«Принципы политической экономии, том 1»

1711–1720 гг. — 434 000 фунтов стерлингов; 1721–1730 гг. — 532 000; 1731–1740 гг. — 487 000; 1741–1750 гг. — 631 000; 1751–1760 гг. — 571 000; 1761–1770 гг. — 152 000; 1771–1780 гг. — 43 000; 1781–1790 гг. — 393 000; 1791–1800 гг. — 352 000; 1801–1807 гг. — 852 000.

Милберн, «Восточная торговля», 1813, 419. Согласно М. Шевалье, «Введение к отчетам выставки 1867 г.», торговля Европы и Северной Америки с Индией, Китаем, Японией и австралийскими островами составляла в 1800 г. всего 410 миллионов франков, в 1866 г. — 4024 миллиона. Тем не менее, некоторое время значительно возросший экспорт английских промышленных товаров в Ост-Индию и ост-индского опиума в Китай изменил соотношение так, что экспорт драгоценных металлов из Южной Азии намного перевешивал импорт. С другой стороны, между 1853 и 1856 годами 240 000 000 талеров были отправлены в Индию и Китай из Англии и средиземноморских портов; в 1863 и 1864 годах — даже до 300 миллионов, чтобы, по большей части, быть там погребенными. Более того, огромное количество наличных денег — часто до 12–15 миллионов фунтов стерлингов — в государственной казне и серебряные украшения (§§ 44, 123), обычные в Индии, требуют значительного ежегодного пополнения для компенсации износа. Ньюмарч говорит о 400 миллионах фунтов стерлингов, которые могут поддерживаться в прежнем состоянии при ежегодном приросте в 1%. («История цен», VI, 723.) С 1865 по 1869 год английские пароходы перевозили золото и серебро на Восток в следующих количествах ежегодно: 93,9; 66,3; 24,6; 70,2 и 60,4 миллиона талеров, в дополнение к чему почти столько же поступало непосредственно из Калифорнии. Statist. Journ., 1871, 122 и сл. 861.Tooke-Newmarch, History of Prices, VI, 147 ff., estimates the aggregate stock of gold at the end of 1848 at £5,600,000; in 1856, at £172,000,000 more. According to Lavasseur, the amount of silver in the East increased, between 1848 and 1857, from 22 to 24 milliards of francs; and the amount of gold from 9-½ to 15-½ milliards. (Annuarie d'Economie politique, 1858, 632.) The total amount of gold and silver in the civilized world, Wolowski estimated at from 55 to 60 milliards of francs, in 1870. (L'Or et l'Argent, Enquête, 19.) Compare Mason, The Gold Regions of California from the Official Reports, 1848. Tengoborski, Sur les Gîtes aurifères de la Californie et de l'Australie, 1853. Goldfield's Statistics issued from the Mining Department in Victoria, 1862. W. R. Blake, The Production of the precious Metals, or statist. Notice of the principal Gold and Silver producing Regions of the World (New York, 1869).862.Soetbeer's Denkschrift betr. die deutsche Münzeinigung Mai, 1869, and earlier yet, in Faucher's Vierteljahrsschrift, 1865, II. According to M. Chevalier, all the mines of the world, a short time previous to 1865, produced 284,000 kilogrammes of gold, and 190,000 kilogrammes of silver in a year: a total of 373,000 thalers (Journal des Economistes, June, 1866), while, in 1848, the total amount of gold coinage in the world was estimated at 560,000,000; Great Britain, France, North America and Sidney had, since that time and up to 1871, added to this £597,780,000. The additions have been made in decreasing quantities: thus, 1857-59, 37.2 millions annually; 1869-71, 16.99 millions annually. (Statist. Journ., 1872, 376 ff.) The estimates as to how much a gold-digger might make in a day have been variously estimated. Thus, Larkin estimates it from $25 to $50; Mason, at $10; Folson, at $25 to $40; Butler King, at $16, reckoning one ounce at $16. All these estimates seem to give an altogether too high average. In Australia, according to Khull, Colonial Review, June, 1853, a digger can produce only one ounce daily, or less than 4 thalers. According to W. Stamer, Recollections of a Life of Adventure, II, 1866, a gold-washer in Victoria earned in 1858, on an average, £250 per year; in 1865, only £70; while day labor was worth 15 shillings. Hence, great hopes have to be built on the lottery-nature of gold-washing. On the Rhine, a gold-washer is satisfied with ⅔ of a gramme of gold, that is worth from 13 to 18 silver groschens. (Daubrée, Comptes rendus de l' Académie des Sciences, XXII, 639.) It should be borne in mind, however, that the Rhine-lander devotes to gold-washing only the leisure time which his avocation as a fisherman leaves him, while the gold-washer in the new world, as a rule, devotes his whole time to it; and that his labors are interrupted by the long rainy season, attacks of fever etc. To this must be added the great difference of the average prices of the means of subsistence and the difference of all social conditions.863.Сравните, например, раннюю продуктивность бразильских золотых районов, которая вскоре прекратилась: Спикс и Марциус, «Путешествие в Бразилию», I, 262 и сл., 350. Гарднер, «Путешествия во внутренних районах Бразилии», 1846. Об Эспаньоле см. Бенцони, «Новый Свет», I, 61, и Пешель, «История открытий», 304, 556. До сих пор золото добывалось обычным горным способом лишь в очень немногих местах. Как правило, его находили в аллювиальных землях недалеко от поверхности. Ср. Анстед, «Руководство для золотоискателей», 1849. Эти обстоятельства сделали добычу золота важной с самого начала; и они до сих пор делают ее сравнительно легкой, в то время как она требует мало капитала, но большого мастерства. Поэтому, как только большая часть промытой земли была отработана, что не требует много времени, все бросается, в то время как при добыче серебра большое количество капитала, вложенного в шахты, стволы, печи и т. д., привязывает участников предприятия к месту и делает необходимым продолжение деятельности. В последнее время, однако, Австралия и Калифорния развили добычу и машинное производство золота в удивительной степени. Согласно Лауру, «Производство драгоценных металлов в Калифорнии», 1862, 33, и Journal des Economistes, ноябрь 1862 г., калифорнийский золотоносный кварц давал в 1851 г. в среднем 635 франков за тонну; в 1860 г. — только от 80 до 85 франков; но методы промывки золота стали дешевле в соотношении 2500:1. Однако добыча драгоценных металлов, кажется, даже сейчас сокращается. Согласно Statist. Journal, 1866, 99, она составляла в среднем:

в 1849–51 гг.: золото — 23,9 млн фунтов, серебро — 15,5 млн фунтов; в 1852–56 гг.: золото — 38,7 млн, серебро — 16,1 млн; в 1857–59 гг.: золото — 36,5 млн, серебро — 17,1 млн; в 1860–63 гг.: золото — 33,5 млн, серебро — 18,2 млн; в 1864–68 гг.: золото — 30,0 млн, серебро — 19,5 млн.

