the high price of bullion-第18章

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the　following　years：







Notes　of　5　l。　and　upwards；　including　Bank　Post　Bills；　Notes　under



5　l。；　Total；　Highest　rate　of　Exchange　with　Hamburgh；　Lowest　rate



of　Exchange　with　Hamburgh







1798；　*11；527；250；　*1；807；502；　*13；334；752；　38。2　Jan。；　37。4　Dec。



1799；　　12；408；522；　　1；653；805；　　14；062；327；　37。7　Jan。；　31。6　Oct。



1800；　　13；598；666；　　2；243；266；　　15；841；932；　32。5　May；　31。0　Feb。



1801；　　13；454；367；　　2；715；182；　　16；169；594；　31。8　Oct。；　29。8　Jan。



1802；　　13；917；977；　　3；136；477；　　17；054；454；　34。0　Dec。；　32。0　Feb。



1803；　　12；983；477；　　3；864；045；　　16；847；511；　35。0　Dec。；　34。0　Jan。



1804；　　12；621；348；　　4；723；672；　　17；345；020；　36。0　Dec。；　34。8　Feb。



1805；　　12；697；352；　　4；544；580；　　17；241；932；　35。8　March；　32。8　Feb。



1806；　　12；844；170；　　4；291；230；　　17；135；400；　34。8　Dec。；　33。3　Jan。



1807；　　13；221；988；　　4；183；013；　　17；405；001；　34。1　March；　34。2



Sept。



1808；　　13；402；160；　　4；132；420；　　17；534；580；　35。3　July；　32。4　Dec。



1809；　　14；133；615；　　4；868；275；　　19；001；890；　31。3　Jan。；　28。6　Nov。



1810；　　16；085；522；　　6；644；763；　　22；730；285；　31。2　June；　28。6　Dec。



1811；　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　；　26。6　Jan。；　24。0　March







