the high price of bullion-第13章

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relatively　cheap　in　the　exporting　country；　and　conclude　their



observations　by　giving　it　as　their　decided　opinion；　that　the



exportation　of　money　in　the　supposed　case　of　a　bad　harvest；　〃is



not　occasioned　by　its　cheapness。　It　is　not；　as　Mr。　Ricardo



endeavours　to　persuade　us；　the　cause　of　the　unfavourable　balance；



instead　of　the　effect。　It　is　not　merely　a　salutary　remedy　for　a



redundant　currency：　but　it　is　owing　precisely　to　the　cause



mentioned　by　Mr　Thornton　…　the　unwillingness　of　the　creditor



nation　to　receive　a　great　additional　quantity　of　goods　not　wanted



for　immediate　consumption；　without　being　bribed　to　it　by



excessive　cheapness；　and　its　willingness　to　receive　bullion　…　the



currency　of　the　commercial　world　…　without　any　such　bribe。　It　is



unquestionably　true；　as　stated　by　Mr　Ricardo；　that　no　nation　will



pay　a　debt　in　the　precious　metals；　if　it　can　do　it　cheaper　by



commodities；　but　the　prices　of　commodities　are　liable　to　great



depressions　from　a　glut　in　the　market；　whereas　the　precious



metals；　on　account　of　their　having　been　constituted　by　the



universal　consent　of　society；　the　general　medium　of　exchange；　and



instument　of　commerce；　will　pay　a　debt　of　the　largest　amount　at



its　nominal　estimation；　according　to　the　quantity　of　bullion



contained　in　the　respective　currencies　of　the　counties　in



question；　and；　whatever　variations　between　the　quantity　of



currency　and　commodities　may　be　stated　to　take　place　subsequent



to　the　commencement　of　these　transactions；　it　cannot　be　for　a



moment　doubted　that　the　cause　of　them　is　to　be　found　in　the　wants



and　desires　of　one　of　the　two　nations；　and　not　in　any　original



redundancy　or　deficiency　of　currency　in　either　of　them。〃



　　　　They　agree　with　me；〃　that　no　nation　will　pay　a　debt　in　the



precious　metals；　if　it　can　do　it　cheaper　by　commodities；　but　the



prices　of　commodities；〃　they　say；　〃are　liable　to　great



depressions　from　a　glut　in　the　market。'〃　of　course　they　must　mean



in　the　foreign　market；　and　then　the　words　express　the　opinion



which　they　are　endeavouring　to　controvert；　viz。　that　when　goods



cannot　be　sent　out　so　advantageously　as　money；　money　will　be



exported；　…　which　is　another　way　of　saying　that　money　will　never



be　exported；　unless　it　is　relatively　redundant　with　commodities；



as　compared　with　other　counties。　Yet　immediately　after　they



contend；　that　the　exportation　of　the　〃precious　metals　is　the



effect　of　a　balance　of　trade；　originating　in　causes　which　may



exist　without　any　relation　whatever　to　redundancy　or　deficiency



of　currency。〃　These　opinions　appear　to　me　directly　contradictory。



If　however　the　precious　metals　can　be　exported　from　a　country　in



exchange　for　commodities；　although　they　should　be　as　dear　in　the



exporting　as　in　the　importing　country；　what　are　the　effects　which



will　follow　from　such　improvident　exportation？



　　　　〃A　comparative　deficiency　in　one　country；　and　redundancy　in



the　other；〃　say　the　Reviewers；　p。　343。　〃and　this　state　of　things



could　not　fail　to　have　a　speedy　effect　in　changing　the　direction



of　the　balance　of　payments；　and　in　restoring　that　equilibrium　of



the　precious　metals；　which　had　been　for　a　time　disturbed　by　the



naturally　unequal　wants　and　necessities　of　the　counties　which



tade　with　each　other。〃　Now　it　would　have　been　well　if　the



Reviewers　had　told　us　at　what　point　this　re…action　would



commence；　…　as　at　the　first　view　it　appears　that　the　same　law



which　will　permit　money　to　be　exported　from　a　country；　when　it　is



no　cheaper　than　in　the　importing　country；　may　also　allow　it　to　be



exported　when　it　is　actually　dearer。　It　is　self…interest　which



regulates　all　the　speculations　of　trade；　and　where　that　can　be



clearly　and　satisfactorily　ascertined；　we　should　not　know　where



