wealbk02-第14章

按键盘上方向键 ← 或 → 可快速上下翻页，按键盘上的 Enter 键可回到本书目录页，按键盘上方向键 ↑ 可回到本页顶部！
————未阅读完？加入书签已便下次继续阅读！


country　could　have　derived　no　benefit　from　it；　but；　on　the

contrary；　must　have　suffered　a　very　considerable　loss　by　it。　This

operation　could　not　augment　in　the　smallest　degree　the　quantity

of　money　to　be　lent。　It　could　only　have　erected　this　bank　into　a

sort　of　general　loan　office　for　the　whole　country。　Those　who

wanted　to　borrow　must　have　applied　to　this　bank　instead　of

applying　to　the　private　persons　who　had　lent　it　their　money。　But

a　bank　which　lends　money　perhaps　to　five　hundred　different

people；　the　greater　part　of　whom　its　directors　can　know　very

little　about；　is　not　likely　to　be　more　judicious　in　the　choice　of

its　debtors　than　a　private　person　who　lends　out　his　money　among　a

few　people　whom　he　knows；　and　in　whose　sober　and　frugal　conduct

he　thinks　he　has　good　reason　to　confide。　The　debtors　of　such　a

bank　as　that　whose　conduct　I　have　been　giving　some　account　of

were　likely；　the　greater　part　of　them；　to　be　chimerical

projectors；　the　drawers　and　re…drawers　of　circulating　bills　of

exchange；　who　would　employ　the　money　in　extravagant　undertakings；

which；　with　all　the　assistance　that　could　be　given　them；　they

would　probably　never　be　able　to　complete；　and　which；　if　they

should　be　completed；　would　never　repay　the　expense　which　they　had

really　cost；　would　never　afford　a　fund　capable　of　maintaining　a

quantity　of　labour　equal　to　that　which　had　been　employed　about

them。　The　sober　and　frugal　debtors　of　private　persons；　on　the

contrary；　would　be　more　likely　to　employ　the　money　borrowed　in

sober　undertakings　which　were　proportioned　to　their　capitals；　and

which；　though　they　might　have　less　of　the　grand　and　the

marvellous；　would　have　more　of　the　solid　and　the　profitable；

which　would　repay　with　a　large　profit　whatever　had　been　laid　out

upon　them；　and　which　would　thus　afford　a　fund　capable　of

maintaining　a　much　greater　quantity　of　labour　than　that　which　had

been　employed　about　them。　The　success　of　this　operation；

therefore；　without　increasing　in　the　smallest　degree　the　capital

of　the　country；　would　only　have　transferred　a　great　part　of　it

from　prudent　and　profitable　to　imprudent　and　unprofitable

undertakings。

　　　　　That　the　industry　of　Scotland　languished　for　want　of　money

to　employ　it　was　the　opinion　of　the　famous　Mr。　Law。　By

establishing　a　bank　of　a　particular　kind；　which　he　seems　to　have

imagined　might　issue　paper　to　the　amount　of　the　whole　value　of

all　the　lands　in　the　country；　he　proposed　to　remedy　this　want　of

money。　The　Parliament　of　Scotland；　when　he　first　proposed　his

project；　did　not　think　proper　to　adopt　it。　It　was　afterwards

adopted；　with　some　variations；　by　the　Duke　of　Orleans；　at　that

time　Regent　of　France。　The　idea　of　the　possibility　of　multiplying

paper　to　almost　any　extent　was　the　real　foundation　of　what　is

called　the　Mississippi　scheme；　the　most　extravagant　project　both

of　banking　and　stock…jobbing　that；　perhaps；　the　world　ever　saw。

The　different　operations　of　this　scheme　are　explained　so　fully；

so　clearly；　and　with　so　much　order　and　distinctness；　by　Mr。　du

Verney；　in　his　Examination　of　the　Political　Reflections　upon

Commerce　and　Finances　of　Mr。　du　Tot；　that　I　shall　not　give　any

account　of　them。　The　principles　upon　which　it　was　founded　are

explained　by　Mr。　Law　himself；　in　a　discourse　concerning　money　and

trade；　which　he　published　in　Scotland　when　he　first　proposed　his

project。　The　splendid　but　visionary　ideas　which　are　set　forth　in

that　and　some　other　works　upon　the　same　principles　still　continue

to　make　an　impression　upon　many　people；　and　have；　perhaps；　in

part；　contributed　to　that　excess　of　banking　which　has　of　late

been　complained　of　both　in　Scotland　and　in　other　places。

　　　　　The　Bank　of　England　is　the　greatest　bank　of　circulation　in

Europe。　It　was　incorporated；　in　pursuance　of　an　act　of

Parliament；　by　a　charter　under　the　Great　Seal；　dated　the　27th　of

July；　1694。　It　at　that　time　advanced　to　government　the　sum　of　one

million　two　hundred　thousand　pounds；　for　an　annuity　of　one

