wealbk01-第13章

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　　　　　Upon　the　reformation　of　the　silver　coin　in　the　reign　of

William　III　the　price　of　silver　bullion　still　continued　to　be

somewhat　above　the　mint　price。　Mr。　Locke　imputed　this　high　price

to　the　permission　of　exporting　silver　bullion；　and　to　the

prohibition　of　exporting　silver　coin。　This　permission　of

exporting；　he　said；　rendered　the　demand　for　silver　bullion

greater　than　the　demand　for　silver　coin。　But　the　number　of　people

who　want　silver　coin　for　the　common　uses　of　buying　and　selling　at

home；　is　surely　much　greater　than　that　of　those　who　want　silver

bullion　either　for　the　use　of　exportation　or　for　any　other　use。

There　subsists　at　present　a　like　permission　of　exporting　gold

bullion；　and　a　like　prohibition　of　exporting　gold　coin：　and　yet

the　price　of　gold　bullion　has　fallen　below　the　mint　price。　But　in

the　English　coin　silver　was　then；　in　the　same　manner　as　now；

under…rated　in　proportion　to　gold；　and　the　gold　coin　（which　at

that　time　too　was　not　supposed　to　require　any　reformation）

regulated　then；　as　well　as　now；　the　real　value　of　the　whole　coin。

As　the　reformation　of　the　silver　coin　did　not　then　reduce　the

price　of　silver　bullion　to　the　mint　price；　it　is　not　very

probable　that　a　like　reformation　will　do　so　now。

　　　　　Were　the　silver　coin　brought　back　as　near　to　its　standard

weight　as　the　gold；　a　guinea；　it　is　probable；　would；　according　to

the　present　proportion；　exchange　for　more　silver　in　coin　than　it

would　purchase　in　bullion。　The　silver　coin　containing　its　full

standard　weight；　there　would　in　this　case　be　a　profit　in　melting

it　down；　in　order；　first；　to　sell　the　bullion　for　gold　coin；　and

afterwards　to　exchange　this　gold　coin　for　silver　coin　to　be

melted　down　in　the　same　manner。　Some　alteration　in　the　present

proportion　seems　to　be　the　only　method　of　preventing　this

inconveniency。

　　　　　The　inconveniency　perhaps　would　be　less　if　silver　was　rated

in　the　coin　as　much　above　its　proper　proportion　to　gold　as　it　is

at　present　rated　below　it；　provided　it　was　at　the　same　time

enacted　that　silver　should　not　be　a　legal　tender　for　more　than

the　change　of　a　guinea；　in　the　same　manner　as　copper　is　not　a

legal　tender　for　more　than　the　change　of　a　shilling。　No　creditor

could　in　this　case　be　cheated　in　consequence　of　the　high

valuation　of　silver　in　coin；　as　no　creditor　can　at　present　be

cheated　in　consequence　of　the　high　valuation　of　copper。　The

bankers　only　would　suffer　by　this　regulation。　When　a　run　comes

upon　them　they　sometimes　endeavour　to　gain　time　by　paying　in

sixpences；　and　they　would　be　precluded　by　this　regulation　from

this　discreditable　method　of　evading　immediate　payment。　They

would　be　obliged　in　consequence　to　keep　at　all　times　in　their

coffers　a　greater　quantity　of　cash　than　at　present；　and　though

this　might　no　doubt　be　a　considerable　inconveniency　to　them；　it

would　at　the　same　time　be　a　considerable　security　to　their

creditors。

　　　　　Three　pounds　seventeen　shillings　and　tenpence　halfpenny　（the

mint　price　of　gold）　certainly　does　not　contain；　even　in　our

present　excellent　gold　coin；　more　than　an　ounce　of　standard　gold；

and　it　may　be　thought；　therefore；　should　not　purchase　more

standard　bullion。　But　gold　in　coin　is　more　convenient　than　gold

in　bullion；　and　though；　in　England；　the　coinage　is　free；　yet　the

gold　which　is　carried　in　bullion　to　the　mint　can　seldom　be

returned　in　coin　to　the　owner　till　after　a　delay　of　several

weeks。　In　the　present　hurry　of　the　mint；　it　could　not　be　returned

till　after　a　delay　of　several　months。　This　delay　is　equivalent　to

a　small　duty；　and　renders　gold　in　coin　somewhat　more　valuable

than　an　equal　quantity　of　gold　in　bullion。　If　in　the　English　coin

silver　was　rated　according　to　it　proper　proportion　to　gold；　the

price　of　silver　bullion　would　probably　fall　below　the　mint　price

even　without　any　reformation　of　the　silver　coin；　the　value　even

of　the　present　worn　and　defaced　silver　coin　being　regulated　by