to　stop　if　we　admitted　any　other　rule　of　action。　They　should　have



explained　to　us　therefore；　why；　if　the　demand　for　the　commodity



imported　should　continue；　the　country　importing　might　not　be



entirely　exhausted　of　its　coin　and　bullion。　What　is　under　such



circumstances　to　check　the　exportation　of　the　currency？　The



Reviewers　say；　because　〃a　country　with　a　diminished　quantity　of



bullion　would　evidently　soon　be　limited　in　its　powers　of　paying



with　the　precious　metals。〃　Why　soon？　Is　it　not　admitted　〃that



excess　and　deficiency　of　currency　are　only　relative　terms；　that



the　circulation　of　a　county　can　never　be　superabundant；〃　（and



therefore　can　never　be　deficient；）　〃except　in　relation　to　other



countries。〃　Does　it　not　follow　from　these　admissions；　that　if　the



balance　of　trade　may　become　unfavourable　to　a　country；　though　its



currency　be　not　relatively　superabundant；　that　there　is　no　check



against　the　exportation　of　its　coin；　whilst　any　amount　of　money



remains　in　circulation；　as　the　diminished　sum；　（by　acquiring　a



new　value；）　will　as　readily　and　as　effectually　make　the　required



payments　as　the　larger　sum　did　before？　A　succession　of　bad



harvests　might；　on　this　principle；　drin　a　country　of　its　money；



whatever　might　be　its　amount；　although　it　consisted　exclusively



of　the　precious　metals。　The　observation　that　its　diminished　value



in　the　importing　county；　and　its　increasing　value　in　the



exporting　country；　would　make　it　revert　again　to　the　old　channel；



does　not　answer　the　objection。　When　will　this　happen？　and　in



exchange　for　what　will　it　be　returned？　The　answer　is　obvious　…



for　commodities。　The　ultimate　result　then　of　all　this　exportation



and　importation　of　money；　is　that　one　county　will　have　imported



one　commodity　in　exchange　for　another；　and　the　coin　and　bullion



will　in　both　countries　have　regined　their　natural　level。　Is　it　to



be　contended　that　these　results　would　not　be　foreseen；　and　the



expence　and　trouble　attending　these　needless　operations



effectually　prevented；　in　a　country　where　capital　is　abundant；



where　every　possible　economy　in　tade　is　practised；　and　where



competition　is　pushed　to　its　utmost　limits？　Is　it　conceivable



that　money　should　be　sent　abroad　for　the　purpose　merely　of



rendering　it　dear　in　this　country　and　cheap　in　another；　and　by



such　means　to　ensure　its　return　to　us？



　　　　It　is　particularly　worthy　of　observation　that　so　deep…rooted



is　the　prejudice　which　considers　coin　and　bullion　as　things



essentially　differing　in　all　their　operations　from　other



commodities；　that　writers　greatly　enlightened　upon　the　general



truth　of　political　economy　seldom　fail；　after　having　requested



their　readers　to　consider　money　and　bullion　merely　as　commodities



subject　to　〃the　same　general　principle　of　supply　and　demand　which



are　unquestionably　the　foundation　on　which　the　whole



superstucture　of　political　economy　is　built；〃　to　forget　this



recommendation　themselves；　and　to　argue　upon　the　subject　of



money；　and　the　laws　which　regulate　its　export　and　import；　as



quite　distinct　and　different　from　those　which　regulate　the　export



and　import　of　other　commodities。　Thus　the　Reviewers；　if　they　had



been　speaking　of　coffee　or　of　sugar；　would　have　denied　the



possibility　of　those　articles　being　exported　from　England　to　the



continent；　unless　they　were　dearer　there　than　here。　It　would　have



been　in　vain　to　have　urged　to　them；　that　our　harvest　had　been



bad；　and　that　we　were　in　want　of　corn；　they　would　confidently　and



undeniably　have　proved　that　to　whatever　degree　the　scarcity　of



corn　might　have　existed；　it　would　not　have　been　possible　for



England　to　send；　or　for　France　（for　example）　to　be　willing　to



receive；　coffee　or　sugar　in　return　for　corn；　whilst　coffee　or



sugar　cost　more　money　in　England　than　in　France。　What！　they　would



have　said；　do　you　be