wealbk01-第46章

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precious　metals　into　Spain；　at　an　average　of　six　years；　viz。；

from　1748　to　1753；　both　inclusive；　and　into　Portugal；　at　an

average　of　seven　years；　viz。；　from　1747　to　1753；　both　inclusive；

amounted　in　silver　to　1；101；107　pounds　weight；　and　in　gold　to

29；940　pounds　weight。　The　silver；　at　sixty…two　shillings　the

pound　Troy；　amounts　to　L3；413；431　10s。　sterling。　The　gold；　at

forty…four　guineas　and　a　half　the　pound　Troy；　amounts　to

L2；333；446　14s。　sterling。　Both　together　amount　to　L5；746；878　4s。

sterling。　The　account　of　what　was　imported　under　register　he

assures　us　is　exact。　He　gives　us　the　detail　of　the　particular

places　from　which　the　gold　and　silver　were　brought；　and　of　the

particular　quantity　of　each　metal；　which；　according　to　the

register；　each　of　them　afforded。　He　makes　an　allowance；　too；　for

the　quantity　of　each　metal　which　he　supposes　may　have　been

smuggled。　The　great　experience　of　this　judicious　merchant　renders

his　opinion　of　considerable　weight。

　　　　　According　to　the　eloquent　and；　sometimes；　well…informed

author　of　the　Philosophical　and　Political　History　of　the

Establishment　of　the　Europeans　in　the　two　Indies；　the　annual

importation　of　registered　gold　and　silver　into　Spain；　at　an

average　of　eleven　years；　viz。；　from　1754　to　1764；　both　inclusive；

amounted　to　13；984；185　3/4　piastres　of　ten　reals。　On　account　of

what　may　have　been　smuggled；　however；　the　whole　annual

importation；　he　supposes；　may　have　amounted　to　seventeen　millions

of　piastres；　which；　at　4s。　6d。　the　piastre；　is　equal　to

L3；825；000　sterling。　He　gives　the　detail；　too；　of　the　particular

places　from　which　the　gold　and　silver　were　brought；　and　of　the

particular　quantities　of　each　metal　which；　according　to　the

register；　each　of　them　afforded。　He　informs　us；　too；　that　if　we

were　to　judge　of　the　quantity　of　gold　annually　imported　from　the

Brazils　into　Lisbon　by　the　amount　of　the　tax　paid　to　the　King　of

Portugal；　which　it　seems　is　one…fifth　of　the　standard　metal；　we

might　value　it　at　eighteen　millions　of　cruzadoes；　or　forty…five

millions　of　French　livres；　equal　to　about　two　millions　sterling。

On　account　of　what　may　have　been　smuggled；　however；　we　may

safely；　he　says；　add　to　the　sum　an　eighth　more；　or　L250；000

sterling；　so　that　the　whole　will　amount　to　L2；250；000　sterling。

According　to　this　account；　therefore；　the　whole　annual

importation　of　the　precious　metals　into　both　Spain　and　Portugal

amounts　to　about　L6；075；000　sterling。

　　　　　Several　other　very　well　authenticated；　though　manuscript；

accounts；　I　have　been　assured；　agree　in　making　this　whole　annual

importation　amount　at　an　average　to　about　six　millions　sterling；

sometimes　a　little　more；　sometimes　a　little　less。

　　　　　The　annual　importation　of　the　precious　metals　into　Cadiz　and

Lisbon；　indeed；　is　not　equal　to　the　whole　annual　produce　of　the

mines　of　America。　Some　part　is　sent　annually　by　the　Acapulco

ships　to　Manilla；　some　part　is　employed　in　the　contraband　trade

which　the　Spanish　colonies　carry　on　with　those　of　other　European

nations；　and　some　part；　no　doubt　remains　in　the　country。　The

mines　of　America；　besides；　are　by　no　means　the　only　gold　and

silver　mines　in　the　world。　They　are；　however；　by　far　the　most

abundant。　The　produce　of　all　the　other　mines　which　are　known　is

insignificant；　it　is　acknowledged；　in　comparison　with　theirs；　and

the　far　greater　part　of　their　produce；　it　is　likewise

acknowledged；　is　annually　imported　into　Cadiz　and　Lisbon。　But　the

consumption　of　Birmingham　alone；　at　the　rate　of　fifty　thousand

pounds　a　year；　is　equal　to　the　hundred…and…twentieth　part　of　this

