wealbk02-第14部分

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any　difference　in　the　price　of　their　goods　when　they　sold　them

for　a　colony　paper；　and　when　they　sold　them　for　gold　and　silver；

a　regulation　equally　tyrannical；　but　much　less　effectual　than

that　which　it　was　meant　to　support。　A　positive　law　may　render　a

shilling　a　legal　tender　for　guinea；　because　it　may　direct　the

courts　of　justice　to　discharge　the　debtor　who　has　made　that

tender。　But　no　positive　law　can　oblige　a　person　who　sells　goods；

and　who　is　at　liberty　to　sell　or　not　to　sell　as　he　pleases；　to

accept　of　a　shilling　as　equivalent　to　a　guinea　in　the　price　of

them。　Notwithstanding　any　regulation　of　this　kind；　it　appeared　by

the　course　of　exchange　with　Great　Britain；　that　a　hundred　pounds

sterling　was　occasionally　considered　as　equivalent；　in　some　of

the　colonies；　to　a　hundred　and　thirty　pounds；　and　in　others　to　so

great　a　sum　as　eleven　hundred　pounds　currency；　this　difference　in

the　value　arising　from　the　difference　in　the　quantity　of　paper

emitted　in　the　different　colonies；　and　in　the　distance　and

probability　of　the　term　of　its　final　discharge　and　redemption。

　　　　　No　law；　therefore；　could　be　more　equitable　than　the　Act　of

Parliament；　so　unjustly　complained　of　in　the　colonies；　which

declared　that　no　paper　currency　to　be　emitted　there　in　time

coming　should　be　a　legal　tender　of　payment。

　　　　　Pennsylvania　was　always　more　moderate　in　its　emissions　of

paper　money　than　any　other　of　our　colonies。　Its　paper　currency；

accordingly；　is　said　never　to　have　sunk　below　the　value　of　the

gold　and　silver　which　was　current　in　the　colony　before　the　first

emission　of　its　paper　money。　Before　that　emission；　the　colony　had

raised　the　denomination　of　its　coin；　and　had；　by　act　of　assembly；

ordered　five　shillings　sterling　to　pass　in　the　colony　for　six　and

threepence；　and　afterwards　for　six　and　eightpence。　A　pound　colony

currency；　therefore；　even　when　that　currency　was　gold　and　silver；

was　more　than　thirty　per　cent　below　the　value　of　a　pound

sterling；　and　when　that　currency　was　turned　into　paper　it　was

seldom　much　more　than　thirty　per　cent　below　that　value。　The

pretence　for　raising　the　denomination　of　the　coin；　was　to　prevent

the　exportation　of　gold　and　silver；　by　making　equal　quantities　of

those　metals　pass　for　greater　sums　in　the　colony　than　they　did　in

the　mother　country。　It　was　found；　however；　that　the　price　of　all

goods　from　the　mother　country　rose　exactly　in　proportion　as　they

raised　the　denomination　of　their　coin；　so　that　their　gold　and

silver　were　exported　as　fast　as　ever。

　　　　　The　paper　of　each　colony　being　received　in　the　payment　of

the　provincial　taxes；　for　the　full　value　for　which　it　had　been

issued；　it　necessarily　derived　from　this　use　some　additional

value　over　and　above　what　it　would　have　had　from　the　real　or

supposed　distance　of　the　term　of　its　final　discharge　and

redemption。　This　additional　value　was　greater　or　less；　according

as　the　quantity　of　paper　issued　was　more　or　less　above　what　could

be　employed　in　the　payment　of　the　taxes　of　the　particular　colony

which　issued　it。　It　was　in　all　the　colonies　very　much　above　what

could　be　employed　in　this　manner。

　　　　　A　prince　who　should　enact　that　a　certain　proportion　of　his

taxes　should　be　paid　in　a　paper　money　of　a　certain　kind　might

thereby　give　a　certain　value　to　this　paper　money；　even　though　the

