the high price of bullion-第16章

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if　it　should　so　fall；　it　is　in　consequence　of　the　cheapness　and



redundance　of　currency；　which　〃would　originate　almost　entirely　in



the　fresh　supplies　which　are　yearly　poured　in　from　the　mines　of



the　New　World。〃　This；　then；　is　not　another　point　in　which　the



Reviewers　differ　with　me；　but　the　same。



　　　　If　〃it　is　well　known　that　most　states；　in　their　usual



relations　of　commercial　intercourse；　have　an　almost　constantly



favourable　exchange　with　some　countries；　and　an　almost　constantly



unfavourable　one　with　the　others；〃　to　what　cause　can　it　be



ascribed　but　to　that　mentioned　by　Mr　Huskisson？　〃The　fresh



supplies　of　bullion　which　are　yewly　poured　in；　（and　in　newly　the



same　direction）　from　the　mines　of　the　New　World。〃　Dr　A。　Smith



does　not　seem　to　have　been　sufficiently　aware　of　the　powerful　and



uniform　effects　which　this　stream　of　bullion　had　on　the　foreign



exchanges；　and　he　was　inclined　much　to　overrate　the　uses　of



bullion　in　carrying　on　the　various　roundabout　foreign　tades　which



a　county　finds　it　necessary　to　engage　in。　In　the　ewly　and　rude



transactions　of　commerce　between　nations；　as　in　the　early　and



rude　transactions　between　individuals；　there　is　little　economy　in



the　use　of　money　and　bullion；　it　is　only　in　consequence　of



civilization　and　refinement　that　paper　is　made　to　perform　the



same　office　between　the　commonwealth　of　nations；　as　it　so



advantageously　performs　between　individuals　of　the　same　country。



The　Reviewers　do　not　appear　to　me　to　be　sufficiently　aware　of　the



extent　to　which　the　principle　of　economy　in　the　use　of　the



precious　metals　is　extended　between　nations；　indeed　they　do　not



seem　to　acknowledge　its　force　even　when　confined　to　a　single



nation；　as　from　a　passage　in　page　346；　their　readers　would　be



induced　to　suppose　their　opinion　to　be；　that　there　are　frequent



transfers　of　currency　between　the　distant　provinces　of　the　same



country；　for　they　tell　us　that　〃there　have　been　and　ever　will　be



a　quantity　of　the　precious　metals　in　use　destined　to　perform　the



same　part　with　regard　to　the　different　nations　connected　with



each　other　by　commerce；　which　the　currency　of　a　particular



country　performs　with　regard　to　its　distant　provinces。〃　Now　what



part　does　the　currency　of　a　country　perform　with　regard　to　the



distant　provinces？



　　　　I　am　well　persuaded　that　in　all　the　multiplicity　of



commercial　transactions　which　take　place　between　the　distant



provinces　of　this　kingdom；　the　currency　performs　a　very　inferior



part；　imports　being　almost　always　balanced　by　exports*；　and　the



proof　is；　that　the　local　currency　of　the　provinces　（and　they　have



no　other）　is　seldom　circulated　at　any　considerable　distance　from



the　place　where　it　is　issued。



　　　　It　appears　to　me　that　the　Reviewers　were　induced　to　admit　the



erroneous　doctrine　of　the　merchants；　that　money　might　be　exported



in　exchange　for　commodities；　although　money　were　no　cheaper　in



the　exporting　country；　because　they　could　in　no　other　way　account



for　the　rise　of　the　exchange　having；　on　some　occasions；



accompanied　the　increased　amount　of　Bank　notes；　as　stated　by　Mr



Pearse；　the　late　deputy…governor　and　now　governor　of　the　Bank；　in



a　paper　delivered　by　him　to　the　Bullion　Committee。　They　say；



〃according　to　this　view　of　the　subject；　it　certainly　is　not　easy



to　explain　an　improving　exchange　under　an　obviously　increasing



issue　of　notes：　an　event　that　not　unfrequently　happens；　and　was



much　insisted　upon　by　the　deputy…governor　of　the　Bank；　as　a　proof



that　our　foreign　exchanges　had　no　connexion　with　the　state　of　our



currency。〃



　　　　These　are　circumstances；　however；　which　are　not　absolutely



irreconcileable。　Mr　Pearse；　as　well　as　the　Edinburgh　Reviewer；



appears　to　have　wholly　mistaken　the　principle　advanced　by　those



