wealbk02-第8章

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

augmented。

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

advancing　money　upon　them　before　they　are　due；　that　the　greater

part　of　banks　and　bankers　issue　their　promissory　notes。　They

deduct　always；　upon　whatever　sum　they　advance；　the　legal　interest

till　the　bill　shall　become　due。　The　payment　of　the　bill；　when　it

becomes　due；　replaces　to　the　bank　the　value　of　what　had　been

advanced；　together　with　a　clear　profit　of　the　interest。　The

banker　who　advances　to　the　merchant　whose　bill　he　discounts；　not

gold　and　silver；　but　his　own　promissory　notes；　has　the　advantage

of　being　able　to　discount　to　a　greater　amount；　by　the　whole　value

of　his　promissory　notes；　which　he　finds　by　experience　are

commonly　in　circulation。　He　is　thereby　enabled　to　make　his　clear

gain　of　interest　on　so　much　a　larger　sum。

　　　　　The　commerce　of　Scotland；　which　at　present　is　not　very

great；　was　still　more　inconsiderable　when　the　two　first　banking

companies　were　established；　and　those　companies　would　have　had

but　little　trade　had　they　confined　their　business　to　the

discounting　of　bills　of　exchange。　They　invented；　therefore；

another　method　of　issuing　their　promissory　notes；　by　granting

what　they　called　cash　accounts；　that　is　by　giving　credit　to　the

extent　of　a　certain　sum　（two　or　three　thousand　pounds；　for

example）　to　any　individual　who　could　procure　two　persons　of

undoubted　credit　and　good　landed　estate　to　become　surety　for　him；

that　whatever　money　should　be　advanced　to　him；　within　the　sum　for

which　the　credit　had　been　given；　should　be　repaid　upon　demand；

together　with　the　legal　interest。　Credits　of　this　kind　are；　I

believe；　commonly　granted　by　banks　and　bankers　in　all　different

parts　of　the　world。　But　the　easy　terms　upon　which　the　Scotch

banking　companies　accept　of　repayment　are；　so　far　as　I　know；

peculiar　to　them；　and　have；　perhaps；　been　the　principal　cause；

both　of　the　great　trade　of　those　companies　and　of　the　benefit

which　the　country　has　received　from　it。

　　　　　Whoever　has　a　credit　of　this　kind　with　one　of　those

companies；　and　borrows　a　thousand　pounds　upon　it；　for　example；

may　repay　this　sum　piecemeal；　by　twenty　and　thirty　pounds　at　a

time；　the　company　discounting　a　proportionable　part　of　the

interest　of　the　great　sum　from　the　day　on　which　each　of　those

small　sums　is　paid　in　till　the　whole　be　in　this　manner　repaid。

All　merchants；　therefore；　and　almost　all　men　of　business；　find　it

convenient　to　keep　such　cash　accounts　with　them；　and　are　thereby

interested　to　promote　the　trade　of　those　companies；　by　readily

receiving　their　notes　in　all　payments；　and　by　encouraging　all

those　with　whom　they　have　any　influence　to　do　the　same。　The

banks；　when　their　customers　apply　to　them　for　money；　generally

advance　it　to　them　in　their　own　promissory　notes。　These　the

merchants　pay　away　to　the　manufacturers　for　goods；　the

manufacturers　to　the　farmers　for　materials　and　provisions；　the

farmers　to　their　landlords　for　rent；　the　landlords　repay　them　to

the　merchants　for　the　conveniencies　and　luxuries　with　which　they

supply　them；　and　the　merchants　again　return　them　to　the　banks　in

order　to　balance　their　cash　accounts；　or　to　replace　what　they　may

have　borrowed　of　them；　and　thus　almost　the　whole　money　business

of　the　country　is　transacted　by　means　of　them。　Hence　the　great

trade　of　those　companies。

　　　　　By　means　of　those　cash　accounts　every　merchant　can；　without

imprudence；　carry　on　a　greater　trade　than　he　otherwise　could　do。

If　there　are　two　merchants；　one　in　London　and　the　other　in

Edinburgh；　who　employ　equal　stocks　in　the　same　branch　of　trade；

the　Edinburgh　merchant　can；　without　imprudence；　carry　on　a

greater　trade　and　give　employment　to　a　greater　number　of　people

than　the　London　merchant。　The　London　merchant　must　always　keep　by

him　a　considerable　sum　of　money；　either　in　his　own　coffers；　or　in

those　of　his　banker；　who　gives　him　no　interest　for　it；　in　order

to　answer　the　demands　continually　coming　upon　him　for　payment　of

