Chapter 17 A sector of the general treasury or money that is used to maintain the national capital

In the first article, I pointed out that because the production and marketing of commodities used labor, capital and land, the prices of most commodities are decomposed into three parts, one is labor wages, the other is capital profits, and the other is labor wages. The third is land rent.It is true that in fact the prices of some commodities consist of only two parts, the wages of labour, and the profit of capital;But in any case, commodity prices eventually become one or all of the above three parts.What is not attributable to the ancestors, nor attributable to wages, must be attributable to profit.

As has been the case with regard to the particular commodities separately, so it must be with respect to all the commodities which constitute the annual produce of the land and labor of the whole country.I said in the first part, that the total price, or exchange value, of the annual produce of a country must also be divided into these three parts, and distributed among the inhabitants of the country.Either as wages for labour, as profit of capital, or as rent of land. Even though the whole value of the annual produce of the land and labor of a country is thus divided among the inhabitants and constitutes their income, the income of all the inhabitants of the country, just as the rent of individual private land may be divided into gross and pure rents, It can also be divided into gross income and net income.

The total land rent of individual private land includes everything paid by farmers; from the total land rent, after deducting various necessary expenses for management and repairs, the rest left for the landlord to control is called pure land rent.In other words, the so-called pure land ancestors are the assets that can be reserved for the landlord's current consumption without harming his property, or the assets that can be used to buy food and clothing, decorate the house, and provide his private enjoyment.The actual wealth of the landlord is not determined by the amount of his total rent, but by the amount of his pure rent.

The total revenue of all the inhabitants of a great country, comprising the whole annual produce of their land and labour.Net income is what is left for the free use of the inhabitants after deducting the expenses of maintaining fixed and circulating capital from the gross income.In other words, the so-called net income is the property reserved for the enjoyment of residents on the condition that capital is not eroded.This stock is either reserved for present consumption, or used to purchase the necessaries, conveniences, amusements, etc. of life.The real wealth of a nation does not depend on the size of its total income, but on the size of its net income.

It is evident that the expense of replenishing fixed capital can never be reckoned in the net revenue of society.A useful machine must be repaired before it can be used; a business tool must be repaired before it can work; a profitable house must be repaired before it can be profitable.Neither the materials necessary for such repairs, nor the product of the labor required to turn them into finished products, can count as the net income of the community.The price of this labor, it is true, may become a part of the net revenue of the society, because the laborer who performs it may have the whole value of his wages as a stock reserved for present consumption.But as regards other kinds of labour, it is not only the price of labour, but also the product of labour, which goes into it; resources for current consumption.The necessaries, conveniencies, and amusements of others are augmented by the labor of the worker.

The object of fixed capital is to increase the productivity of labour, in other words, to enable the same number of workmen to do much more work.Compared with a farm without these facilities, a well-equipped farm with the necessary buildings, walls, ditches, roads, etc., will produce the same product even if it is equal in size, size, fertility, number of laborers, and number of draft animals. Much more.A factory with the best machinery and equipment will certainly produce a much greater output than a factory with less complete tools, although the same number of workmen will be employed.Any expense properly expended on a fixed capital must quickly return a large profit, and the resulting increase in the value of the annual produce will be much greater than the necessary maintenance of such improvements.This maintenance, however, employs a part of this annual produce.The materials and labor that can be directly used to increase food, clothing, shelter and various necessities and conveniences are partly used for other purposes.This new use is of course very advantageous, but it is not the same as the original use.Therefore, we say that the improvement of mechanics enables the same number of workers to perform the same amount of work with cheaper and simpler machines. This is indeed a social welfare.The repairs of formerly more expensive and complicated machines often required a certain amount of material and labor.Now that the machine has been improved, a certain amount of materials and labor can be saved and then used to increase the quantity of products by virtue of the power of a certain machine.For example, the owner of a large manufacturer used to spend 1,000 pounds a year for machine repairs. Now, if he can reduce the repair expenses to 200 pounds, the remaining 500 pounds can be used to purchase additional materials and workers.In this way, the number of sail products will naturally increase.As the product increases, the social welfare derived from this product also increases.

In a large country the maintenance of a fixed capital is comparable to the repair of private land.The maintenance of the produce of the land, and thus the amount of the landlord's gross and pure rent, always entails repairs.But when the measures are right, and the cost of repairs is reduced without reducing the produce, the gross rent will at least remain unchanged, and the pure rent will certainly increase. But though the maintenance of fixed capital cannot be included in the net revenue of society, the maintenance of circulating capital cannot be counted with it.Working capital consists of four parts, namely money, food, materials, and finished products.The last three parts, we have said, are frequently withdrawn from circulating capital, and transformed into the fixed capital of society, or stock reserved for present consumption.Consumption goods which do not become fixed capital become stock reserved for present consumption, and form a part of the net income of the society.The maintenance of these three parts of circulating capital, therefore, requires no withdrawal of any part of the annual produce from the net income of the society; only the maintenance of fixed capital requires a withdrawal of a part of the annual produce from the net income of the society.

In this respect, social mobile capital differs from personal mobile capital.An individual's circulating capital can never be counted as his net income; an individual's net income consists entirely of his profits.However, although the social floating capital is synthesized from the circulating capital of each person in the society, it cannot be said that the social floating capital is definitely not a part of the net income of the society.The goods stored in the store may not be the property reserved by the merchant himself for present consumption, but may be the property reserved for present consumption by others.Others, deriving income from other sources, may often out of this income replace the value of the merchant's goods, and the merchant's profits.The merchant's capital will not be diminished, and the user's capital will not be diminished.

Therefore, there is only a part of the social mobile capital, the maintenance of which reduces the net income of the society.This part is the currency. Although money is a part of circulating capital, it is very similar to fixed capital in its influence on the income of society. First, There is an expense in building and maintaining the machinery and implements used in business.Although this fee is part of the total social income, it is deducted from the social net income.The same goes for currencies.The collection and replacement of currency also requires a fee. Although this fee is part of the total social income, it is also deducted from the social net income.Money is a great tool in commerce. With it, the daily necessities, conveniences, and entertainments in society can be distributed in proper proportions to every individual in society.But it is very expensive tool.The maintenance of these costly instruments necessitates the expenditure of such a quantity of materials of great value in the society, namely gold and silver, and of such a quantity of labor as exceedingly ingenious, that it cannot be used to increase the means reserved for present consumption, that is, to increase the necessaries of the people's life. , convenience and entertainment.