term　of　its　final　discharge　and　redemption　should　depend

altogether　upon　the　will　of　the　prince。　If　the　bank　which　issued

this　paper　was　careful　to　keep　the　quantity　of　it　always　somewhat

below　what　could　easily　be　employed　in　this　manner；　the　demand

for　it　might　be　such　as　to　make　it　even　bear　a　premium；　or　sell

for　somewhat　more　in　the　market　than　the　quantity　of　gold　or

silver　currency　for　which　it　was　issued。　Some　people　account　in

this　manner　for　what　is　called　the　Agio　of　the　bank　of　Amsterdam；

or　for　the　superiority　of　bank　money　over　current　money；　though

this　bank　money；　as　they　pretend；　cannot　be　taken　out　of　the　bank

at　the　will　of　the　owner。　The　greater　part　of　foreign　bills　of

exchange　must　be　paid　in　bank　money；　that　is；　by　a　transfer　in

the　books　of　the　bank；　and　the　directors　of　the　bank；　they

allege；　are　careful　to　keep　the　whole　quantity　of　bank　money

always　below　what　this　use　occasions　a　demand　for。　It　is　upon

this　account；　they　say；　that　bank　money　sells　for　a　premium；　or

bears　an　agio　of　four　or　five　per　cent　above　the　same　nominal　sum

of　the　gold　and　silver　currency　of　the　country。　This　account　of

the　bank　of　Amsterdam；　however；　it　will　appear　hereafter；　is　in　a

great　measure　chimerical。

　　　　　A　paper　currency　which　falls　below　the　value　of　gold　and

silver　coin　does　not　thereby　sink　the　value　of　those　metals；　or

occasion　equal　quantities　of　them　to　exchange　for　a　smaller

quantity　of　goods　of　any　other　kind。　The　proportion　between　the

value　of　gold　and　silver　and　that　of　goods　of　any　other　kind

depends　in　all　cases　not　upon　the　nature　or　quantity　of　any

particular　paper　money；　which　may　be　current　in　any　particular

country；　but　upon　the　richness　or　poverty　of　the　mines；　which

happen　at　any　particular　time　to　supply　the　great　market　of　the

commercial　world　with　those　metals。　It　depends　upon　the

proportion　between　the　quantity　of　labour　which　is　necessary　in

order　to　bring　a　certain　quantity　of　gold　and　silver　to　market；

and　that　which　is　necessary　in　order　to　bring　thither　a　certain

quantity　of　any　other　sort　of　goods。

　　　　　If　bankers　are　restrained　from　issuing　any　circulating　bank

notes；　or　notes　payable　to　the　bearer；　for　less　than　a　certain

sum；　and　if　they　are　subjected　to　the　obligation　of　an　immediate

and　unconditional　payment　of　such　bank　notes　as　soon　as

presented；　their　trade　may；　with　safety　to　the　public；　be

rendered　in　all　other　respects　perfectly　free。　The　late

multiplication　of　banking　companies　in　both　parts　of　the　United

Kingdom；　an　event　by　which　many　people　have　been　much　alarmed；

instead　of　diminishing；　increases　the　security　of　the　public。　It

obliges　all　of　them　to　be　more　circumspect　in　their　conduct；　and；

by　not　extending　their　currency　beyond　its　due　proportion　to

their　cash；　to　guard　themselves　against　those　malicious　runs

which　the　rivalship　of　so　many　competitors　is　always　ready　to

bring　upon　them。　It　restrains　the　circulation　of　each　particular

company　within　a　narrower　circle；　and　reduces　their　circulating

notes　to　a　smaller　number。　By　dividing　the　whole　circulation　into

a　greater　number　of　parts；　the　failure　of　any　one　company；　an

accident　which；　in　the　course　of　things；　must　sometimes　happen；

becomes　of　less　consequence　to　the　public。　This　free　competition；

too；　obliges　all　bankers　to　be　more　liberal　in　their　dealings

with　their　customers；　lest　their　rivals　should　carry　them　away。