the　goods　which　he　purchases　upon　credit。　Let　the　ordinary　amount

of　this　sum　be　supposed　five　hundred　pounds。　The　value　of　the

goods　in　his　warehouse　must　always　be　less　by　five　hundred　pounds

than　it　would　have　been　had　he　not　been　obliged　to　keep　such　a

sum　unemployed。　Let　us　suppose　that　he　generally　disposes　of　his

whole　stock　upon　hand；　or　of　goods　to　the　value　of　his　whole

stock　upon　hand；　once　in　the　year。　By　being　obliged　to　keep　so

great　a　sum　unemployed；　he　must　sell　in　a　year　five　hundred

pounds'　worth　less　goods　than　he　might　otherwise　have　done。　His

annual　profits　must　be　less　by　all　that　he　could　have　made　by　the

sale　of　five　hundred　pounds　worth　more　goods；　and　the　number　of

people　employed　in　preparing　his　goods　for　the　market　must　be

less　by　all　those　that　five　hundred　pounds　more　stock　could　have

employed。　The　merchant　in　Edinburgh；　on　the　other　hand；　keeps　no

money　unemployed　for　answering　such　occasional　demands。　When　they

actually　come　upon　him；　he　satisfies　them　from　his　cash　account

with　the　bank；　and　gradually　replaces　the　sum　borrowed　with　the

money　or　paper　which　comes　in　from　the　occasional　sales　of　his

goods。　With　the　same　stock；　therefore；　he　can；　without

imprudence；　have　at　all　times　in　his　warehouse　a　larger　quantity

of　goods　than　the　London　merchant；　and　can　thereby　both　make　a

greater　profit　himself；　and　give　constant　employment　to　a　greater

number　of　industrious　people　who　prepare　those　goods　for　the

market。　Hence　the　great　benefit　which　the　country　has　derived

from　this　trade。

　　　　　The　facility　of　discounting　bills　of　exchange　it　may　be

thought　indeed；　gives　the　English　merchants　a　conveniency

equivalent　to　the　cash　accounts　of　the　Scotch　merchants。　But　the

Scotch　merchants；　it　must　be　remembered；　can　discount　their　bills

of　exchange　as　easily　as　the　English　merchants；　and　have；

besides；　the　additional　conveniency　of　their　cash　accounts。

　　　　　The　whole　paper　money　of　every　kind　which　can　easily

circulate　in　any　country　never　can　exceed　the　value　of　the　gold

and　silver；　of　which　it　supplies　the　place；　or　which　（the

commerce　being　supposed　the　same）　would　circulate　there；　if　there

was　no　paper　money。　If　twenty　shilling　notes；　for　example；　are

the　lowest　paper　money　current　in　Scotland；　the　whole　of　that

currency　which　can　easily　circulate　there　cannot　exceed　the　sum

of　gold　and　silver　which　would　be　necessary　for　transacting　the

annual　exchanges　of　twenty　shillings　value　and　upwards　usually

transacted　within　that　country。　Should　the　circulating　paper　at

any　time　exceed　that　sum；　as　the　excess　could　neither　be　sent

abroad　nor　be　employed　in　the　circulation　of　the　country；　it　must

immediately　return　upon　the　banks　to　be　exchanged　for　gold　and

silver。　Many　people　would　immediately　perceive　that　they　had　more

of　this　paper　than　was　necessary　for　transacting　their　business

at　home；　and　as　they　could　not　send　it　abroad；　they　would

immediately　demand　payment　of　it　from　the　banks。　When　this

superfluous　paper　was　converted　into　gold　and　silver；　they　could

easily　find　a　use　for　it　by　sending　it　abroad；　but　they　could

find　none　while　it　remained　in　the　shape　of　paper。　There　would

immediately；　therefore；　be　a　run　upon　the　banks　to　the　whole

extent　of　this　superfluous　paper；　and；　if　they　showed　any

difficulty　or　backwardness　in　payment；　to　a　much　greater　extent；

the　alarm　which　this　would　occasion　necessarily　increasing　the

run。

　　　　　Over　and　above　the　expenses　which　are　common　to　every　branch

of　trade；　such　as　the　expense　of　house…rent；　the　wages　of

servants；　clerks；　accountants；　etc。；　the　expenses　peculiar　to　a

bank　consist　chiefly　in　two　articles：　first；　in　the　expense　of

keeping　at　all　times　in　its　coffers；　for　answering　the　occasional

demands　of　the　holders　of　its　notes；　a　large　sum　of　money；　of

which　it　loses　the　interest；　and；　secondly；　in　the　expense　of

replenishing　those　coffers　as　fast　as　they　are　emptied　by

answering　such　occasional　demands。

　　　　　A　banking　company；　which　issues　more　paper　than　can　be

employed　in　t