken　out；

one…fourth　per　cent　must　be　paid　for　the　keeping；　which　would　be

mere　loss　to　the　holder　of　the　receipt。　If　the　agio　of　the　bank；

however；　should　at　any　time　fall　to　three　per　cent　such　receipts

might　bring　some　price　in　the　market；　and　might　sell　for　one　and

three…fourths　per　cent。　But　the　agio　of　the　bank　being　now

generally　about　five　per　cent　such　receipts　are　frequently

allowed　to　expire；　or　as　they　express　it；　to　fall　to　the　bank。

The　receipts　which　are　given　for　deposits　of　gold　ducats　fall　to

it　yet　more　frequently；　because　a　higher　warehouse…rent；　or

one…half　per　cent　must　be　paid　for　the　keeping　of　them　before

they　can　be　taken　out　again。　The　five　per　cent　which　the　bank

gains；　when　deposits　either　of　coin　or　bullion　are　allowed　to

fall　to　it；　may　be　considered　as　the　warehouse…rent　for　the

perpetual　keeping　of　such　deposits。

　　　　　The　sum　of　bank　money　for　which　the　receipts　are　expired

must　be　very　considerable。　It　must　comprehend　the　whole　original

capital　of　the　bank；　which；　it　is　generally　supposed；　has　been

allowed　to　remain　there　from　the　time　it　was　first　deposited；

nobody　caring　either　to　renew　his　receipt　or　to　take　out　his

deposit；　as；　for　the　reasons　already　assigned；　neither　the　one

nor　the　other　could　be　done　without　loss。　But　whatever　may　be　the

amount　of　this　sum；　the　proportion　which　it　bears　to　the　whole

mass　of　bank　money　is　supposed　to　be　very　small。　The　Bank　of

Amsterdam　has　for　these　many　years　past　been　the　great　warehouse

of　Europe　for　bullion；　for　which　the　receipts　are　very　seldom

allowed　to　expire；　or；　as　they　express　it；　to　fall　to　the　bank。

far　greater　part　of　the　bank　money；　or　of　the　credits　upon　the

books　of　the　bank；　is　supposed　to　have　been　created；　for　these

many　years　past；　by　such　deposits　which　the　dealers　in　bullion

are　continually　both　making　and　withdrawing。

　　　　　No　demand　can　be　made　upon　the　bank　but　by　means　of　a　recipe

or　receipt。　The　smaller　mass　of　bank　money；　for　which　the

receipts　are　expired；　is　mixed　and　confounded　with　the　much

greater　mass　for　which　they　are　still　in　force；　so　that；　though

there　may　be　a　considerable　sum　of　bank　money　for　which　there　are

no　receipts；　there　is　no　specific　sum　or　portion　of　it　which　may

not　at　any　time　be　demanded　by　one。　The　bank　cannot　be　debtor　to

two　persons　for　the　same　thing；　and　the　owner　of　bank　money　who

has　no　receipt　cannot　demand　payment　of　the　bank　till　he　buys

one。　In　ordinary　and　quiet　times；　he　can　find　no　difficulty　in

getting　one　to　buy　at　the　market　price；　which　generally

corresponds　with　the　price　at　which　he　can　sell　the　coin　or

bullion　it　entities　him　to　take　out　of　the　bank。

　　　　　It　might　be　otherwise　during　a　public　calamity；　an　invasion；

for　example；　such　as　that　of　the　French　in　1672。　The　owners　of

bank　money　being　then　all　eager　to　draw　it　out　of　the　bank；　in

order　to　have　it　their　own　keeping；　the　demand　for　receipts　might

raise　their　price　to　an　exorbitant　height。　The　holders　of　them

might　form　expectations；　and；　instead　of　two　or　three　per　cent；

demand　half　the　bank　money　for　which　credit　had　been　given　upon

the　deposits　that　the　receipts　had　respectively　been　granted　for。

The　enemy；　informed　of　the　constitution　of　the　bank；　might　even

buy　them　up；　in　order　to　prevent　the　carrying　away　of　the

treasure。　In　such　emergencies；　the　bank；　it　is　supposed；　would

break　through　its　ordinary　rule　of　making　payment　only　to　the

holders　of　receipts。　The　holders　of　receipts；　who　had　no　bank

money；　must　have　received　within　two　or　three　per　cent　of　the

value　of　the　deposit　for　which　their　respective　receipts　had　been

granted。　The　bank；　therefore；　it　is　said；　would　in　this　case　make

no　scruple　of　paying；　either　with　money　or　bullion；　the　full

value　of　what　the　owners　of　bank　money　who　could　get　no　receipts

were　credited　for　in　its　books；　paying　at　the　same　time　two　or

three　per　cent　to　such　holders　of　receipts　as　had　no　bank　money；

that　being　the　whole　value　which　in　this　state　of　things　could

justly　be　supposed　due　to　them。