Secondly, The machinery and implements employed in business, which constitute fixed capital, form no part of the gross or net revenue, either individually or socially.The same goes for currencies.Although the whole income of the society depends on the constant distribution of money to the members of the society, money is not a part of the income of the society.Money is just the hub through which goods circulate, and it is quite different from the goods it circulates.It is only the goods that constitute the income of society, and not the hubs of the circulation of goods.In calculating the gross or net income of the community, the entire value of money must be subtracted from all the money and goods in annual circulation, not even a copper coin.

This argument may seem sophistical or questionable only because of the ambiguity of the language used; it is almost self-evident if properly interpreted and understood. When we speak of a certain amount of money, we sometimes mean only the gold bullion contained in the money, and sometimes we mean implicitly the goods for which this amount of money can be exchanged, that is, the purchasing power acquired by the possession of this amount of money.For example, when we say that the currency of England is eighteen million pounds, we mean only that, according to a certain writer's calculation or assumption, there are so many gold bullion in circulation in England today.But when we speak of A's annual income of fifty or one hundred pounds, we generally mean not only the quantity of gold bullion which he receives annually, but the value of the goods which he can purchase or consume annually.We usually use this sentence to express how he lives, or how he should live. In other words, what should he enjoy in terms of quantity and quality in terms of the necessities and conveniences of life he can enjoy? When we say a certain amount of money, we mean not only the gold nuggets contained in this amount of money, but also the goods that can be exchanged for this amount of money. However, in this case, the wealth or income expressed by this amount of money, It can never be equal to these two values ​​at the same time, but can only be equal to one of them.Rather than being equal to the former, it is better to say that it is equal to the latter; rather than being equal to money, it is better to say it is equal to the value of money.Assuming that A receives a pension of one guinea per week, he can use this guinea to buy a certain amount of daily necessities within a week.Convenience goods, entertainment goods.His real weekly income, in other words, his real wealth, is in proportion to this amount.His weekly income can never be equal at the same time to a guinea, and to the goods which the guinea can buy.It is only equal to one of the two.In fact, rather than being equal to the former, it is equal to the latter; rather than being equal to the guinea, it is equal to the value of the guinea. If this man's pension is not paid in gold, but is paid in bills of one guinea a week, it is obvious that his income is not so much the piece of paper, but rather what it can exchange for. items.A guinea can also be regarded as a bill.With this bill, you can draw a certain amount of necessities and conveniences from various nearby merchants.It is not so much the surplus, as the goods which he can exchange for the guinea, which constitutes the revenue of the man who acquires them.If the guinea should not be exchanged for anything, its value would be as worthless as a bill to a bankrupt. Although the weekly or annual income of all the inhabitants of a country may be, and is, paid in money, in any case the magnitude of their real wealth, the real weekly or annual income of all of them, is always in proportion to their Proportional to the size of all consumer goods that can be purchased with money.It is evident, then, that the whole of their total income cannot be equal both to this money and to this consumer goods, but only to one of these two values, not so much to the former as to the latter. We often use the amount a person receives each year to represent the person's income.But this is so only because this sum disposes of the purchasing power of the land, that is to say, the value of the consumption goods he can acquire annually.We still think that it is this purchasing or consuming power, and not the gold nugget in which it is contained, that constitutes his income. If the situation is clear enough for the individual, it is still clearer for the society.The amount a person receives every year is often exactly equal to his income; that is, for this reason, the amount he receives is the most concise and clear expression of the value of his income.But the amount of money circulating in society can never be equal to the income of all members of society.The same guinea, paid to A today as A's pension, can be paid to B tomorrow as B's pension, and the next day can be paid to C as C's pension.Therefore, in any country, the amount of money in circulation every year is much smaller than the pension paid every year.But the purchasing power, that is to say, all the goods successively purchased by the successive payment of the whole pension, is always of the same value in comparison with this whole pension; Gold has the same value.It is by no means gold bullion which constitutes the revenue of the society; all the gold bullion in the society is much less in quantity than it