wealbk02-第15章

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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　ordinary　bank；　but　as　a　great　engine　of　state。　It

receives　and　pays　the　greater　part　of　the　annuities　which　are　due

to　the　creditors　of　the　public；　it　circulates　exchequer　bills；

and　it　advances　to　government　the　annual　amount　of　the　land　and

malt　taxes；　which　are　frequently　not　paid　up　till　some　years

thereafter。　In　those　different　operations；　its　duty　to　the　public

may　sometimes　have　obliged　it；　without　any　fault　of　its

directors；　to　overstock　the　circulation　with　paper　money。　It

likewise　discounts　merchants'　bills；　and　has；　upon　several

different　occasions；　supported　the　credit　of　the　principal

houses；　not　only　of　England；　but　of　Hamburg　and　Holland。　Upon　one

occasion；　in　1763；　it　is　said　to　have　advanced　for　this　purpose；

in　one　week；　about　L1；600；000；　a　great　part　of　it　in　bullion。　I

do　not；　however；　pretend　to　warrant　either　the　greatness　of　the

sum；　or　the　shortness　of　the　time。　Upon　other　occasions；　this

great　company　has　been　reduced　to　the　necessity　of　paying　in

sixpences。

　　　　　It　is　not　by　augmenting　the　capital　of　the　country；　but　by

rendering　a　greater　part　of　that　capital　active　and　productive

than　would　otherwise　be　so；　that　the　most　judicious　operations　of

banking　can　increase　the　industry　of　the　country。　That　part　of

his　capital　which　a　dealer　is　obliged　to　keep　by　him　unemployed；

and　in　ready　money；　for　answering　occasional　demands；　is　so　much

dead　stock；　which；　so　long　as　it　remains　in　this　situation；

produces　nothing　either　to　him　or　to　his　country。　The　judicious

operations　of　banking　enable　him　to　convert　this　dead　stock　into

active　and　productive　stock；　into　materials　to　work　upon；　into

tools　to　work　with；　and　into　provisions　and　subsistence　to　work

for；　into　stock　which　produces　something　both　to　himself　and　to

his　country。　The　gold　and　silver　money　which　circulates　in　any

country；　and　by　means　of　which　the　produce　of　its　land　and　labour

is　annually　circulated　and　distributed　to　the　proper　consumers；

is；　in　the　same　manner　as　the　ready　money　of　the　dealer；　all　dead

stock。　It　is　a　very　valuable　part　of　the　capital　of　the　country；

which　produces　nothing　to　the　country。　The　judicious　operations

of　banking；　by　substituting　paper　in　the　room　of　a　great　part　of

this　gold　and　silver；　enables　the　country　to　convert　a　great　part

of　this　dead　stock　into　active　and　productive　stock；　into　stock

which　produces　something　to　the　country。　The　gold　and　silver

money　which　circulates　in　any　country　may　very　properly　be

compared　to　a　highway；　which；　while　it　circulates　and　carries　to

market　all　the　grass　and　corn　of　the　country；　produces　itself　not

a　single　pile　of　either。　The　judicious　operations　of　banking；　by

providing；　if　I　may　be　allowed　so　violent　a　metaphor；　a　sort　of

waggon…way　through　the　air；　enable　the　country　to　convert；　as　it

were；　a　great　part　of　its　highways　into　good　pastures　and

corn…fields；　and　thereby　to　increase　very　considerably　the　annual

produce　of　its　land　and　labour。　The　commerce　and　industry　of　the

country；　however；　it　must　be　acknowledged；　though　they　may　be

somewhat　augmented；　cannot　be　altogether　so　secure　when　they　are

thus；　as　it　were；　suspended　upon　the　Daedalian　wings　of　paper

money　as　when　they　travel　about　upon　the　solid　ground　of　gold　and

silver。　Over　and　above　the　accidents　to　which　they　are　exposed

from　the　unskillfulness　of　the　conductors　of　this　paper　money；

they　are　liable　to　several　others；　from　which　no　prudence　or

skill　of　those　conductors　can　guard　them。

　　　　　An　unsuccessful　war；　for　example；　in　which　the　enemy　got

possession　of　the　capital；　and　consequently　of　that　treasure

which　supported　the　credit　of　the　paper　money；　would　occasion　a

much　greater　confusion　in　a　country　where　the　whole　circulation

was　carried　on　by　paper；　than　in　one　where　the　greater　part　of　it

was　carried　on　by　gold　and　silver。　The　usual　instrument　of

commerce　having　lost　its　value；　no　exchanges　could　be　made　but