hundred　thousand　pounds；　or　for　L96；000　a　year　interest；　at　the

rate　of　eight　per　cent；　and　L4000　a　year　for　the　expense　of

management。　The　credit　of　the　new　government；　established　by　the

Revolution；　we　may　believe；　must　have　been　very　low；　when　it　was

obliged　to　borrow　at　so　high　an　interest。

　　　　　In　1697　the　bank　was　allowed　to　enlarge　its　capital　stock　by

an　engraftment　of　L1；001；171　10s。　Its　whole　capital　stock

therefore；　amounted　at　this　time　to　L2；201；171　10s。　This

engraftment　is　said　to　have　been　for　the　support　of　public

credit。　In　1696；　tallies　had　been　at　forty；　and　fifty；　and　sixty

per　cent　discount；　and　bank　notes　at　twenty　per　cent。　During　the

great　recoinage　of　the　silver；　which　was　going　on　at　this　time；

the　bank　had　thought　proper　to　discontinue　the　payment　of　its

notes；　which　necessarily　occasioned　their　discredit。

　　　　　In　pursuance　of　the　7th　Anne；　c。　7；　the　bank　advanced　and

paid　into　the　exchequer　the　sum　of　L400；000；　making　in　all　the

sum　of　L1；600；000　which　it　had　advanced　upon　its　original　annuity

of　L96；000　interest　and　L4000　for　expense　of　management。　In　1708；

therefore；　the　credit　of　government　was　as　good　as　that　of

private　persons；　since　it　could　borrow　at　six　per　cent　interest

the　common　legal　and　market　rate　of　those　times。　In　pursuance　of

the　same　act；　the　bank　cancelled　exchequer　bills　to　the　amount　of

L1；775；027　17s。　10　1/2d。　at　six　per　cent　interest；　and　was　at　the

same　time　allowed　to　take　in　subscriptions　for　doubling　its

capital。　In　1708；　therefore；　the　capital　of　the　bank　amounted　to

L4；402；343；　and　it　had　advanced　to　government　the　sum　of

L3；375；027　17s。　10　1/2d。

　　　　　By　a　call　of　fifteen　per　cent　in　1709；　there　was　paid　in　and

made　stock　L656；204　Is。　9d。；　and　by　another　of　ten　per　cent　in

1710；　L501；448　12s。　11d。　In　consequence　of　those　two　calls；

therefore；　the　bank　capital　amounted　to　L5；559；995　14s。　8d。

　　　　　In　pursuance　of　the　3rd　George　I；　c。　8；　the　bank　delivered

up　two　millions　of　exchequer　bills　to　be　cancelled。　It　had　at

this　time；　therefore；　advanced　to　government　17s。　10d。　In

pursuance　of　the　8th　George　1；　c。　21；　the　bank　purchased　of　the

South　Sea　Company　stock　to　the　amount　of　14；000；000；　and　in　1722；

in　consequence　of　the　subscriptions　which　it　had　taken　in　for

enabling　it　to　make　this　purchase；　its　capital　stock　was

increased　by　L3；400；000。　At　this　time；　therefore；　the　bank　had

advanced　to　the　public　L9；375；027　17s。　10　1/2d。；　and　its　capital

stock　amounted　only　to　L8；959；995　14s。　8d。　It　was　upon　this

occasion　that　the　sum　which　the　bank　had　advanced　to　the　public；

and　for　which　it　received　interest；　began　first　to　exceed　its

capital　stock；　or　the　sum　for　which　it　paid　a　dividend　to　the

proprietors　of　bank　stock；　or；　in　other　words；　that　the　bank

began　to　have　an　undivided　capital；　over　and　above　its　divided

one。　It　has　continued　to　have　an　undivided　capital　of　the　same

kind　ever　since。　In　1746；　the　bank　had；　upon　different　occasions；

advanced　to　the　public　L11；686；800　and　its　divided　capital　had

been　raised　by　different　calls　and　subscriptions　to　L10；780；000。

The　state　of　those　two　sums　has　continued　to　be　the　same　ever

since。　In　pursuance　of　the　4th　of　George　III；　c。　25；　the　bank

agreed　to　pay　to　government　for　the　renewal　of　its　charter

L110；000　without　interest　or　repayment。　This　sum；　therefore；　did

not　increase　either　of　those　two　other　sums。

　　　　　The　dividend　of　the　bank　has　varied　according　to　the

variations　in　the　rate　of　the　interest　which　it　has；　at　different

times；　received　for　the　money　it　had　advanced　to　the　public；　as

well　as　according　to　other　circumstances。　This　rate　of　interest

has　gradually　been　reduced　from　eight　to　three　per　cent。　For　some

years　past　the　bank　dividend　has　been　at　five　and　a　half　per

cent。

　　　　　The　stability　of　the　Bank　of　England　is　equal　to　that　of　the

British　government。　All　that　it　has　advanced　to　the　public　must

be　lost　before　its　creditors　can　sustain　any　loss。　No　other

banking　company　in　England　can　be　established　by　act　of

Parliament；　or　can　consist　of　more　than　six　members。　It　acts；　not

only　as　an　ordin