The number of gold-diggers in Victoria steadily decreased from 125,764 in 1857, to 63,053 in 1867. 864.One of the chief difficulties in the way of the production of gold is the loss by embezzlement, which is estimated at an average of 20 per cent. Small companies of men working on their own account would be less exposed to temptation, and the Anglo-Saxon races and the North Americans are very well adapted thereto. (M. Chevalier, III, 261.)865.Gold is in a certain sense one of the most widespread of metals, although it is found anywhere only in small quantities; so that on the Rhine, for instance, it takes from 17 to 22 millions of gold grains to make a kilogramme. An extraordinary large number of places owe their civilization to gold-seekers. Compare Tacitus, Agr., 12. I select the following “finds” from Ritter's Erdkunde. The Shangallas (I, 249); still more the terrace of Fazoglu itself (I, 253, compare Bruce, Travels, V, 316, VI, 255, 342), in Monomotapa (I, 140); in Manica, west from Sofala (I, 145), especially since the suppression of the slave trade (I, 305, 471); in Mandigo land (I, 360, 372); on the road from Gambia to Timbuctoo (I, 457); on Lake Mangara (I, 493); between Timbuctoo and Finnin (I, 445); in Nubia (I, 667, seq.); unused silver and quicksilver mines on the lower Bagradas (I, 493); gold wealth at Malacca, aurea chersonesus (V, 6 f., 27); Tonkin, Lao and Ava (III, 926, 1, 216, IV, I, 213); Assam (IV, 294); smaller Thibet (III, 657); Kashmere (III, 1,155); on upper Setledsch (III, 654 ff., 668); in the mountainous sources of the Indus (III, 508, 529, 593, 608); on the Cabool (VII, 23); in Peshaver (VII, 223); Badakschan (VII, 795); rich silver mines abandoned for want of wood near Herat (VIII, 243); in Armenia (X, 273). It is said that in southern China there are great treasures of the precious metals, the removal of which has been opposed thus far. (IV, 756.) Arabia's richness in gold mines, spoken of by Diodor., II, 50, III, 45, and Agatharch, De Mare rubro, 60, is of doubtful existence, as no traces of them are to be found in the country to-day. On the other hand, on both shores of the Pacific Ocean, the portions of the earth richest in volcanoes seem to possess almost everywhere quantities of gold equal to those of California and Victoria. (Edinburgh Review, Jan., 1863, 82 ff.) What an amount of treasure can be obtained at times from old and long since forgotten “finds” is proved by the Altai (that is gold mountain), which even the old Tschudi had rummaged (K. Ritter, II); and where Herodotus' (III, 16) love of truth, so frequently called in question, has recently been so brilliantly vindicated. Compare v. Ungern-Sternberg, Gesch. des Goldes, 1835. A. Erman, Ueber die geographische Verbreitung des Goldes, 1835. According to Murchison, Siberia, ch. 17, gold is to be found only “in crystalline and paleozoic rocks, or in the drift from these rocks, which is a tertiary accumulation of the pliocene age;” and that it is found most abundantly “in quartz-ore, vein-stones and traverse altered Silurian slates, chiefly lower Silurian, frequently near their junction with eruptive rocks.”866.Compare Humboldt, N. Espagne, IV, 147 ff.; St. Clair Duport, Essai sur la Production des Metaux précieux en Mexique, 1843; M. Chevalier, Cours., III, 483 ff.867.The cost of a kilogramme of silver, expressed in terms of silver itself, up to the moment that it is shipped, is estimated by Duport as follows: salt and magistral, 61 grammes; quicksilver, 112 grammes; stamping it, 171 grammes; transformation of the ore, 72 grammes; rent and superintendence, 38; duties etc., 145; smelting, transportation and shipping, 35. There remains as profit for mining it, 336 grammes. As to how the production of American silver increases and runs parallel with the cheapness of quicksilver, see Humboldt, N. Espagne, IV, 91 ff.868.Wolowski calculates that the absolutely much smaller yearly increment to the amount of the precious metals in the sixteenth century, frequently 1/12, now constitutes only 1/50 of the greater existing amount. (L'Or et l'Argent Enquête, 50.)869.In the United States the stock of cash money in 1820 was estimated at 5.1 thalers per capita; in 1849, at 8.6 thalers; in 1854, on the other hand, at 13 thalers.870.The weight of the mass of gold introduced into Europe annually stood to that of silver in the ratio of 1:60-65 in the seventeenth century; in the first half of the eighteenth century, in that of 1:30; in the second half, in that of 1:40; and yet the variations in price were not in the least parallel. According to Sœtbeer (Beiträge und Materialien zur Beurtheilung von Geld und Bankfragen, 1855, 102 seq.), the average silver-course (silbercurs) of gold had, 1852-54, sunk only 2.05 per cent., as compared with that of 1800-40. And yet the value of the annual production of gold stood to the annual production of silver, in the beginning of the nineteenth century, as 29 to 71; in 1846, as 47 to 53; in 1848-56, as 3 to 1.871.В то время как публика, даже после 1850 года, считает, что заметила обесценивание денег, существует множество ученых-экономистов, которые отнюдь не готовы это признать. Главными сторонниками этого мнения являются Тук и Ньюмарч в VI томе «Истории цен» (1857). Также Лавернь в Journal des Economistes. И действительно, возросшее подорожание многих видов товаров вплоть до 1857 года можно было объяснить причинами, затрагивающими сами товары: сокращение предложения из-за плохих урожаев, торговое перенасыщение и т. д.; повышенный спрос из-за капитализации в гигантских масштабах, спекуляции, но особенно из-за повышения уровня жизни низших классов и т. д.

