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wealbk04-第34章

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the bullion the whole value of the duty; because; the government

having everywhere the exclusive privilege of coining; no coin can

come to market cheaper than they think proper to afford it。 If

the duty was exorbitant indeed; that is; if it was very much

above the real value of the labour and expense requisite for

coinage; false coiners; both at home and abroad; might be

encouraged; by the great difference between the value of bullion

and that of coin; to pour in so great a quantity of counterfeit

money as might reduce the value of the government money。 In

France; however; though the seignorage is eight per cent; no

sensible inconveniency of this kind is found to arise from it。

The dangers to which a false coiner is everywhere exposed; if he

lives in the country of which he counterfeits the coin; and to

which his agents or correspondents are exposed if he lives in a

foreign country; are by far too great to be incurred for the sake

of a profit of six or seven per cent。

     The seignorage in France raises the value of the coin higher

than in proportion to the quantity of pure gold which it

contains。 Thus by the edict of January 1726; the mint price of

fine gold of twenty…four carats was fixed at seven hundred and

forty livres nine sous and one denier one…eleventh; the mark of

eight Paris ounces。 The gold coin of France; making an allowance

for the remedy of the mint; contains twenty…one carats and

three…fourths of fine gold; and two carats one fourth of alloy。

The mark of standard gold; therefore; is worth no more than about

six hundred and seventy…one livres ten deniers。 But in France

this mark of standard gold is coined into thirty Louis d'ors of

twenty…four livres each; or into seven hundred and twenty livres。

The coinage; therefore; increases the value of a mark of standard

gold bullion; by the difference between six hundred and

seventy…one livres ten deniers; and seven hundred and twenty

livres; or by forty…eight livres nineteen sous and two deniers。

     A seignorage will; in many cases; take away altogether; and

will; in all cases; diminish the profit of melting down the new

coin。 This profit always arises from the difference between the

quantity of bullion which the common currency ought to contain;

and that which it actually does contain。 If this difference is

less than the seignorage; there will be loss instead of profit。

If it is equal to the seignorage; there will neither be profit

nor loss。 If it is greater than the seignorage; there will indeed

be some profit; but less than if there was no seignorage。 If;

before the late reformation of the gold coin; for example; there

had been a seignorage of five per cent upon the coinage; there

would have been a loss of three per cent upon the melting down of

the gold coin。 If the seignorage had been two per cent there

would have been neither profit nor loss。 If the seignorage had

been one per cent there would have been a profit; but of one per

cent only instead of two per cent。 Wherever money is received by

tale; therefore; and not by weight; a seignorage is the most

effectual preventative of the melting down of the coin; and; for

the same reason; of its exportation。 It is the best and heaviest

pieces that are commonly either melted down or exported; because

it is upon such that the largest profits are made。

     The law for encouragement of the coinage; by rendering it

duty…free; was first enacted during the reign of Charles II for a

limited time; and afterwards continued; by different

prolongations; till 1769; when it was rendered perpetual。 The

Bank of England; in order to replenish their coffers with money;

are frequently obliged to carry bullion to the mint; and it was

more for their interest; they probably imagined; that the coinage

should be at the expense of the government than at their own。 It

was probably out of complaisance to this great company that the

government agreed to render this law perpetual。 Should the custom

of weighing gold; however; come to be disused; as it is very

likely to be on account of its inconveniency; should the gold

coin of England come to be received by tale; as it was before the

late recoinage; this great company may; perhaps; find that they

have upon this; as upon some other occasions; mistaken their own

interest not a little。

     Before the late recoinage; when the gold currency of England

was two per cent below its standard weight; as there was no

seignorage; it was two per cent below the value of that quantity

of standard gold bullion which it ought to have contained。 When

this great company; therefore; bought gold bullion in order to

have it coined; they were obliged to pay for it two per cent more

than it was worth after coinage。 But if there had been a

seignorage of two per cent upon the coinage; the common gold

currency; though two per cent below its standard weight; would

notwithstanding have been equal in value to the quantity of

standard gold which it ought to have contained; the value of the

fashion compensating in this case the diminution of the weight。

They would indeed have had the seignorage to pay; which being two

per cent; their loss upon the whole transaction would have been

two per cent exactly the same; but no greater than it actually

was。

     If the seignorage had been five per cent; and the gold

currency only two per cent below its standard weight; the bank

would in this case have gained three per cent upon the price of

the bullion; but as they would have had a seignorage of five per

cent to pay upon the coinage; their loss upon the whole

transaction would; in the same manner; have been exactly two per

cent。

     If the seignorage had been only one per cent and the gold

currency two per cent below its standard weight; the bank would

in this case have lost only one per cent upon the price of the

bullion; but as they would likewise have had a seignorage of one

per cent to pay; their loss upon the whole transaction would have

been exactly two per cent in the same manner as in all other

cases。

     If there was a reasonable seignorage; while at the same time

the coin contained its full standard weight; as it has done very

nearly since the last recoinage; whatever the bank might lose by

the seignorage; they would gain upon the price of the bullion;

and whatever they might gain upon the price of the bullion; they

would lose by the seignorage。 They would neither lose nor gain;

therefore; upon the whole transaction; and they would in this; as

in all the foregoing cases; be exactly in the same situation as

if there was no seignorage。

     When the tax upon a commodity is so moderate as not to

encourage smuggling; the merchant who deals in it; though he

advances; does not properly pay the tax; as he gets it back in

the price of the commodity。 The tax is finally paid by the last

purchaser or consumer。 But money is a commodity with regard to

which every man is a merchant。 Nobody buys it but in order to

sell it again; and with regard to it there is in ordinary cases

no last purchaser or consumer。 When the tax upon coinage;

therefore; is so moderate as not to encourage false coining;

though everybody advances the tax; nobody finally pays it;

because everybody gets it back in the advanced value of the coin。

     A moderate seignorage; therefore; would not in any case

augment the expense of the bank; or of any other private persons

who carry their bullion to the mint in order to be coined; and

the want of a moderate seignorage does not in any case diminish

it。 Whether there is or is not a seignorage; if the currency

contains its full standard weight; the coinage costs nothing to

anybody; and if it is short of that weight; the coinage must

always cost the difference between the quantity of bullion which

ought to be contained in it; and that which actually is contained

in it。

     The government; therefore; when it defrays the expense of

coinage; not only incurs some small expense; but loses some small

revenue which it might get by a proper duty; and neither the bank

nor any other private persons are in the smallest degree

benefited by this useless piece of public generosity。

     The directors of the bank; however; would probably be

unwilling to agree to the imposition of a seignorage upon the

authority of a speculation which promises them no gain; but only

pretends to insure them from any loss。 In the present state of

the gold coin; and as long as it continues to be received by

weight; they certainly would gain nothing by such a change。 But

if the custom of weighing the gold coin should ever go into

misuse; as it is very likely to do; and if the gold coin should

ever fall into the same state of degradation in which it was

before the late recoinage; the gain; or more properly the savings

of the bank; in consequence of the imposition of a seignorage;

would probably be very considerable。 The Bank of England is the

only company which sends any considerable quantity of bullion to

the mint; and the burden of the annual coinage falls entirely; or

almost entire
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