the high price of bullion- 第1部分

The　High　Price　of　Bullion



by　David　Ricardo



1810







The　High　Price　of　Bullion；　a　Proof　of　the　Depreciation　of　Bank



Notes。



by　David　Ricardo



London：　Printed　for　John　Murray；　32；　Fleet…Street；　And　Sold　by



Every　Other　Bookseller　in　Town　and　Country



1810











Introduction







　　　　The　writer　of　the　following　pages　has　already　submitted　some



reflections　to　the　attention　of　the　public；　on　the　subject　of



paper…currency；　through　the　medium　of　the　Morning　Chronicle。　He



has　thought　proper　to　republish　his　sentiments　on　this　question



in　a　form　more　calculated　to　bring　it　to　fair　discussion；　and　his



reasons　for　so　doing；　are；　that　he　has　seen；　with　the　greatest



alarm；　the　progressive　depreciation　of　the　paper…currency。　His



fears　have　been　augmented　by　observing；　that　by　a　great　part　of



the　public　this　depreciation　is　altogether　denied；　and　that　by



others；　who　admit　the　fact；　it　is　imputed　to　any　cause　but　that



which　to　him　appears　the　real　one。　Before　any　remedy　can　be



successfully　applied　to　an　evil　of　such　magnitude；　it　is



essential　that　there　should　be　no　doubt　as　to　its　cause。　The



writer　proposes；　from　the　admitted　principles　of　political



economy；　to　advance　reasons；　which；　in　his　opinion；　prove；　that



the　paper…currency　of　this　county　has　long　been；　and　now　is；　at　a



considerable　discount；　proceeding　from　a　superabundance　in　its



quantity；　and　not　from　any　want　of　confidence　in　the　Bank　of



England；　or　from　any　doubts　of　their　ability　to　fulfil　their



engagements。　He　does　this　without　reluctance；　being　fully



persuaded　that　the　country　is　yet　in　possession　of　the　means　of



restoring　the　paper…currency　to　its　professed　value；　viz。　the



value　of　the　coins；　for　the　payment　of　which　it　purports　to　be　a



pledge。



　　　　He　is　aware　that　he　can　add　but　little　to　the　arguments　which



have　been　so　ably　urged　by　Lord　King；　and　which　ought　long　before



this　to　have　carried　conviction　to　every　mind；　but　he　trusts；



that　as　the　evil　has　become　more　glaring；　the　public　wil1　not



continue　to　view；　without　interest；　a　subject　which　yields　to　no



other　in　importance；　and　in　which　the　general　welfare　is　so



materially　concerned。







Dec。　1；　1809。











High　Price　of　Bullion；　a　Proof　of　the　Depreciation　of　Bank　Notes







　　　　The　precious　metals　employed　for　circulating　the　commodities



of　the　world；　previously　to　the　establishment　of　banks；　have　been



supposed　by　the　most　approved　writers　on　political　economy　to



have　been　divided　into　certain　proportions　among　the　different



civilized　nations　of　the　earth；　according　to　the　state　of　their



commerce　and　wealth；　and　therefore　according　to　the　number　and



frequency　of　the　payments　which　they　had　to　perform。　While　so



divided　they　preserved　every　where　the　same　value；　and　as　each



country　had　an　equal　necessity　for　the　quantity　actually　in　use；



there　could　be　no　temptation　offered　to　either　for　their



importation　or　exportation。



　　　　Gold　and　silver；　like　other　commodities；　have　an　intrinsic



value；　which　is　not　arbitrary；　but　is　dependent　on　their



scarcity；　the　quantity　of　labour　bestowed　in　procuring　them；　and



the　value　of　the　capital　employed　in　the　mines　which　produce



them。



　　　　〃The　quality　of　utility；　beauty；　and　scarcity；〃　says　Dr



Smith；　〃are　the　original　foundation　of　the　high　price　of　those



metals；　or　of　the　great　quantity　of　other　goods　for　which　they



can　every　where　be　exchanged。　This　value　was　antecedent　to；　and



independent　of　their　being　employed　as　coin；　and　was　the　quality



which　fitted　them　for　that　employment。〃



　　　　If　the　quantity　of　gold　and　silver　in　the　world　employed　as



money　were　exceedingly　small；　or　abundantly　great；　it　would　not



in　the　least　affect　the　proportions　in　which　they　would　be



divided　among　the　different　nations　…　the　variation　in　their



quantity　would　have　produced　no　other　effect　than　to　make　the



commodities　for　which　they　were　exchanged　comparatively　dear　or



cheap。　The　smaller　quantity　of　money　would　perform　the　functions



of　a　circulating　medium；　as　well　as　the　larger。　Ten　millions



would　be　as　effectual　for　that　purpose　as　one　hundred　millions。



Dr　Smith　observes；　〃that　the　most　abundant　mines　of　the　precious



metals　would　add　little　to　the　wealth　of　the　world。　A　produce　of



which　the　value　is　principally　derived　from　its　scarcity　is



necessarily　degraded　by　its　abundance。〃



　　　　If　in　the　progress　towards　wealth；　one　nation　advanced　more



rapidly　than　the　others；　that　nation　would　require　and　obtain　a



greater　proportion　of　the　money　of　the　world。　Its　commerce；　its



commodities；　and　its　payments；　would　increase；　and　the　general



currency　of　the　world　would　be　divided　according　to　the　new



