list2-第52部分

快捷操作: 按键盘上方向键 ← 或 → 可快速上下翻页 按键盘上的 Enter 键可回到本书目录页 按键盘上方向键 ↑ 可回到本页顶部! 如果本书没有阅读完，想下次继续接着阅读，可使用上方 "收藏到我的浏览器" 功能 和 "加入书签" 功能！





manufactured　goods；　nor　can　the　debt　incurred　for　those　goods　be



liquidated　by　agricultural　products；　at　present　the　American



exports　to　England　are　limited　by　narrow　bounds；　while　the　English



exports　to　North　America　are　practically　unlimited；　the　rate　of



exchange　between　both　countries　under　such　circumstances　cannot



equalise　itself；　and　the　indebtedness　of　America　towards　England



must　be　discharged　by　exports　of　bullion　to　the　latter　country。



　　　　These　exports　of　bullion；　however；　as　they　undermine　the



American　system　of　paper　circulation；　necessarily　lead　to　the　ruin



of　the　credit　of　the　American　banks；　and　therewith　to　general



revolutions　in　the　prices　of　landed　property　and　of　the　goods　in



circulation；　and　especially　to　those　general　confusions　of　prices



and　credit　which　derange　and　overturn　the　economy　of　the　nation；



and　with　which；　we　may　observe；　that　the　North　American　free　States



are　visited　whenever　they　have　found　them　selves　unable　to　restore



a　balance　between　their　imports　and　their　exports　by　S　tate　tariff



regulations。



　　　　It　cannot　afford　any　great　consolation　to　the　North　American



that　in　consequence　of　bankruptcies　and　diminished　consumption；　the



imports　and　exports　between　both　countries　are　at　a　later　period



restored　to　a　tolerable　proportion　to　one　another。　For　the



destruction　and　convulsions　of　commerce　and　in　credit；　as　well　as



the　reduction　in　consumption；　are　attended　with　disadvantages　to



the　welfare　and　happiness　of　individuals　and　to　public　order；　from



which　one　cannot　very　quickly　recover　and　the　frequent　repetition



of　which　must　necessarily　leave　permanently；　ruinous　consequences。



　　　　Still　less　can　it　afford　any　consolation　to　the　North



Americans；　if　the　popular　theory　maintains　that　it　is　an



indifferent　matter　whether　large　or　small　quantities　of　precious



metals　are　in　circulation；　that　we　exchange　products　merely　for



products；　whether　this　exchange　is　made　by　means　of　large　or　small



quantities　of　metallic　circulation　is　of　no　importance　to



individuals。　To　the　producer　or　proprietor　it　certainly　may　be　of



no　consequence　whether　the　object　of　his　production　or　of　his



possession　is　worth　100　centimes　or　100　francs；　provided　always



that　he　can　procure　with　the　100　centimes　as　large　a　quantity　of



objects　of　necessity　and　of　enjoyment　as　he　can　with　the　100



francs。　But　low　or　high　prices　are　thus　a　matter　of　indifference



only　in　case　they　remain　on　the　same　footing　uninterruptedly　for　a



long　period　of　time。



　　　　If；　however；　they　fluctuate　frequently　and　violently；



disarrangements　arise　which　throw　the　economy　of　every　individual；



as　well　as　that　of　society；　into　confusion。　Whoever　has　purchased



raw　materials　at　high　prices；　cannot　under　low　prices；　by　the　sale



of　his　manufactured　article；　realise　again　that　sum　in　precious



metals　which　his　raw　materials　have　cost　him。　Whoever　has　bought　at



high　prices　landed　property　and　has　left　a　portion　of　the　purchase



money　as　a　mortgage　debt　upon　it；　loses　his　ability　of　payment　and



his　property；　because；　under　diminished　prices；　probably　the　value



of　the　entire　property　will　scarcely　equal　the　amount　of　the



mortgage。　Whoever　has　taken　leases　of　property　under　a　state　of



high　prices；　finds　himself　ruined　by　the　decrease　in　prices；　or　at



least　unable　to　fulfil　the　covenants　of　his　leases。　The　greater　the



rising　and　falling　of　prices；　and　the　more　frequently　that



fluctuations　occur；　the　more　ruinous　is　their　effect　on　the



economical　conditions　of　the　nation　and　especially　on　credit。　But



nowhere　are　these　disadvantageous　effects　of　the　unusual　influx　or



efflux　of　precious　metals　seen　in　a　more　glaring　light　than　in



those　countries　which　are　entirely　dependent　on　foreign　nations　in



respect　of　their　manufacturing　requirements　and　the　sale　of　their



own　products；　and　whose　commercial　transactions　are　chiefly　based



on　paper　circulation。



　　　　It　is　acknowledged　that　the　quantity　of　bank　notes　which　a



country　is　able　to　put　into　and　to　maintain　in　circulation；　is



dependent　on　the　largeness　of　the　amount　of　metallic　money　which　it



possesses。　Every　bank　will　endeavour　to　extend　or　limit　its　paper



circulation　and　its　business　in　proportion　to　the　amount　of



precious　metals　lying　in　its　vaults。　If　the　increase　in　its　own



money　capital　or　in　deposits　is　large；　it　will　give　more　credit；



and　through　this　credit；　increase　the　credit　given　by　its　debtors；



and　by　so　doing　raise　the　amount　of　consumption　and　prices；



especially　those　of　landed　property。　If；　on　the　contrary；　an　efflux



of　precious　metals　is　perceptible；　such　a　bank　will　limit　its



credit；　and　thereby　occasion　restriction　of　credit　and　consumption



by　its　debtors；　and　by　the　debtors　of　its　debtors；　and　so　on　to



those　who　by　credit　are　engaged　in　bringing　into　consumption　the



imported　manufactured　goods。　In　such　countries；　therefore；　the



whole　system　of　credit；　the　market　for　goods　and　products；　and



especially　the　money　value　of　all　landed　property；　is　thrown　into



confusion　by　any　unusual　drain　of　metallic　money。



　　　　The　cause　of　the　latest　as　well　as　of　former　American



commercial　crises；　has　been　alleged　to　exist　in　the　American



banking　and　paper　system。　The　truth　is　that　the　banks　have　helped



to　bring　about　these　crises　in　the　manner　above　named；　but　the　main



cause　of　their　occurrence　is　that　since　the　introduction　of　the　'



compromise；　bill　the　value　of　the　English　manufactured　goods　has



far　surpassed　the　value　of　the　exported　American　products；　and　that



thereby　the　United　States　have　become　indebted　to　the　English　to



the　amount　of　several　hundreds　of　millions　for　which　they　could　not



pay　in　products。　The　proof　that　these　crises　are　occasioned　by



disproportionate　importation　is；　that　they　have　always　taken　place



whenever　（in　consequence　of　peace　having　set　in　or　of　a　reduction



being　made　in　the　American　customs　duties）　importation　of



manufactured　goods　into　the　United　States　has　been　unusually　large；



and　that　they　have　never　occurred　as　long　as　the　imports　of　goods



have　been　prevented　by　customs　duties　on　imports　from　exceeding　the



value　of　the　exports　of　produce。



　　　　The　blame　for　these　crises　has　further　been　laid　on　the　large



capital　which　has　been　expended　in　the　United　States　in　the



construction　of　canals　and　railways；　and　which　has　mostly　been



procured　from　England　by　means　of　loans。　The　truth　is　that　these　in



loans　have　merely　assisted　in　delaying　the　crises　for　several



years；　and　increasing　it　when　it　arose；　but　these　very　loans



themselves　have　evidently　been　incurred　through　the　inequality



which　h