the high price of bullion- 第6部分

exchanges；　or；　in　other　words；　it　is　the　agreement　of　the　mint



price　with　the　bullion　price　of　gold；　which　seems　to　be　the　true



proof　that　the　circulating　paper　is　not　depreciated。〃　When　the



motive　for　exporting　gold　occurs；　while　the　Bank　do　not　pay　in



specie；　and　gold　cannot　therefore　be　obtained　at　its　mint　price；



the　small　quantity　that　can　be　procured　will　be　collected　for



exportation；　and　bank…notes　will　be　sold　at　a　discount　for　gold



in　proportion　to　their　excess。　In　saying　however　that　gold　is　at



a　high　price；　we　are　mistaken；　it　is　not　gold；　it　is　paper　which



has　changed　its　value。　Compare　an　ounce　of　gold；　or　3　l。　17s。　10



1/2d。　to　commodities；　it　bears　the　same　proportion　to　them　which



it　has　before　done；　and　if　it　do　not；　it　is　referrible　to



increased　taxation；　or　to　some　of　those　causes　which　are　so



constantly　operating　on　its　value。　But　if　we　compare　the



substitute　of　an　ounce　of　gold；　3　l。　17s。　10　1/2d。　in　banknotes；



with　commodities；　we　shall　then　discover　the　depreciation　of　the



bank…notes。　In　every　market　of　the　world　I　am　obliged　to　part



with　4　l。　10s。　in　bank…notes　to　purchase　the　same　quantity　of



commodities　which　I　can　obtain　for　the　gold　that　is　in　3　l。　17s。



10　1/2d。　of　coin。



　　　　It　is　often　asserted；　that　a　guinea　is　worth　at　Hamburgh　26



or　28　shillings；　but　we　should　be　very　much　deceived　if　we　should



therefore　conclude　that　a　guinea　could　be　sold　at　Hamburgh　for　as



much　silver　as　is　contained　in　26　or　28　shillings。　Before　the



alteration　in　the　relative　value　of　gold　and　silver；　a　guinea



would　not　sell　at　Hamburgh　for　as　much　silver　coin　as　is



contained　in　21　standard　shillings；　it　will　at　the　present　market



price　sell　for　a　sum　of　silver　currency；　which；　if　imported　and



carried　to　our　mint　to　be　coined；　will　produce　in　our　standard



silver　coin　21s。　5d。　（7*）



　　　　It　is　nevertheless　true；　that　the　same　quantity　of　silver



will；　at　Hamburgh；　purchase　a　bill　payable　in　London；　in



banknotes；　for　26　or　28　shillings。　Can　there　be　a　more



satisfactory　proof　of　the　depreciation　of　our　circulating　medium？



　　　　It　is　said；　that；　if　the　Restriction…bill　were　not　in　force；



every　guinea　would　leave　the　country。（8*）



　　　　This　is；　no　doubt；　true；　but　if　the　Bank　were　to　diminish　the



quantity　of　their　notes　until　they　had　increased　their　value



fifteen　per　cent。；　the　restriction　might　be　safely　removed；　as



there　would　then　be　no　temptation　to　export　specie。　However　long



it　may　be　deferred；　however　great　may　be　the　discount　on　their



notes；　the　Bank　can　never　resume　their　payments　in　specie；　until



they　first　reduce　the　amount　of　their　notes　in　circulation　to



these　limits。



　　　　The　law　is　allowed　by　all　writers　on　political　economy　to　be



a　useless　barrier　against　the　exportation　of　guineas：　it　is　so



easily　evaded；　that　it　is　doubted　whether　it　has　had　the　effect



of　keeping　a　single　guinea　more　in　England　than　there　would　have



been　without　such　law。　Mr　Locke；　Sir　J。　Stuart；　Dr　A。　Smith；　Lord



Liverpool；　and　Mr　Thornton；　all　agree　on　this　subject。　The　latter



gentleman　observes；　〃That　the　state　of　the　British　law



unquestionably　serves　to　discourage　and　limit；　though　not



effectually　to　hinder；　that　exportation　of　guineas　which　is



encouraged　by　an　unfavourable　balance　of　trade；　and　perhaps



scarcely　lessens　it　when　the　profit　on　exportation　becomes　very



great。〃　Yet　after　every　guinea　that　can　in　the　present　state　of



things　be　procured　by　the　illicit　trader　has　been　melted　and



exported；　he　will　hesitate　before　he　openly　buys　guineas　with



bank…notes　at　a　premium；　because；　though　considerable　profit　may



attend　such　speculation；　he　will　thereby　render　himself　an　object



of　suspicion。　He　may　be　watched；　and　prevented　from　effecting　his



object。　As　the　penalties　of　the　law　are　severe；　and　the



temptation　to　informers　great；　secrecy　is　essential　to　his



operations。　When　guineas　can　be　procured　by　merely　sending　a



bank…note　for　them　to　the　Bank；　the　law　will　be　easily　evaded；



but　when　it　is　necessary　to　collect　them　openly　and　from　a　widely



diffused　circulation；　consisting　almost　wholly　of　paper；　the



advantage　attending　it　must　be　very　considerable　before　any　one



will　encounter　the　risk　of　being　detected。



　　　　When　we　reflect　that　above　sixty　millions　sterling　have　been



coined　into　guineas　during　his　present　Majesty's　reign；　we　may



form　some　idea　of　the　extent　to　which　the　exportation　of　gold



must　have　been　carried。　…　But　repeal　the　law　against　the



exportation　of　guineas；　permit　them　to　be　openly　sent　out　of　the



county；　and　what　can　prevent　an　ounce　of　standard　gold　in　guineas



from　selling　at　as　good　a　price　for　bank…notes；　as　an　ounce　of



Portugueze　gold　coin；　or　standard　gold　in　bars；　when　it　is　known



to　be　equal　to　them　in　fineness？　And　if　an　ounce　of　standard　gold



in　guineas　would　sell　in　the　market；　as　standard　bars　do　now；　at



4　l。　10s。　per　oz。；　or　as　they　have　lately　done　at　4l。　13s。　per



oz。；　what　shopkeeper　would　sell　his　goods　at　the　same　price



either　for　gold　or　bank…notes　indifferently？　If　the　price　of　a



coat　were　3　l。　17s。　10　1/2d。　or　an　ounce　of　gold；　and　if　at　the



same　time　an　ounce　of　gold　would　sell　for　4　l。　13s。；　is　it



conceivable　that　it　would　be　a　matter　of　indifference　to　the



tailor　whether　he　were　paid　in　gold　or　in　bank…notes？



　　　　It　is　only　because　a　guinea　will　not　purchase　more　than　a



pound…note　and　a　shilling；　that　many　hesitate　to　allow　that



bank…notes　are　at　a　discount。　The　Edinburgh　Review　supports　the



same　opinion；　but　if　my　reasoning　be　correct；　I　have　shewn　such



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