　　　　　Even　in　ordinary　and　quiet　times　it　is　the　interest　of　the

holders　of　receipts　to　depress　the　agio；　in　order　either　to　buy

bank　money　（and　consequently　the　bullion；　which　their　receipts

would　then　enable　them　to　take　out　of　the　bank）　so　much　cheaper；

or　to　sell　their　receipts　to　those　who　have　bank　money；　and　who

want　to　take　out　bullion；　so　much　dearer；　the　price　of　a　receipt

being　generally　equal　to　the　difference　between　the　market　price

of　bank　money；　and　that　of　the　coin　or　bullion　for　which　the

receipt　had　been　granted。　It　is　the　interest　of　the　owners　of

bank　money；　on　the　contrary；　to　raise　the　agio；　in　order　either

to　sell　their　bank　money　so　much　dearer；　or　to　buy　a　receipt　so

much　cheaper。　To　prevent　the　stock…jobbing　tricks　which　those

opposite　interests　might　sometimes　occasion；　the　bank　has　of　late

years　come　to　the　resolution　to　sell　at　all　times　bank　money　for

currency；　at　five　per　cent　agio；　and　to　buy　it　in　again　at　four

per　cent　agio。　In　consequence　of　this　resolution；　the　agio　can

never　either　rise　above　five　or　sink　below　four　per　cent；　and　the

proportion　between　the　market　price　of　bank　and　that　of　current

money　is　kept　at　all　times　very　near　to　the　proportion　between

their　intrinsic　values。　Before　this　resolution　was　taken；　the

market　price　of　bank　money　used　sometimes　to　rise　so　high　as　nine

per　cent　agio；　and　sometimes　to　sink　so　low　as　par；　according　as

opposite　interests　happened　to　influence　the　market。

　　　　　The　Bank　of　Amsterdam　professes　to　lend　out　no　part　of　what

is　deposited　with　it；　but；　for　every　guilder　for　which　it　gives

credit　in　its　books；　to　keep　in　its　repositories　the　value　of　a

guilder　either　in　money　or　bullion。　That　it　keeps　in　its

repositories　all　the　money　or　bullion　for　which　there　are

receipts　in　force；　for　which　it　is　at　all　times　liable　to　be

called　upon；　and　which；　in　reality；　is　continually　going　from　it

and　returning　to　it　again；　cannot　well　be　doubted。　But　whether　it

does　so　likewise　with　regard　to　that　part　of　its　capital；　for

which　the　receipts　are　long　ago　expired；　for　which　in　ordinary

and　quiet　times　it　cannot　be　called　upon；　and　which　in　reality　is

very　likely　to　remain　with　it　for　ever；　or　as　long　as　the　States

of　the　United　Provinces　subsist；　may　perhaps　appear　more

uncertain。　At　Amsterdam；　however；　no　point　of　faith　is　better

established　than　that　for　every　guilder；　circulated　as　bank

money；　there　is　a　correspondent　guilder　in　gold　or　silver　to　be

found　in　the　treasure　of　the　bank。　The　city　is　guarantee　that　it

should　be　so。　The　bank　is　under　the　direction　of　the　four

reigning　burgomasters　who　are　changed　every　year。　Each　new　set　of

burgomasters　visits　the　treasure；　compares　it　with　the　books；

receives　it　upon　oath；　and　delivers　it　over；　with　the　same　awful

solemnity；　to　the　set　which　succeeds；　and　in　that　sober　and

religious　country　oaths　are　not　yet　disregarded。　A　rotation　of

this　kind　seems　alone　a　sufficient　security　against　any　practices

which　cannot　be　avowed。　Amidst　all　the　revolutions　which　faction

has　ever　occasioned　in　the　government　of　Amsterdam；　the

prevailing　party　has　at　no　time　accused　their　predecessors　of

infidelity　in　the　administration　of　the　bank。　No　accusation　could

have　affected　more　deeply　the　reputation　and　fortune　of　the

disgraced　party；　and　if　such　an　accusation　could　have　been

supported；　we　may　be　assured　that　it　would　have　been　brought。　In

1672；　when　the　French　king　was　at　Utrecht；　the　Bank　of　Amsterdam

paid　so　readily　as　left　no　doubt　of　the　fidelity　with　which　it

had　observed　its　engagements。　Some　of　the　pieces　which　were　then

brought　from　its　repositories　appeared　to　have　been　scorched　with

the　fire　which　happened　in　the　town…house　soon　after　the　bank　was

established。　Those　pieces；　therefore；　must　have　lain　there　from

that　time。

　　　　　What　may　be　the　amount　of　the　treasure　in　the　bank　is　a

question　which　has　long　employed　speculations　of　the　curious。

Nothing　but　conjecture　can　be　offered　concerning　it。　It　is

generally　reckoned　that　there　are　about　two　thousand　people　who

keep　accounts　with