the spirit of laws-第111章

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ncient　crown　of　three　livres；　being　worth　in　Holland　sixty　gros；　was　reduced　one…half；　the　new　crown　ought　to　be　valued　only　at　thirty。　On　the　other　hand；　it　seems　as　if　the　exchange　ought　to　be　regulated　by　the　old　coin；　because　the　banker　who　has　specie；　and　receives　bills；　is　obliged　to　carry　the　old　coin　to　the　mint　in　order　to　change　it　for　the　new；　by　which　he　must　be　a　loser。　The　exchange　then　ought　to　be　fixed　between　the　value　of　the　old　coin　and　that　of　the　new。　The　value　of　the　old　is　decreased；　if　we　may　call　it　so；　both　because　there　is　already　some　of　the　new　in　trade；　and　because　the　bankers　cannot　keep　up　to　the　rigour　of　the　law；　having　an　interest　in　letting　loose　the　old　coin　from　their　chests；　and　being　sometimes　obliged　to　make　payments　with　it。　Again；　the　value　of　the　new　specie　must　rise；　because　the　banker　having　this　finds　himself　in　a　situation　in　which；　as　we　shall　immediately　prove；　he　will　reap　great　advantage　by　procuring　the　old。　The　exchange　should　then　be　fixed；　as　I　have　already　said；　between　the　new　and　the　old　coin。　For　then　the　bankers　find　it　to　their　interest　to　send　the　old　out　of　the　kingdom；　because　by　this　method　they　procure　the　same　advantage　as　they　could　receive　from　a　regular　exchange　of　the　old　specie；　that　is；　a　great　many　gros　in　Holland；　and　in　return；　a　regular　exchange　a　little　lower；　between　the　old　and　the　new　specie；　which　would　bring　many　crowns　to　France。

Suppose　that　three　livres　of　the　old　coin　yield　by　the　actual　exchange　forty…five　gros；　and　that　by　sending　this　same　crown　to　Holland　they　receive　sixty；　but　with　a　bill　of　forty…five　gros；　they　procure　a　crown　of　three　livres　in　France；　which　being　sent　in　the　old　specie　to　Holland；　still　yields　sixty　gros；　thus　all　the　old　specie　would　be　sent　out　of　the　kingdom；　and　the　bankers　would　run　away　with　the　whole　profit。

To　remedy　this；　new　measures　must　be　taken。　The　state　which　coined　the　new　specie　would　itself　be　obliged　to　send　great　quantities　of　the　old　to　the　nation　which　regulates　the　exchange；　and；　by　thus　gaining　credit　there；　raise　the　exchange　pretty　nearly　to　as　many　gros　for　a　crown　of　three　livres　out　of　the　country。　I　say　to　nearly　the　same；　for　while　the　profits　are　small　the　bankers　will　not　be　tempted　to　send　it　abroad；　because　of　the　expense　of　carriage　and　the　danger　of　confiscation。

It　is　fit　that　we　should　give　a　very　clear　idea　of　this。　Mr。　Bernard；　or　any　other　banker　employed　by　the　state；　proposes　bills　upon　Holland；　and　gives　them　at　one；　two；　or　three　gros　higher　than　the　actual　exchange；　he　has　made　a　provision　in　a　foreign　country；　by　means　of　the　old　specie；　which　he　has　continually　been　sending　thither；　and　thus　he　has　raised　the　exchange　to　the　point　we　have　just　mentioned。　In　the　meantime；　by　disposing　of　his　bills；　he　seizes　on　all　the　new　specie；　and　obliges　the　other　bankers；　who　have　payments　to　make；　to　carry　their　old　specie　to　the　mint；　and；　as　he　insensibly　obtains　all　the　specie；　he　obliges　the　other　bankers　to　give　him　bills　of　exchange　at　a　very　high　price。　By　this　means　his　profit　in　the　end　compensates　in　a　great　measure　for　the　loss　he　suffered　at　the　beginning。

It　is　evident　that　during　these　transactions；　the　state　must　be　in　a　dangerous　crisis。　Specie　must　become　extremely　scarce　　1；　because　much　the　greatest　part　is　cried　down；　2；　because　a　part　will　be　sent　into　foreign　countries；　3；　because　every　one　will　lay　it　up；　as　not　being　willing　to　give　that　profit　to　the　prince　which　he　hopes　to　receive　himself。　It　is　dangerous　to　do　it　slowly；　and　dangerous　also　to　do　it　in　too　much　haste。　If　the　supposed　gain　be　immoderate；　the　inconveniences　increase　in　proportion。

We　see；　from　what　has　been　already　said；　that　when　the　exchange　is　lower　than　the　specie；　a　profit　may　be　made　by　sending　it　abroad；　for　the　same　reason；　when　it　is　higher　than　the　specie；　there　is　profit　in　causing　it　to　return。

But　there　is　a　case　in　which　profit　may　be　made　by　sending　the　specie　out　of　the　kingdom；　when　the　exchange　is　at　par；　that　is；　by　sending　it　into　a　foreign　country　to　be　coined　over　again。　When　it　returns；　an　advantage　may　be　made　of　it；　whether　it　be　circulated　in　the　country　or　paid　for　foreign　bills。

