按键盘上方向键 ← 或 → 可快速上下翻页，按键盘上的 Enter 键可回到本书目录页，按键盘上方向键 ↑ 可回到本页顶部！
————未阅读完？加入书签已便下次继续阅读！
Of Money
by David Hume（1752）
Money is not； properly speaking； one of the subjects of commerce；
but only the instrument which men have agreed upon to facilitate the
exchange of one commodity for another。 It is none of the wheels of
trade： It is the oil which renders the motion of the wheels more
smooth and easy。 If we consider any one kingdom by itself； it is
evident； that the greater or less plenty of money is of no
consequence； since the prices of commodities are always proportioned
to the plenty of money； and a crown in HARRY VII's time served the
same purpose as a pound does at present。 It is only the public which
draws any advantage from the greater plenty of money； and that only in
its wars and negociations with foreign states。 And this is the reason；
why all rich and trading countries from CARTHAGE to GREAT BRITAIN and
HOLLAND； have employed mercenary troops； which they hired from their
poorer neighbours。 Were they to make use of their native subjects；
they would find less advantage from their superior riches； and from
their great plenty of gold and silver； since the pay of all their
servants must rise in proportion to the public opulence。 Our small
army of 20；000 men is maintained at as great expence as a FRENCH army
twice as numerous。 The ENGLISH fleet； during the late war； required as
much money to support it as all the ROMAN legions； which kept the
whole world in subjection； during the time of the emperors。
The greater number of people and their greater industry are
serviceable in all cases； at home and abroad； in private； and in
public。 But the greater plenty of money； is very limited in its use；
and may even sometimes be a loss to a nation in its commerce with
foreigners。
There seems to be a happy concurrence of causes in human affairs；
which checks the growth of trade and riches； and hinders them from
being confined entirely to one people； as might naturally at first be
dreaded from the advantages of an established commerce。 Where one
nation has gotten the start of another in trade； it is very difficult
for the latter to regain the ground it has lost； because of the
superior industry and skill of the former； and the greater stocks； of
which its merchants are possessed； and which enable them to trade on
so much smaller profits。 But these advantages are compensated； in some
measure； by the low price of labour in every nation which has not an
extensive commerce； and does not much abound in gold and silver。
Manufactures； therefore gradually shift their places； leaving those
countries and provinces which they have already enriched； and flying
to others； whither they are allured by the cheapness of provisions and
labour； till they have enriched these also； and are again banished by
the same causes。 And； in general； we may observe； that the dearness of
every thing； from plenty of money； is a disadvantage； which attends an
established commerce； and sets bounds to it in every country； by
enabling the poorer states to undersell the richer in all foreign
markets。
This has made me entertain a doubt concerning the benefit of banks
and paper…credit； which are so generally esteemed advantageous to
every nation。 That provisions and labour should become dear by the
encrease of trade and money； is； in many respects； an inconvenience；
but an inconvenience that is unavoidable； and the effect of that
public wealth and prosperity which are the end of all our wishes。 It
is compensated by the advantages； which we reap from the possession of
these precious metals； and the weight； which they give the nation in
all foreign wars and negociations。 But there appears no reason for
encreasing that inconvenience by a counterfeit money； which foreigners
will not accept of in any payment； and which any great disorder in the
state will reduce to nothing。 There are； it is true； many people in
every rich state； who having large sums of money； would prefer paper
with good security； as being of more easy transport and more safe
custody。 If the public provide not a bank； private bankers will take
advantage of this circumstance； as the goldsmiths formerly did in
LONDON； or as the bankers do at present in DUBLIN： And therefore it is
better； it may be thought； that a public company should enjoy the
benefit of that paper…credit； which always will have place in every
opulent kingdom。 But to endeavour artificially to encrease such a
credit； can never be the interest of any trading nation； but must lay
them under disadvantages； by encreasing money beyond its natural
proportion to labour and commodities； and thereby heightening their
price to the merchant and manufacturer。 And in this view； it must be
allowed； that no bank could be more advantageous； than such a one as
locked up all the money it received； and never augmented the
circulating coin； as is usual； by returning part of its treasure into
commerce。 A public bank； by this expedient； might cut off much of the
dealings of private bankers and money…jobbers； and though the state
bore the charge of salaries to the directors and tellers of this bank
（for； according to the preceding supposition； it would have no profit
from its dealings）； the national advantage； resulting from the low
price of labour and the destruction of paper…credit； would be a
sufficient compensation。 Not to mention； that so large a sum； lying
ready at command； would be a convenience in times of great public
danger and distress； and what part of it was used might be replaced at
leisure； when peace and tranquillity was restored to the nation。
But of this subject of paper credit we shall treat more largely
hereafter。 And I shall finish this essay on money； by proposing and
explaining two observations； which may； perhaps； serve to employ the
thoughts of our speculative politicians。
It was a shrewd observation of ANACHARSIS the SCYTHIAN； who had
never seen money in his own country； that gold and silver seemed to
him of no use to the GREEKS； but to assist them in numeration and
arithmetic。 It is indeed evident； that money is nothing but the
representation of labour and commodities； and serves only as a method
of rating or estimating them。 Where coin is in greater plenty； as a
greater quantity of it is required to represent the same quantity of
goods； it can have no effect； either good or bad； taking a nation
within itself； any more than it would make an alteration on a
merchant's books； if； instead of the ARABIAN method of notation； which
requires few characters； he should make use of the ROMAN； which
requires a great many。 Nay； the greater quantity of money； like the
ROMAN characters； is rather inconvenient； and requires greater trouble
both to keep and transport it。 But notwithstanding this conclusion；
which must be allowed just； it is certain； that； since the discovery
of the mines in AMERICA； industry has encreased in all the nations of
EUROPE； except in the possessors of those mines； and this may justly
be ascribed； amongst other reasons； to the encrease of gold and
silver。 Accordingly we find； that； in every kingdom； into which money
begins to flow in g