is worth.What constitutes the social income is actually the purchasing power, the goods that are successively purchased by the gold bullion that circulates in the hands of various people. Currency is a big hub of circulation and a big tool in commerce.Like all other instruments of trade, it is a part of capital, and already a very valuable part, but not part of the revenue of society.The distribution of income to those who deserve it depends, of course, on the circulation of gold bullion contained in the coin, but that gold bullion is by no means a part of the income of the community. Finally, the machinery and instruments of which fixed capital is composed, and a part of circulating capital somewhat like money.A saving in the expense of constructing and maintaining machinery, without impairing the productivity of labour, is an increase in the net income of the community.Likewise, the saving of the expense of collecting and maintaining money, that part of the circulating capital, is an increase of the net income of the society. The question of why the savings in the maintenance of fixed capital increases the net income of society is clear enough, and we have given a partial explanation.The entire capital of the entrepreneur must be divided into fixed and circulating capital.When the total amount of capital remains unchanged, it is inevitable that the two will increase and decrease with each other.The smaller this part, the bigger that part.It is circulating capital that provides materials, pays wages, and promotes industry.Economies, therefore, in the maintenance of fixed capital, without impairing the productivity of labour, must necessarily increase the funds for promoting industry, and thereby increase the annual produce of land and labour, and the real revenue of the community. Substituting paper for gold and silver coins can be said to be a much cheaper commercial tool replacing another extremely expensive commercial tool, but its convenience is sometimes almost equal.With paper money, circulation has introduced a new wheel, whose establishment and maintenance costs are much lighter than those of the old wheel.But how it serves as the hub of circulation, how it can increase the total income or net income of the society, the reasons are not clear to people, so further explanation is needed. There are several kinds of paper money, each of which is different; bank notes are the most common and the most useful.If the people of a country believe that a banker has strong assets, acts honestly and is prudent, in other words, believes that he has the ability and willingness to exchange cash at any time, then the banknotes issued by the banker can be used in society, no different from gold coins and silver coins. Suppose a banker lends a bill of one hundred thousand pounds to his customer. Since this bill has the same function as money, the debtor is obliged to pay interest, just like borrowing money.This interest is the source of the banker's profit.Of course, some of the promissory notes issued will continue to come back for cash, but there will always be a part of them that will continue to circulate in society.Therefore, although the promissory notes he issued were one hundred thousand pounds, there were twenty thousand pounds in gold and silver coins, which were often enough to meet occasional needs.The issue of such promissory notes thus makes it possible for twenty thousand pounds of gold and silver coins to receive the function of a hundred thousand pounds of gold and silver coins.The exchange of the same quantity of consumer goods, the turnover and distribution of the same quantity of consumer goods, can be effected by these hundred thousand pounds of promissory notes, just like the common hundred thousand pounds of gold and silver.Therefore, eighty thousand pounds of gold and silver can be saved for domestic circulation.Suppose there were many banks in the country, all of which were operated according to the Dat method, the gold and silver required for the circulation of domestic goods at this time would amount to only one-fifth of that required in the era when there were no promissory notes. Let us suppose that the currency of a certain country at a certain age amounts to a million pounds, a sum sufficient to circulate the whole annual produce of the country.Let us suppose, too, that later, because of the multitude of banks, a million pounds of promissory notes were issued for cash, and that two hundred thousand pounds were kept in the coffers, in case of occasional need.In this way, there are 800,000 pounds of gold and silver coins in circulation, and 1,000,000 pounds of promissory notes, making a total of 1,800,000 pounds.But the circulation, turnover, and distribution of the annual produce of the domestic land and labour, originally required but one million pounds; and now the operation of the bank cannot immediately increase the amount of the annual domestic produce.A million pounds, therefore, is still sufficient to circulate the annual produce of the country, after the function of the bank.The quantity of goods to be sold and bought remains the same, and the quantity of money which is bought and sold can, of course, remain the same.The channels of circulation, if this name is appropriate, will remain exactly the same.A million pounds is enough to fill the channel.If it exceeds this limit, if it is poured down, it will inevitably overflow and flow by.Now, we