In　general；　if　any　branch　of　trade；　or　any　division　of　labour；　be

advantageous　to　the　public；　the　freer　and　more　general　the

competition；　it　will　always　be　the　more　so。　　



　　　　　　　　　　　　　　　　　　　　　　　　　　　　　CHAPTER　III



Of　the　Accumulation　of　Capital；　or　of　Productive　and　Unproductive

Labour　



　　　　　THERE　is　one　sort　of　labour　which　adds　to　the　value　of　the

subject　upon　which　it　is　bestowed：　there　is　another　which　has　no

such　effect。　The　former；　as　it　produces　a　value；　may　be　called

productive；　the　latter；　unproductive　labour。　Thus　the　labour　of　a

manufacturer　adds；　generally；　to　the　value　of　the　materials　which

he　works　upon；　that　of　his　own　maintenance；　and　of　his　master's

profit。　The　labour　of　a　menial　servant；　on　the　contrary；　adds　to

the　value　of　nothing。　Though　the　manufacturer　has　his　wages

advanced　to　him　by　his　master；　he；　in　reality；　costs　him　no

expense；　the　value　of　those　wages　being　generally　restored；

together　with　a　profit；　in　the　improved　value　of　the　subject　upon

which　his　labour　is　bestowed。　But　the　maintenance　of　a　menial

servant　never　is　restored。　A　man　grows　rich　by　employing　a

multitude　of　manufacturers：　he　grows　poor　by　maintaining　a

multitude　of　menial　servants。　The　labour　of　the　latter；　however；

has　its　value；　and　deserves　its　reward　as　well　as　that　of　the

former。　But　the　labour　of　the　manufacturer　fixes　and　realizes

itself　in　some　particular　subject　or　vendible　commodity；　which

lasts　for　some　time　at　least　after　that　labour　is　past。　It　is；　as

it　were；　a　certain　quantity　of　labour　stocked　and　stored　up　to　be

employed；　if　necessary；　upon　some　other　occasion。　That　subject；

or　what　is　the　same　thing；　the　price　of　that　subject；　can

afterwards；　if　necessary；　put　into　motion　a　quantity　of　labour

equal　to　that　which　had　originally　produced　it。　The　labour　of　the

menial　servant；　on　the　contrary；　does　not　fix　or　realize　itself

in　any　particular　subject　or　vendible　commodity。　His　services

generally　perish　in　the　very　instant　of　their　performance；　and

seldom　leave　any　trace　or　value　behind　them　for　which　an　equal

quantity　of　service　could　afterwards　be　procured。

　　　　　The　labour　of　some　of　the　most　respectable　orders　in　the

society　is；　like　that　of　menial　servants；　unproductive　of　any

value；　and　does　not　fix　or　realize　itself　in　any　permanent

subject；　or　vendible　commodity；　which　endures　after　that　labour

is　past；　and　for　which　an　equal　quantity　of　labour　could

afterwards　be　procured。　The　sovereign；　for　example；　with　all　the

officers　both　of　justice　and　war　who　serve　under　him；　the　whole

army　and　navy；　are　unproductive　labourers。　They　are　the　servants

of　the　public；　and　are　maintained　by　a　part　of　the　annual　produce

of　the　industry　of　other　people。　Their　service；　how　honourable；

how　useful；　or　how　necessary　soever；　produces　nothing　for　which

an　equal　quantity　of　service　can　afterwards　be　procured。　The

protection；　security；　and　defence　of　the　commonwealth；　the　effect

of　their　labour　this　year　will　not　purchase　its　protection；

security；　and　defence　for　the　year　to　come。　In　the　same　class

must　be　ranked；　some　both　of　the　gravest　and　most　important；　and

some　of　the　most　frivolous　professions：　churchmen；　lawyers；

physicians；　men　of　letters　of　all　kinds；　players；　buffoons；

musicians；　opera…singers；　opera…dancers；　etc。　The　labour　of　the

meanest　of　these　has　a　certain