the high price of bullion-第8章

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objections　to　be　groundless。



　　　　Mr　Thornton　has　told　us　that　an　unfavourable　trade　will



account　for　an　unfavourable　exchange；　but　we　have　already　seen



that　an　unfavourable　trade；　if　such　be　an　accurate　term；　is



limited　in　its　effects　on　the　exchange。　That　limit　is　probably



four　or　five　per　cent。　This　will　not　account　for　a　depreciation



of　fifteen　or　twenty　per　cent。　Moreover　Mr　Thornton　has　told　us；



and　I　entirely　agree　with　him；　〃That　it　may　be　laid　down　as　a



general　truth；　that　the　commercial　exports　and　imports　of　a　state



naturally　proportion　themselves　in　some　degree　to　each　other；　and



that　the　balance　of　trade　therefore　cannot　continue　for　a　very



long　time　to　be　either　highly　favourable　or　highly　unfavourable



to　a　county。〃　Now　the　low　exchange；　so　far　from　being　temporary；



existed　before　Mr　Thornton　wrote　in　1802；　and　has　since　been



progressively　increasing；　and　is　now　from　fifteen　to　twenty　per



cent。　against　us。　Mr　Thornton　must　therefore；　according　to　his



own　principles；　attribute　it　to　some　more　permanent　cause　than　an



unfavourable　balance　of　trade；　and　will；　I　doubt　not；　whatever



his　opinion　may　formerly　have　been；　now　agree　that　it　is　to　be



accounted　for　only　by　the　depreciation　of　the　circulating　medium。



　　　　It　can；　I　think；　no　longer　be　disputed　that　bank…notes　are　at



a　discount。　While　the　price　of　gold　bullion　is　4　l。　10s。　per　oz。；



or　in　other　words；　while　any　man　will　consent　to　give　that　which



professes　to　be　an　obligation　to　pay　nearly　an　ounce；　and　a　sixth



of　an　ounce　of　gold；　for　an　ounce；　it　cannot　be　contended　that　4



l。　10s。　in　notes　and　4　l。　10s。　in　gold　coin　are　of　the　same



value。



　　　　An　ounce　of　gold　is　coined　into　3　l。　17s。　10　1/2d。；　by



possessing　that　sum　therefore　I　have　an　ounce　of　gold；　and　would



not　give　4　l。　10s。　in　gold　coin；　or　notes　which　I　could



immediately　exchange　for　4　l。　10s。；　for　an　ounce　of　gold。



　　　　It　is　contrary　to　common　sense　to　suppose　that　such　could　be



the　market　value；　unless　the　price　were　estimated　in　a



depreciated　medium。



　　　　If　the　price　of　gold　were　estimated　in　silver　indeed；　the



price　might　rise　to　4　l。；　5　l。；　or　10　l。　an　ounce；　and　it　would；



of　itself；　be　no　proof　of　the　depreciation　of　paper　currency；　but



of　an　alteration　in　the　relative　value　of　gold　and　silver。　I



have；　however；　I　think　proved；　that　silver　is　not　the　standard



measure　of　value；　and　therefore　not　the　medium　in　which　the　value



of　gold　is　estimated。　But　if　it　were；　as　an　ounce　of　gold　is　only



worth　in　the　market　15　1/2　oz。　of　silver；　and　as　15　1/2　ounces　of



silver　is　precisely　equal　in　weight；　and　is　therefore　coined　into



80　shillings；　an　ounce　of　gold　ought　not　to　sell　for　more　than　4



l。



　　　　Those　then　who　maintain　that　silver　is　the　measure　of　value



cannot　prove　that　any　demand　for　gold　which　may　have　taken　place；



from　whatever　cause　it　may　have　proceeded；　can　have　raised　its



price　above　4l。　per　oz。　All　above　that　price　must；　on　their　own



principles；　be　called　a　depreciation　in　the　value　of　bank…notes。



It　therefore　follows；　that　if　bank…notes　be　the　representative　of



silver　coin；　then　an　ounce　of　gold；　selling　as　it　now　does　for　4



l。　10s。　sells　for　an　amount　of　notes　which　represent　17　1/2



ounces　of　silver；　whereas　in　the　bullion　market　it　can　only　be



exchanged　for　15　1/2　ounces。　Fifteen　ounces　and　a　half　of　silver



bullion　are　therefore　of　equal　value　with　an　engagement　of　the



Bank　to　pay　to　bearer　seventeen　ounces　and　a　half。



　　　　The　market　price　of　silver　is　at　the　present　time　5s。　9　1/2d。



per　oz。　estimated　in　bank…notes；　the　mint　price　being　only　5s。



2d。；　consequently　the　standard　silver　in　100　l。　is　worth　more



than　112　l。　in　bank…notes。



　　　　But　bank…notes；　it　may　be　said；　are　the　representatives　of



