political economy-第24章
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from the country a large portion of the natural circulating medium； is without foundation。 By saving a part of their expenses； they； of course； in some degree； diminished consumption and re…production； by preserving some millions in their coffers； they in some degree diminished the circulating capital： but the money locked up by them was soon replaced by other moneys which the country purchased； and； besides； the whole circulating medium of a nation is so small； compared with its whole circulating capital； that such a void can never be considered as a national misfortune； or counterbalance the immense advantage of possessing a fund ready； without new sacrifices； at the moment of want。 From confounding money with capital； has arisen the general mistake of attempting to increase the national capital by a fictitious capital； which； not having been created by an expensive labour； is not； like gold or silver； a pledge of the values it represents； and which； after having delighted nations with the illusions of wealth； has so frequently left them in ruin。 It will be more easy to follow the operation； by which so many states in our time have endeavoured to replace their money by paper； if we previously direct our attention to the manner in which one of the most ancient trading cities of France made a few crowns perform the functions of a considerable circulating medium。 At Lyons； it was agreed upon in trade； that all payments should take place only at four fixed periods； quarterly。 During the three days which the payments took up； all the accounts of the city were settled at once。 Each； at the same period； had much to receive and much to pay。 But； on the days immediately preceding the payments； all the merchants used to meet on the exchange； to make what they called viremens； in other words； to assign； one to another； such sums as would settle their accounts。 A owed B； who owed C； who owed D； who owed E； himself indebted to A； and the five accounts were settled without any payment。 If E was not indebted to A； it was agreed that A should pay E； and the other four were acquitted by a single payment。 Every merchant bought but to sell again； received； therefore； but to pay； and if those assignments were extended to their utmost limits； one single sum of ten thousand pounds would probably settle all the transactions of a city； though these amounted to several millions。 But all mutual debts are not equal； and bankruptcies occasion difficulties； and sometimes errors in the assignments。 The invention of banks has supplied this deficiency。 The Bank of Amsterdam is a kind of open bar； where assignments may constantly be made。 Every trader pays or receives； by a line which is written down in the bank's books； on the debtor or creditor side of his account； without any money being disbursed。 Among merchants； who have all an open credit with the bank； the operation of the book…keeper supplies with the utmost ease that of cashier； and no difference of amount； or day of payment； prevents sums from being reciprocally balanced。 A bank like that of Amsterdam； however； is of use only to such as have a current account in it。 Many traders may have no account； and few or none who are not traders ever have any； though called； as well as others； to pay and to receive。 To extend the advantage of assignments also to the business of such persons； those note…banks were invented which have since become so common in all parts of Europe。 Their notes are assignments on the bank； payable to the bearer on demand。 Each； by combining several notes； may make his odd payments himself； and hence it is generally most convenient for him to transmit them to others； as he received them； without having drawn any money； and even though each may require payment at his pleasure； no one thinks of it； just because each feeling that he may do it any time； feels always that it will be soon enough afterwards。 Up to that period； banks had done nothing but simplify payments； and save the employment of money； and render circulation easy with a smaller sum than would otherwise have been required。 But some one must profit by this saving。 In arranging the assignments at Lyons； each profited according to his share in trade； each needed to have money in his coffers only four times yearly； for three days。 He； of course； gained interest for the remaining 353 days； and as those assignments simplified all his operations； a smaller sum performed for him the office of a greater。 When banks were established； it was they that profited by this saving of money。 They received interest； not for the money really given by them； but for the money； which every bearer of notes had it in his power to demand from them； at a moment's notice。 This interest of notes； reckoned equal to gold； was a pure advantage for bankers； since the money promised； far from being drawn； had not even remained at the bank； where it would have been barren。 Bankers； reckoning on the confidence of the public； had caused it to labour； and recalled it for their payments only as they needed it。 It was by discount on such of the proceeds of trade as were payable at long dates； that banks pushed their notes into circulation。 They required an interest for exchanging their paper against that of trade； because theirs was exigible at sight； though it was not really paid before the other。 The discount required by the bank served to introduce the interest of money； and to regulate it in the place。 Bankers； in virtue of their credit alone； seemed to have capitals of almost immense extent； to offer in the service of merchants。 Credit soon appeared to have a creative power； and speculators； persuaded that by emitting a bank one； they added as much to the public wealth as by importing an equal sum of money； delivered their minds to dreams dangerous for themselves； and for the states that gave ear to them。 They proposed the establishment of banks to multiply the funds of trade； to provide for the enterprises of agriculture； to set labour every where in motion； to increase the general capital； and redouble the activity of industry。 Governments； on their side； imagined that in banks they had found an open mine； from which they might draw at discretion。 At each new season of need； they stuck new bank…notes。 But they soon perceived； with astonishment； that notes were no longer received with the same confidence； and were speedily carried back to the bank for payment； and next； as their custom generally is； they substituted their authority for the nature of things。 They refused payment on demand； but they ordered each citizen to receive as ready coin； those notes which had thus become paper money； and they authorised every debtor to pay his accounts with it。 The circulation of paper money became； in a short time； nothing less than a general bankruptcy。 Notwithstanding all the orders of government； paper fell every day in its proportion to silver or to goods。 The bearers of it； feeling that they had no pledge for the values； the sign of which they were always presenting； dreaded lest the paper should undergo a new deterioration in their hands； and made haste to get rid of it。 Each lost and caused loss； each having no longer any common measure of value； became unable to distinguish the gain from the loss of his bargain； and always selling with advantage； he ended in ruin。 During this time； coin disappeared； goods themselves were exported from the country； without giving any return； and the expedient； which promised to create immense wealth； produced nothing but ruin and confusion。 A fatal error had led to all these misfortunes。 It was imagined that credit had the power of creating wealth； whilst； in fact； credit never creates any thing； but merely borrows with one hand to lend with the other； that wealth； which； to be of use； must have previously existed in the state。 Paper money can be substituted only for the metallic money already in existence； it is the value of this which it borrows。 The banker； who finds credit； acquires the power to dispose of a part of the currency equal to the paper he emits。 If he in reality withdraw part of the currency from circulation； his paper will remain there； if he does not withdraw it； others will
