wealbk04-第39章

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sell　it　again；　and　with　regard　to　it　there　is　in　ordinary　cases

no　last　purchaser　or　consumer。　When　the　tax　upon　coinage；

therefore；　is　so　moderate　as　not　to　encourage　false　coining；

though　everybody　advances　the　tax；　nobody　finally　pays　it；

because　everybody　gets　it　back　in　the　advanced　value　of　the　coin。

　　　　　A　moderate　seignorage；　therefore；　would　not　in　any　case

augment　the　expense　of　the　bank；　or　of　any　other　private　persons

who　carry　their　bullion　to　the　mint　in　order　to　be　coined；　and

the　want　of　a　moderate　seignorage　does　not　in　any　case　diminish

it。　Whether　there　is　or　is　not　a　seignorage；　if　the　currency

contains　its　full　standard　weight；　the　coinage　costs　nothing　to

anybody；　and　if　it　is　short　of　that　weight；　the　coinage　must

always　cost　the　difference　between　the　quantity　of　bullion　which

ought　to　be　contained　in　it；　and　that　which　actually　is　contained

in　it。

　　　　　The　government；　therefore；　when　it　defrays　the　expense　of

coinage；　not　only　incurs　some　small　expense；　but　loses　some　small

revenue　which　it　might　get　by　a　proper　duty；　and　neither　the　bank

nor　any　other　private　persons　are　in　the　smallest　degree

benefited　by　this　useless　piece　of　public　generosity。

　　　　　The　directors　of　the　bank；　however；　would　probably　be

unwilling　to　agree　to　the　imposition　of　a　seignorage　upon　the

authority　of　a　speculation　which　promises　them　no　gain；　but　only

pretends　to　insure　them　from　any　loss。　In　the　present　state　of

the　gold　coin；　and　as　long　as　it　continues　to　be　received　by

weight；　they　certainly　would　gain　nothing　by　such　a　change。　But

if　the　custom　of　weighing　the　gold　coin　should　ever　go　into

misuse；　as　it　is　very　likely　to　do；　and　if　the　gold　coin　should

ever　fall　into　the　same　state　of　degradation　in　which　it　was

before　the　late　recoinage；　the　gain；　or　more　properly　the　savings

of　the　bank；　in　consequence　of　the　imposition　of　a　seignorage；

would　probably　be　very　considerable。　The　Bank　of　England　is　the

only　company　which　sends　any　considerable　quantity　of　bullion　to

the　mint；　and　the　burden　of　the　annual　coinage　falls　entirely；　or

almost　entirely；　upon　it。　If　this　annual　coinage　had　nothing　to

do　but　to　repair　the　unavoidable　losses　and　necessary　wear　and

tear　of　the　coin；　it　could　seldom　exceed　fifty　thousand　or　at

most　a　hundred　thousand　pounds。　But　when　the　coin　is　degraded

below　its　standard　weight；　the　annual　coinage　must；　besides　this；

fill　up　the　large　vacuities　which　exportation　and　the　melting　pot

are　continually　making　in　the　current　coin。　It　was　upon　this

account　that　during　the　ten　or　twelve　years　immediately　preceding

the　late　reformation　of　the　gold　coin；　the　annual　coinage

amounted　at　an　average　to　more　than　eight　hundred　and　fifty

thousand　pounds。　But　if　there　had　been　a　seignorage　of　four　or

five　per　cent　upon　the　gold　coin；　it　would　probably；　even　in　the

state　in　which　things　then　were；　have　put　an　effectual　stop　to

the　business　both　of　exportation　and　of　the　melting　pot。　The

bank；　instead　of　losing　every　year　about　two　and　a　half　per　cent

upon　the　bullion　which　was　to　be　coined　into　more　than　eight

hundred　and　fifty　thousand　pounds；　or　incurring　an　annual　loss　of

more　than　twenty…one　thousand　two　hundred　and　fifty　pounds；　would

not　probably　have　incurred　the　tenth　part　of　that　loss。

　　　　　The　revenue　allotted　by　Parliament　for　defraying　the　expense

of　the　coinage　is　but　fourteen　thousand　pounds　a　year；　and　the

real　expense　which　it　costs　the　government；　or　the　fees　of　the

officers　of　the　mint；　do　not　upon　ordinary　occasions；　I　am

assured；　exceed　the　half　of　that　sum。　The　saving　of　so　very　small

a　sum；　or　even　the　gaining　of　another　which　could　not　well　be

much　larger；　are　objects　too　inconsiderable；　it　may　be　thought；

to　deserve　the　serious　attention　of　government。　But　the　saving　of

eighteen　or　twenty　thousand　pounds　a　year　in　case　of　an　event

which　is　not　improbable；　which　has　frequently　happened　before；

and　which　is　very　likely　to　happen　again；　is　surely　an　object