the　value　of　the　excellent　gold　coin　for　which　it　can　be　changed。

　　　　　A　small　seignorage　or　duty　upon　the　coinage　of　both　gold　and

silver　would　probably　increase　still　more　the　superiority　of

those　metals　in　coin　above　an　equal　quantity　of　either　of　them　in

bullion。　The　coinage　would　in　this　case　increase　the　value　of　the

metal　coined　in　proportion　to　the　extent　of　this　small　duty；　for

the　same　reason　that　the　fashion　increases　the　value　of　plate　in

proportion　to　the　price　of　that　fashion。　The　superiority　of　coin

above　bullion　would　prevent　the　melting　down　of　the　coin；　and

would　discourage　its　exportation。　If　upon　any　public　exigency　it

should　become　necessary　to　export　the　coin；　the　greater　part　of

it　would　soon　return　again　of　its　own　accord。　Abroad　it　could

sell　only　for　its　weight　in　bullion。　At　home　it　would　buy　more

than　that　weight。　There　would　be　a　profit；　therefore；　in　bringing

it　home　again。　In　France　a　seignorage　of　about　eight　per　cent　is

imposed　upon　the　coinage；　and　the　French　coin；　when　exported；　is

said　to　return　home　again　of　its　own　accord。

　　　　　The　occasional　fluctuations　in　the　market　price　of　gold　and

silver　bullion　arise　from　the　same　causes　as　the　like

fluctuations　in　that　of　all　other　commodities。　The　frequent　loss

of　those　metals　from　various　accidents　by　sea　and　by　land；　the

continual　waste　of　them　in　gilding　and　plating；　in　lace　and

embroidery；　in　the　wear　and　tear　of　coin；　and　in　that　of　plate；

require；　in　all　countries　which　possess　no　mines　of　their　own；　a

continual　importation；　in　order　to　repair　this　loss　and　this

waste。　The　merchant　importers；　like　all　other　merchants；　we　may

believe；　endeavour；　as　well　as　they　can；　to　suit　their　occasional

importations　to　what；　they　judge；　is　likely　to　be　the　immediate

demand。　With　all　their　attention；　however；　they　sometimes　overdo

the　business；　and　sometimes　underdo　it。　When　they　import　more

bullion　than　is　wanted；　rather　than　incur　the　risk　and　trouble　of

exporting　it　again；　they　are　sometimes　willing　to　sell　a　part　of

it　for　something　less　than　the　ordinary　or　average　price。　When；

on　the　other　hand；　they　import　less　than　is　wanted；　they　get

something　more　than　this　price。　But　when；　under　all　those

occasional　fluctuations；　the　market　price　either　of　gold　or

silver　bullion　continues　for　several　years　together　steadily　and

constantly；　either　more　or　less　above；　or　more　or　less　below　the

mint　price；　we　may　be　assured　that　this　steady　and　constant；

either　superiority　or　inferiority　of　price；　is　the　effect　of

something　in　the　state　of　the　coin；　which；　at　that　time；　renders

a　certain　quantity　of　coin　either　of　more　value　or　of　less　value

than　the　precise　quantity　of　bullion　which　it　ought　to　contain。

The　constancy　and　steadiness　of　the　effect　supposes　a

proportionable　constancy　and　steadiness　in　the　cause。

　　　　　The　money　of　any　particular　country　is；　at　any　particular

time　and　place；　more　or　less　an　accurate　measure　of　value

according　as　the　current　coin　is　more　or　less　exactly　agreeable

to　its　standard；　or　contains　more　or　less　exactly　the　precise

quantity　of　pure　gold　or　pure　silver　which　it　ought　to　contain。

If　in　England；　for　example；　forty…four　guineas　and　a　half

contained　exactly　a　pound　weight　of　standard　gold；　or　eleven

ounces　of　fine　gold　and　one　ounce　of　alloy；　the　gold　coin　of

England　would　be　as　accurate　a　measure　of　the　actual　value　of

goods　at　any　particular　time　and　place　as　the　nature　of　the　thing

would　admit。　But　if；　by　rubbing　and　wearing；　forty…four　guineas

and　a　half　generally　contain　less　than　a　pound　weight　of　standard

gold；　the　diminution；　however；　being　greater　in　some　pieces　than

in　others；　the　measure　of　value　comes　to　be　liable　to　the　same

sort　of　uncertainty　to　which　all　other　weights　and　measures　are

commonly　exposed。　As　it　rarely　happens　that　these　are　exactly

agreeable　to　their　standard；　the　merchant　adjusts　the　price　of

his　goods；　as　well　as　he　can；　not　to　what　those　weights　and

measures　ought　to　be；　but　to　what；　upon　an　average；　he　finds　by