The　Bank　have　made　a　return　of　the　amount　of　their　notes　for



eighteen　days　in　this　present　year　1811。　The　average　amount　of



notes　of　5　l。　and　upwards　in　circulation　for　those　eighteen　days；



including　bank　post　bills；　is　*16；286；950



And　of　those　under　5　l。　*7；260；575



Total　　　*23；547；525











　　　　〃If；〃　say　the　Reviewers；　〃considerable　portions　of　the



currency　were　taken　from　the　idle；　and　those　who　live　upon　fixed



incomes；　and　transferred　to　farmers；　manufacturers；　and



merchants；　…　the　proportion　between　capital　and　revenue　would　be



greatly　altered　to　the　advantage　of　capital；　and　in　a　short　time



the　produce　of　the　country　would　be　greatly　augmented。〃　It　is　no



doubt　true　〃　that　it　is　not　the　quantity〃　of　circulating　medium



which　adds　to　the　national　wealth；　〃but　the　different



distribution　of　it。〃　If；　therefore；　we　could　be　fully　assured



that　the　effects　of　the　abundance；　and　the　consequent



depreciation　of　the　currency；　would　diminish　the　powers　of



consumption　in　the　idle　and　unproductive　class；　whilst　it



increased　the　number　of　the　industrious　and　productive　class；　the



effect　would　undoubtedly　be　to　augment　the　national　wealth；　as　it



would　realize　into　capital　that　which　was　before　expended　as



revenue。　But　the　question　is；　will　it　so　operate？　Will　not　a



thousand　pounds　saved　by　the　stockholder　from　his　income　and　lent



to　the　farmer；　be　equally　productive　as　if　it　had　been　saved　by



the　farmer　himself？　The　Reviewers　observe；　〃On　every　fresh　issue



of　notes；　not　only　is　the　quantity　of　the　circulating　medium



increased；　but　the　distribution　of　the　whole　mass　is　altered。　A



large　proportion　falls　into　the　hands　of　those　who　consume　and



produce；　and　a　smaller　proportion　into　the　hands　of　those　who



only　consume。〃　But　is　this　necessarily　so？　They　appear　to　take　it



for　granted；　that　those　who　live　on　fixed　incomes　must　consume



the　whole　of　their　income；　and　that　no　part　of　it　can　be　saved



and　annually　added　to　capital。　But　this　is　very　far　from　being



the　true　state　of　the　case；　and　I　would　ask；　Do　not　the



stockholders　give　as　great　a　stimulus　to　the　growth　of　the



national　wealth　by　saving　half　their　incomes　and　investing　it　in



the　stocks；　thereby　liberating　a　capital　which　will　ultimately　be



employed　by　those　who　consume　and　produce；　as　would　be　done　if



their　incomes　were　depreciated　50　per　cent　by　the　issues　of



bank…notes；　and　the　power　of　saving　were　in　consequence　entirely



taken　from　them；　although　the　Bank　should　lend　to　an　industrious



man　an　amount　of　notes　equal　in　value　to　the　diminished　income　of



the　stockholder？　The　difference；　and　the　only　difference　appears



to　me　to　be　this；　that　in　the　one　case　the　interest　on　the　money



lent　would　be　paid　to　the　real　owner　of　the　property；　in　the



other　it　would　ultimately　be　paid　in　the　shape　ofincreased



dividends　or　bonuses　to　the　bank　proprietors；　who　had　been



enabled　unjustly　to　possess　themselves　of　it。　If　the　creditor　of



the　Bank　employed　his　loan　in　less　profitable　speculations　than



the　employer　of　the　savings　of　the　stockholders　would　have　done；



there　would　result　a　real　loss　to　the　country；　so　that　a



depreciation　of　currency　may；　as　far　as　it　is　considered　as　a



stimulus　to　production；　be　beneficial　or　otherwise。



　　　　I　see　no　reason　why　it　should　diminish　the　idle；　and　add　to



the　productive　class　of　society。　At　any　rate　the　evil　is　certain。



It　must　be　accompanied　with　a　degree　of　injustice　to　individuals



which　requires　only　to　be　understood　to　excite　the　censure　and



indignation　of　all　those　who　are　not　wholly　insensible　to　every



honourable　feeling。



　　　　With　the　sentiments　of　the　remainder　of　the　article　I　most



cordially　agree；　and　trust　the　efforts　of　the　Reviewers　will



powerfully　contribute　to　overturn　the　mass　of　error　and　prejudice



which　pervades　the　public　mind　on　this　most　important　subject。



　　　　It　is　often　objected　to　the　recommendation　of　the　Bullion



Committee；　namely　that　the　Bank　should　be　required　to　pay　their



notes　in　specie　in　twO　years；　that；　if　adopted；　the　Bank　would　be



exposed　to　considerable　difficulty　in　providing　themselves　with



the　requisite　amount　of　bullion　for　such　purpose；　and　it　cannot



be　denied；　that　before　the　Restriction　Bill　can　be　repealed；　the



Bank　would　be　in　prudence　bound　to　make　ample　provision　for　every



demand　which　might　by　possibility　be　made　on　them。　It　is　observed



by　the　Bullion　Committee；　that　the　average　amount　of　Bank　notes



in　circulation；　including　Bank　Post　Bills；　in　the　year　1809；　was



19　millions。　During　the　same　period　the　average　price　of　gold　was



4　l。　10s。　exceeding　its　mint　price　by　nearly　17　per　cent；　and



proving　a　depreciation　of　the　currency　of　nearly　15　per　cent。　A



diminution　therefore　of　15　per　cent　in　the　amount　of　the　Bank



circulation　in　1809；　should；　on　the　principles　of　the　Committee；



raise　it　to　par；　and　reduce　the　market　price　of　gold　to　3　l。　17s。



10　1/2d。；　and　till　such　reduction　take　place；　there　would　be



imminent　danger　to　the　Bank　as　well　as　to　the　public；　that　the



Restriction　Bill　should　cease　to　operate。　Now；　admitting　（which



we　are　far　from　doing）　the　truth　of　your　principles；　say　the



advocates　for　the　Bank；　admitting　that　after　such　a　reduction　in



the　amount　of　Bank　notes；　the　value　of　the　reminder　would　be　so



rised；　that　it　would　not　be　the　interest　of　any　person　to　demand



specie　at　the　Bank　in　exchange　for　notes；　because　no　profit　could



be　made　by　the　exportation　of　bullion；　what　security　would　the



Bank　have　that　caprice　or　ill…will　might　not　render　the　practice



general　of　discontinuing　the　use　of　small　notes　altogether；　and



demanding　guineas　of　the　Bank　in　lieu　of　them？　Not　only　then　must



the　Bank　reduce　their　circulation　15　per　cent。　on　their　issues　of



19　millions；　…　not　only　must　they　provide　bullion　for　4　millions



of　1　l。　and　2　l。　notes　which　would　remain　in　circulation；　but



they　must　also　furnish　themselves　with　the　means　of　meeting　the



demands　which　may　be　made　on　them　to　pay　the　small　notes　of　all



the　country　banks　in　the　kingdom；　…　and　all　this　within　the　short



period　of　two　years。　It　must　be　confessed；　that　whether　these



apprehensions　are　likely　or　not　likely　to　be　realized；　the　Bank



could　not　but　make　some　provision　for　the　worst　that　might



happen；　and　though　it　is　a　situation　in　which　their　own



indiscretion　has　involved　them；　it　would　be　desirable；　if



possible；　to　protect　th