which　well　deserves　the　serious　attention　even　of　so　great　a

company　as　the　Bank　of　England。

　　　　　Some　of　the　foregoing　reasonings　and　observations　might

perhaps　have　been　more　properly　placed　in　those　chapters　of　the

first　book　which　treat　of　the　origin　and　use　of　money；　and　of　the

difference　between　the　real　and　the　nominal　price　of　commodities。

But　as　the　law　for　the　encouragement　of　coinage　derives　its

origin　from　those　vulgar　prejudices　which　have　been　introduced　by

the　mercantile　system；　I　judged　it　more　proper　to　reserve　them

for　this　chapter。　Nothing　could　be　more　agreeable　to　the　spirit

of　that　system　than　a　sort　of　bounty　upon　the　production　of

money；　the　very　thing　which；　it　supposes；　constitutes　the　wealth

of　every　nation。　It　is　one　of　its　many　admirable　expedients　for

enriching　the　country。



　　　　　　　　　　　　　　　　　　　　　　　　　CHAPTER　VII



　　　　　　　　　　　　　　　　　　　　　　　　　Of　Colonies　



　　　　　　　　　　　　　　　　　　　　　　　　　　　　PART　1

　　　　　　　　　Of　the　Motives　for　establishing　new　Colonies　



　　　　　THE　interest　which　occasioned　the　first　settlement　of　the

different　European　colonies　in　America　and　the　West　Indies　was

not　altogether　so　plain　and　distinct　as　that　which　directed　the

establishment　of　those　of　ancient　Greece　and　Rome。

　　　　　All　the　different　states　of　ancient　Greece　possessed；　each

of　them；　but　a　very　small　territory；　and　when　the　people　in　any

one　of　them　multiplied　beyond　what　that　territory　could　easily

maintain；　a　part　of　them　were　sent　in　quest　of　a　new　habitation

in　some　remote　and　distant　part　of　the　world；　the　warlike

neighbours　who　surrounded　them　on　all　sides；　rendering　it

difficult　for　any　of　them　to　enlarge　very　much　its　territory　at

home。　The　colonies　of　the　Dorians　resorted　chiefly　to　Italy　and

Sicily；　which；　in　the　times　preceding　the　foundation　of　Rome；

were　inhabited　by　barbarous　and　uncivilised　nations：　those　of　the

Ionians　and　Aeolians；　the　two　other　great　tribes　of　the　Greeks；

to　Asia　Minor　and　the　islands　of　the　Aegean　Sea；　of　which　the

inhabitants　seem　at　that　time　to　have　been　pretty　much　in　the

same　state　as　those　of　Sicily　and　Italy。　The　mother　city；　though

she　considered　the　colony　as　a　child；　at　all　times　entitled　to

great　favour　and　assistance；　and　owing　in　return　much　gratitude

and　respect；　yet　considered　it　as　an　emancipated　child　over　whom

she　pretended　to　claim　no　direct　authority　or　jurisdiction。　The

colony　settled　its　own　form　of　government；　enacted　its　own　laws；

elected　its　own　magistrates；　and　made　peace　or　war　with　its

neighbours　as　an　independent　state；　which　had　no　occasion　to　wait

for　the　approbation　or　consent　of　the　mother　city。　Nothing　can　be

more　plain　and　distinct　than　the　interest　which　directed　every

such　establishment。

　　　　　Rome；　like　most　of　the　other　ancient　republics；　was

originally　founded　upon　an　Agrarian　law　which　divided　the　public

territory　in　a　certain　proportion　among　the　different　citizens

who　composed　the　state。　The　course　of　human　affairs　by　marriage；

by　succession；　and　by　alienation；　necessarily　deranged　this

original　division；　and　frequently　threw　the　lands；　which　had　been

allotted　for　the　maintenance　of　many　different　families；　into　the

possession　of　a　single　person。　To　remedy　this　disorder；　for　such

it　was　supposed　to　be；　a　law　was　made　restricting　the　quantity　of

land　which　any　citizen　could　possess　to　five　hundred　jugera；

about　three　hundred　and　fifty　English　acres。　This　law；　however；

though　we　read　of　its　having　been　executed　upon　one　or　two

occasions；　was　either　neglected　or　evaded；　and　the　inequality　of

fortunes　went　on　continually　increasing。　The　greater　part　of　the

citizens　had　no　land；　and　without　it　the　manners　and　customs　of

those　times　rendered　it　difficult　for　a　freeman　to　maintain　his

independency。　In　the　present　time；　though　a　poor　man　has　no　land

of　his　own；　if　he　has　a　little　stock　he　may　either　farm　the　lands

of　another；　or　he　may　carry　on　some　little　retail　trade；　and　if

he　has　no　stock；　he　may　find　employment　either　as　a　country

labourer　or　as　an　artificer。　But　among　the　ancient　Romans　the

lands　of　the　rich　were　al