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wealbk01-第15章

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enacted that silver should not be a legal tender for more than

the change of a guinea; in the same manner as copper is not a

legal tender for more than the change of a shilling。 No creditor

could in this case be cheated in consequence of the high

valuation of silver in coin; as no creditor can at present be

cheated in consequence of the high valuation of copper。 The

bankers only would suffer by this regulation。 When a run comes

upon them they sometimes endeavour to gain time by paying in

sixpences; and they would be precluded by this regulation from

this discreditable method of evading immediate payment。 They

would be obliged in consequence to keep at all times in their

coffers a greater quantity of cash than at present; and though

this might no doubt be a considerable inconveniency to them; it

would at the same time be a considerable security to their

creditors。

     Three pounds seventeen shillings and tenpence halfpenny (the

mint price of gold) certainly does not contain; even in our

present excellent gold coin; more than an ounce of standard gold;

and it may be thought; therefore; should not purchase more

standard bullion。 But gold in coin is more convenient than gold

in bullion; and though; in England; the coinage is free; yet the

gold which is carried in bullion to the mint can seldom be

returned in coin to the owner till after a delay of several

weeks。 In the present hurry of the mint; it could not be returned

till after a delay of several months。 This delay is equivalent to

a small duty; and renders gold in coin somewhat more valuable

than an equal quantity of gold in bullion。 If in the English coin

silver was rated according to it proper proportion to gold; the

price of silver bullion would probably fall below the mint price

even without any reformation of the silver coin; the value even

of the present worn and defaced silver coin being regulated by

the value of the excellent gold coin for which it can be changed。

     A small seignorage or duty upon the coinage of both gold and

silver would probably increase still more the superiority of

those metals in coin above an equal quantity of either of them in

bullion。 The coinage would in this case increase the value of the

metal coined in proportion to the extent of this small duty; for

the same reason that the fashion increases the value of plate in

proportion to the price of that fashion。 The superiority of coin

above bullion would prevent the melting down of the coin; and

would discourage its exportation。 If upon any public exigency it

should become necessary to export the coin; the greater part of

it would soon return again of its own accord。 Abroad it could

sell only for its weight in bullion。 At home it would buy more

than that weight。 There would be a profit; therefore; in bringing

it home again。 In France a seignorage of about eight per cent is

imposed upon the coinage; and the French coin; when exported; is

said to return home again of its own accord。

     The occasional fluctuations in the market price of gold and

silver bullion arise from the same causes as the like

fluctuations in that of all other commodities。 The frequent loss

of those metals from various accidents by sea and by land; the

continual waste of them in gilding and plating; in lace and

embroidery; in the wear and tear of coin; and in that of plate;

require; in all countries which possess no mines of their own; a

continual importation; in order to repair this loss and this

waste。 The merchant importers; like all other merchants; we may

believe; endeavour; as well as they can; to suit their occasional

importations to what; they judge; is likely to be the immediate

demand。 With all their attention; however; they sometimes overdo

the business; and sometimes underdo it。 When they import more

bullion than is wanted; rather than incur the risk and trouble of

exporting it again; they are sometimes willing to sell a part of

it for something less than the ordinary or average price。 When;

on the other hand; they import less than is wanted; they get

something more than this price。 But when; under all those

occasional fluctuations; the market price either of gold or

silver bullion continues for several years together steadily and

constantly; either more or less above; or more or less below the

mint price; we may be assured that this steady and constant;

either superiority or inferiority of price; is the effect of

something in the state of the coin; which; at that time; renders

a certain quantity of coin either of more value or of less value

than the precise quantity of bullion which it ought to contain。

The constancy and steadiness of the effect supposes a

proportionable constancy and steadiness in the cause。

     The money of any particular country is; at any particular

time and place; more or less an accurate measure of value

according as the current coin is more or less exactly agreeable

to its standard; or contains more or less exactly the precise

quantity of pure gold or pure silver which it ought to contain。

If in England; for example; forty…four guineas and a half

contained exactly a pound weight of standard gold; or eleven

ounces of fine gold and one ounce of alloy; the gold coin of

England would be as accurate a measure of the actual value of

goods at any particular time and place as the nature of the thing

would admit。 But if; by rubbing and wearing; forty…four guineas

and a half generally contain less than a pound weight of standard

gold; the diminution; however; being greater in some pieces than

in others; the measure of value comes to be liable to the same

sort of uncertainty to which all other weights and measures are

commonly exposed。 As it rarely happens that these are exactly

agreeable to their standard; the merchant adjusts the price of

his goods; as well as he can; not to what those weights and

measures ought to be; but to what; upon an average; he finds by

experience they actually are。 In consequence of a like disorder

in the coin; the price of goods comes; in the same manner; to be

adjusted; not to the quantity of pure gold or silver which the

corn ought to contain; but to that which; upon an average; it is

found by experience; it actually does contain。

     By the money…price of goods; it is to be observed; I

understand always the quantity of pure gold or silver for which

they are sold; without any regard to the denomination of the

coin。 Six shillings and eightpence; for example; in the time of

Edward I; I consider as the same money…price with a pound

sterling in the present times; because it contained; as nearly as

we can judge; the same quantity of pure silver。  



                             CHAPTER VI



         Of the Component Parts of the Price of Commodities 



     IN that early and rude state of society which precedes both

the accumulation of stock and the appropriation of land; the

proportion between the quantities of labour necessary for

acqu
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