Лондонские оптовые цены на 1 января 1869 года были почти все ниже на 10%, чем на 1 июля 1857 года. Выросли только индиго, хлопок и мясо. (Ежегодник Гильдебранда, 1870, I, 328.) Во многих случаях повышенная дороговизна носит чисто местный характер из-за больших возможностей транспортировки в местах, где цены были уже выше. Но поскольку новые истины очень легко преувеличиваются их первооткрывателями, многое во взглядах Тука относительно этих событий зависит от полемики, зашедшей слишком далеко против теории торгового баланса, которая была принята в так называемой валютной школе. Сравните в противовес Туку Левассера в Journal des Economistes, март 1838 г., и М. Шевалье, «Вероятное падение золота», 1858 г. Левассер, исходя из разницы между официальными и реальными таможенными ценами во Франции, подсчитал, что сырье в 1856 году было в среднем на 63%, а в 1858 году — на 20% дороже, чем в 1826 году; и что промышленные товары в 1856 году были такими же дорогими, а в 1858 году — на 6% дешевле, чем в 1856 году. Средний показатель по всем товарам показал в 1856 году повышение на 30%, а в 1858 году — на 9%. (Ежегодник Гильдебранда, 1864, II, 118.)

На Гамбургском рынке в 1847–65 гг. 87 товаров упали в цене, 183 выросли в цене, а 24 остались примерно на прежнем уровне. (Amtl. Statistik von 1887, 18 и сл.) Джевонс предполагает общее повышение цен на товары между 1849 и 1869 годами примерно на 18%. (Economist, 8 мая 1869 г.) Он делает эту оценку на основе средних мартовских цен 50 основных товаров. Принимая среднюю мартовскую цену 1849 года за 100, мы имеем, согласно ему, для последующих лет соответственно: 101, 103, 101, 116, 130, 125, 129, 132, 118, 120, 124, 123, 124, 123, 122, 121, 128, 118, 120, 119. Предыдущие годы показали: 1789=133; 1799=202; 1809=245; 1819=175; 1829=124; 1839=144. (Ср. выше, § 129, прим. 1.) Бюджет семьи швейцарского учителя, состоящей из пяти человек, подорожал с 1840 г. и далее, при том же потреблении и только самых простых товаров, на 72,5%. (Бёмерт, «Условия труда и т. д.», I, 302 и сл., 355.) То, что обесценивание недооценивается наиболее точно в Англии и переоценивается в Германии, Книс очень хорошо объясняет эффектами выравнивания цен благодаря более современным средствам связи. (Tübinger Zeitschr., 1858, 280 и сл.) 872.Compare Leibnitz, on the consequences which would follow the realization of the dreams of the alchemists. It would be a great misfortune, since then a pocket would no longer suffice for the transportation of money, and people would have to use wheel-barrows as they do now in Sweden. (Opera ed. Dutens, V, 199, 401.)873.Beccaria considers it equitable that the debtor should always pay the original value of the metal. (E.P., IV, 2, 17.) Galiani, on the other hand, would not permit individuals, even when the state arbitrarily causes a diminution in the real value of money, to maintain the real value of the coinage in their contracts. (Della Moneta, V. 3.)874.It is precisely this class which first comes to an understanding of the essential nature of the change effected.875.Thus the English lessees, who in the sixteenth century had leases for a long term of years, saw themselves rise in the social scale in consequence of the revolutions in price—a fact of importance in the political struggles of the seventeenth century. Compare Sir F. M. Eden, State of the Poor, I, 119 ff.876.Too much stress is laid upon this by Tooke-Newmarch, who, on that account, considers almost every increase of the precious metals as a blessing. As a matter of fact, the population of Australia, of the United Kingdom, and of the United States, increased, between 1848 and 1871, 44.5 per cent.; the production of coal and of railroads in England, between 1856 and 1869, by about 60.6 per cent.; the English production of woolen goods, linen and cotton and yarn, between 1848 and 1870, by from 110 to 335 per cent. (Statist. Journal, 1872, 376 ff.)877.Luther's complaint concerning the poor condition of the clergy. See Schmoller, in the Tübinger Ztschr., 1860. This very clearly shows how much surer for the crown domains are than a civil list, and donations of land to a church than payments in money. Law of Elizabeth, 18 Eliz., that, in the case of university property, ⅔ of the lease rent should be paid in metal and ⅓ in corn. In Adam Smith's time, this latter third was worth as much again as the other two. (I, ch. 5.)878.In the sixteenth century, this class was of small importance in most countries; in our times, their ruin would cause general disturbance. The wiser