Chapter 15 CHAPTER II THE MONEY FOR THE MAINTENANCE OF NATIONAL CAPITAL
I pointed out in the first article that since the production and marketing of commodities require the use of labor, capital, and land, the prices of most commodities are composed of three parts: labor wages, capital profits, and land rent.In reality, the prices of some commodities are composed only of labor wages and capital profits, and the prices of very few commodities are composed only of labor wages.However, the price of commodities, in the final analysis, is composed of all or part of the above three parts.If a part of the price of a commodity can be attributed neither to rent nor to wages, it must be a gain of profit.
This applies both to particular commodities and to all commodities which constitute the annual produce of the land and labor of the whole country.In the first part I said that the total price, or the total exchange value, of the annual produce of land and labour, in a country, must also consist of these three parts; Capital profit or land rent.
The whole value of the annual produce of the land and labor of a country is thus distributed among the individual inhabitants.The national income, however, is also divided into two revenues, gross and net, just as the rent of private land consists of two types of rent, gross and pure.
Everything the farmer pays is included in the total rent of private land.After deducting from the general rent the various necessary expenses of management, repairs, etc., what remains is the pure rent paid to the landlord, that is, the means of consumption which the farmer furnishes to the landlord without harming his property.Landlords could use this money to buy food and clothing, to furnish their houses, or to engage in other private pleasures.The factor determining the actual wealth of the landlord is not the amount of total land rent, but the amount of pure land rent.
The total national income of a great country consists of the whole annual produce of the land and labor of that country.The fixed and circulating capital spent is subtracted from the total income, and the remainder is net income, which can be retained by residents for free use.That is to say, net income is the assets that can be kept and enjoyed by residents without losing money.This kind of capital can be used not only for consumption, but also for the purchase of daily necessities, conveniences or entertainment.The factor that determines the real wealth of a nation is not the amount of its total income, but the size of its net income.
The expense of replenishing fixed capital obviously cannot be counted in net revenue.There are useful machines or implements which must be repaired before they can be used; some profitable houses must be repaired before they can be rented at a profit.In this process, some materials need to be used, and a certain amount of labor is required to make these materials into finished products, so it costs a lot of money.This expense cannot be counted as net income.As for the price of this labor, it may be transformed into a constituent part of the net income of the society, since the wages of this labor will probably all be retained by the laborers as consumption goods.However, if it is other labor, the price of its labor and the product of its labor must be included in the net income.Among them, the price of labor is used for the consumption of workers, and the products of labor are reserved for consumption by others.An increase in the labor of the worker will increase the necessaries, conveniences, and amusements of others.
The object of fixed capital is to increase the productivity of labour, so that the present worker can do far more work than the same number of workers did in the past.If a farm has the necessary buildings, walls, ditches, roads and other complete facilities, then under the condition that the soil area, fertility, number of laborers and livestock are equal, the products it can harvest will be better than those without. Farms at these facilities harvest far more.In the same way, if a factory is well equipped with machinery, it must be able to produce a much greater quantity of goods, with the same number of workmen, than a factory without such equipment.
The outlay on fixed capital, so long as it is moderate, must yield high and rapid profits.At the same time, the value of the annual produce would thereby be increased far beyond the necessary cost of improvement.However, this improvement cost is part of the annual product.Thus, a part of the material and labor which might have been employed directly in increasing food, clothing, shelter, and every other kind of necessaries and conveniences, has been diverted to other uses.Obviously, this new use is very advantageous.Improvements in machinery, therefore, enable the same number of workmen to produce the same quantity of goods by means of cheap and easy machinery.This improvement is undoubtedly a great progress for society.Because, in the past, once some expensive and complicated machines broke down, a certain amount of materials and labor were needed to repair them, and the cost was relatively large; but now, because the machines are improved, this money can be saved. Repair money, spend it on other machines, thus increasing the number of products.For example, in the past, the owner of a large manufacturer spent at least 1,000 pounds on machine repairs every year; but now, if this repair cost is reduced to 200 pounds, he can use the savings to purchase additional materials. , Hire more workers.In this way, the number of products will naturally increase.Once the quantity of products increases, the social welfare brought by this product will naturally increase.
Great nations expend about as much in the maintenance of a fixed capital as in the improvement of private land.In order that the produce of the land may furnish the landlord with a gross and pure rent, the farmer must frequently expend a certain sum of money in improving the land.This cost of improvement may be reduced, and the quantity of produce maintained, if the measures are right.At this time, the total ground rent will at least remain unchanged, and the pure ground rent will certainly increase.
