political economy-第23章
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h regard to the money imported； apparently its industry required this money； otherwise it will be again exported。 To increase the circulating medium of a country； without increasing its capital； without increasing its revenue； without increasing its consumption is to do nothing for its prosperity； nothing for the encouragement of labour。 Since no labour can be accomplished without a capital to set it in motion； since no re…production of wealth can take place without raw materials for the work； and subsistence for the workmen； it follows that the furnisher of those wages and materials has taken the most intimate share in the re…production； he is； in a great degree； the author of its profits； and has the most evident right to participate in them。 But he who lends a capital lends nothing else but those wages and raw materials represented by money。 He lends a thing eminently productive； or rather the only one which is productive； for since all wealth proceeds from labour； and all labour is put in motion by its wage； he lends labour itself； or the first cause of production in all kinds of wealth。 Hence； whenever an odious sense has been attached to the word usury； meaning by it any kind of interest paid for the use of a sum of money； under pretext that as money produced no fruit； there could be no lawful share of profit where there was no profit； in this case； an absurd distinction has been formed。 There was just as much reason to prohibit the renting of land； or the wages of labour； because without a capital to put land and labour in exercise； both would remain unfruitful。 Theologians； however； were right in saying that gold and silver were barren by nature： they are barren so long as kept in their own shape； they cease to be barren； the instant they become the sign of another kind of wealth； which is emphatically productive。 Theologians； if they determined to abide by the single principle on which their prohibition was founded； should have been contented with declaring usury criminal； every time the lender obliged the borrower to keep the deposit in its primary form； locked up in a strong box； from the moment of borrowing to that of payment。 For it is quite certain that money； whilst locked up； produces no fruit； and neither borrower； nor lender can get good of it except by parting with it。 But； if money is of itself barren； it produces no fruit but in so far as it is the sign of other values； then it is evident that no good can be done by multiplying the sign and not the thing。 It is true； if you multiply the sign in a single country； you give this country the means of commanding the thing； provided that thing be found in any； country。 but when you multiply the sign in all countries at once； you do nothing for any。 At present； there exists such a proportion between the sign and the thing； that a pound sterling is worth a bag of corn； but if； by the stroke of a magic rod； you should instantly double all the money in the world； since every thing to be obtained in exchange would continue the same； two pounds in place of one would be required to represent a bag of corn。 The quantity of corn consumed by a workman； in food； would not be altered； consequently his wage must be doubled。 With twice as many guineas； exactly the same work would be done； and nothing would be changed but names and numbers。 Capitalists require their capital to be employed； that it may gain a revenue； and hence they offer it for a certain price； to such as wish to cause labour； workmen； on the other hand； and those who employ workmen； have need of capital for their labour； and； after reckoning up the profit expected from it； they offer a certain share of their advantage to capitalists。 The necessities of money…lenders and of money…borrowers； come thus to a state of equilibrium in all markets； those classes of men agree upon a medium rate。 The regulator of their bargain is always the quantity of labour required by consumers； compared with the quantity of capital； representing raw materials and wages； to be disposed of in executing this labour。 If the want is great； and the means of labour small； the interest of money will be considerable； if； on the contrary； there is much capital in circulation； and little employment for it； interest will be very low。 It must always be regulated by what is called the quantity of money offered in the market； because money is the sign of capital； though not capital itself。 Far from being augmented by the magical increase of money above alluded to； capital would not even be increased by the arrival of money； in great abundance； at a particular place of trade； without losing any thing of its value in comparison with the things it purchases； and no change in the rate of interest would result from this circumstance。 Nearly all the circulating capital of each manufacturer and trader is successively presented to him under the shape of money； in its return from the buyer to the seller； but the part of his funds； which a merchant actually has in money； forms； in ordinary cases； but a small portion of the capital employed in his commerce； an infinitely greater portion being kept in its original state in his own warehouses； or in those of his debtors。 On the other hand； it is almost always in the power of each merchant instantaneously to augment the quantity of money at his disposal； by selling his goods at a less profit； or by discounting the debts which are owed him。 In this way； he has money when he pleases； without being richer； the money； far from adding to his capital； is purchased with it。 If such operations are performed at one time by several merchants in the same town； that town purchases money from its neighbours； if by a great number of French； English； or German merchants； we say that France； England； or Germany purchases money。 There will； in reality； be found much more in the markets to make payments with； guineas will be much more abundant； but there will be neither more nor fewer deposits offered to lend； and the rate of interest will not be any way affected by the change。 Such as are acquainted with the movements of trading places； know well that guineas may abound in them while capitals are scarce； or guineas be scarce while capitals abound。 It is a gross error； then； to believe； that； in all cases； a considerable importation of the circulating medium will make the rate of interest fall； or an exportation make it rise。 Money is a kind of wealth； and like any other kind of wealth； it forms part of the circulating capital。 If the money imported is a gift； or a tribute； if it costs nothing to the nation； it will certainly augment its circulating capital； and must certainly contribute to lower the rate of interest on the spot； but the same sums paid to the nation in goods would equally contribute to that end。 If； on the other hand； this money has been purchased with any other portion of the capital； in that case the sum total of the latter will remain the same； and the rate of interest will not be affected。 Upon these principles； it is easy to see how mines of silver and gold do not enrich a nation more than any other kind of industry。 The precious metals drawn from the mine are goods purchased； like all other goods； at the price of labour and capital。 The opening of the mine； the construction of its galleries； the establishment of refining furnaces； require large advances； independently of the labour by which the ore is drawn from the bowels of the earth。 This labour； and its fruits； may be exactly paid by the metal produced； and the state will gain by the operation； as by any other manufacture。 But； in general； the profits of mines are irregular。 As the head prize in a lottery seduces gamesters； an unlooked for advantage encourages miners to continue their exertions； although the usual returns be inferior to those obtained by any other kind of industry； and nearly all of them are ruined； just like gamesters； because they were at first successful。 From these principles； we may also conclude； that the blame so frequently imputed to Frederic II and the Canton of Berne for having hoarded up and withdrawn from the country a large portion of the natural circulating medium； is without foundation。 By saving
