wealbk02-第7章

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

supporting　the　tools　and　instruments　of　their　trade。

　　　　　That　the　greater　part　of　the　gold　and　silver　which；　being

forced　abroad　by　those　operations　of　banking；　is　employed　in

purchasing　foreign　goods　for　home　consumption；　is　and　must　be

employed　in　purchasing　those　of　this　second　kind；　seems　not　only

probable　but　almost　unavoidable。　Though　some　particular　men　may

sometimes　increase　their　expense　very　considerably　though　their

revenue　does　not　increase　at　all；　we　may　be　assured　that　no　class

or　order　of　men　ever　does　so；　because；　though　the　principles　of

common　prudence　do　not　always　govern　the　conduct　of　every

individual；　they　always　influence　that　of　the　majority　of　every

class　or　order。　But　the　revenue　of　idle　people；　considered　as　a

class　or　order；　cannot；　in　the　smallest　degree；　be　increased　by

those　operations　of　banking。　Their　expense　in　general；　therefore；

cannot　be　much　increased　by　them；　though　that　of　a　few

individuals　among　them　may；　and　in　reality　sometimes　is。　The

demand　of　idle　people；　therefore；　for　foreign　goods　being　the

same；　or　very　nearly　the　same；　as　before；　a　very　small　part　of

the　money；　which　being　forced　abroad　by　those　operations　of

banking；　is　employed　in　purchasing　foreign　goods　for　home

consumption；　is　likely　to　be　employed　in　purchasing　those　for

their　use。　The　greater　part　of　it　will　naturally　be　destined　for

the　employment　of　industry；　and　not　for　the　maintenance　of

idleness。

　　　　　When　we　compute　the　quantity　of　industry　which　the

circulating　capital　of　any　society　can　employ；　we　must　always

have　regard　to　those　parts　of　it　only　which　consist　in

provisions；　materials；　and　finished　work：　the　other；　which

consists　in　money；　and　which　serves　only　to　circulate　those

three；　must　always　be　deducted。　In　order　to　put　industry　into

motion；　three　things　are　requisite；　materials　to　work　upon；　tools

to　work　with；　and　the　wages　or　recompense　for　the　sake　of　which

the　work　is　done。　Money　is　neither　a　material　to　work　upon；　nor　a

tool　to　work　with；　and　though　the　wages　of　the　workman　are

commonly　paid　to　him　in　money；　his　real　revenue；　like　that　of　all

other　men；　consists；　not　in　money；　but　in　the　money's　worth；　not

in　the　metal　pieces；　but　in　what　can　be　got　for　them。

　　　　　The　quantity　of　industry　which　any　capital　can　employ　must；

evidently；　be　equal　to　the　number　of　workmen　whom　it　can　supply

with　materials；　tools；　and　a　maintenance　suitable　to　the　nature

of　the　work。　Money　may　be　requisite　for　purchasing　the　materials

and　tools　of　the　work；　as　well　as　the　maintenance　of　the　workmen。

But　the　quantity　of　industry　which　the　whole　capital　can　employ

is　certainly　not　equal　both　to　the　money　which　purchases；　and　to

the　materials；　tools；　and　maintenance；　which　are　purchased　with

it；　but　only　to　one　or　other　of　those　two　values；　and　to　the

latter　more　properly　than　to　the　former。

　　　　　When　paper　is　substituted　in　the　room　of　gold　and　silver

money；　the　quantity　of　the　materials；　tools；　and　maintenance；

which　the　whole　circulating　capital　can　supply；　may　be　increased

by　the　whole　value　of　gold　and　silver　which　used　to　be　employed

in　purchasing　them。　The　whole　value　of　the　great　wheel　of

circulation　and　distribution　is　added　to　the　goods　which　are

circulated　and　distributed　by　means　of　it。　The　operation；　in　some

measure；　resembles　that　of　the　undertaker　of　some　great　work；

who；　in　consequence　of　some　improvement　in　mechanics；　takes　down

his　old　machinery；　and　adds　the　difference　between　its　price　and

that　of　the　new　to　his　circulating　capital；　to　the　fund　from

which　he　furnishes　materials　and　wages　to　his　workmen。

　　　　　What　is　the　proportion　which　the　circulating　money　of　any

country　bears　to　the　whole　value　of　the　annual　produce　circulated

by　means　of　it；　it　is；　perhaps；　impossible　to　determine。　It　has

been　computed　by　different　authors　at　a　fifth；　at　a　tenth；　at　a

twentieth；　and　at　a　thirtieth　part　of　that　value。　But　how　small

soever　the　proportion　which　the　circulating　money　may　bear　to　the