have invested 1.8 million pounds.The 800,000 pounds will certainly spill over into rice, an amount that cannot be accommodated in domestic circulation.However, if the amount that cannot be accommodated in the country is left unused, the loss will be too great.Therefore, it must be sent to foreign countries to find beneficial uses that cannot be found at home.However, banknotes cannot be sent to foreign countries, because the country is far away from the issuing bank and the country where laws can be used to force them to be cashed. Therefore, banknotes are universal in foreign countries.It must have been 800,000 pounds of gold and silver that was sent abroad.The channels of domestic circulation, which were formerly filled with a million pounds of gold and silver, will now be filled with a million pounds of paper money. This huge amount of gold and silver is never sent to foreign countries for nothing, and it is definitely not given to foreign countries as gifts.Its outflow will inevitably be exchanged for some foreign goods for domestic consumption, or resold for consumption by people in other countries.If the people who transported the gold and silver were the people of country A, they now use this huge amount of gold and silver to buy goods from country B for the consumption of the people of the two countries.What they operate is the so-called trafficking trade.The profits thus obtained are, of course, an increase in the net income of country A.Therefore, this huge amount of gold and silver, like a newly created fund, can be used to start new businesses.The domestic business was now run by paper money, and gold and silver were transferred to fund this new business. If they use this huge amount of gold and silver to buy foreign goods for domestic consumption, then the goods bought are not () goods consumed by the idler class, such as foreign wines, foreign silks, etc., must be (2) more more materials, implements, food, etc., and thus maintain and employ a greater number of industrious people, who reproduce the value of their annual consumption, plus profits. If it is used in the former way, it is tantamount to encouraging luxury, increasing consumption without increasing production, and without increasing the fixed fund to maintain this consumption, which is harmful to society no matter which point it is. If it is used in the latter way, it can encourage hard work. Although it will increase social consumption, it will also provide a fixed fund to maintain this consumption.Consumers will reproduce the value of their annual consumption and provide profits at the same time.The total revenue of the society, that is to say, the annual produce of its land and labor, will tend to increase by an amount equal to the whole value added by the laborer to the material worked.The net income of the society must also increase by an amount equal to the value left after subtracting the maintenance costs of the tools and machinery of these workers. The gold and silver which are expelled abroad through the operation of banks, if used to purchase foreign goods for domestic consumption, are, and must be, in the greater part, used to purchase goods of the second class.This is not only possible, but almost certain.Of course, there are no such people who suddenly spend a lot of money even though their income has not increased, but I believe that there is absolutely no class in the world that behaves like this.It is true that everyone cannot be expected to be prudent, but at least in a class, there are always a majority of people who do not spend extravagantly or recklessly spend money. The behavior of the majority of people can always follow the principle of prudence.As for the idlers, whose income, as a class, cannot be increased by a millimetre by the operation of the bank, neither, with few practical exceptions, can the expenses of their class be increased by the operation of the bank.The idler classes' demand for foreign goods remains, or probably remains, the same.A very small part of the money which, through the operation of the banks, is expelled from foreign countries to purchase foreign goods for the consumption of this country, is also employed in the purchase of such things as are needed by such people.Most of it is of course used to revitalize industry, not to reward idleness. When we calculate the amount of labor that social floating capital can drive, we often have to keep in mind one thing, that is, in social floating capital, only food, materials, and finished products can be counted.And the part made up of money, which is only used to realize these three circulations, must be subtracted.To promote industry, three things are needed, namely materials, tools and wages.The material is the object of the work; the tool is the means of the work; the wages are the end to which the worker works.Money is neither the material nor the tool of work; although wages are generally paid in money, the real income of the worker does not consist of money or gold.What constitutes the real income of the worker is the value of the money, or the goods for which the bullion can be exchanged. The quantity of labor which a given quantity of capital can employ is evidently equal to the quantity of workmen which it can supply with materials, implements, and maintenance expenses appropriate to the nature of the work.It is true that money is indispensable for the purchase of materials and tools and the maintenance