the high price of bullion-第6章

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countries　between　which　it　is　estimated。　It　is　therefore



consulted　by　the　bullion…merchant　in　the　same　manner　as　the



price…current　is　by　other　merchants；　before　they　determine　on　the



exportation　or　importation　of　other　commodities。　If　eleven



florins　in　Holland　contain　an　equal　quantity　of　pure　silver　as



twenty　standard　shillings；　silver　bullion；　equal　in　weight　to



twenty　standard　shillings；　can　never　be　exported　from　London　to



Amsterdam　whilst　the　exchange　is　at　par；　or　unfavourable　to



Holland。　Some　expence　and　risk　must　attend　its　exportation；　and



the　very　term　par　expresses　that　a　quantity　of　silver　bullion；



equal　to　that　weight　and　purity；　is　to　be　obtained　in　Holland　by



the　purchase　of　a　bill　of　exchange；　free　of　all　expence。　Who



would　send　bullion　to　Holland　at　an　expence　of　three　or　four　per



cent。　when；　by　the　purchase　of　a　bill　at　par；　he　in　fact　obtains



an　order　for　the　delivery　to　his　correspondent　in　Holland　of　the



same　weight　of　bullion　which　he　was　about　to　export？



　　　　It　would　be　as　reasonable　to　contend；　that　when　the　price　of



corn　is　higher　in　England　than　on　the　Continent；　corn　would　be



sent；　notwithstanding　all　the　charges　on　its　exportation；　to　be



sold　in　the　cheaper　market。



　　　　Having　already　noticed　the　disorders　to　which　a　metallic



currency　is　exposed；　I　will　proceed　to　consider　those　which；



though　not　caused　by　the　debased　state　of　either　the　gold　or



silver　coins；　are　nevertheless　more　serious　in　their　ultimate



consequences。



　　　　Our　circulating　medium　is　almost　wholly　composed　of　paper；



and　it　behoves　us　to　guard　against　the　depreciation　of　the　paper



currency　with　at　least　as　much　vigilance　as　against　that　of　the



coins。



　　　　This　we　have　neglected　to　do。



　　　　Parliament；　by　restricting　the　Bank　from　paying　in　specie；



have　enabled　the　conductors　of　that　concern　to　increase　or



decrease　at　pleasure　the　quantity　and　amount　of　their　notes；　and



the　previously　existing　checks　against　an　over…issue　having　been



thereby　removed；　those　conductors　have　acquired　the　power　of



increasing　or　decreasing　the　value　of　the　paper　currency。



　　　　In　tracing　the　present　evils　to　their　source；　and　proving



their　existence　by　an　appeal　to　the　two　unerring　tests　I　have



before　mentioned；　namely；　the　rate　of　exchange　and　the　price　of



bullion；　I　shall　avail　myself　of　the　account　given　by　Mr　Thornton



of　the　conduct　of　the　Bank　before　the　restriction；　to　shew　how



clearly　they　acted　on　the　principle　which　he　has　expressly



acknowledged；　viz。　that　the　value　of　their　notes　is　dependent　on



their　amount；　and　that　they　ascertained　the　variation　in　their



value　by　the　tests　I　have　just　referred　to。



　　　　Mr　Thornton　tells　us；　〃That　if　at　any　time　the　exchanges　of



the　country　became　so　unfavourable　as　to　produce　a　material



excess　of　the　market　above　the　mint　price　of　gold；　the　directors



of　the　Bank；　as　appears　by　the　evidence　of　some　of　their　body；



given　to　parliament；　were　disposed　to　resort　to　a　reduction　of



their　paper；　as　a　means　of　diminishing　or　removing　the　excess；



and　of　thus　providing　for　the　security　of　their　establishment。



They　moreover　have　at　all　times；〃　he　says；　〃been　accustomed　to



observe　some　limit　as　to　the　quantity　of　their　notes　for　the　same



prudential　reasons。　〃　And　in　another　place：　〃　When　the　price



which　our　coin　will　fetch　in　foreign　countries　is　such　as　to



tempt　it　out　of　the　kingdom；　the　directors　of　the　Bank　naturally



diminish；　in　some　degree；　the　quantity　of　their　paper　through　an



anxiety　for　the　safety　of　their　establishment。　By　diminishing



their　paper；　they　raise　its　value；　and　in　rising　its　value；　they



raise　also　the　value　in　England　of　the　current　coin　which　is



exchanged　for　it。　Thus　the　value　of　our　gold　coin　conforms　itself