proportions。　All　countries　therefore　would　contribute　their　share



to　this　effectual　demand。



　　　　In　the　same　manner　if　any　nation　wasted　part　of　its　wealth；



or　lost　part　of　its　trade；　it　could　not　retain　the　same　quantity



of　circulating　medium　which　it　before　possessed。　A　part　would　be



exported；　and　divided　among　the　other　nations　till　the　usual



proportions　were　re…established。



　　　　While　the　relative　situation　of　counties　continued　unaltered；



they　might　have　abundant　commerce　with　each　other；　but　their



exports　and　imports　would　on　the　whole　be　equal。　England　might



possibly　import　more　goods　from；　than　she　would　export　to；



France；　but　she　would　in　consequence　export　more　to　some　other



country；　and　France　would　import　more　from　that　country；　so　that



the　exports　and　imports　of　all　countries　would　balance　each



other；　bills　of　exchange　would　make　the　necessary　payments；　but



no　money　would　pass；　because　it　would　have　the　same　value　in　all



countries。



　　　　If　a　mine　of　gold　were　discovered　in　either　of　these



countries；　the　currency　of　that　country　would　be　lowered　in　value



in　consequence　of　the　increased　quantity　of　the　precious　metals



brought　into　circulation；　and　would　therefore　no　longer　be　of　the



same　value　as　that　of　other　countries。　Gold　and　silver；　whether



in　coin　or　in　bullion；　obeying　the　law　which　regulates　all　other



commodities；　would　immediately　become　articles　of　exportation；



they　would　leave　the　county　where　they　were　cheap；　for　those



countries　where　they　were　dear；　and　would　continue　to　do　so；　as



long　as　the　mine　should　prove　productive；　and　till　the　proportion



existing　between　capital　and　money　in　each　country　before　the



discovery　of　the　mine；　were　again　established；　and　gold　and



silver　restored　every　where　to　one　value。　In　return　for　the　gold



exported；　commodities　would　be　imported；　and　though　what　is



usually　termed　the　balance　of　trade　would　be　against　the　country



exporting　money　or　bullion；　it　would　be　evident　that　she　was



carrying　on　a　most　advantageous　trade；　exporting　that　which　was



no　way　useful　to　her；　for　commodities　which　might　be　employed　in



the　extension　of　her　manufactures；　and　the　increase　of　her



wealth。



　　　　If　instead　of　a　mine　being　discovered　in　any　country；　a　bank



were　established；　such　as　the　Bank　of　England；　with　the　power　of



issuing　its　notes　for　a　circulating　medium；　after　a　large　amount



had　been　issued　either　by　way　of　loan　to　merchants；　or　by



advances　to　government；　thereby　adding　considerably　to　the　sum　of



the　currency；　the　same　effect　would　follow　as　in　the　case　of　the



mine。　The　circulating　medium　would　be　lowered　in　value；　and　goods



would　experience　a　proportionate　rise。　The　equilibrium　between



that　and　other　nations　would　only　be　restored　by　the　exportation



of　part　of　the　coin。



　　　　The　establishment　of　the　bank　and　the　consequent　issue　of　its



notes　therefore；　as　well　as　the　discovery　of　the　mine；　operate　as



an　inducement　to　the　exportation　either　of　bullion　or　of　coin；



and　are　beneficial　only　in　as　far　as　that　object　may　be



accomplished。　The　bank　substitutes　a　currency　of　no　value　for　one



most　costly；　and　enables　us　to　turn　the　precious　metals　（which；



though　a　very　necessary　part　of　our　capital；　yield　no　revenue；）



into　a　capital　which　will　yield　one。　Dr　A。　Smith　compares　the



advantages　attending　the　establishment　of　a　bank　to　those　which



would　be　obtained　by　converting　our　highways　into　pastures　and



corn…fields；　and　procuring　a　road　through　the　air。　The　highways；



like　the　coin；　are　highly　useful；　but　neither　yield　any　revenue。



Some　people　might　be　alarmed　at　the　specie　leaving　the　country；



and　might　consider　that　as　a　disadvantageous　trade　which　required



us　to　part　with　it；　indeed　the　law　so　considers　it　by　its



enactments　against　the　exportation　of　specie；　but　a　very　little



reflection　will　convince　us　that　it　is　our　choice；　and　not　our



necessity；　that　sends　it　abroad；　and　that　it　is　highly　beneficial



to　us　to　exchange　that　commodity　which　is　superfluous；　for　others



which　may　be　made　productive。



　　　　The　exportation　of　the　specie　may　at　all　times　be　safely　left



to　the　discretion　of　individuals；　it　will　not　be　exported　more



than　any　other　commodity；　unless　its　exportation　should　be



advantageous　to　the　county。　If　it　be　advantageous　to　export　it；



no　laws　can　effectually　prevent　its　exportation。　Happily　in　this



case；　as　well　as　in　most　others　in　commerce　where　there　is　free



competition；　the　interests　of　the　individual　and　that　of　the



community　are　never　at　variance。



　　　　Were　it　possible　to　carry　the　law　against　melting　or



exporting　of　coin　into　strict　execution；　at　the　same