the high price of bullion- 第4部分

allowed　at　the　mint；　in　the　same　manner　as　that　of　gold；　but　in



an　act　of　parliament　of　39　Geo。　III　is　the　following　clause：　







〃Whereas　inconvenience　may　arise　from　any　coinage　of　silver　until



such　regulations　may　be　formed　as　shall　appear　necessary；　and



whereas　from　the　present　low　price　of　silver　bullion；　owing　to



temporary　circumstances；　a　small　quantity　of　silver　bullion　has



been　brought　to　the　mint　to　be　coined；　and　there　is　reason　to



suppose　that　a　still　further　quantity　may　be　brought；　and　it　is



therefore　necessary　to　suspend　the　coining　of　silver　for　the



present；　be　it　therefore　enacted；　That　from　and　after　the　passing



of　this　act；　no　silver　bullion　shall　be　coined　at　the　mint；　nor



shall　any　silver　coin　that　may　have　been　coined　there　be



delivered；　any　law　to　the　contrary　notwithstanding。〃







　　　　This　law　is　now　in　force。　It　would　appear；　therefore；　to　have



been　the　intention　of　the　legislature　to　establish　gold　as　the



standard　of　currency　in　this　country。　Whilst　this　law　is　in



force；　silver　coin　must　be　confined　to　small　payments　only；　the



quantity　in　circulation　being　barely　sufficient　for　that　purpose。



It　might　be　for　the　interest　of　a　debtor　to　pay　his　large　debts



in　silver　coin　if　he　could　get　silver　bullion　coined　into　money；



but　being　prevented　by　the　above　law　from　doing　so；　he　is



necessarily　obliged　to　discharge　his　debt　with　gold　coin；　which



he　could　obtain　at　the　mint　with　gold　bullion　to　any　amount。



Whilst　this　law　is　in　force；　gold　must　always　continue　to　be　the



standard　of　currency。



　　　　Were　the　market　value　of　an　ounce　of　gold　to　become　equal　to



thirty　ounces　of　silver；　gold　would　nevertheless　be　the　measure



of　value；　whilst　this　prohibition　continued　in　force。　It　would　be



of　no　avail；　that　the　possessor　of　30　ounces　of　silver　should



know　that　he　once　could　have　discharged　a　debt　of　3　l。　17s。　10



1/2d。　by　procuring　15　9/124　ounces　of　silver　to　be　coined　at　the



mint；　as　he　would　in　this　case　have　no　other　means　of　discharging



his　debt　but　by　selling　his　30　oz。　of　silver　at　the　market　value；



that　is　to　say；　for　one　ounce　of　gold；　or　3　l。　17s。　10　1/2d。　of



gold　coin。



　　　　The　public　has　sustained；　at　different　times；　very　serious



loss　from　the　depreciation　of　the　circulating　medium；　arising



from　the　unlawful　practice　of　clipping　the　coins。



　　　　In　proportion　as　they　become　debased；　so　the　prices　of　every



commodity　for　which　they　are　exchangeable　rise　in　nominal　value；



not　excepting　gold　and　silver　bullion：　accordingly　we　find；　that



before　the　re…coinage　in　the　reign　of　King　William　the　Third；　the



silver　currency　had　become　so　degraded；　that　an　ounce　of　silver；



which　ought　to　be　contained　in　sixty…two　pence；　sold　for



seventy…seven　pence；　and　a　guinea；　which　was　valued　at　the　mint



at　twenty　shillings；　passed　in　all　contracts　for　thirty



shillings。　This　evil　was　then　remedied　by　the　recoinage。　Similar



effects　followed　from　the　debasement　of　the　gold　currency；　which



were　again　corrected　in　1774　by　the　same　means。



　　　　Our　gold　coins　have；　since　1774；　continued　nearly　at　their



standard　purity；　but　our　silver　currency　has　again　become



debased。　By　an　assay　at　the　mint　in　1798；　it　appears　that　our



shillings　were　found　to　be　twenty…four　per　cent；　and　our



sixpences　thirty…eight　per　cent。　under　their　mint　value；　and　I　am



informed；　that　by　a　late　experiment　they　were　found　considerably



more　deficient。　They　do　not；　therefore；　contain　as　much　pure



silver　as　they　did　in　the　reign　of　King　William。　This　debasement；



however；　did　not　operate　previously　to　1798；　as　on　the　former



occasion。　At　that　time　both　gold　and　silver　bullion　rose　in



proportion　to　the　debasement　of　the　silver　coin。　All　foreign



exchanges　were　against　us　full　twenty　per　cent。；　and　many　of　them



still　more。　But　although　the　debasement　of　the　silver　coin　had



continued　for　many　years；　it　had　neither；　previously　to　1798；



raised　the　price　of　gold　nor　silver；　nor　had　it　produced　any



effect　on　the　exchanges。　This　is　a　convincing　proof；　that　gold



coin　was；　during　that　period；　considered　as　the　standard　measure



of　value。　Any　debasement　of　the　gold　coin　would　then　have



produced　the　same　effects　on　the　prices　of　gold　and　silver



bullion；　and　on　the　foreign　exchanges；　which　were　formerly　caused



by　the　debasement　of　the　silver　coins　（5*）。



　　　　While　the　currency　of　different　countries　consists　of　the



precious　metals；　or　of　a　paper　money　which　is　at　all　times



exchangeable　for　them；　and　while　the　metallic　currency　is　not



debased　by　wearing；　or　clipping；　a　comparison　of　the　weight；　and



degree　of　fineness　of　their　coins；　will　enable　us　to　ascertain



