wealbk02-第6部分

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the　work　is　done。　Money　is　neither　a　material　to　work　upon；　nor　a

tool　to　work　with；　and　though　the　wages　of　the　workman　are

commonly　paid　to　him　in　money；　his　real　revenue；　like　that　of　all

other　men；　consists；　not　in　money；　but　in　the　money's　worth；　not

in　the　metal　pieces；　but　in　what　can　be　got　for　them。

　　　　　The　quantity　of　industry　which　any　capital　can　employ　must；

evidently；　be　equal　to　the　number　of　workmen　whom　it　can　supply

with　materials；　tools；　and　a　maintenance　suitable　to　the　nature

of　the　work。　Money　may　be　requisite　for　purchasing　the　materials

and　tools　of　the　work；　as　well　as　the　maintenance　of　the　workmen。

But　the　quantity　of　industry　which　the　whole　capital　can　employ

is　certainly　not　equal　both　to　the　money　which　purchases；　and　to

the　materials；　tools；　and　maintenance；　which　are　purchased　with

it；　but　only　to　one　or　other　of　those　two　values；　and　to　the

latter　more　properly　than　to　the　former。

　　　　　When　paper　is　substituted　in　the　room　of　gold　and　silver

money；　the　quantity　of　the　materials；　tools；　and　maintenance；

which　the　whole　circulating　capital　can　supply；　may　be　increased

by　the　whole　value　of　gold　and　silver　which　used　to　be　employed

in　purchasing　them。　The　whole　value　of　the　great　wheel　of

circulation　and　distribution　is　added　to　the　goods　which　are

circulated　and　distributed　by　means　of　it。　The　operation；　in　some

measure；　resembles　that　of　the　undertaker　of　some　great　work；

who；　in　consequence　of　some　improvement　in　mechanics；　takes　down

his　old　machinery；　and　adds　the　difference　between　its　price　and

that　of　the　new　to　his　circulating　capital；　to　the　fund　from

which　he　furnishes　materials　and　wages　to　his　workmen。

　　　　　What　is　the　proportion　which　the　circulating　money　of　any

country　bears　to　the　whole　value　of　the　annual　produce　circulated

by　means　of　it；　it　is；　perhaps；　impossible　to　determine。　It　has

been　computed　by　different　authors　at　a　fifth；　at　a　tenth；　at　a

twentieth；　and　at　a　thirtieth　part　of　that　value。　But　how　small

soever　the　proportion　which　the　circulating　money　may　bear　to　the

whole　value　of　the　annual　produce；　as　but　a　part；　and　frequently

but　a　small　part；　of　that　produce；　is　ever　destined　for　the

maintenance　of　industry；　it　must　always　bear　a　very　considerable

proportion　to　that　part。　When；　therefore；　by　the　substitution　of

paper；　the　gold　and　silver　necessary　for　circulation　is　reduced

to；　perhaps；　a　fifth　part　of　the　former　quantity；　if　the　value　of

only　the　greater　part　of　the　other　four…fifths　be　added　to　the

funds　which　are　destined　for　the　maintenance　of　industry；　it　must

make　a　very　considerable　addition　to　the　quantity　of　that

industry；　and；　consequently；　to　the　value　of　the　annual　produce

of　land　and　labour。

　　　　　An　operation　of　this　kind　has；　within　these　five…and…twenty

or　thirty　years；　been　performed　in　Scotland；　by　the　erection　of

new　banking　companies　in　almost　every　considerable　town；　and　even

in　some　country　villages。　The　effects　of　it　have　been　precisely

those　above　described。　The　business　of　the　country　is　almost

entirely　carried　on　by　means　of　the　paper　of　those　different

banking　companies；　with　which　purchases　and　payments　of　kinds　are

commonly　made。　Silver　very　seldom　appears　except　in　the　change　of

a　twenty　shillings　bank　note；　and　gold　still　seldomer。　But　though