our　debased　silver　coin；　and　not　of　our　standard　silver。　This　is



not　true；　because　the　law　which　I　have　already　quoted　declares



silver　to　be　a　legal　tender　for　sums　only　not　exceeding　25　l。



except　by　weight。　If　the　Bank　insisted　on　paying　the　holder　of　a



bank…note　of　1000　l。　in　silver　coin；　they　would　be　bound　either



to　give　him　standard　silver　of　full　weight；　or　debased　silver　of



an　equal　value；　with　the　exception　of　25　l。　which　they　might　pay



him　in　debased　coin。　But　the　1000　l。　so　consisting　of　975　l。　pure



money；　and　25　l。　debased；　is　worth　more　than　1112　l。　at　the



present　market　value　of　silver　bullion。



　　　　It　is　said　that　the　amount　of　bank…notes　has　not　increased　in



a　greater　proportion　than　the　augmentation　of　our　trade　required；



and　therefore　cannot　be　excessive。　This　assertion　would　be



difficult　to　prove；　and　if　true；　no　argument　but　what　is　delusive



could　be　founded　on　it。　In　the　first　place；　the　daily



improvements　which　we　are　making　in　the　art　of　economizing　the



use　of　circulating　medium；　by　improved　methods　of　banking；　would



render　the　same　amount　of　notes　excessive　now；　which　were



necessary　for　the　same　state　of　commerce　at　a　former　period。



Secondly；　there　is　a　constant　competition　between　the　Bank　of



England　and　the　country…banks　to　establish　their　notes；　to　the



exclusion　of　those　of　their　rivals；　in　every　district　where　the



country　banks　are　established。



　　　　As　the　latter　have　more　than　doubled　in　number　within　very



few　years；　is　it　not　probable　that　their　activity　may　have　been



crowned　with　success；　in　displacing　with　their　own　notes　many　of



those　of　the　Bank　of　England？



　　　　If　this　have　happened；　the　same　amount　of　Bank　of　England



notes　would　now　be　excessive；　which；　with　a　less　extended



commerce；　was　before　barely　sufficient　to　keep　our　currency　on　a



level　with　that　of　other　counties。　No　just　conclusion　can



therefore　be　drawn　from　the　actual　amount　of　bank…notes　in



circulation；　though　the　fact；　if　examined；　would；　I　have　no



doubt；　be　found　to　be；　that　the　increase　in　the　amount　of



banknotes；　and　the　high　price　of　gold；　have　usually　accompanied



each　other。



　　　　It　is　doubted；　whether　two　or　three　millions　of　Bank…notes



（the　sum　which　the　Bank　is　supposed　to　have　added　to　the



circulation；　over　and　above　the　amount　which　it　will　easily



bear；）　could　have　had　such　effects　as　are　ascribed　to　them；　but



it　should　be　recollected；　that　the　Bank　regulate　the　amount　of



the　circulation　of　all　the　country　banks；　and　it　is　probable；



that　if　the　Bank　increase　their　issues　three　millions；　they



enable　the　country　banks　to　add　more　than　three　millions　to　the



general　circulation　of　England。



　　　　The　money　of　a　particular　county　is　divided　amongst　its



different　provinces　by　the　same　rules　as　the　money　of　the　world



is　divided　amongst　the　different　nations　of　which　it　is　composed。



Each　district　will　retain　in　its　circulation　such　a　proportionate



share　of　the　currency　of　the　country；　as　its　trade；　and



consequently　its　payments；　may　require；　compared　to　the　trade　of



the　whole；　and　no　increase　can　take　place　in　the　circulating



medium　of　one　district；　without　being　generally　diffused；　or



calling　forth　a　proportionable　quantity　in　every　other　district。



It　is　this　which　keeps　a　country　bank　note　always　of　the　same



value　as　a　Bank　of　England　note。　If　in　London；　where　Bank　of



England　notes　only　are　current；　one　million　be　added　to　the



amount　in　circulation；　the　currency　will　become　cheaper　there



than　elsewhere；　or　goods　will　become　dearer。　Goods　will；



therefore；　be　sent　from　the　country　to　the　London　market；　to　be



sold　at　the　high　prices；　or　which　is　much　more　probable；　the



country　banks　will　take　advantage　of　the　relative　deficiency　in



the　country　currency；　and　increas