of workers, but the amount of labor which can be performed by the capital cannot be equal to the money used to buy and the materials, tools, and food purchased at the same time.And it is equal to only one of these two values, not so much equal to the former as equal to the latter. Substituting paper money for gold and silver coins, the materials, food, and implements that all the capital in circulation can provide must be increased according to the full value of the gold and silver replaced.The entire value of the hub of circulation and distribution is now added to the value of the goods that originally circulated through it.This matter is a bit like the situation of a large factory owner.Due to the improvement of the machine, he discards the old machine and adds the difference between the price of the new and the old machine to the circulating capital, that is, to the fund for purchasing materials and paying wages. It is perhaps impossible to determine what proportion the money which circulates in a country maintains to the value of the goods which circulate by it.Some people say it is one to five, others say it is one to ten, one to twenty, one to thirty.But however small the proportion of money to the whole value of the annual produce, only a part, often a small part, of the annual produce is earmarked for the maintenance of the estate, but the proportion to which money bears is always the same. Shouldn't be small.If, by paper money, the quantity of gold and silver required for circulation were reduced to one-fifth of what it was before, the greater part of the remaining four-fifths, if added to the fund for the maintenance of the estate, would of course greatly increase the property. quantity, and would thereby greatly increase the value of the annual produce of land and labour. In the last twenty or thirty years, many banks have been set up in almost all the metropolises in Scotland, and sometimes even in remote villages.The result of this banking operation is as stated above.Domestic business is almost entirely turned over by paper money; and all purchases and payments of all kinds are by means of paper money.Except in twenty-shilling notes, silver coins are seldom seen, and gold coins are still rarer.There are many banks, although good and bad are mixed, so that the House of Representatives has to legislate and sanction, but the country has benefited greatly from the establishment of banks, but there is nothing wrong with it.I have heard that business in Glasgow has doubled in the fifteen years since the bank was founded.Scottish commerce has increased by more than four years since the establishment of the two public banks in Edinburgh (a Scottish newspaper, established by a resolution of Parliament in 1693; and a Royal Bank, established by a royal order in 1727). times.Whether the commerce in general of Scotland, and that of Glasgow, has thus increased in this short period, I dare not presume to be wise enough to judge.If so, it seems that such a huge progress cannot be attributed to the establishment of the bank, and there may be other reasons.It would not be wrong, however, to say that the manufactures and commerce of Scotland were greatly increased at this period, and that the establishment of banks was a great cause of their increase. The value of the silver coin which circulated in Scotland before the union of England and Scotland in 1707, and which was reminted by the Bank of Scotland shortly after the union, was £411,117 ten shillings ninepence.As for gold coins, there is nothing to test.But it appears, from the old accounts of the Scottish Mint, that the value of gold was annually minted a little more than that of silver.At that time, many people were afraid that once the silver entered the Bank of Scotland, they would not be able to get it back for themselves. Therefore, many silver coins were never taken to the Bank of Scotland;Therefore, before the merger, the value of gold and silver coins commonly used in Scotland was no less than one million pounds.This amount seems to have constituted the whole currency of Scotland at that time, for the Bank of Scotland, though it had no rivals, and which issued many notes, made up but a very small part of the total currency.The total currency of Scotland at present is estimated to be no less than two million pounds, of which gold and silver coins are probably no more than half a million pounds.But though Scotland's gold and silver coins were greatly diminished, her real wealth, her prosperity, was not in the least impaired.On the contrary, the development of agriculture, commerce and industry is obvious, as is the increase of the annual product of land and labor. The main method for banks to issue banknotes is to discount bills of exchange, in other words, to advance currency to buy unexpired bills of exchange.Before the bill of exchange expires, you can advance cash to the bank with the bill.On the bank side, the interest receivable is calculated and deducted from the entire loan amount.After maturity, the payment of the bill of exchange can not only repay the value of the bank's advance loan, but also bring net profit in the form of interest.Bank discount bills are paid in banknotes issued by the bank, not in gold and silver.According to experience, the banker can advance the banknotes as far as possible. Therefore, the amount of bills of exchange he can discount can be increased, and the net profit he can