wealbk02-第6章

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erecting　and　supporting　those　machines；　which　does　not　diminish

the　productive　powers　of　labour；　is　an　improvement　of　the　net

revenue　of　the　society；　so　every　saving　in　the　expense　of

collecting　and　supporting　that　part　of　the　circulating　capital

which　consists　in　money；　is　an　improvement　of　exactly　the　same

kind。

　　　　　It　is　sufficiently　obvious；　and　it　has　partly；　too；　been

explained　already；　in　what　manner　every　saving　in　the　expense　of

supporting　the　fixed　capital　is　an　improvement　of　the　net　revenue

of　the　society。　The　whole　capital　of　the　undertaker　of　every　work

is　necessarily　divided　between　his　fixed　and　his　circulating

capital。　While　his　whole　capital　remains　the　same；　the　smaller

the　one　part；　the　greater　must　necessarily　be　the　other。　It　is

the　circulating　capital　which　furnishes　the　materials　and　wages

of　labour；　and　puts　industry　into　motion。　Every　saving；

therefore；　in　the　expense　of　maintaining　the　fixed　capital；　which

does　not　diminish　the　productive　powers　of　labour；　must　increase

the　fund　which　puts　industry　into　motion；　and　consequently　the

annual　produce　of　land　and　labour；　the　real　revenue　of　every

society。

　　　　　The　substitution　of　paper　in　the　room　of　gold　and　silver

money；　replaces　a　very　expensive　instrument　of　commerce　with　one

much　less　costly；　and　sometimes　equally　convenient。　Circulation

comes　to　be　carried　on　by　a　new　wheel；　which　it　costs　less　both

to　erect　and　to　maintain　than　the　old　one。　But　in　what　manner

this　operation　is　performed；　and　in　what　manner　it　tends　to

increase　either　the　gross　or　the　net　revenue　of　the　society；　is

not　altogether　so　obvious；　and　may　therefore　require　some　further

explication。

　　　　　There　are　several　different　sorts　of　paper　money；　but　the

circulating　notes　of　banks　and　bankers　are　the　species　which　is

best　known；　and　which　seems　best　adapted　for　this　purpose。

　　　　　When　the　people　of　any　particular　country　have　such

confidence　in　the　fortune；　probity；　and　prudence　of　a　particular

banker；　as　to　believe　that　he　is　always　ready　to　pay　upon　demand

such　of　his　promissory　notes　as　are　likely　to　be　at　any　time

presented　to　him；　those　notes　come　to　have　the　same　currency　as

gold　and　silver　money；　from　the　confidence　that　such　money　can　at

any　time　be　had　for　them。

　　　　　A　particular　banker　lends　among　his　customers　his　own

promissory　notes；　to　the　extent；　we　shall　suppose；　of　a　hundred

thousand　pounds。　As　those　notes　serve　all　the　purposes　of　money；

his　debtors　pay　him　the　same　interest　as　if　he　had　lent　them　so

much　money。　This　interest　is　the　source　of　his　gain。　Though　some

of　those　notes　are　continually　coming　back　upon　him　for　payment；

part　of　them　continue　to　circulate　for　months　and　years　together。

Though　he　has　generally　in　circulation；　therefore；　notes　to　the

extent　of　a　hundred　thousand　pounds；　twenty　thousand　pounds　in

gold　and　silver　may　frequently　be　a　sufficient　provision　for

answering　occasional　demands。　By　this　operation；　therefore；

twenty　thousand　pounds　in　gold　and　silver　perform　all　the

functions　which　a　hundred　thousand　could　otherwise　have

performed。　The　same　exchanges　may　be　made；　the　same　quantity　of

consumable　goods　may　be　circulated　and　distributed　to　their

proper　consumers；　by　means　of　his　promissory　notes；　to　the　value

of　a　hundred　thousand　pounds；　as　by　an　equal　value　of　gold　and

silver　money。　Eighty　thousand　pounds　of　gold　and　silver；

therefore；　can；　in　this　manner；　be　spared　from　the　circulation　of

the　country；　and　if　different　operations　of　the　same　kind　should；

at　the　same　time；　be　carried　on　by　many　different　banks　and

bankers；　the　whole　circulation　may　thus　be　conducted　with　a　fifth

part　only　of　the　gold　and　silver　which　would　otherwise　have　been

requisite。

　　　　　Let　us　suppose；　for　example；　that　the　whole　circulating

money　of　some　particular　country　amounted；　at　a　particular　time；

to　one　million　sterling；　that　sum　being　then　sufficient　for

circulating　the　whole　annual　produce　of　their　land　and　labour。

