the high price of bullion-第3章

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obviously　waging　a　very　unequal　war；　and　even　though　it　should



not　be　tired　early；　it　will　be　likely　to　be　tired　sooner　than　its



adversaries。〃



　　　　The　Bank　would　be　obliged　therefore　ultimately　to　adopt　the



only　remedy　in　their　power　to　put　a　stop　to　the　demand　for



guineas。　They　would　withdraw　part　of　their　notes　from



circulation；　till　they　should　have　increased　the　value　of　the



remainder　to　that　of　gold　bullion；　and　consequently　to　the　value



of　the　currencies　of　other　countries。　All　advantage　from　the



exportation　of　gold　bullion　would　then　cease；　and　there　would　be



no　temptation　to　exchange　bank…notes　for　guineas。



　　　　In　this　view　of　the　subject；　then；　it　appears；　that　the



temptation　to　export　money　in　exchange　for　goods；　or　what　is



termed　an　unfavourable　balance　of　trade；　never　arises　but　from　a



redundant　currency。　But　Mr　Thornton；　who　has　considered　this



subject　very　much　at　large；　supposes　that　a　very　unfavourable



balance　of　trade　may　be　occasioned　to　this　country　by　a　bad



harvest；　and　the　consequent　importation　of　corn；　and　that　there



may　be　at　the　same　time　an　unwillingness　in　the　country；　to　which



we　are　indebted；　to　receive　our　goods　in　payment；　the　balance　due



to　the　foreign　country　must　therefore　be　paid　out　of　that　part　of



our　currency；　consisting　of　coin；　and　that　hence　arises　the



demand　for　gold　bullion　and　its　increased　price。　He　considers　the



Bank　as　affording　considerable　accommodation　to　the　merchants；　by



supplying　with　their　notes　the　void　occasioned　by　the　exportation



of　the　specie。



　　　　As　it　is　acknowledged　by　Mr　Thornton；　in　many　parts　of　his



work；　that　the　price　of　gold　bullion　is　rated　in　gold　coin；　and



as　it　is　also　acknowledged　by　him；　that　the　law　against　melting



gold　coin　into　bullion　and　exporting　it　is　easily　evaded；　it



follows；　that　no　demand　for　gold　bullion；　arising　from　this　or



any　other　cause；　can　raise　the　money　price　of　that　commodity。　The



error　of　this　reasoning　proceeds　from　not　distinguishing　between



an　increase　in　the　value　of　gold；　and　an　increase　in　its　money



price。



　　　　If　there　were　a　great　demand　for　corn　its　money　price　would



advance；　because；　in　comparing　corn　with　money；　we　in　fact



compare　it　with　another　commodity；　and　for　the　same　reason；　when



there　is　a　great　demand　for　gold　its　corn　price　will　increase；



but　in　neither　case　will　a　bushel　of　corn　be　worth　more　than　a



bushel　of　corn；　or　an　ounce　of　gold　more　than　an　ounce　of　gold。



An　ounce　of　gold　bullion　could　not；　whatever　the　demand　might　be；



whilst　its　price　was　rated　in　gold　coin；　be　of　more　value　than　an



ounce　of　coined　gold；　or　3　l。　17s。　10　1/2d。



　　　　If　this　argument　should　not　be　considered　as　conclusive；　I



should　urge；　that　a　void　in　the　currency；　as　here　supposed；　can



only　be　occasioned　by　the　annihilation　or　limitation　of　paper



currency；　and　then　it　would　speedily　be　filled　by　importations　of



bullion；　which　its　increased　value；　in　consequence　of　the



diminution　of　circulating　medium；　would　infallibly　attract　to　the



advantageous　market。　However　great　the　scarcity　of　corn　might　be；



the　exportation　of　money　would　be　limited　by　its　increasing



scarcity。　Money　is　in　such　general　demand；　and　in　the　present



state　of　civilization　is　so　essential　to　commercial　transactions；



that　it　can　never　be　exported　to　excess；　even　in　a　war　such　as



the　present；　when　our　enemy　endeavours　to　interdict　all　commerce



with　us；　the　value　which　the　currency　would　bear；　from　its



increasing　scarcity；　would　prevent　the　exportation　of　it　from



being　carried　so　far　as　to　occasion　a　void　in　the　circulation。



　　　　Mr　Thornton　has　not　explained　to　us；　why　any　unwillingness



should　exist　in　the　foreign　country　to　receive　our　goods　in