either　by　barter　or　upon　credit。　All　taxes　having　been　usually

paid　in　paper　money；　the　prince　would　not　have　wherewithal　either

to　pay　his　troops；　or　to　furnish　his　magazines；　and　the　state　of

the　country　would　be　much　more　irretrievable　than　if　the　greater

part　of　its　circulation　had　consisted　in　gold　and　silver。　A

prince；　anxious　to　maintain　his　dominions　at　all　times　in　the

state　in　which　he　can　most　easily　defend　them；　ought；　upon　this

account；　to　guard；　not　only　against　that　excessive　multiplication

of　paper　money　which　ruins　the　very　banks　which　issue　it；　but

even　against　that　multiplication　of　it　which　enables　them　to　fill

the　greater　part　of　the　circulation　of　the　country　with　it。

　　　　　The　circulation　of　every　country　may　be　considered　as

divided　into　two　different　branches：　the　circulation　of　the

dealers　with　one　another；　and　the　circulation　between　the　dealers

and　the　consumers。　Though　the　same　pieces　of　money；　whether　paper

or　metal；　may　be　employed　sometimes　in　the　one　circulation　and

sometimes　in　the　other；　yet　as　both　are　constantly　going　on　at

the　same　time；　each　requires　a　certain　stock　of　money　of　one　kind

or　another　to　carry　it　on。　The　value　of　the　goods　circulated

between　the　different　dealers；　never　can　exceed　the　value　of

those　circulated　between　the　dealers　and　the　consumers；　whatever

is　bought　by　the　dealers；　being　ultimately　destined　to　be　sold　to

the　consumers。　The　circulation　between　the　dealers；　as　it　is

carried　on　by　wholesale；　requires　generally　a　pretty　large　sum

for　every　particular　transaction。　That　between　the　dealers　and

the　consumers；　on　the　contrary；　as　it　is　generally　carried　on　by

retail；　frequently　requires　but　very　small　ones；　a　shilling；　or

even　a　halfpenny；　being　often　sufficient。　But　small　sums

circulate　much　faster　than　large　ones。　A　shilling　changes　masters

more　frequently　than　a　guinea；　and　a　halfpenny　more　frequently

than　a　shilling。　Though　the　annual　purchases　of　all　the

consumers；　therefore；　are　at　least　equal　in　value　to　those　of　all

the　dealers；　they　can　generally　be　transacted　with　a　much　smaller

quantity　of　money；　the　same　pieces；　by　a　more　rapid　circulation；

serving　as　the　instrument　of　many　more　purchases　of　the　one　kind

than　of　the　other。

　　　　　Paper　money　may　be　so　regulated　as　either　to　confine　itself

very　much　to　the　circulation　between　the　different　dealers；　or　to

extend　itself　likewise　to　a　great　part　of　that　between　the

dealers　and　the　consumers。　Where　no　bank　notes　are　circulated

under　ten　pounds　value；　as　in　London；　paper　money　confines　itself

very　much　to　the　circulation　between　the　dealers。　When　a　ten

pound　bank　note　comes　into　the　hands　of　a　consumer；　he　is

generally　obliged　to　change　it　at　the　first　shop　where　he　has

occasion　to　purchase　five　shillings'　worth　of　goods；　so　that　it

often　returns　into　the　hands　of　a　dealer　before　the　consumer　has

spent　the　fortieth　part　of　the　money。　Where　bank　notes　are　issued

for　so　small　sums　as　twenty　shillings；　as　in　Scotland；　paper

money　extends　itself　to　a　considerable　part　of　the　circulation

between　dealers　and　consumers。　Before　the　Act　of　Parliament；

which　put　a　stop　to　the　circulation　of　ten　and　five　shilling

notes；　it　filled　a　still　greater　part　of　that　circulation。　In　the

currencies　of　North　America；　paper　was　commonly　issued　for　so

small　a　sum　as　a　shilling；　and　filled　almost　the　whole　of　that

circulation。　In　some　paper　currencies　of　Yorkshire；　it　was　issued

even　for　so　small　a　sum　as　a　sixpence。

　　　　　Where　the　issuing　of　bank　notes　for　such　very　small　sums　is

allowed　and　commonly　practised；　many　mean　people　are　both　enabled

and　encouraged　to　become　bankers。　A　person　whose　promissory　note

for　five　pounds；　or　even　for　twenty　shillings；　would　be　rejected

by　everybody；　will　get　it　to　be　received　without　scruple　when　it

is　issued　for　so　small　a　sum　as　a　sixpence。　But　the　frequent

bankruptcies　to　which　such　beggarly　bankers　must　be　liable　may

occasion　a　very　considerable　inconveniency；　and　sometimes　even　a

very　great　c