their　pit　of　exchange。　Thus　the　par　of　exchange　between　Holland



and　England　is　stated　to　be　about　eleven　florins；　because　the



pure　silver　contained　in　eleven　florins　is　equal　to　the　pure



silver　contained　in　twenty　standard　shillings。



　　　　This　par　is　not；　nor　can　it　be；　absolutely　fixed；　because；



gold　coin　being　the　standard　of　commerce　in　England；　and　silver



coin　in　Holland；　a　pound　sterling；　or　20/21　of　a　guinea；　may　at



different　times　be　more　or　less　valuable　than　twenty　standard



shillings；　and　therefore　more　or　less　valuable　than　its



equivalent　of　eleven　florins。　Estimating　the　par　either　by　silver



or　by　gold　will　be　sufficiently　exact　for　our　purpose。



　　　　If　I　owe　a　debt　in　Holland；　by　knowing　the　par　of　exchange；　I



also　know　the　quantity　of　our　money　which　will　be　necessity　to



discharge　it。



　　　　If　my　debt　amount　to　1100　florins；　and　gold　have　not　varied



in　value；　100　l。　in　our　pure　gold　coin　will　purchase　as　much



Dutch　currency　as　is　necessary　to　pay　my　debt。　By　exporting　the



100　l。　therefore　in　coin；　or　（which　is　the　same　thing）　paying　a



bullion　merchant　the　100　l。　in　coin；　and　allowing　him　the



expences　attending　its　transportation；　such　as　freight；



insurance；　and　his　profit；　he　will　sell　me　a　bill　which　will



discharge　my　debt；　at　the　same　time　he　will　export　the　bullion；



to　enable　his　correspondent　to　pay　the　bill　when　it　shall　become



due。



　　　　These　expences　then　are　the　utmost　limits　of　an　unfavourable



exchange。　However　great　my　debt　may　be；　though　it　equalled　the



largest　subsidy　ever　given　by　this　county　to　an　ally；　while　I



could　pay　the　bullion…merchant　in　coin　of　standard　value；　he



would　be　glad　to　export　it；　and　to　sell　me　bills。　But　if　I　pay



him　for　his　bill　in　a　debased　coin；　or　in　a　depreciated　paper



money；　he　will　not　be　willing　to　sell　me　his　bill　at　this　rate；



because　if　the　coin　be　debased；　it　does　not　contain　the　quantity



of　pure　gold　or　silver　which　ought　to　be　contained　in　100　l。；　and



he　must　therefore　export　an　additional　number　of　such　debased



pieces　of　money；　to　enable　him　to　pay　my　debt　of　100　l。；　or　its



equivalent；　1100　florins。　If　I　pay　him　in　paper　money；　as　he



cannot　send　it　abroad；　he　will　consider　whether　it　will　purchase



as　much　gold　or　silver　bullion　as　is　contained　in　the　coin　for



which　it　is　a　substitute；　if　it　will　do　this；　paper　will　be　as



acceptable　to　him　as　coin；　but　if　it　will　not；　he　will　expect　a



further　premium　for　his　bill；　equal　to　the　depreciation　of　the



paper。



　　　　While　the　circulating　medium　consists；　therefore；　of　coin



undebased；　or　of　paper…money　immediately　exchangeable　for



undebased　coin；　the　exchange　can　never　be　more　above；　or　more



below；　par；　than　the　expences　attending　the　transportation　of　the



precious　metals。　But　when　it　consists　of　a　depreciated



paper…money；　it　necessarily　will　fall　according　to　the　degree　of



the　depreciation。



　　　　The　exchange　will；　therefore；　be　a　tolerably　accurate



criterion　by　which　we　may　judge　of　the　debasement　of　the



currency；　proceeding　either　from　a　clipped　coinage；　or　a



depreciated　paper…money。



　　　　It　is　observed　by　Sir　James　Stuart；　〃That　if　the　foot　measure



was　altered　at　once　over　all　England；　by　adding　to　it；　or　taking



from　it；　any　proportional　part　of　its　standard　length；　the



alteration　would　be　best　discovered；　by　comparing　the　new　foot



with　that　of　Paris；　or　of　any　other　country；　which　had　suffered



no　alteration。



　　　　〃Just　so；　if　the　pound　sterling；　which　is　the　English　unit；



shall　be　found　any　how　changed；　and　if　the　variation　it　has　met



with　be　difficult　to　ascertain；　because　of　a　complication　of



circumstances；　the　best　way　to　discover　it　will　be　to　compare　the



former　and　the　present　value　of　it；　with　the　money　of　other



nations　which　has　suffered　no　variation。　This　the　exchange　will



perform　with　the　greatest　exactness。〃　The　Edinburgh　reviewers；　in



speaking　of　Lord　King's　pamphlet；　observe；　that　〃it　does　not



follow　because　our　imports　always　consist　partly　of　bullion；　that



the　balance　of　trade　is　therefore　permanently　in　our　favour。



Bullion；〃　they　say；　〃is　a　commodity；　for　which；　as　for　every



other；　there　is　a　varying　demand；　and　which；　exactly　like　any



other；　may　enter　the　catalogue　either　of　imports　or　exports；　and



this　exportation　or　importation　of　bullion　will　not　affect　the



course　of　exchange　in　a　different　way　from　the　exportation　or



importation　of　any　other　commodities。〃



　　　　No　person　ever　exports　or　imports　bullion　without　first



considering　the　rate　of　exchange。　It　is　by　the　rate　of　exchange



that　he　discovers　the　relative　value　of　bullion　in　the　two



countries　between　which　it　is　estimated。　It　is　therefore



consulted　by　the　bullion…merchant　in　the　same　manner　as　the



price…cu