exchange　for　their　corn；　and　it　would　be　necessary　for　him　to



show；　that　if　such　an　unwillingness　were　to　exist；　we　should



agree　to　indulge　it　so　far　as　to　consent　to　part　with　our　coin。



　　　　If　we　consent　to　give　coin　in　exchange　for　goods；　it　must　be



from　choice；　not　necessity。　We　should　not　import　more　goods　than



we　export；　unless　we　had　a　redundancy　of　currency；　which　it



therefore　suits　us　to　make　a　part　of　our　exports。　The　exportation



of　the　coin　is　caused　by　its　cheapness；　and　is　not　the　effect；



but　the　cause　of　an　unfavourable　balance；　we　should　not　export



it；　if　we　did　not　send　it　to　a　better　market；　or　if　we　had　any



commodity　which　we　could　export　more　profitably。　It　is　a　salutary



remedy　for　a　redundant　currency；　and　as　I　have　already



endeavoured　to　prove；　that　redundancy　or　excess　is　only　a



relative　term；　it　follows；　that　the　demand　for　it　abroad　arises



only　from　the　comparative　deficiency　of　the　currency　of　the



importing　country；　which　there　causes　its　superior　value。



　　　　It　resolves　itself　entirely　into　a　question　of　interest。　If



the　sellers　of　the　corn　to　England；　to　the　amount　I　will　suppose



of　a　million；　could　import　goods　which　cost　a　million　in　England；



but　would　produce；　when　sold　abroad；　more　than　if　the　million　had



been　sent　in　money；　goods　would　be　preferred；　if　otherwise；　money



would　be　demanded。



　　　　It　is　only　after　a　comparison　of　the　value　in　their　markets



and　in　our　own；　of　gold　and　other　commodities；　and　because　gold



is　cheaper　in　the　London　market　than　in　theirs；　that　foreigners



prefer　gold　in　exchange　for　their　corn。　If　we　diminish　the



quantity　of　currency；　we　give　an　additional　value　to　it：　this



will　induce　them　to　alter　their　election；　and　prefer　the



commodities。　If　I　owed　a　debt　in　Hamburgh　of　100　l。　I　should



endeavour　to　find　out　the　cheapest　mode　of　paying　it。　If　I　send



money；　the　expence　attending　its　transportation　being　I　will



suppose　5　l。　to　discharge　my　debt　will　cost　me　105　l。　If　I



purchase　cloth　here；　which；　with　the　expences　attending　its



exportation；　will　cost　me　106　l。　and　which　will；　in　Hamburgh；



sell　for　100　l。　it　is　evidently　more　to　my　advantage　to　send　the



money。　If　the　purchase　and　expences　of　sending　hardware　to　pay　my



debt；　will　take　107　l。　I　should　prefer　sending　cloth　to　hardware；



but　I　would　send　neither　in　preference　to　money；　because　money



would　be　the　cheapest　exportable　commodity　in　the　London　market。



The　same　reasons　would　operate　with　the　exporter　of　the　corn；　if



the　transaction　were　on　his　own　account。　But　if　the　Bank；



〃fearful　for　the　safety　of　their　establishment；〃　and　knowing　that



the　requisite　number　of　guineas　would　be　withdrawn　from　their



coffers　at　the　mint　price；　should　think　it　necessary　to　diminish



the　amount　of　their　notes　in　circulation；　the　proportion　between



the　value　of　the　money；　of　the　cloth；　and　of　the　hardware；　would



no　longer　be　as　105；　106；　and　107；　but　the　money　would　become　the



most　valuable　of　the　three；　and　therefore　would　be　less



advantageously　employed　in　discharging　the　foreign　debts。



　　　　If；　which　is　a　much　stronger　case；　we　agreed　to　pay　a　subsidy



to　a　foreign　power；　money　would　not　be　exported　whilst　there　were



any　goods　which　could　more　cheaply　discharge　the　payment。　The



interest　of　individuals　would　render　the　exportation　of　the　money



unnecessary。（2*）



　　　　Thus　then　specie　will　be　sent　abroad　to　discharge　a　debt　only



when　it　is　superabundant；　only　when　it　is　the　cheapest　exportable



commodity。　If　the　Bank　were　at　such　a　time　paying　their　notes　in



specie；　gold　would　be　demanded　for　that　purpose。　It　would　be



obtained　there　at　its　mint　price；　whereas　its　price　as　bullion



would　be　something　above　its　value　as　coin；　because　bullion



could；　and　coin　could　not；　be　legally　exported。



　　　　It　is　evident；　then；　that　a　de