class of capitalists would, indeed, find means to exchange their credits for more certain values, or make it a condition that they should receive in the end a large sum.879.Thus, for instance, the son of a deceased land owner who retains the lands as his own acquits himself towards his brothers who have entered the military or civil service of their country by paying them a certain sum periodically. If a revolution were really impending, the owners of land would soon emulate one another to improve their estates by borrowing capital, if for no other reason, to turn the depreciation of the medium of circulation to their own advantage. In the sixteenth century, the indebtedness of land owners was relatively unimportant.880.It appears from Roger's Tables, Statist. Journal, 1861, 551 ff., that, between 1583 and 1620, a time during which the population of England increased neither in wealth nor in numbers, there was a considerable increase in the price of nearly all English commodities. Thus, for instance, wheat was, from 1591 to 1600, 468 per cent., and from 1611 to 1620, even 495 per cent. higher than from 1530 to 1533. The Saxon laborer earned, in 1599, in corn, only half as much as in 1455. (Tübinger Ztschr., 1871, 354.)881.When labor is indispensable to employers, it may happen that a small decline in the supply may largely raise the price. Wages, in almost all branches of labor, rose between 1851 and 1856, by about from 15 to 20 per cent.882.This, also, was of little significance in the sixteenth century, but how important now!883.Income taxes, ad valorem duties and tithes rise and fall in their nominal amount as the price of the medium of circulation falls and rises.884.Thus, for instance, the victory of the English Parliament over the unlimited power of the crown, in the first half of the seventeenth century, was very much promoted by the fact that the crown, in spite of all its economy, was always in financial straits in consequence of the depreciation of money. (Power of the purse, power of the sword!) However, any force kept steadily in action is a two-edged sword. While under favorable circumstances, it may be thereby developed, under unfavorable circumstances it may be thereby exhausted. How great a number of representative assemblies, during the revolutions in prices in the sixteenth and seventeenth centuries, allowed their energies to grow dormant!885.Most of the above points are very well discussed in the work W. S., cited above, § 137.886.As no one then doubted: Compare W. Raleigh, The Discovery of Guiana, Pref. I refer to Philip of Macedon.887.Compare Roscher, Kolonien, Kolonialpolitik und Auswanderung, 1856, 145 ff.888.Something similar might have been observed in England in 1819 etc., at the restoration of a depreciated paper currency. Among nations in a comparatively low stage of civilization, a variation in the medium of circulation is of less importance than among more highly civilized nations, because trade in money, and still more, credit, are relatively speaking undeveloped.889.Fawcett greatly exaggerates when he says that with an increase of population and wealth, an increase of money is as much a want as hunger. (Manual, 370.)890.Galiani, Dellab Moneta, III, 1. At the time of the Lex Salica, 10:1. After the Edictum Pistense of Charles II., ch. 24 (Pertz, Mon. Germ., III, 488), 12:1. At the time of the Sachsenspiegel (III, 45), again, 10:1. Under Saint Louis, King of France, 12.5:1. (Leblanc, Traité historique des Monnaies de la France, ch. 1, 2.) In Poland, 1356, 12:1. (Muratori, Dissertt. Medii Aevi, II, 28.) In England, 1262, 9.6; 1272 = 12.5; 1345 = 13.7:1. (Rogers, 1, 593 ff.) Under Henry VI., and in 1494 = 12:1. (Anderson, Origin of Commerce, a. 1422, 1494.) In Denmark, under the former Kings of the Union = 8:1. (Dahlmann, Dänische Geschichte, III, 52.) And so throughout almost the whole of Scandinavia's medieval period, as for instance in the Graugans. (Wilda, Gesch. des deutschen Strafrechts, I, 329.) In Italy, 1579 = 12:1. (Scaruffi, Sopra le Moneta, 1582.) In Holland, 1589 = 11.6:1. Bodinus, De Republ., 1584, II, 3, maintains 12:1 as the general ratio; but the Apostolic Chamber adopted the ratio of 12.8:1. In Germany, according to the instances cited by A. Riese, 1522 = 10:1. The monetary laws of Germany give it in 1524 = 11-⅓:1, in 1551 = 11:1, 1559 = 11-3/7:1; Budelius, De Monetis, 1591 = 11-¼:1. At the beginning of the seventeenth century the relation in Spain was = 13.3; in Germany = 12.16; in Flanders = 13.22; in England = 13.5:1. (Forbonnais, Finances de la France, I, 52.) About 1641, in Flanders, it was 12.5; in France, 13.5; in Spain, 14.1. Immediately after Colbert's death it was, in Genoa, 15.03; in Milan = 14.75:1. (Montanari, Della Moneta, 80.) While in the seventeenth century gold rose, it sank in the eighteenth, on account of the Brazilian gold washings and the many bank notes in circulation, which were for the most part of a large denomination. (Steuart, Principles, III, ch. 13.) Still it was in Amsterdam in 1751 = 14.5:1.891.In Hamburg, the relation of the price