the high price of bullion- 第15部分

the　stockholder？　The　difference；　and　the　only　difference　appears



to　me　to　be　this；　that　in　the　one　case　the　interest　on　the　money



lent　would　be　paid　to　the　real　owner　of　the　property；　in　the



other　it　would　ultimately　be　paid　in　the　shape　ofincreased



dividends　or　bonuses　to　the　bank　proprietors；　who　had　been



enabled　unjustly　to　possess　themselves　of　it。　If　the　creditor　of



the　Bank　employed　his　loan　in　less　profitable　speculations　than



the　employer　of　the　savings　of　the　stockholders　would　have　done；



there　would　result　a　real　loss　to　the　country；　so　that　a



depreciation　of　currency　may；　as　far　as　it　is　considered　as　a



stimulus　to　production；　be　beneficial　or　otherwise。



　　　　I　see　no　reason　why　it　should　diminish　the　idle；　and　add　to



the　productive　class　of　society。　At　any　rate　the　evil　is　certain。



It　must　be　accompanied　with　a　degree　of　injustice　to　individuals



which　requires　only　to　be　understood　to　excite　the　censure　and



indignation　of　all　those　who　are　not　wholly　insensible　to　every



honourable　feeling。



　　　　With　the　sentiments　of　the　remainder　of　the　article　I　most



cordially　agree；　and　trust　the　efforts　of　the　Reviewers　will



powerfully　contribute　to　overturn　the　mass　of　error　and　prejudice



which　pervades　the　public　mind　on　this　most　important　subject。



　　　　It　is　often　objected　to　the　recommendation　of　the　Bullion



Committee；　namely　that　the　Bank　should　be　required　to　pay　their



notes　in　specie　in　twO　years；　that；　if　adopted；　the　Bank　would　be



exposed　to　considerable　difficulty　in　providing　themselves　with



the　requisite　amount　of　bullion　for　such　purpose；　and　it　cannot



be　denied；　that　before　the　Restriction　Bill　can　be　repealed；　the



Bank　would　be　in　prudence　bound　to　make　ample　provision　for　every



demand　which　might　by　possibility　be　made　on　them。　It　is　observed



by　the　Bullion　Committee；　that　the　average　amount　of　Bank　notes



in　circulation；　including　Bank　Post　Bills；　in　the　year　1809；　was



19　millions。　During　the　same　period　the　average　price　of　gold　was



4　l。　10s。　exceeding　its　mint　price　by　nearly　17　per　cent；　and



proving　a　depreciation　of　the　currency　of　nearly　15　per　cent。　A



diminution　therefore　of　15　per　cent　in　the　amount　of　the　Bank



circulation　in　1809；　should；　on　the　principles　of　the　Committee；



raise　it　to　par；　and　reduce　the　market　price　of　gold　to　3　l。　17s。



10　1/2d。；　and　till　such　reduction　take　place；　there　would　be



imminent　danger　to　the　Bank　as　well　as　to　the　public；　that　the



Restriction　Bill　should　cease　to　operate。　Now；　admitting　（which



we　are　far　from　doing）　the　truth　of　your　principles；　say　the



advocates　for　the　Bank；　admitting　that　after　such　a　reduction　in



the　amount　of　Bank　notes；　the　value　of　the　reminder　would　be　so



rised；　that　it　would　not　be　the　interest　of　any　person　to　demand



specie　at　the　Bank　in　exchange　for　notes；　because　no　profit　could



be　made　by　the　exportation　of　bullion；　what　security　would　the



Bank　have　that　caprice　or　ill…will　might　not　render　the　practice



general　of　discontinuing　the　use　of　small　notes　altogether；　and



demanding　guineas　of　the　Bank　in　lieu　of　them？　Not　only　then　must



the　Bank　reduce　their　circulation　15　per　cent。　on　their　issues　of



19　millions；　…　not　only　must　they　provide　bullion　for　4　millions



of　1　l。　and　2　l。　notes　which　would　remain　in　circulation；　but



they　must　also　furnish　themselves　with　the　means　of　meeting　the



demands　which　may　be　made　on　them　to　pay　the　small　notes　of　all



the　country　banks　in　the　kingdom；　…　and　all　this　within　the　short



period　of　two　years。　It　must　be　confessed；　that　whether　these



apprehensions　are　likely　or　not　likely　to　be　realized；　the　Bank



could　not　but　make　some　provision　for　the　worst　that　might



happen；　and　though　it　is　a　situation　in　which　their　own



indiscretion　has　involved　them；　it　would　be　desirable；　if



possible；　to　protect　them　against　the　consequences　of　it。



　　　　If　the　same　benefits　to　the　public；…the　same　security　against



the　depreciation　of　the　currency；　can　be　obtained　by　more　gentle



means；　it　is　to　be　hoped　that　all　parties；　who　agree　in



principle；　will　concur　in　the　expediency　of　adopting　them。　Let



the　Bank　of　England　be　required　by　Parliament　to　pay　（if



demanded）　all　notes　above　2ol。…and　no　other；　at　their　option；



either　in　specie；　in　gold　standard　bars；　or　in　foreign　coin



（allowance　being　made　for　the　difference　in　its　purity）　at　the



English　mint　value　of　gold　bullion；　viz。　3　l。　17s。　10　1/2d。　per



oz。；　such　payments　to　commence　at　the　period　recommended　by　the



Committee。



　　　　This　privilege　of　paying　their　notes　as　above　described　might



be　extended　to　the　Bank　for　three　or　four　years　after　such



payments　commenced；　and　if　found　advantageous；　might　be　continued