obtain in terms of interest will naturally increase. Commerce in Scotland is still not very prosperous, especially when the two banks mentioned above were founded.If the two banks were only engaged in the discounting of bills of exchange, there would be very little business.So, they invented another method to issue credit notes, the so-called cash settlement method.Any person, as long as he finds two guarantors with real credit and real estate as guarantees, and promises to repay the borrowed amount and the legal interest when the bank asks for repayment, he can borrow a certain amount of money from the bank. Such as two thousand pounds or three thousand pounds.I believe this method of lending is practiced by banks all over the world.But as far as I know, the repayment terms accepted by the banks in Scotland are particularly easy.This may be the main reason why their banking business is prosperous and the country has benefited deeply. In Scotland, whoever borrows, say, a thousand pounds from a bank in this manner, on the above-mentioned terms of credit, may repay the loan in installments at any time, in installments of twenty or thirty pounds.The bank calculates the amount recovered each time from the date of each receipt to the date of full repayment, and reduces the corresponding amount of interest from the interest on the entire amount.Merchants of all kinds, and industrialists of all kinds, find this method so convenient that they are glad to encourage the business of the banks, and not only accept bank notes for all payments, but persuade others to accept them.When a customer borrows currency, the bank mostly pays with the banknotes of the bank.Merchants use banknotes to buy goods from manufacturers, manufacturers use banknotes to buy food and materials for farmers, farmers use banknotes to pay landlords as land rent, landlords use banknotes to pay merchants to buy various conveniences and luxury goods, and merchants finally give banknotes Return it to the bank to offset the loan.Therefore, banknotes are almost everywhere in the country's silver and money exchanges.Banking business, naturally flourishing. Relying on the cash settlement method, merchants can promote their business without risk.Suppose there are two merchants, one in London and the other in Edinburgh, carrying on the same business and investing equal capital.Edinburgh merchants have a cash settlement method, so they can expand their business scale and use more personnel without danger.Because of the cashless settlement method, London merchants often have to keep huge amounts of currency in their own coffers or in bank coffers (which naturally have no interest), and only meet the constant demands for credit purchase loans.Suppose five hundred pounds are always to be kept, and the value of the goods in the warehouse will be five hundred pounds less than where there is no constant need to keep five hundred pounds in cash.Suppose the stock which the merchant maintains is generally sold once a year, and the value of the goods which he sells will be £500 less in total, as he would have had to keep £500 in stagnation, than if he had no need to keep them.In this case his annual profit, and the number of workmen he can employ to carry out the sale, must be less than if he could sell five hundred pounds more in goods.The merchants of Edinburgh, on the other hand, need not have arrears of wealth to meet such occasional needs.In case of an urgent need, he can use the cash settlement method to borrow money from the bank to meet it. Later, there will be continuous sales, that is, the currency or banknotes obtained will gradually repay the bank loan.He may, without danger, hoard a greater quantity of goods with the same capital than the London merchant.Therefore, he makes greater profits for himself and provides more employment opportunities for the working people who supply goods for the market.The country has benefited a lot from it. It is true, that the Bank of England, by discounting bills, gives to English merchants as much convenience as cash settlements give to Scotch merchants; but it is to be remembered that Scotch merchants can discount bills of exchange with the bank as easily as English merchants.In addition to discounting promissory notes, the Bank of Scotland also has a cash settlement method, which is especially convenient for merchants. The total amount of paper money of all kinds which can circulate without hindrance in any country can never exceed the value of the gold and silver which it replaces, or (subject to the same commerce) as would be necessary where there were no such paper money. the value of.Suppose, for example, that the lowest common paper money in Scotland is twenty shilling notes, the total amount of this currency which can be circulated throughout Scotland can never exceed the value of twenty shillings or more in the annual transactions in the country. The amount of gold and silver usually required for a transaction.If this total amount is exceeded, the excess can neither be sold at home nor exported abroad, and as a result, it will immediately go back to the bank and exchange it for gold and silver.The people who got the banknotes immediately felt that they had more banknotes than they needed for domestic transactions.Since they cannot send paper money abroad, of course, they will immediately hold it to the bank and demand cash.For the superfluous bills, when exchanged for gold and