to　the　value　of　the　current　paper；　and　the　current　paper　is



rendered　by　the　Bank…directors；　of　that　value　which　it　is



necessary　that　it　should　bear　in　order　to　prevent　large



exportations；…a　value　sometimes　rising　a　little　above；　and



sometimes　falling　a　little　below；　the　price　which　our　coin　bears



abroad。〃



　　　　The　necessity　which　the　Bank　felt　itself　under　to　guard　the



safety　of　its　establishment；　therefore；　always　prevented；　before



the　restriction　from　paying　in　specie；　a　too　lavish　issue　of



paper　money。



　　　　Thus　we　find　that；　for　a　period　of　twenty…three　years



previously　to　the　suspension　of　cash　payments　in　1797；　the



average　price　of　gold　bullion　was　3　l。　17s。　7　3/4d。　per　oz。　about



2　3/4d。　under　the　mint　price；　and　for　sixteen　years　previously　to



1774；　it　never　was　much　above　4　l。　per　oz。　It　should　be



remembered　that　during　these　sixteen　years　our　gold　coin　was



debased　by　wearing；　and　it　is　therefore　probable　that　4　l。　of



such　debased　money　did　not　weigh　as　much　as　the　ounce　of　gold　for



which　it　was　exchanged。



　　　　Dr　A。　Smith　considers　every　permanent　excess　of　the　market



above　the　mint　price　of　gold；　as　referrible　to　the　state　of　the



coins。　While　the　coin　was　of　its　standard　weight　and　purity；　the



market　price　of　gold　bullion；　he　thought；　could　not　greatly



exceed　the　mint　price。



　　　　Mr　Thornton　contends　that　this　cannot　be　the　only　cause。　〃We



have；〃　he　says；　〃lately　experienced　fluctuations　in　our



exchanges；　and　correspondent　variations　in　the　market；　compared



with　the　mint　price　of　gold；　amounting　to　no　less　than　eight　or



ten　per　cent；　the　state　of　our　coinage　continuing　in　all　respects



the　same。〃　Mr　Thornton　should　have　reflected　that　at　the　time　he



wrote；　specie　could　not　be　demanded　at　the　Bank　in　exchange　for



notes；　that　this　was　a　cause　for　the　depreciation　of　the　currency



which　Dr　Smith　could　never　have　anticipated。　If　Mr　Thornton　had



proved　that　there　had　been　a　fluctuation　of　ten　per　cent。　in　the



price　of　gold；　while　the　Bank　paid　their　notes　in　specie；　and　the



coin　was　undebased；　he　would　then　have　convicted　Dr　Smith　of　〃



having　treated　this　important　subject　in　a　defective　and



unsatisfactory　manner。〃　（6*）



　　　　But　as　all　checks　against　the　over…issues　of　the　Bank　are　now



removed　by　the　act　of　parliament；　which　restricts　them　from



paying　their　notes　in　specie；　they　are　no　longer　bound　by　〃fears



for　the　safety　of　their　establishment；〃　to　limit　the　quantity　of



their　notes　to　that　sum　which　shall　keep　them　of　the　same　value



as　the　coin　which　they　represent。　Accordingly　we　find　that　gold



bullion　has　risen　from　3　l。　17s。　7　3/4d。　the　average　price



previously　1　to　1797；　to　4　l。　10s。　and　has　been　lately　as　high　as



4　l。　13s。　per　oz。



　　　　We　may　therefore　fairly　conclude　that　this　difference　in　the



relative　value；　or；　in　other　words；　that　this　depreciation　in　the



actual　value　of　bank…notes　has　been　caused　by　the　too　abundant



quantity　which　the　Bank　has　sent　into　circulation。　The　same　cause



which　has　produced　a　difference　of　from　fifteen　to　twenty　per



cent。　in　bank…notes　when　compared　with　gold　bullion；　may　increase



it　to　fifty　per　cent。　There　can　be　no　limit　to　the　depreciation



which　may　arise　from　a　constantly　increasing　quantity　of　paper。



The　stimulus　which　a　redundant　currency　gives　to　the　exportation



of　the　coin　has　acquired　new　force；　but　cannot；　as　formerly；



relieve　itself。　We　have　paper　money　only　in　circulation；　which　is



necessarily　confined　to　ourselves。　Every　increase　in　its　quantity



degrades　it　below　the　value　of　gold　and　silver　bullion；　below　the



value　of　the　currencies　of　other　counties。



　　　　The　effect　is　the　same　as　that　which　would　have　been　produced



from　clipping　our　coins。



　　　　If　one…fifth　were　taken　off　from　every　guinea；　the