annual　importation　at　the　rate　of　six　millions　a　year。　The　whole

annual　consumption　of　gold　and　silver；　therefore；　in　all　the

different　countries　of　the　world　where　those　metals　are　used；　may

perhaps　be　nearly　equal　to　the　whole　annual　produce。　The

remainder　may　be　no　more　than　sufficient　to　supply　the　increasing

demand　of　all　thriving　countries。　It　may　even　have　fallen　so　far

short　of　time　demand　as　somewhat　to　raise　the　price　of　those

metals　in　the　European　market。

　　　　　The　quantity　of　brass　and　iron　annually　brought　from　the

mine　to　the　market　is　out　of　all　proportion　greater　than　that　of

gold　and　silver。　We　do　not；　however；　upon　this　account；　imagine

that　those　coarse　metals　are　likely　to　multiply　beyond　the

demand；　or　to　become　gradually　cheaper　and　cheaper。　Why　should　we

imagine　that　the　precious　metals　are　likely　to　do　so？　The　coarse

metals；　indeed；　though　harder；　are　put　to　much　harder　uses；　and；

as　they　are　of　less　value；　less　care　is　employed　in　their

preservation。　The　precious　metals；　however；　are　not　necessarily

immortal　any　more　than　they；　but　are　liable；　too；　to　be　lost；

wasted；　and　consumed　in　a　great　variety　of　ways。

　　　　　The　price　of　all　metals；　though　liable　to　slow　and　gradual

variations；　varies　less　from　year　to　year　than　that　of　almost　any

other　part　of　the　rude　produce　of　land；　and　the　price　of　the

precious　metals　is　even　less　liable　to　sudden　variations　than

that　of　the　coarse　ones。　The　durableness　of　metals　is　the

foundation　of　this　extraordinary　steadiness　of　price。　The　corn

which　was　brought　to　market　last　year　will　be　all　or　almost　all

consumed　long　before　the　end　of　this　year。　But　some　part　of　the

iron　which　was　brought　from　the　mine　two　or　three　hundred　years

ago　may　be　still　in　use；　and　perhaps　some　part　of　the　gold　which

was　brought　from　it　two　or　three　thousand　years　ago。　The

different　masses　of　corn　which　in　different　years　must　supply　the

consumption　of　the　world　will　always　be　nearly　in　proportion　to

the　respective　produce　of　those　different　years。　But　the

proportion　between　the　different　masses　of　iron　which　may　be　in

use　in　two　different　years　will　be　very　little　affected　by　any

accidental　difference　in　the　produce　of　the　iron　mines　of　those

two　years；　and　the　proportion　between　the　masses　of　gold　will　be

still　less　affected　by　any　such　difference　in　the　produce　of　the

gold　mines。　Though　the　produce　of　the　greater　part　of　metallic

mines；　therefore；　varies；　perhaps；　still　more　from　year　to　year

than　that　of　the　greater　part　of　corn　fields；　those　variations

have　not　the　same　effect　upon　the　price　of　the　one　species　of

commodities　as　upon　that　of　the　other。　

　　　　　VARIATIONS　IN　THE　PROPORTION　BETWEEN　THE　RESPECTIVE　VALUES

　　　　　　　　　　　　　　　　　　　　　　OF　GOLD　AND　SILVER　

　　　　　Before　the　discovery　of　the　mines　of　America；　the　value　of

fine　gold　to　fine　silver　was　regulated　in　the　different　mints　of

Europe　between　the　proportions　of　one　to　ten　and　one　to　twelve；

that　is；　an　ounce　of　fine　gold　was　supposed　to　be　worth　from　ten

to　twelve　ounces　of　fine　silver。　About　the　middle　of　the　last

century　it　came　to　be　regulated；　between　the　proportions　of　one

to　fourteen　and　one　to　fifteen；　that　is；　an　ounce　of　fine　gold

came　to　be　supposed　to　be　worth　between　fourteen　and　fifteen

ounces　of　fine　silver。　Gold　rose　in　its　nominal　value；　or　in　the

quantity　of　silver　which　was　given　for　it。　Both　metals　sunk　in

their　real　value；　or　in　the　quantity　of　labour　which　they　could

purchase；　but　silver　sunk　more　than　gold。　Though　both　the　gold

and　silver　mines　of　America　exceeded　in　fertility　all　those　which

had　ever　been　known　before；　the　fertility　of　the　silver　mines