of gold to that of silver bars, varied, between 1816 and 1852, from between 15.11-16.2 to 1 (Soetbeer); in London, from 1816 to 1837, between 15.80 and 14.97 to 1.892.In Asia, it is generally lower than in Europe—for centuries mostly = 10:1. But in Birmah it is = 17:1, mostly on account of the extent to which indulgence in luxury is carried there. (Crawfurd, Embassy, 433. Ritter, Erdkunde, V, 244, 266.) Concerning China, see M. Chevalier, Cours, III, 359. In Africa, gold is low as compared with silver, in proportion to the distance from the civilized world. Thus, an ounce of gold in Shenaar cost 12 piastres; in Suakim, 20; in Djidda, 22. (Ritter, Erdkunde, I, 538.) In Timbuctoo, Mungo Park found the relation of gold to silver to be as 1-½:1. Compare Marco Polo, II, 39 seq.893.In antiquity, a similar course is to be observed. According to Manu's Indian laws, VIII, 134 seq., = 2-½:1; in the East, for a long time, = 10:1; under Darius Hystaspis, = 13:1. (Herodot., 111, 95.) In Greece, in the time of Lysias, = 10:1 (Lysias, pro bonis Arist., Conon); according to Plato, = 12:1 (Hipparch., 231); according to Demosthenes, adv. Phorm., 214, = 14:1 (Böckh, Staatst., I, 43); Menander's estimate, = 10:1, probably because Alexander's victory had made gold cheaper. (Pollux, IX, 76.) Among the Romans, about 189 B.C., = 10:1 (Livy, XXXVIII, 11); somewhat later, = 11.9:1 (Mommsen, in the histor. phil. Berichten der K. Sächs. Gesellschaft, 1851, 184 ff.); in the fourth century after Christ, = 14:1. (Theod., Cod. VIII, 4, 27.) We sometimes find sudden variations. Thus, according to Polyb., XXXIV, 10, gold, in Italy, sank about ⅓ in consequence of the opening of the mines at Aquilea. It sank to the proportion of 9:1 when Cæsar spent the contents of the Roman treasure, which consisted of gold. (Surton., Cæs., 54.) The ratio of 17:1, during Hannibal's wars, was a species of National bankruptcy. See Plin., H. N., XXXIII, B.894.After the February revolution, the gold-agio, as compared with silver, rose from 10-17 to 70 per 1,000. (M. Chevalier Cours, III, 346.) On the other hand, since the discovery of America, gold, as compared with commodities, has declined much less than silver. Compare Hermann, Ueber den gegenwärtigen Zustand des Münzwesens, in Rau's Archiv., I, 151 ff. According to Lord Liverpool, Treatise on the Coins of the Realm, the value of gold coin in the London market, as compared with bank notes, varied in 40 years, almost 5½ per cent.895.In recent times, it has become possible to extract from ancient silver coins a small quantity of gold, and with some advantage. European industry produced in this way about 1,600 kilogrammes of gold per annum. One half of this amount is obtained in France and the rest in Hamburg, Amsterdam, Brussels and St. Petersburg. (Michel Chevalier, Cours, III, 302.)896.Senior, On the Value of Money, 77 ff. It is certain that a simple variation in prices would not induce people to have gold table services, or architectural ornaments of silver.897.Rau, Lehrbuch, 6th ed., I, § 277 c. In Rau's opinion (loc. cit.) we may, in the course of the next decades, expect a decline of the price of gold of about 76 per cent., and of only 10 percent. of the price of silver (because of the low prices of quicksilver.) But here he seems to overlook entirely what influence a change of standard in important commercial districts would have.898.Compare the works already mentioned. Fleetwood, Chronicon preciosum, or an Account of English Gold and Silver Money, the Price of Corn and other Commodities etc., for Six Hundred Years last past, 1707; Dupré de Saint Maur, Essai sur les Monnaies ou Réflexions sur les Rapports entre les Denrées et l'Argent, 1746; Unger, Ordnung der Fruchtpreise, 1752; Paucton, Métrologie ou Traité des Mesures etc., des anciens Peuples et les modernes, 1780; the appendix to Macpherson's Annals of Commerce, 1805; the tables in Garnier's translation of Adam Smith, vol. II, 1822; A. Young, Inquiry into the progressive Value of Money in England, as marked by the Price of Agricultural Products, 1812; W. F. Lloyd, Prices of Corn in Oxford, in the Beginning of the fourteenth Century, and also from 1583 to the present Time, 1830; Helferich, in the Tüb. Zeitschrift, 1858, 471 ff. There are some very interesting notes on the history of prices during the Merovingian and Carolingian periods in Guérard, Polyptiques, I, 141 ff.899.Thus, for instance, the bonds (and their coupons) of states, cities, great corporations, certificates of stock, mortgages, bills of exchange, checks.900.A Prussian regulation of 1765 (Goldschmidt, Handbuch des Handelsrechts, I, 550), calls money-paper (Effecten), instruments of trade in which a value or a valuta is designated.901.Garnier, French translation of Adam Smith, II, 143 ff., distinguishes between coin-paper and promise-paper: the latter is never found in circulation at the same time with the capital which it represents. Say says that, for instance, evidences of state indebtedness, state bonds, call for money if they would circulate, but they seldom act as money in