Let　us　suppose；　too；　that　some　time　thereafter；　different　banks

and　bankers　issued　promissory　notes；　payable　to　the　bearer；　to

the　extent　of　one　million；　reserving　in　their　different　coffers

two　hundred　thousand　pounds　for　answering　occasional　demands。

There　would　remain；　therefore；　in　circulation；　eight　hundred

thousand　pounds　in　gold　and　silver；　and　a　million　of　bank　notes；

or　eighteen　hundred　thousand　pounds　of　paper　and　money　together。

But　the　annual　produce　of　the　land　and　labour　of　the　country　had

before　required　only　one　million　to　circulate　and　distribute　it

to　its　proper　consumers；　and　that　annual　produce　cannot　be

immediately　augmented　by　those　operations　of　banking。　One

million；　therefore；　will　be　sufficient　to　circulate　it　after

them。　The　goods　to　be　bought　and　sold　being　precisely　the　same　as

before；　the　same　quantity　of　money　will　be　sufficient　for　buying

and　selling　them。　The　channel　of　circulation；　if　I　may　be　allowed

such　an　expression；　will　remain　precisely　the　same　as　before。　One

million　we　have　supposed　sufficient　to　fill　that　channel。

Whatever；　therefore；　is　poured　into　it　beyond　this　sum　cannot　run

in　it；　but　must　overflow。　One　million　eight　hundred　thousand

pounds　are　poured　into　it。　Eight　hundred　thousand　pounds；

therefore；　must　overflow；　that　sum　being　over　and　above　what　can

be　employed　in　the　circulation　of　the　country。　But　though　this

sum　cannot　be　employed　at　home；　it　is　too　valuable　to　be　allowed

to　lie　idle。　It　will；　therefore；　be　sent　abroad；　in　order　to　seek

that　profitable　employment　which　it　cannot　find　at　home。　But　the

paper　cannot　go　abroad；　because　at　a　distance　from　the　banks

which　issue　it；　and　from　the　country　in　which　payment　of　it　can

be　exacted　by　law；　it　will　not　be　received　in　common　payments。

Gold　and　silver；　therefore；　to　the　amount　of　eight　hundred

thousand　pounds　will　be　sent　abroad；　and　the　channel　of　home

circulation　will　remain　filled　with　a　million　of　paper；　instead

of　the　million　of　those　metals　which　filled　it　before。

　　　　　But　though　so　great　a　quantity　of　gold　and　silver　is　thus

sent　abroad；　we　must　not　imagine　that　it　is　sent　abroad　for

nothing；　or　that　its　proprietors　make　a　present　of　it　to　foreign

nations。　They　will　exchange　it　for　foreign　goods　of　some　kind　or

another；　in　order　to　supply　the　consumption　either　of　some　other

foreign　country　or　of　their　own。

　　　　　If　they　employ　it　in　purchasing　goods　in　one　foreign　country

in　order　to　supply　the　consumption　of　another；　or　in　what　is

called　the　carrying　trade；　whatever　profit　they　make　will　be　an

addition　to　the　net　revenue　of　their　own　country。　It　is　like　a

new　fund；　created　for　carrying　on　a　new　trade；　domestic　business

being　now　transacted　by　paper；　and　the　gold　and　silver　being

converted　into　a　fund　for　this　new　trade。

　　　　　If　they　employ　it　in　purchasing　foreign　goods　for　home

consumption；　they　may　either；　first；　purchase　such　goods　as　are

likely　to　be　consumed　by　idle　people　who　produce　nothing；　such　as

foreign　wines；　foreign　silks；　etc。；　or；　secondly；　they　may

purchase　an　additional　stock　of　materials；　tools；　and　provisions；

in　order　to　maintain　and　employ　an　additional　number　of

industrious　people；　who　reproduce；　with　a　profit；　the　value　of

their　annual　consumption。

　　　　　So　far　as　it　is　employed　in　the　first　way；　it　promotes

prodigality；　increases　expense　and　consumption　without　increasing

production；　or　establishing　any　permanent　fund　for　supporting

that　expense；　and　is　in　every　respect　hurtful　to　the　society。

　　　　　So　far　as　it　is　employed　in　the　second　way；　it　promotes

industry；　and　though　it　increases　the　consumption　of　the　society；

it　provides　a　permanent　fund　for　supporting　that　consumption；　the

people　who　consume　reproducing；　with　a　profit；　the　whole　value　of

their　annual　consumption。　The　gross　revenue　of　the　society；　the

annual　produce　of　their　land　and　labour；　is　increased　by　the

whole　value　which　the　labour　of　those　workmen　adds　to　the

materials　upon　which　they　are　employed；　and　their　net　revenue　by

what　remains　of　this　value；　after　deducting　what　is　necessary　for

supp