had；　it　seems；　been　proportionably　still　greater　than　that　of　the

gold　ones。

　　　　　The　great　quantities　of　silver　carried　annually　from　Europe

to　India　have；　in　some　of　the　English　settlements；　gradually

reduced　the　value　of　that　metal　in　proportion　to　gold。　In　the

mint　of　Calcutta　an　ounce　of　fine　gold　is　supposed　to　be　worth

fifteen　ounces　of　fine　silver；　in　the　same　manner　as　in　Europe。

It　is　in　the　mint　perhaps　rated　too　high　for　the　value　which　it

bears　in　the　market　of　Bengal。　In　China；　the　proportion　of　gold

to　silver　still　continues　as　one　to　ten；　or　one　to　twelve。　In

Japan　it　is　said　to　be　as　one　to　eight。

　　　　　The　proportion　between　the　quantities　of　gold　and　silver

annually　imported　into　Europe；　according　to　Mr。　Meggens's

account；　is　as　one　to　twenty…two　nearly；　that　is；　for　one　ounce

of　gold　there　are　imported　a　little　more　than　twenty…two　ounces

of　silver。　The　great　quantity　of　silver　sent　annually　to　the　East

Indies　reduces；　he　supposes；　the　quantities　of　those　metals　which

remain　in　Europe　to　the　proportion　of　one　to　fourteen　or　fifteen；

the　proportion　of　their　values。　The　proportion　between　their

values；　he　seems　to　think；　must　necessarily　be　the　same　as　that

between　their　quantities；　and　would　therefore　be　as　one　to

twenty…two；　were　it　not　for　this　greater　exportation　of　silver。

　　　　　But　the　ordinary　proportion　between　the　respective　values　of

two　commodities　is　not　necessarily　the　same　as　that　between　the

quantities　of　them　which　are　commonly　in　the　market。　The　price　of

an　ox；　reckoned　at　ten　guineas；　is　about　threescore　times　the

price　of　a　lamb；　reckoned　at　3s。　6d。　It　would　be　absurd；　however；

to　infer　from　thence　that　there　are　commonly　in　the　market

threescore　lambs　for　one　ox：　and　it　would　be　just　as　absurd　to

infer；　because　an　ounce　of　gold　will　commonly　purchase　from

fourteen　to　fifteen　ounces　of　silver；　that　there　are　commonly　in

the　market　only　fourteen　or　fifteen　ounces　of　silver　for　one

ounce　of　gold。

　　　　　The　quantity　of　silver　commonly　in　the　market；　it　is

probable　is　much　greater　in　proportion　to　that　of　gold　than　the

value　of　a　certain　quantity　of　gold　is　to　that　of　an　equal

quantity　of　silver。　The　whole　quantity　of　a　cheap　commodity

brought　to　market　is　commonly　not　only　greater；　but　of　greater

value；　than　the　whole　quantity　of　a　dear　one。　The　whole　quantity

of　bread　annually　brought　to　market　is　not　only　greater；　but　of

greater　value　than　the　whole　quantity　of　butcher's　meat；　the

whole　quantity　of　butcher's　meat；　than　the　whole　quantity　of

poultry；　and　the　whole　quantity　of　wild　fowl。　There　are　so　many

more　purchasers　for　the　cheap　than　for　the　dear　commodity　that

not　only　a　greater　quantity　of　it；　but　a　greater　value；　can

commonly　be　disposed　of。　The　whole　quantity；　therefore；　of　the

cheap　commodity　must　commonly　be　greater　in　proportion　to　the

whole　quantity　of　the　dear　one　than　the　value　of　a　certain

quantity　of　the　dear　one　is　to　the　value　of　an　equal　quantity　of

the　cheap　one。　When　we　compare　the　precious　metals　with　one

another；　silver　is　a　cheap　and　gold　a　dear　commodity。　We　ought

naturally　to　expect；　therefore；　that　there　should　always　be　in

the　market　not　only　a　greater　quantity；　but　a　greater　value　of

silver　than　of　gold。　Let　any　man　who　has　a　little　of　both　compare

his　own　silver　with　his　gold　plate；　and　he　will　probably　find

that；　not　only　the　quantity；　but　the　value　of　the　former　greatly

exceeds　that　of　the　latter。　Many　people；　besides；　have　a　good

deal　of　silver　who　have　no　gold　plate；　which；　even　with　those　who

have　it；　is　generally　confined　to　watchcases；　snuff…boxes；　and

such　like　trinkets；　of　which　the　whole　amount　is　seldom　of