silver and exported abroad, are easily useful; while the bills are still bills, they are of no use at all.In short, all the excess money will be returned to the bank for cashing. If the bank has difficulty or slowness in cashing out, more banknotes will be returned to the bank.The resulting suspicion will inevitably make fulfilling the request even more tense. The operation of various enterprises requires funds.Rent, wages of employees, clerks, accountants, etc. are indispensable in various enterprises.In addition to these items, the peculiar charges of banks can be divided into two categories: first, in the safe, it is often necessary to store huge amounts of currency which are not available at any interest, to meet the occasional demand for cashing of bills.Second, that the coffers, which were exhausted due to occasional demands, must be replenished from time to time.If a bank issues too many banknotes, which exceed the needs of domestic circulation, and the excess amount that cannot be circulated is continuously transferred to cash, in this case, the bank's coffers must not only increase the amount of gold and silver stored in proportion to the surplus of banknotes, but also A greater proportion increased the stock of gold and silver, for the return of paper money, at a much faster rate than the enlargement of the excess of issuance.Therefore, the increase in the first special fee of the bank must not only be increased in proportion to the increase in cashing out as a last resort, but also in a larger proportion.Moreover, though such overissued banks should have more substantial coffers, their coffers must dry up much more quickly than under prudent issuance.Therefore, the replenishment of the treasury required constant and intensified efforts.However, such a large number of coins that flowed continuously from the gold cabinet could not be circulated in the country.This kind of coin is outflowed for the exchange of paper money that exceeds the needs of circulation, so it is not needed for circulation.According to common sense, the mint will not be abandoned and useless. If it has no use at home, it will be exported to foreign countries in one form or another to seek beneficial uses.But this continual export of gold and silver is sufficient to increase the difficulty of the bank in obtaining gold and silver to replenish the coffers, and thus increases the bank's expenses.A bank like this, therefore, must increase its second special charge more than the first, because of the necessary increase in redemptions. 假設某銀行發行的紙幣，為四萬鎊，而這恰是國內流通所能容易地吸收和使用的數目，為應付不時需要起見，銀行金櫃須常常儲有一萬鎊金銀。假使這銀行企圖發行四萬四千鎊，那增加的四千鎊，既是超過社會容易吸收使用的數目，將一邊發出，一邊流回。這樣，為應付不時需要起見，銀行金櫃應該儲存的款項，就不只一萬一千鎊，而為一萬四千鎊。於是，四千鎊過剩的紙幣，將毫無利益可得，而且，不僅無利，還有損失。因為這銀行要負擔不斷收集四千鎊金銀的費用，這金銀一經收進來，馬上又要散發出去。不斷收進，不斷散出，所費該要多少。 如果所有銀行都理解而且注意本身的利益，流通界上就不致於紙幣過剩。不幸的是，所有銀行未必都理解本身的利益。流通界紙幣過剩的現象，就常常發生了。 由於發行紙幣量過大，剩餘額不斷歸來兌換金銀，許多年來，英格蘭銀行，每年都須鼓鑄金幣，自八十萬鎊至一百萬鎊不等，平均計算，每年大約耍鑄八十五萬鎊。數年前，因金幣磨損得不堪，低劣得不堪，銀行大鑄金幣，常須以每盎斯四鎊的高價格購買金塊，鑄成時，每盎期卻僅值三鎊十七先令十便士半，損失達百分之二點五至百分之三。鑄造的數額很大，所以損失不小。雖然銀行免付鑄幣稅，造幣一切費用全由政府負擔，但政府的慷慨不能使銀行免於損失。 蘇格蘭銀行，亦以發行過多，不得不常常委託倫敦代理人，代他們收集貨幣，其費用很少低於百分之一點五或百分之二的。這樣收集的貨幣，通常由馬車送來，保險費每百鎊抽十五先令，即百分之零點七五。但代理人所收集的貨幣，還往往不能及時補充本銀行的金櫃。金櫃的干竭太快了。在這場合，蘇格蘭銀行就得向有來往的倫敦各銀行開發匯票，以籌所需數目。到期滿倫敦銀行向它們開發匯票索取借款以及利息和傭錢時，若干蘇格蘭銀行，由於發行過剩，困難重重，常常苦於無法應付，不得不向原債權人或倫敦別家往來銀行，開第二批匯票。有時，同一金額，不，不如說同一金額的匯票，會在倫敦愛丁堡間，往返二三次以上。這樣累積的全部金額的利息和傭錢，都須由債務銀行付給。蘇格蘭各銀行，甚至一向未曾過於冒險逐利的，有時也不得不使用這種自取滅亡的方法。 因兌換過剩紙幣而由英格蘭銀行或蘇格蘭銀行付出的金幣，亦必成為過剩，而為流通界所不容。結果，這種金幣，或以鑄幣形式輸往外國，或熔成金塊輸往外國，又成熔成金塊，以每盎斯四鎊的高價售於英格蘭銀行。輸往外國的或熔成金塊的，在金幣中，總是最新的，最重的，最好的。國為留在國內保持鑄幣形態的鑄幣，並不分別輕重。輕的重的價值都是一樣。但在外國，或在國內熔為金塊時，重的價值就較大。所以，英格蘭銀行儘管每年鼓鑄大批新幣，年終仍不免訝然失驚，嘆息今年鑄幣的缺乏和去年沒有不同。而且，英格蘭銀行儘管每年發出許多新而且好的鑄幣，鑄幣的形狀，不見得一天一天好起來，而卻一天一天壞下去。今年鑄了這麼多新幣，明年又覺有再鑄這麼多新幣的必要。又因鑄幣常常磨損剪鉸，金塊價格就不斷提高起來，因而，每年造幣的費用，也是一年大過一年。據觀察所得，英格蘭銀行因需以鑄幣直接供給本銀行的金櫃，竟需以鑄幣間接供給全國。英格蘭銀行金櫃內的鑄幣，會以各種方式，不斷流向全國各地去。所有需要用以支持過剩的英格蘭、蘇格蘭紙幣的鑄幣，所有由紙幣造成的國內必需的鑄幣的缺乏，英格蘭銀行都得出來供給。無疑，蘇格蘭各銀行，因為自己不小心和太沒有成算，吃的虧是不小的。不過英格蘭銀行所吃的虧還要大。因為，不但它自己不小心，使它吃虧；蘇格蘭各銀行更大的不小心，更使它吃虧。 英國大膽的計劃家，往往不度量自己的資力，經營過分的營業。英國紙幣會如此過剩，當初亦即起因於此。 商人或企業家營業的資本，既不宜全邯向銀行借貸，亦不宜大部向銀行借貸。商人或企業家固然可以向銀行借錢來應付不時的需要，省得儲下現錢留著不用，但他的資本，亦只有這個部分，宜向銀行借貸。企業家向銀行借錢，應該限於這個部分。如果銀行借出紙幣，不超過這個限度的價值，那發行出去的紙幣額，亦決不會超過國內無紙幣時流通所需的金銀額，決不致數量過剩，決不致有一部分為國內流通界所不能容納。 假設銀行給商人貼現的乃是由真實債權人向真實債務人開發，而到期時後者會立即兌付的匯票，那末，銀行墊付的，就只是這部分的價值，即商人否則得以現錢形式保留著以備不時之需的這部分價值。這種匯票，一經到期就會兌付，所以，銀行墊付出去的價值及其利息也一定可以取回。要是銀行只和這類顧客來往，銀行的金櫃，就像一個水池，雖有水不斷流出，也有水不斷流入，出入數量相等，團此，積水常常一樣充滿，或幾乎一樣充滿，無需時刻留神。這種銀行的金櫃的補充，並不需要多少費用，甚至完全不需要費用。 一個營業不曾過度的商人，即使在沒有期票要求銀行貼現的場合，也常有現金的要求。如果銀行方面除給他的匯票貼現外，還允許按簡單的條件，用現金結算法，在他需要金錢的時候，貨以貨幣，而在他存貨續有售出的時候，陸續零星償還，那對商人就極其便利，他就無需常常儲備專款以應不時之急。而確有需要時，他就可憑現金結算法來應付。不過，銀行對待這種顧客應該十分注意，看它在一個短時期中（比方說四個月，五個月，六個月，或者八個月），從他們那裡通常收回來的總額，是否等於通常貸給他們的總額。如果在這短時期內，收入大都能夠等於貸出，就可放心大膽繼續和這種顧客來往。像這樣的來往，金櫃的流出固然很大，流入也很大；所以，無需任何進一步的注意，金櫃可始終一樣充滿，或幾乎一樣充滿，補充這樣的金櫃，用不著多大的費用。反之，如果顧客償還的數額，常常不及貸出的數額，那就不能繼續放膽和他來往，至少不能繼續按照這種方式和他來往。在這場合，金櫃的出流，必遠大於入流。除非不斷作重大努力，付巨額費用補充金櫃，否則金櫃就很容易趨於枯竭。 因此，蘇格蘭各銀行，在一個長時期內非常謹慎地耍求一切顧客經常定期地歸還貸款。如果他不能照辦，那無論他有怎樣大的財產和信用，也不要想向銀行貸得一文。由於這樣的謹慎，銀行方面，除了幾乎完全不必特別破費來補充金櫃而外還得到其他兩種很大的利益。 第一，由於這樣的謹慎，銀行方面，除自己帳簿外，不必另去搜集別種證據，即能相當準確地判斷債務人的盛衰情況。債務人償債情況是否正常，大都取決於其業務的盛衰。私人放債，債戶少的數家，多的也不過數十家，所以，要察知債務人的行為和經濟情況，委託一個經理人就行了，甚至經理人亦不必要。但銀行放債動輒數百家，而且還有許多別種事情要不斷留心注意，所以，除自己帳簿所提供的資料外，它還需要有關於大部分債務人情況和行為的其他經常性報導。蘇格蘭各銀行，所以耍求債務人必須常常償款，也許因為看到了這一點。 第二，由於這樣的謹慎，銀行方面就不致於發行過剩的、為社會所不能容納的紙幣。在相當期間內，顧客償入的數額，若大都等於貸出的數額，那就可證明銀行貸給他的紙幣額，並沒有超過他在無銀行貸借的場合為應付不時之需所必須保留的金銀量，從而可以證明銀行發出去的紙幣額，也未曾超過國內在無紙幣的場合所應流通的金銀量。償入的頻繁，償人時期的有定，償入款項的數額，在足以表明銀行方面貸出去的數額，並沒有超過顧客在無借貸時所必須以現金形式保留以應不時之需的那一部分資本，也就是說，並沒有超過顧客在無借貸時所必須以現金形式保留，使得他的其餘資本可繼續不斷使用的那一部分資本。