the　conduct　of　all　those　different　companies　has　not　been

unexceptionable；　and　has　accordingly　required　an　act　of

Parliament　to　regulate　it；　the　country；　notwithstanding；　has

evidently　derived　great　benefit　from　their　trade。　I　have　heard　it

asserted；　that　the　trade　of　the　city　of　Glasgow　doubled　in　about

fifteen　years　after　the　first　erection　of　the　banks　there；　and

that　the　trade　of　Scotland　has　more　than　quadrupled　since　the

first　erection　of　the　two　public　banks　at　Edinburgh；　of　which　the

one；　called　the　Bank　of　Scotland；　was　established　by　act　of

Parliament　in　1695；　the　other；　called　the　Royal　Bank；　by　royal

charter　in　1727。　Whether　the　trade；　either　of　Scotland　in

general；　or　the　city　of　Glasgow　in　particular；　has　really

increased　in　so　great　a　proportion；　during　so　short　a　period；　I

do　not　pretend　to　know。　If　either　of　them　has　increased　in　this

proportion；　it　seems　to　be　an　effect　too　great　to　be　accounted

for　by　the　sole　operation　of　this　cause。　That　the　trade　and

industry　of　Scotland；　however；　have　increased　very　considerably

during　this　period；　and　that　the　banks　have　contributed　a　good

deal　to　this　increase；　cannot　be　doubted。

　　　　　The　value　of　the　silver　money　which　circulated　in　Scotland

before　the　union；　in　1707；　and　which；　immediately　after　it；　was

brought　into　the　Bank　of　Scotland　in　order　to　be　recoined；

amounted　to　L411；117　10s。　9d。　sterling。　No　account　has　been　got

of　the　gold　coin；　but　it　appears　from　the　ancient　accounts　of　the

mint　of　Scotland；　that　the　value　of　the　gold　annually　coined

somewhat　exceeded　that　of　the　silver。　There　were　a　good　many

people；　too；　upon　this　occasion；　who；　from　a　diffidence　of

repayment；　did　not　bring　their　silver　into　the　Bank　of　Scotland：

and　there　was；　besides；　some　English　coin　which　was　not　called

in。　The　whole　value　of　the　gold　and　silver；　therefore；　which

circulated　in　Scotland　before　the　union；　cannot　be　estimated　at

less　than　a　million　sterling。　It　seems　to　have　constituted　almost

the　whole　circulation　of　that　country；　for　though　the　circulation

of　the　Bank　of　Scotland；　which　had　then　no　rival；　was

considerable；　it　seems　to　have　made　but　a　very　small　part　of　the

whole。　In　the　present　times　the　whole　circulation　of　Scotland

cannot　be　estimated　at　less　than　two　millions；　of　which　that　part

which　consists　in　gold　and　silver　most　probably　does　not　amount

to　half　a　million。　But　though　the　circulating　gold　and　silver　of

Scotland　have　suffered　so　great　a　diminution　during　this　period；

its　real　riches　and　prosperity　do　not　appear　to　have　suffered

any。　Its　agriculture；　manufactures；　and　trade；　on　the　contrary；

the　annual　produce　of　its　land　and　labour；　have　evidently　been

augmented。

　　　　　It　is　chiefly　by　discounting　bills　of　exchange；　that　is；　by

advancing　money　upon　them　before　they　are　due；　that　the　greater

part　of　banks　and　bankers　issue　their　promissory　notes。　They

deduct　always；　upon　whatever　sum　they　advance；　the　legal　interest

till　the　bill　shall　become　due。　The　payment　of　the　bill；　when　it

becomes　due；　replaces　to　the　bank　the　value　of　what　had　been

advanced；　together　with　a　clear　profit　of　the　interest。　The

banker　who　advances　to　the　merchant　whose　bill　he　discounts；　not

gold　and　silver；　but　his　own　promissory　notes；　has　the　advantage

of　being　able　to　discount　to　a　greater　amount；　by　the　whole　value

of　his　promissory　notes；　which　he　finds　by　experience　are