whole　value　of　the　annual　produce；　as　but　a　part；　and　frequently

but　a　small　part；　of　that　produce；　is　ever　destined　for　the

maintenance　of　industry；　it　must　always　bear　a　very　considerable

proportion　to　that　part。　When；　therefore；　by　the　substitution　of

paper；　the　gold　and　silver　necessary　for　circulation　is　reduced

to；　perhaps；　a　fifth　part　of　the　former　quantity；　if　the　value　of

only　the　greater　part　of　the　other　four…fifths　be　added　to　the

funds　which　are　destined　for　the　maintenance　of　industry；　it　must

make　a　very　considerable　addition　to　the　quantity　of　that

industry；　and；　consequently；　to　the　value　of　the　annual　produce

of　land　and　labour。

　　　　　An　operation　of　this　kind　has；　within　these　five…and…twenty

or　thirty　years；　been　performed　in　Scotland；　by　the　erection　of

new　banking　companies　in　almost　every　considerable　town；　and　even

in　some　country　villages。　The　effects　of　it　have　been　precisely

those　above　described。　The　business　of　the　country　is　almost

entirely　carried　on　by　means　of　the　paper　of　those　different

banking　companies；　with　which　purchases　and　payments　of　kinds　are

commonly　made。　Silver　very　seldom　appears　except　in　the　change　of

a　twenty　shillings　bank　note；　and　gold　still　seldomer。　But　though

the　conduct　of　all　those　different　companies　has　not　been

unexceptionable；　and　has　accordingly　required　an　act　of

Parliament　to　regulate　it；　the　country；　notwithstanding；　has

evidently　derived　great　benefit　from　their　trade。　I　have　heard　it

asserted；　that　the　trade　of　the　city　of　Glasgow　doubled　in　about

fifteen　years　after　the　first　erection　of　the　banks　there；　and

that　the　trade　of　Scotland　has　more　than　quadrupled　since　the

first　erection　of　the　two　public　banks　at　Edinburgh；　of　which　the

one；　called　the　Bank　of　Scotland；　was　established　by　act　of

Parliament　in　1695；　the　other；　called　the　Royal　Bank；　by　royal

charter　in　1727。　Whether　the　trade；　either　of　Scotland　in

general；　or　the　city　of　Glasgow　in　particular；　has　really

increased　in　so　great　a　proportion；　during　so　short　a　period；　I

do　not　pretend　to　know。　If　either　of　them　has　increased　in　this

proportion；　it　seems　to　be　an　effect　too　great　to　be　accounted

for　by　the　sole　operation　of　this　cause。　That　the　trade　and

industry　of　Scotland；　however；　have　increased　very　considerably

during　this　period；　and　that　the　banks　have　contributed　a　good

deal　to　this　increase；　cannot　be　doubted。

　　　　　The　value　of　the　silver　money　which　circulated　in　Scotland

before　the　union；　in　1707；　and　which；　immediately　after　it；　was

brought　into　the　Bank　of　Scotland　in　order　to　be　recoined；

amounted　to　L411；117　10s。　9d。　sterling。　No　account　has　been　got

of　the　gold　coin；　but　it　appears　from　the　ancient　accounts　of　the

mint　of　Scotland；　that　the　value　of　the　gold　annually　coined

somewhat　exceeded　that　of　the　silver。　There　were　a　good　many

people；　too；　upon　this　occasion；　who；　from　a　diffidence　of

repayment；　did　not　bring　their　silver　into　the　Bank　of　Scotland：

and　there　was；　besides；　some　English　coin　which　was　not　called

in。　The　whole　value　of　the　gold　and　silver；　therefore；　which

circulated　in　Scotland　before　the　union；　cannot　be　estimated　at

less　than　a　million　sterling。　It　seems　to　have　constituted　almost

the　whole　circulation　of　that　country；　for　though　the　circulation

of　the　Bank　of　Scotland；　which　had　then　no　rival；　was

considerable；　it　seems　to　have　made　but　a　very　small　part　of　the

whole。　In　the　present　times　the　whole　circulation　of　Scotland

cannot　be　estimated　at　less　than　two　millions；　of　which　that　part

which　consists　in　gold　and　silver　most　probably　does　not　amount

to　half　a　million。　But　though　the　circulating　gold　and　silver　of

Scotland　have　suffered　so　great　a　diminution　during　this　period；

its　real　riches　and　prosperity　do　not　appear　to　have　suffered

any。　Its　agriculture；　manufactures；　and　trade；　on　the　contrary；

the　annual　produce　of　its　land　and　labour；　have　evidently　been

augmented。

　　　　　It　is　chiefly　by　discounting　bills　of　exchange；　that　is；　by

advan