circulation. (Traité, III, ch. 2.) Sismondi very well determines the difference in his Richesse Commerciale, I, 160. Rau, Lehrbuch, I, § 293, requires of all good paper money: a., that its mere transfer, even without any proof of its rightful acquisition, should suffice to vest the property in it in the receiver; b., that the power emitting it should enjoy universal confidence or be able to compel universal recognition; c., that its redemption should not be fixed for any definite point of time.902.That it is not possible to keep paper money from declining in value, by the payment of interest, the people of North America learned from more than one experiment during the eighteenth century. (Benjamin Franklin, Remarks and Facts relative to the Paper Money of America, 1765.) The same phenomenon was observed in the case of the Spanish vales, which were created during the North American war in consequence of the absence of the silver fleet. (Bour-going, Tableau de l' Espagne, II, 38 ff. Humboldt, N. Espagne, II, 808.) When the Portuguese apolices (since 1797) still bore six per cent. they depreciated in value; and when the payment of the interest was suddenly stopped, the rate of exchange did not become any lower. (Balbi, Esai statist. sur le Portugal, I, 323.) In Austria, in September, 1820, the bank notes which bore no interest were at a premium as compared with the imperial treasury notes, which did bear interest of 1 per cent., although the credit of both kinds of paper had ultimately the same foundation, namely, Austrian state-credit.903.The attempt to make paper money pay interest suggests (as the Saint Simonists recommend it should, with much ado; Enfantin, Ser les Banques, d' Escompte in the Producteur, 1826), that awkward sword, invented by Count Wilhelm von Bückeburg, to the blade of which a pistol is affixed! Shortly before each term for the payment of interest, the circulation of such paper money would be arrested. If the rate of discount should sink below the rate of interest such notes bore, they would be sought after eagerly and disappear in quantities, and, not be ever seen again until the rate of discount had risen to a high figure, when they would be suddenly presented for redemption. Such interest-bearing paper money, therefore, would be a serious element to aggravate the fluctuations of the money-market between good and bad times. When interest-bearing paper money pays interest at the rate usual in the country, it is hoarded by misers, (v. Struensee. Abhandlungen, III, 387.) Compare Forbonnais, Principes économiques, p. 234, ed. Guill., whereas v. Prittwitz, Kunst reich zu werden (1840, 359), takes delight in elaborating the idea of an interest-bearing paper money.904.Of jurists, see Thöl, Handelsrecht, I, § 51, and the authorities for and against in Goldschmidt, Handelsrecht, II, Kap. 4, 1, 2. The compulsory circulation of paper money is an essential element only in reference to the person that issues it. Of political economists, especially A. Wagner in Bluntschli's Staatswörterbuch, Art. Papiergeld, Band, VII, who, however, is very soon compelled to oppose to paper money “proper,” another kind not “proper.” Adam Smith unhesitatingly accounts bank notes also paper-money. (W. of N., II, ch. 2, p. 28, Bas.) Huskisson understands by “paper-money” only the irredeemable paper-money of the state, while bank notes should be considered as “paper currency.” (The Question concerning the Depreciation of our Currency, 1810.)905.Seyd, Münz, Währungs- und Bankfragen in Deutschland, 50 ff., distinguishes four classes of paper-money: 1st class, paper-money covered by cash; 2d class, bank notes covered after the manner of banks; 3d class, state paper-money; 4th class, such paper money as the notes of the Southern Confederacy after its defeat.906.Даже Платон («Законы», V, 742) был знаком с деньгами спартанского типа, предназначенными только для внутренней торговли: νόμισμα ἐπιχώριον, αὐτοῖς μὲν ἔντιμον τοῖς δὲ ἄλλοις ἀνθρώποις ἀδόκιμον. Кроме того, государство хранило для внешней торговли запас универсальных эллинских денег, из которого в случае необходимости частные лица могли приобрести ту часть, которая им была нужна, путем обмена. Когда Дионисий I выпустил оловянные деньги вместо серебряных, все сиракузяне, хотя и заметили подделку, вели себя в общении друг с другом так, как будто считали монеты подлинными. (Аристотель, «Экономика», II, 21; Поллукс, IX, 79.) Тимофей вел себя более достойно, когда, будучи стесненным нехваткой денег, выдал своим войскам медные монеты-жетоны, которые на время имели полную стоимость в лагере, но которые позже должны были быть выкуплены по их полной стоимости в серебре. (Аристотель, «Экономика», II, 22.) Ср. Полиэн, «Стратагемы», IV, 10, 2. Железные деньги, которые клазоменцы обменивали у богатых на серебро, приносившее проценты, но которые богатые были вынуждены брать, имели более длительный срок обращения; серебро использовалось для оплаты иностранных государственных кредиторов, железные деньги временно обращались в городе и постепенно выкупались. (Аристотель, указ. соч., II, 17.)