If　a　company　has　been　erected　in　a　state　with　an　immense　number　of　shares；　and　these　shares　have　in　a　few　months　risen　twenty　or　twenty…five　times　above　the　original　purchase　value；　if；　again；　the　same　state　established　a　bank；　whose　bills　were　to　perform　the　office　of　money；　while　the　legal　value　of　these　bills　was　prodigious；　in　order　to　answer　to　the　legal　value　of　the　shares　（this　is　Mr。　Law's　System）；　it　would　follow；　from　the　nature　of　things；　that　these　shares　and　these　bills　would　vanish　in　the　same　manner　as　they　arose。　Stocks　cannot　suddenly　be　raised　twenty　or　twenty…five　times　above　their　original　value　without　giving　a　number　of　people　the　means　of　procuring　immense　riches　in　paper：　every　one　would　endeavour　to　make　his　fortune；　and　as　the　exchange　offers　the　most　easy　way　of　removing　it　from　home；　or　conveying　it　whither　one　pleases；　people　would　incessantly　remit　a　part　of　their　effects　to　the　nation　that　regulates　the　exchange。　A　continual　process　of　remittances　into　a　foreign　country　must　lower　the　exchange。　Let　us　suppose　that　at　the　time　of　the　System；　in　proportion　to　the　standard　and　weight　of　the　silver　coin；　the　exchange　was　fixed　at　forty　gros　to　the　crown；　when　a　vast　quantity　of　paper　became　money；　they　were　unwilling　to　give　more　than　thirty…nine　gros　for　a　crown；　and　afterwards　thirty…eight；　thirty…seven；　&c。　This　proceeded　so　far；　that　after　a　while　they　would　give　but　eight　gros；　and　at　last　there　was　no　exchange　at　all。

The　exchange　ought　in　this　case　to　have　regulated　the　proportion　between　the　specie　and　the　paper　of　France。　I　suppose　that；　by　the　weight　and　standard　of　the　silver；　the　crown　of　three　livres　in　silver　was　worth　forty　gros；　and　that　the　exchange　being　made　in　paper；　the　crown　of　three　livres　in　paper　was　worth　only　eight　gros；　the　difference　was　four…fifths。　The　crown　of　three　livres　in　paper　was　then　worth　four…fifths　less　than　the　crown　of　three　livres　in　silver。

11。　Of　the　Proceedings　of　the　Romans　with　respect　to　Money。　How　great　soever　the　exertion　of　authority　had　been　in　our　times；　with　respect　to　the　specie　of　France；　during　the　administration　of　two　successive　ministers；　still　it　was　vastly　exceeded　by　the　Romans；　not　at　the　time　when　corruption　had　crept　into　their　republic；　nor　when　they　were　in　a　state　of　anarchy；　but　when　they　were　as　much　by　their　wisdom　as　their　courage　in　the　full　vigour　of　the　constitution；　after　having　conquered　the　cities　of　Italy；　and　at　the　very　time　that　they　disputed　for　empire　with　the　Carthaginians。

And　here　I　am　pleased　that　I　have　an　opportunity　of　examining　more　closely　into　this　matter；　that　no　example　may　be　taken　from　what　can　never　justly　be　called　one。

In　the　first　Punic　war　the　as；＇16＇　which　ought　to　be　twelve　ounces　of　copper；　weighed　only　two；　and　in　the　second　it　was　no　more　than　one。　This　retrenchment　answers　to　what　we　now　call　the　raising　of　coin。　To　take　half　the　silver　from　a　crown　of　six　livres；　in　order　to　make　two　crowns；　or　to　raise　it　to　the　value　of　twelve　livres；　is　precisely　the　same　thing。

They　have　left　us　no　monument　of　the　manner　in　which　the　Romans　conducted　this　affair　in　the　first　Punic　war；　but　what　they　did　in　the　second　is　a　proof　of　the　most　consummate　wisdom。　The　republic　found　herself　under　an　impossibility　of　paying　her　debts：　the　as　weighed　two　ounces　of　copper；　and　the　denarius；　valued　at　ten　ases；　weighed　twenty　ounces　of　copper。　The　republic；　being　willing　to　gain　half　on　her　creditors；　made　the　as　of　an　ounce　of　copper；＇17＇　and　by　this　means　paid　the　value　of　a　denarius　with　ten　ounces。　This　proceeding　must　have　given　a　great　shock　to　the　state；　they　were　obliged　therefore　to　break　the　force　of　it　as　well　as　they　could。　It　was　in　itself　unjust；　and　it　was　necessary　to　render　it　as　little　so　as　possible。　They　had　in　view　the　deliverance　of　the　republic　with　respect　to　the　citizens；　they　were　not　therefore　obliged　to　direct　their　view　to　the　deliverance　of　the　citizens　with　respect　to　each　other。　This　made　a　second　step　necess