commonly　in　circulation。　He　is　thereby　enabled　to　make　his　clear

gain　of　interest　on　so　much　a　larger　sum。

　　　　　The　commerce　of　Scotland；　which　at　present　is　not　very

great；　was　still　more　inconsiderable　when　the　two　first　banking

companies　were　established；　and　those　companies　would　have　had

but　little　trade　had　they　confined　their　business　to　the

discounting　of　bills　of　exchange。　They　invented；　therefore；

another　method　of　issuing　their　promissory　notes；　by　granting

what　they　called　cash　accounts；　that　is　by　giving　credit　to　the

extent　of　a　certain　sum　（two　or　three　thousand　pounds；　for

example）　to　any　individual　who　could　procure　two　persons　of

undoubted　credit　and　good　landed　estate　to　become　surety　for　him；

that　whatever　money　should　be　advanced　to　him；　within　the　sum　for

which　the　credit　had　been　given；　should　be　repaid　upon　demand；

together　with　the　legal　interest。　Credits　of　this　kind　are；　I

believe；　commonly　granted　by　banks　and　bankers　in　all　different

parts　of　the　world。　But　the　easy　terms　upon　which　the　Scotch

banking　companies　accept　of　repayment　are；　so　far　as　I　know；

peculiar　to　them；　and　have；　perhaps；　been　the　principal　cause；

both　of　the　great　trade　of　those　companies　and　of　the　benefit

which　the　country　has　received　from　it。

　　　　　Whoever　has　a　credit　of　this　kind　with　one　of　those

companies；　and　borrows　a　thousand　pounds　upon　it；　for　example；

may　repay　this　sum　piecemeal；　by　twenty　and　thirty　pounds　at　a

time；　the　company　discounting　a　proportionable　part　of　the

interest　of　the　great　sum　from　the　day　on　which　each　of　those

small　sums　is　paid　in　till　the　whole　be　in　this　manner　repaid。

All　merchants；　therefore；　and　almost　all　men　of　business；　find　it

convenient　to　keep　such　cash　accounts　with　them；　and　are　thereby

interested　to　promote　the　trade　of　those　companies；　by　readily

receiving　their　notes　in　all　payments；　and　by　encouraging　all

those　with　whom　they　have　any　influence　to　do　the　same。　The

banks；　when　their　customers　apply　to　them　for　money；　generally

advance　it　to　them　in　their　own　promissory　notes。　These　the

merchants　pay　away　to　the　manufacturers　for　goods；　the

manufacturers　to　the　farmers　for　materials　and　provisions；　the

farmers　to　their　landlords　for　rent；　the　landlords　repay　them　to

the　merchants　for　the　conveniencies　and　luxuries　with　which　they

supply　them；　and　the　merchants　again　return　them　to　the　banks　in

order　to　balance　their　cash　accounts；　or　to　replace　what　they　may

have　borrowed　of　them；　and　thus　almost　the　whole　money　business

of　the　country　is　transacted　by　means　of　them。　Hence　the　great

trade　of　those　companies。

　　　　　By　means　of　those　cash　accounts　every　merchant　can；　without

imprudence；　carry　on　a　greater　trade　than　he　otherwise　could　do。

If　there　are　two　merchants；　one　in　London　and　the　other　in

Edinburgh；　who　employ　equal　stocks　in　the　same　branch　of　trade；

the　Edinburgh　merchant　can；　without　imprudence；　carry　on　a

greater　trade　and　give　employment　to　a　greater　number　of　people

than　the　London　merchant。　The　London　merchant　must　always　keep　by

him　a　considerable　sum　of　money；　either　in　his　own　coffers；　or　in

those　of　his　banker；　who　gives　him　no　interest　for　it；　in　order

to　answer　the　demands　continually　coming　upon　him　for　payment　of

the　goods　which　he　purchases　upon　credit。　Let　the　ordinary　amount

of　this　sum　be　supposed　five　hundred　p