Нас еще более настойчиво заставляют вспомнить о бумажных деньгах карфагенские кожаные деньги, где любой предмет размером с монету заключался в кожаный конверт с государственной печатью, а затем обращался так, как если бы это была монета, за которую он выдавался. Мирис, «Описание монет», 1726, объясняет сагу о бычьей шкуре Дидоны с помощью этих кожаных денег. Несомненно, однако, что удивление, с которым софистический диалог «Эриксий» упоминает об этом деле, является доказательством того, насколько чуждым это было грекам. О римских плакированных денариях, которые чеканились серебряными монетами, но которые также принимались государственной казной, см. Моммзен, «Римская история», I, 405. 907.In the middle ages, leather money was issued as a promise of future payment: by the doge of Venice in the wars of 1122 and 1126 (Montanari, Della Moneta, 34); by King John, of England, during the struggle of the barons (Camden); Emp. Frederick II. at the siege of Faventia (Malespini, Hist. Fior., 130, Villani, Hist. Fior., VI, 21); by Louis IX. during his captivity (v. Raumer Hohenstaufen, V, 461), John of France, 1360 (Anderson, Origin of Commerce). On the Frankfurt lead marks which were afterwards redeemed by the Rechnerei: Kirchner, I, 541. Lavallette's copper tokens during the siege of Malta had the inscription: non æs sed fides. The paper money which was issued during the siege of Leyden, the inhabitants afterwards would rather preserve than have redeemed, ad perpetuam liberationis divinæ memoriam. (Bornitii, De Nummis, 1605, I, 15. Distress coins, melacs, during the siege of Landau and of the Hungarian Ragoczy, Marpurger, Beschreibung der Banquen, 213. Krones, Zur Geschichte Ungarns im Zeitalter R's, 1870.)908.The Chinese have had various kinds of paper-money in their country since the 7th century after Christ. Sometimes they called them “flying coins, convenient coins,” and sometimes coupons, bons, conventions (Klaproth, Mémoires relatives à l'Asie, I, 375 ff.), against which the caravans, as soon as they had passed the limits were obliged to exchange their silver (Pegolotti, Pratica della Mercatura in Della decima etc., III, 3). These had compulsory circulation in China. The great Mongolian khans here became acquainted with paper-money. (M. Polo, II, 21.) Thus, especially in Persia, where refusal to accept such money and the imitation of it was punished with death (1340). Compare Ferishta, ed. Briggs, I, 414 ff. d'Ohsson, Hist. des Mongols, IV, 101 ff.; II, 487. Even here there occurred cases of state bankruptcy and finally withdrawals of the depreciated paper. (Klaproth, loc. cit.) In Japan, according to Oliphant, Narrative of L. Elgin's Mission to China and Sapan (1859), all foreign coins were required to be exchanged against paper-money at the offices of the state bankers.909.Adam Smith mentions North American paper money of the amount of 1 shilling, and Yorkshire bank notes of the amount of 1-½ shillings. Sweden had, until 1828, notes of 28 pfennigs.910.Hence in Sweden, with its copper standard of long duration, the system of banks of issue was developed very early. The transport-notes (Transportzettel) (to be found in that country as far back as 1661) of the Stockholm bank are considered the oldest bank notes. Compare, however, Palgrave, in the Statist. Journal, 1873. When, in 1768, Catherine II. introduced paper money into Russia, the people gladly paid ¼ per cent. exchange to the state treasury for it. (Brückner, in Hildebrand's Jahrbücher, 1863, 49.) According to Cancrin, Oconomie der menschl. Gesellschaft, 116, private individuals in from four to five months exchanged 40 millions of silver roubles for paper. And thus, in 1780, Berlin bank notes stood a few per cent. above par, and the notes of the S. Carlos-Bank, in 1788, from 1 to 1-½ per cent. (Rau, Archiv., II, 161.)911.When at times in which paper money is looked upon with diffidence, peasants and others bury their metallic money, this advantage of course is lost. On the other hand, the exportation of precious metal money, caused by the emission of paper money, must not be considered a necessary evil, but rather as the condition precedent which in most cases makes the above advantages of the paper money possible for the first time. Compare Ad. Wagner, Die russische Papierwährung (1868), 22, 24, 33. Ricardo, Proposals for an economical and sure Currency, 1816, estimated that England, after the abolition of the bank restriction, needed twenty million pounds sterling. The interest on this amount of capital inclusive of wear and tear etc., should be estimated at at least ten percent.; that is for the whole kingdom at at least from two and one-half to three millions a year. On this Ricardo founded his proposal to base the bank notes on gold bars. In its time, the essay: Guineas an unnecessary and expensive Incumbrance on Commerce, or the Impolity of repealing the Bank-Restriction Bill considered (London, 1802), met with great approval.912.Adam Smith calls attention to the analogous case in which a manufacturer replaces a costly machine by a cheap one, sells the former and employs the difference between the old one and the new in enlarging his business. (W. of N., II, ch. 2.) When, indeed, all nations have introduced the use of paper money, the greater portion of the advantages which the one nation was able to obtain by its means cease, and the only ultimate result is a depreciation of the value of money and of the precious metals. Formerly the advantage reaped by the single nation that emitted paper money was greater than its share in the depreciation. (Wolowski, Enquête de 1865, 108.)913.When E. Seyd calls bank notes more costly than metallic money, because the former in England require an outlay for administration of 1-½ per cent. per annum, while the wear and tear of metallic money amounts to 1 per cent. only in 20 years (Statist. Journal, 1872, 511), he overlooks the loss in interest and the costs of coinage in the latter case.914.Related to this is the fact that in France, during the assignat-crisis, the large bills of 10,000 francs were harder to get rid of than the small ones. (A. Schmidt's Pariser Zustände, III, 22.)915.The numbering of paper money. A state which should neglect this would not only reserve to itself the possibility of an unlimited increase, but would surrender all control of its officials charged with the emission of the paper money. Law, Trade and Money, 162, advises that a large money reward should be paid to any one who should show the existence of a higher number than allowed by law, or of a duplicate number. And indeed, as comptroller-in-chief, he caused the prévôt des marchands to be removed, because charged with the duty of burning the paper withdrawn from circulation, he (the prévôt) noticed that the same number reappeared several times.916.If a traveler wished to pay his inn-keeper in the note of a bank entirely unknown in the place, the latter would certainly refuse it. If, on the other hand, the traveler were to offer him a silver coin, the stamp and inscription of which were not familiar, still it would be taken at the value of the metal it contained, after deduction made of the costs of testing it, re-coining it, and compensation for the trouble caused. Ignored by Berkeley, who, indeed, considered metallic money nothing but “counters” or tickets (Querist, No. 23, 26, 441, 475), and who ascribes important advantages to paper money,—which by “stamp” and “signature” is made as costly as gold (440)—over metallic money (226).917.Any person who has witnessed a tax-execution, or sale of property for the non-payment of taxes (Stuerexecution) will admit that a tax receipt is at least as real goods as an umbrella or a glass window that protects one from the storm. Michælis considers the amount of running payments to the state for duties, taxes etc., as the only right basis for full-value paper money. (Berliner Vierteljahrsschrift, 1863, III.) Better yet when Höfken advises that only as much paper money should be issued as amounted to the average balance (Bestand) in the national treasury. The tax-basis is defended with great warmth by L. Stein. Louis XIV., in 1704 issued paper money bearing 7 per cent. interest, the acceptance of which by all the royal officers of the treasury was prohibited! (Dutot, Réflexions, 863, Daire.) Law, Trade and Money (1705) ascribes to parcels of land the greatest constancy of value, because they cannot be replaced, because they can be neither increased nor decreased, and because they help to produce all other goods (p. 170). While silver cannot but depreciate, they have a prospect but to rise (188). Hence Law recommended notes based on parcels of land as the best money. (163, 191, 195.) Similarly, Benjamin Franklin, Modest Inquiry into the Nature and Necessity of a Paper Currency: and the Paper Money of Pennsylvania, New York and New Jersey was actually based on parcels of land, and was to be extinguished by the enfeoffed owners, and the interest paid by them. (Ebeling, Gesch. und Erdbeschreib, von N. Amerika, III, 621, IV, 649.)918.F. Renonard de Ste Croix, Voyage aux Indes orientales (1810), I, 32, describes a species of paper money based on parcels of land which had lost 40 per cent. of its nominal value, although the holders of them were invested with the fief at only one-half their value. The French mandats territoriaux of 1796, declined in five months to 5 per cent. of their nominal value, although they contained the provision that the holders might, without public sale (Auction), have a certain amount of the national estates allotted to them in exchange for the mandats. The assignats were still more defective after their redemption (at the Caisse de l'extraordinaire), which was at first intended, and their drawing of interest were not fulfilled. Leaving the tax-basis out of consideration, the notes might, at the sale of the national estates, be brought in as means of payment: a thing which would not have been inoperative, provided the amount of the paper money had been strictly limited to the price of the pieces of land estimated in money. On the 1st of April, 1790, 400,000,000 francs in assignats were issued, and in September, 800,000,000 more, both together about equal to the secularized property of the church. (Ad. Schmidt, Pariser Zustände, II, 97.) But as afterwards all proportion between these two magnitudes ceased, or rather as up to January 1, 1793, 3,626,000,000 assignats were issued; up to September, 1794, over 8,800,000,000; up to September, 1795, 19,700,000,000; and finally up to September, 1796, 45,578,000,000 francs, of which perhaps 6,500,000 were either burned or demonetized, the price of the national estates on lands must naturally have risen as vastly as the assignats declined.919.Бумажные деньги, выпущенные преемником Кольбера, Шамийяром, вскоре потеряли из-за своего слишком большого количества 25% своей стоимости, несмотря на то, что они приносили проценты и что ¼ всех платежей частным лицам должна была производиться в них. (Форбонне, «Исследования и соображения», II, 182.) Когда жители Соединенных Штатов в 1775 году выпустили бумажные деньги, они не падали в цене до конца 1776 года, пока их количество не превышало 20 000 000 долларов, так как считалось делом чести принимать их по номиналу. Впоследствии, когда количество выпущенных денег продолжало расти, даже закон о том, что отказ принять их или настаивание на принятии ниже номинала должны наказываться конфискацией товара, а виновная сторона должна быть объявлена национальным врагом, не мог удержать их от падения в цене; так что в мае 1781 года доллар в металле стоил 200,5 долларов в бумажных деньгах. Ср. Франклин, «Работы», изд. Спаркса, II, 421, VIII, 328, 505.