在這場合，只有這一部分顧客的資本，在相當期間內，繼續不斷以鑄幣或紙幣這兩種貨幣形態時而收進、時而付出。銀行借貸，如果超過這一部分，那在相當期間內，顧客償入的數額，一定不能等於貸出的數額。就銀行的金櫃說，這種來往的入流，定然抵不過這種來往的出流。紙幣的發行，因為超過了在無紙幣發行時顧客所須保有以應急需的金銀量，就也馬上超過了在無紙幣發行時國內流通界所會有的金銀量，因而馬上就會超過了在無紙幣發行時國內流通界所容易容納的數量。這種過剩的紙幣，馬上會回銀行來兌換現金。這第二種利益，與第一種利益比較，是同樣實在的。但對於這種利益，蘇格蘭各銀行，似乎沒有瞭解得那麼清楚。 銀行既以貼現匯票法，又以現金結算法，使國內有信用的商人，無需儲有滯財，以應不時的急需，那就算盡了全力了，國內商人就不可再有所望於銀行了。為銀行本身的利益與安全計，它也只能做到這個地步，不能再作什麼了。為銀行本身利益計，商人的流動資本，不能全部貸自銀行，大部分也不行。因為商人的流動資本，雖繼續以貨幣的形式，時出時入，但全部收入的時候，距離全部付出的時候太遠了，要在短期間內適合於銀行的利益，使償入的數額，等於貸出的數額，那是辦不到的。至於固定資本，就更不應該大部分貸自銀行了。比方說，製鐵家建立鐵廠、鐵爐、工場、倉庫、工人住宅等等的資本吧，又比方說開礦家開坑掘井、排除積水、建築道路車軌的資本吧，土地改良家開墾荒地、排積水、築圍牆、建農舍、廄捨、穀倉等必要建築物的資本吧，那都不宜大部分貸自銀行。固定資本的收回，比流動資本的收回緩慢得多。固定資本一經投下，即使投下的方法非常適當，亦要經過許多年數才能收回。這樣長的期間，當然不利於銀行。固然，企業家可很適當地使用借入的資本進行他的大部分計劃，但要使債權人不吃虧，債務人應持有充分資本，足夠保證（如果我可以這樣說）債權人資本的安全，足夠使債務人的營業計劃縱使失敗，亦不致使債權人蒙受損失，這樣對債權人才算公道。然而，即使如此，非數年不能償清的借款，仍以不向銀行貸借為上策。那最好提出抵押品，向那些專賴利息為生的私人貸借；因為他們不想投資營業，但願把錢供給有信用的人，數年不還，亦未嘗不可的。不取抵押品，無需印花費、律師費，就以貨幣貸人，而償還條件又像蘇格蘭銀行所肯接受的那麼簡單的銀行，對於這樣的商人企業家來說，當然可說是最方便的債權人。不過，像這樣的商人，對於這樣的銀行來說，卻就是最不方便的債務人。 二十五年來，蘇格蘭各銀行所發行的紙幣，至少也十足地等於國內流通界所易容納的數額了。對於蘇格蘭各種事業，銀行的幫助已經是盡了全力了，為銀行本身利益計，它們只能辦到這樣。而且事實上，它們的營業，已有些微過度的地方。因為這種過度，銀行方面已經吃虧了，至少，利潤是減少了。在這一種營業上，經營規模只要略為過度，便不免有此結果。不幸，逐利常情，得隴望蜀，商人們、企業家們還以為未足，他們以為銀行信用事業，可任意推廣，推廣銀行信用事業，除了添少數紙張費以外，用不著增添什麼費用。他們埋怨銀行理事先生們眼光狹小、態度畏葸。他們說，銀行信用事業還浚擴充到和國內各種事業的擴充相稱的程度。他們所謂事業推廣，很明白，是指把事業推廣到超過他們自己的資本或能夠憑借抵押品向私人借得的資本所能經營的範圍。他們以為，他們短少的資本，銀行有設法供給的義務。他們覺得，他們所希望得到的全部資本，銀行是義當供給的。但銀行方面的意見不同。於是，在銀行拒絕推廣信用的時候，有些企業家想出了一個法門。這個法門，在一段時期中，顯得對他們很適用，雖所費大得多，但其有效性，卻和極度推廣銀行信用事業無異。這法門就是大家知道的循環劃匯。不幸的商人，在瀕於破產地位的肘候，往往利用這個辦法。由這辦法取得資金，在英格蘭是行之已久了。據說，上次戰爭期間，因營業利潤極大，商人們往往不度量自己的資本，把事業過分推廣起來，於是，這種循環劃匯的辦法，大為流行。後來，這辦法又由英格蘭傳入蘇格蘭。在蘇格蘭，商業是有限多了，資本亦有限多了，所以這種辦法，傳入蘇格蘭後，比較起來，愈見流行。 這種循環劃匯辦法，在一般實業家心裡，當然都很明白，似乎沒有說明的必要。但本書讀者，未必都是實業家，而且，這種辦法對於銀行的影響，即使一般實業家，也似乎不大瞭解，所以，我將設法來作盡可能明瞭的說明。 當歐洲野蠻法律還沒有強迫商人履行契約的時候，商人間形成一種習慣，即賦給匯票以非常的權利，使得以匯票（尤其是定期很短不過兩三月的匯票）進行借款，比以任何他種證據都容易成功。匯票到期，承兌人若不能立即照付，他馬上就算破產。於是持票人可作成拒付證書，持向出票人索款。如果出票人也不能立即照付，亦就算破產。又如果匯票在未到期以前，輾轉流通，或以購貨，或以借款，迭經數人之手，這些人各在票背簽署名號，作為簽保，這些人就也對這匯票負完全責任，如果匯票到了自己面前，自己不能立時照付，也馬上被宣告破產。這種慣例，晚近二百年來，已為歐洲各國法律所採納。出票人，承兌人，背書人，即使信用有疑問，但因匯票期限如此短促，多少對持票人是一種保障；雖然他們都有破產的危險，但不見得在這短促期間內，他們都會破產。房子已經傾斜了，不能持久了，今晚就會倒塌嗎，不見得吧，我姑且冒險住一晚這是倦行者的心事，正好比喻匯票持有人的心理。 假設愛丁堡商人甲，向倫敦商人乙，開出匯票，限期兩月，要乙付銀若干。事實上，倫敦商人乙，並無所負於愛丁堡商人甲。他所以願承兌甲的匯票，因為兩方協商的條件，是在付款期限未到以前，乙亦可向甲出一張匯票，數額相等，外加利息傭錢，兌期亦為兩月。所以，在兩個月的限期未滿以前，乙向甲出一張匯票，甲又在這匯票滿期以前，再向乙出第二次匯票。在這第二次匯票未滿期以前，乙再照樣向甲出匯票，都以兩個月為期。這樣循環下去，可連續至於數月，甚而至於數年，不過，乙向甲開出的一切匯票，累積下來的利息傭錢，都要算在裡面。利息例為每年百分之五，傭錢每次至少百分之零點五。如果每年來往六次，傭錢就要加六倍，所只靠這種辦法籌款的甲，每年費用就至少也在百分之八以上。如果傭錢高漲，或如要對以前匯票的利息和傭錢付復利，那末，利上算利，費用就要更大。這就是所謂循環借款的辦法。 據說，國內大部分商業上的投資，普通利潤是在百分之六至百分之十之間。用這樣方法借得貨幣的營業，如果除了償付借錢的巨大費用，還能提供很好的剩餘利潤，那非是一種非常幸運的投機不行。但是，近來有許多規模巨大的計劃，在若干年中除靠這個方法從巨額費用借來的資金外別無其他資本。無疑的，這些計劃家在他們的黃金夢中，看到了大利潤的非常鮮明的幻象。但是，當他們醒了，或在他們營業結束時，或在他們無力再繼續經營下去時，我相信，運氣好得能夠實現所作的夢的，沒有幾個。 愛丁堡的甲向倫敦的乙開出的匯票，經常由甲於到期前兩個月持向愛丁堡銀行貼現。倫敦的乙隨後向甲開出的匯票，也照樣地經常由乙持向英格蘭銀行或倫敦的其他銀行貼現。銀行貼現這些循環匯票所付出的大都是鈔票。在愛丁堡，是付蘇格蘭銀行的鈔票；在倫敦，是付英格蘭銀行的鈔票。固然貼現的匯票，期到了都照兌，不過，為貼現第一張匯票而實際付出去了的價值，卻永遠沒有實際歸還貼現它的銀行。因為，在第一張匯票將到期的時候，第二張匯票又開出了，數額還更大。沒有這第二張匯票，第一張匯票根本就該有兌付的可能。所以，第一張匯票的兌付，全然是個名義。這種循環匯票的流轉，使銀行金櫃在發生了出流之後，一直沒有入流來補還這項出流。 銀行因貼現這些循環匯票而發的紙幣，往往達到進行大規模農業、工業或商業計劃所要使用的全部資金的數目，而不僅限於在沒有紙幣的情況下，企業家必須以現金形式保持在手中，以備不時之需的那部分資金的數目。所以，銀行發出的這種紙幣，大部分是社會所不能容納的，是超過國內在無紙幣的情況下流通界應有的金銀價值的。過剩的部分，馬上會回到銀行，要求兌換金銀。銀行必須盡其所能，設法尋求這項金銀。這是這些計劃家施巧用計向銀行弄去的資本，不但沒有經過銀行知道或得過銀行慎重考慮後的同意，甚至，銀行在若干時間中，可能毫不覺得曾貸給了他們這資本。 設甲乙二人，狼狽相倚，互出循環期票，向同一銀行貼現。銀行方面，當然不久就能發覺他們的行徑，就能明白看出，他們營業但自己並沒有資本，他們的資本全然是它借給他們的。但是，假如他們不常在一家貼現，時而這家，時而那家，而且兩人並不一直互向彼此開出匯票，而兜個大圈子，經過許多其他計劃家，這些計劃家以利益所在，互相幫忙，最後由其中之一，向他們開出匯票，那末，哪一張是真實匯票，哪一張是虛偽匯票，就不易辨認了。是有真實債務人和真實債權人的匯票呢，或是除了貼現匯票的銀行別無真實債權人、除了獵取貨幣的計劃家別無真實債務人的循環匯票呢，那就難於知道了。即使銀行終而察覺了這點，但可能已經太晚，這樣的匯票，已經貼現不少了。這時，拒絕他們，不再貼現，必然會使他們一齊破產，而他們破產，可能使銀行隨著破產。為顧念自身利益與安全計，在這危險境況中，銀行方面也許只好再冒險繼續貼現一些時候，企圖慢慢把貸款收回，或者加重貼現條件，迫使他們逐漸轉向別方面或者別個銀行設法，從而使自己盡快從這個圈套中擺脫出來。然而就在英格蘭銀行，倫敦各家主要銀行，以及比較慎重的蘇格蘭各銀行，陷入過深，開始對貼現提出較苛的條件時，這班計劃家不僅驚慌起來，而且憤怒起來。他們自己的苦惱無疑是直接起因於銀行方面這種慎重的必要的準備措施，但他們竟把自己的苦惱說成是全國的苦惱。他們說，這種全國的苦惱，完全是由於銀行方面識見卑陋，舉措失當；他們想努力使國家臻於繁榮富裕的境地，而銀行卻吝於幫助。他們似乎認為銀行按照他們所希望的借款期限和借款利息借給他們資金，乃是銀行的義務。然而就事實說，要挽救銀行自身的信用，耍挽救國家的信用，銀行拒絕對借款已經過多的人繼續按照這種方法貸給信用，是這時候唯一可實行的辦法。 在這喧擾和窘困之中，蘇格蘭如果開設了一家新銀行，聲言以救國難為職志。它立意很慷慨，但措施失當了，而且似乎不甚明瞭它所企圖救濟的困難，其性質是怎樣，其原因是什麼。這銀行的貸借，無論就現金結算法說，或就貼現匯票說，都比其他銀行寬大。就後者說，它幾乎不問匯票是真實匯票還是循環匯票，一律予以貼現。這銀行曾明白宣佈宗旨說，只要有相當的保證，甚至需要非常長的時期才能償還（象改良土地用的）的資本，也全部可以向銀行借取。甚至說，促進這樣的土地改良，是銀行所以設立的一個愛國目標。由於對現金結算、期票貼現採取這樣寬大的政策，銀行必然發行大量鈔票，其過剩的部分，既然不易為社會所容納，當然隨發隨回來兌換金銀。銀行金櫃，本來就不大充實。它從兩次招股募到的資本雖號你十六萬鎊，但實收不過百分之八十，而且是分期繳納。大部分股東，於第一次繳入股款後，即向銀行用現金結算法貸借。銀行理事先生們，以為股東借款，當受同樣寬大的待遇，所以，有大部分股東繳了第一期股款以後，其餘各期繳入的，幾乎全是在現金結算法下借出的款項。這樣，他們後來的交股，就不過是把先從銀行某一金櫃提去的款項，放入銀行的另一金櫃。所以，銀行金櫃，即使原本充滿，共過度的發行，亦必使銀行金櫃很快耗竭，只好走上失敗的途徑，向倫敦銀行開出匯票，期滿時再開，加上利息傭錢的數目，從而兌付前一匯票，除這辦法外，沒有其他能及時補充金櫃的耗竭。這銀行的金櫃，原來就不很充實，據說，營業不過數月，就不得不乞助於這個辦法。幸而，各股東的田產，不在數百萬鎊以下，他們認購股分時，實際上即等於把這田產保證銀行的一切借條，有如此充實的保證作為銀行信用的後盾，所以，貸借政策雖如此寬大，銀行營業，仍能賡續二年有餘。到非停業不可時，發出的紙幣額，已近二十萬鎊了。這種紙幣，隨發隨回，因要支持這些紙幣的流通，它屢向倫敦各銀行開出匯票。累積下去，到了銀行不得不倒閉的時候止，匯票價值，已在六十萬鎊以上。這樣，在二年多的時間裡，這銀行借出去的，也達八十萬鎊以上，取息百分之五。對那二十萬鎊用紙幣借出去的放款所收的百分之五的利息，也許可視為純利，因為除了管理費外，沒有其他扣除。但那六十多萬鎊向倫敦出匯票借來的，其利息傭錢等，卻在百分之八以上。所以，兩者對比，銀行借出的金額，其中要吃虧百分之三以上的利息的，不止四分之三。 這銀行經營的結果，似正和它的創辦人的本意相反。他們的目的，似乎在於對國內那些他們認為有勇敢進取精神的企業，給予支持，同時把蘇格蘭各銀行，尤其是在貼現方面被指摘為過於畏縮的設於愛丁堡的各家銀行排擠掉，從而把整個銀行營業集於一身。無疑的，這銀行曾給各計劃家以暫時的救濟，使他們在無可如何的境地下，多拖延了兩年左右。但事到盡頭，仍不過使他們陷入債務愈深，因此到了失敗的時候，他們的損失更重，他們債權人的損失也更重。所以，這些計劃家所加於自己及國家的困難，這銀行不但沒有加以救濟，事實上，反而使它加深了。為他們本身計，為他們債權人計，為國家計，他們大部分的營業，不如早兩年停止的好。不過這銀行所給予各計劃家的暫時性的救濟，結果成為對蘇格蘭其他銀行永久性的救濟。在蘇格蘭其他銀行不肯貼現循環匯票的時候，這新銀行對出循環匯票的人，卻伸出雙手歡迎。賴有它，其他各銀行，很容易就脫離了厄境，不然它們就決無法擺脫這厄境，一定耍受巨大損失，甚或在