as　a　permanent　measure。　Under　such　a　system　the　currency　could



never　be　depreciated　below　its　standard　price；　as　an　ounce　of



gold　and　3　l。　17s。　10　1/2d。　would　be　uniformly　of　the　same　value。



By　such　regulations　we　should　effectually　prevent　the　amount　of



small　notes　necessary　for　the　smaller　payments　from　being



withdrawn　from　circulation；　as　no　one　who　did　not　possess　to　the



amount　of　20　l。　at　least　of　such　small　notes　could　exchange　them



at　the　Bank；　and　even　then　bullion；　and　not　specie；　could　be



obtained　for　them。　Guineas　might　indeed　be　procured　at　the　Mint



for　such　bullion；　but　not　till　after　the　delay　of　some　weeks　or



months；　the　loss　of　interest　for　which　time　would　be　considered



as　an　actual　expence；　an　expence　which　no　one　would　incur；　whilst



the　small　notes　could　purchase　as　much　of　every　commodity　as　the



guineas　which　they　represented。　Another　advantage　attending　the



establishment　of　this　plan　would　be　to　prevent　the　useless



labour；　which；　under　our　system　previously　to　1797；　was　so



unprofitably　expended　on　the　coinage　of　guineas；　which　on　every



occasion　of　an　unfavourable　exchange　（we　will　not　enquire　by　what



caused）　were　consigned　to　the　melting　pot；　and　in　spite　of　all



prohibitions　exported　as　bullion。　It　is　agreed　by　all　parties



that　such　prohibitions　were　ineffectual；　and　that　whatever



obstacles　were　opposed　to　the　exportation　of　the　coin　they　were



with　facility　evaded。



　　　　An　unfavourable　exchange　can　ultimately　be　corrected　only　by



an　exportation　of　goods；　…　by　the　transmission　of　bullion；or　by　a



reduction　in　the　amount　of　the　paper　circulaiion。　The　facility



therefore　with　which　bullion　would　be　obtined　at　the　Bank　cannot



be　urged　as　an　objection　to　this　plan；　because　an　equal　degree　of



facility　actually　existed　before　1797；　and　must　exist　under　any



system　of　Bank　payments。　Neither　ought　it　to　be　urged；　because　it



is　now　no　longer　questioned　by　all　those　who　have　given　the



subject　of　currency　much　of　their　consideration；　that　not　only　is



the　law　against　the　exportation　of　bullion；　whether　in　coin　or　in



any　other　form；　ineffectual；　but　that　it　is　also　impolitic　and



unjust；　injurious　to　ourselves　only；　and　advantageous　to　the　rest



of　the　world。



　　　　The　plan　here　proposed　appears　to　me　to　unite　all　the



advantages　of　every　system　of　banking　which　has　been　hitherto



adopted　in　Europe。　It　is　in　some　of　its　features　similar　to　the



banks　of　deposit　of　Amsterdam　and　Hamburgh。　In　those



establishments　bullion　is　always　to　be　purchased　from　the　Bank　at



a　fixed　invariable　price。　The　same　thing　is　proposed　for　the　Bank



of　England；　but　in　the　foreign　banks　of　deposit；　they　have



actually　in　their　coffers；　as　much　bullion；　as　there　are　credits



for　bank　money　in　their　books；　accordingly　there　is　an　inactive



capital　as　great　as　the　whole　amount　of　the　commercial



circulation。　In　our　Bank；　however；　there　would　be　an　amount　of



bank　money；　under　the　name　of　bank…notes；　as　great　as　the　demands



of　commerce　could　require；　at　the　same　time　there　would　not　be



more　inactive　capital　in　the　bank　coffers　than　that　fund　which



the　Bank　should　think　it　necessary　to　keep　in　bullion；　to　answer



those　demands　which　might　occasionally　be　made　on　them。　It　should



always　be　remembered　too；　that　the　Bank　would　be　enabled　by



contracting　their　issues　of　paper　to　diminish　such　demands　at



pleasure。　In　imitation　of　the　Bank　of　Hamburgh；　who　purchase



silver　at　a　fixed　price；　it　would　be　necessary　for　the　Bank　to



fix　a　price　very　little　below　the　mint　price；　at　which　they　would



at　all　times　purchase；　with　their　notes；　such　gold　bullion　as



might　be　offered　to　them。



　　　　The　perfection　of　banking　is　to　enable　a　country　by　means　of



a　paper　currency　（always　retaining　its　standard　value）　to　carry



on　its　circulation　with　the　least　possible　quantity　of　coin　or



bullion。　This　is　what　this　plan　would　effect。　And　with　a　silver



coinage；　on　just　principles；　we　should　possess　the　most



economical　and　the　most　invariable　currency　in　the　world。　The



variations　in　the　price　of　bullion；　whatever　demand　there　might



be　for　it　on　the　continent；　or　whatever　supply　might　be　poured　in



from　the　mines　in　America；　would　be　confined　within　the　prices　at



which　the　Bank　bought　bullion；　and　the　mint　price　at　which　they



sold　it。　The　amount　of　the　circulation　would　be　adjusted　to　the



wants　of　commerce　with　the　greatest　precision；　and　if　the　Bank



were　for　a　moment　so　indiscreet　as　to　overcharge　the　circulation；



the　check　which　the　public　would　possess　would　speedily　admonish



them　of　their　error。　As　for　the　country　Banks；　they　must；　as　now；



pay　their　notes　when　demanded　in　Bank　of　England　notes。　This



would　be　a　sufficient　security　agai