who　are　desirous　of　the　repeal　of　the　restriction　bill。　They　do



not　contend；　as　they　are　understood　to　do；　that　the　increase　of



bank　notes　will　permanently　lower　the　exchange；　but　that　such　an



effect　will　proceed　from　a　redundant　currency。　It　remains；



therefore；　to　be　considered　whether　an　increase　of　bank　notes　is



necessarily；　at　all　times；　accompanied　with　a　permanently



increased　currency；　as　if　I　can　make　it　appear　that　it　is　not；



there　will　be　no　difficulty　in　accounting　for　a　rise　in　the



exchange；　with　an　increased　amount　of　bank…notes。



　　　　It　will　be　readily　admitted；　that　whilst　there　is　any　great



portion　of　coin　in　circulation；　every　increase　of　bank…notes；



though　it　will　for　a　short　time　lower　the　value　of　the　whole



currency；　paper　as　well　as　gold；　yet　that　such　depression　will



not　be　permanent；　because　the　redundant　and　cheap　currency　will



lower　the　exchange　and　will　occasion　the　exportation　of　a　portion



of　the　coin；　which　will　cease　as　soon　as　the　remainder　of　the



currency　shall　have　regained　its　value；　and　restored　the　exchange



to　par。　The　increase　of　small　notes；　then；　will　ultimately　be　a



substitution　of　one　currency　for　another；　of　a　paper　for　a



metallic　currency；　and　will　not　operate　in　the　same　way　as　an



actual　and　permanent　increase　of　circulation*。　We　are　not；



however；　without　a　criterion　by　which　we　may　determine　the



relative　amount　of　currency　at　different　periods；　as



distinguished　from　bank…notes；　on　which　though　we　cannot



infallibly　rely；　it　will　probably　be　a　sufficiently　accurate　test



to　determine　the　question　which　we　are　now　discussing。　This



criterion　is　the　amount　of　notes　of　5l。　and　upwards　in



circulation；　which　we　may　reasonably　calculate　always　bear　some



tolerably　regular　proportion　to　the　whole　circulation。　Thus；　if



since　1797　the　bank…notes　of　this　description　have　increased　from



twelve　to　sixteen　millions；　we　may　infer　that　the　whole



circulation　has　increased　one…third；　if　the　districts　in　which



bank…notes　circulate　have　neither　been　enlarged　nor　contracted。



The　notes　under　5l。　will　be　issued　in　proportion　as　the　metallic



currency　is　withdrawn　from　circulation；　and　will　be　further



augmented；　if　there　be　also　an　augmentation　of　notes　of　a　higher



denomination。



　　　　If　I　am　correct　in　this　view　of　the　subject；　that　the



increase　in　the　amount　of　our　currency　is　to　be　inferred　from　the



increased　amount　of　bank…notes　of　5　l。　and　upwards；　and　can　by　no



means　be　proved　by　an　increase　of　1　l。　and　2　l。　notes　which　have



been　substituted　in　the　place　of　the　exported　or　hoarded　guineas；



I　must　wholly　reject　the　calculations　of　Mr　Pearse；　because　they



are　made　on　the　supposition　that　every　increase　of　this



description　of　notes　is　an　increase　of　currency　to　that　amount。



When　it　is　considered　that　in　1797　there　were　no　notes　of　1　l。



and　2　l。　in　circulation；　but　that　their　place　was　wholly　filled



with　guineas；　and　that　since　that　period　there　have　been　no　less



than　seven　millions　issued；　partly　to　supply　the　place　of　our



exported　and　hoarded　guineas；　and　partly　to　keep　up　the



proportion　between　the　circulation　for　the　larger　and　for　the



smaller　payments；　we　shall　observe　to　what　errors　such　reasoning



may　lead。　I　can　consider　the　paper　in　question　of　no　authority



whatever　as　opposed　to　the　opinion　which　I　have　ventured　to　give；



namely；　that　an　unfavourable　balance　of　trade；　and　a　consequently



low　exchange；　may　in　all　cases　be　traced　to　a　relatively



redundant　and　cheap　currency。　*　But　if　the　reasoning　of　Mr　Pearse



were　not　incorrect　as　his　facts　are；　he　is　no　way　warranted　in



the　conclusions　which　he　has　drawn　from　them。



　　　　Mr　Pearse　states　the　increase　of　bank…notes　from　January；



1808；　to　Christmas；　1809；　to　have　been　from　17　1/2　to　18



millions；　or　500；000