The maintenance of circulating capital differs from that of fixed capital in that it may be included in the net income of society.As I have said before, circulating capital consists of four classes, money, food, materials, and manufactured goods.Among them, the latter three categories are often transformed into fixed capital, or reserved for consumption, and thus become part of the net income of society.The circulating capital, which maintains these three classes of capital, is therefore still a part of the net income of the society, and does not reduce the annual produce of the society; it is only in maintaining a fixed capital that it reduces a part of the annual produce of the net income of the society.
From this point of comparison, social floating capital is different from personal floating capital.Because personal floating capital and personal net income are completely two concepts. Personal net income refers to the net profit obtained by individuals; social floating capital is different. Although it is composed of personal floating capital, it is May be part of the society's net income.Take, for example, the stock in a store, which, though not the merchant's money of consumption, is someone else's money of consumption.The buyer's income generally comes from other industries, and the buyer can use his income to pay the merchant for the value of the goods and profits.In this way neither the capital of the merchant nor the purchaser is impaired.
Therefore, among the social floating capital, only the maintenance of currency can reduce the social net income.Money, though a constituent part of circulating capital, acts very much like fixed capital in its effect upon the income of society.
First, The machinery and implements necessary for the business require a certain expense to be acquired and maintained.This fee needs to be deducted from the net income of the society.The same goes for currencies.There is a fee, either for collecting the currency or for covering its wear and tear, which is also deducted from the net income of the society.Currency, as a major commercial tool, can distribute necessities, conveniences and entertainment in society to real consumers in appropriate proportions.But as such implements are so expensive, a certain amount of gold and silver of great value, and fine labor, must be expended, if the means retained for consumption are not thereby increased.Only in this way can the necessities, conveniences and entertainment of the people not increase.
In the second place, neither the machinery and implements employed in the business of an individual, nor of the whole society, nor money, can be included in the gross or net income.Although money can distribute the entire income of society to the members of society according to needs, it cannot be counted as part of the income of society.Money is only a tool for the circulation of goods, and it is very different from the goods that are circulated by its power.It is the goods, not the means through which they circulate, that can really be attributed to the income of society.Only the money and goods left after subtracting the full value of money can be included in the total or net income of society.
When people hear this statement, they may have doubts and think it is a bit sophistry.The reason for this result is that I did not express myself clearly enough.If I can explain it clearly, people will undoubtedly understand it correctly.
A certain amount of currency sometimes simply refers to the currency containing the same amount of gold bullion, and sometimes it implies the amount of goods that this amount of currency can exchange for, that is, purchasing power.
For example, when we say that the currency of England is eighteen million pounds, we are only referring to the amount of gold bullion needed for the circulation of British goods calculated or imagined by a certain writer.But when we speak of a man's income of fifty or a hundred pounds a year, we generally mean the quantity of pure gold he can earn annually, and the value of goods which he can purchase annually.This sentence can usually express the living conditions of this person, that is to say, what should be the quantity and quality of the necessities and conveniences of life that he can enjoy.
A certain amount of money sometimes implies the quantity of goods that can be exchanged for this amount of money.At this time, what this amount of currency can represent can only be wealth or income, that is, the value of the currency, rather than the amount of gold bullion contained in the currency itself.Suppose a man has a pension of one guinea per week, and with this guinea he can purchase a certain amount of necessaries, conveniences, and amusements which he needs each week.At this time, his real weekly income is proportional to the amount of goods that this guinea can buy, that is, it is equal to the goods that one guinea can buy, or it is equal to one guinea.In fact, it is more apt to say that his real income per week is equal to the value of a guinea than that his weekly income is equal to a guinea.
If the man's weekly pension is not paid in gold, but in a bill of one guinea, his income is evidently what the bill would exchange for.At this time, a guinea can also be regarded as a bill.With this bill, the person can buy a certain amount of necessities and conveniences from the neighboring merchants.His income is the goods he gets in exchange for a guinea, not a guinea of gold.If the guinea could not be exchanged for anything, it would be as worthless as a bankrupt's note.
Although the weekly or annual income of the inhabitants of a country may be paid, and is actually paid, in money, their real weekly or annual income is always in proportion to the consumption goods which they can buy with money. Quantity related.It is evident, then, that their whole income cannot be equal both to money and to consumables, but generally only to the value of consumables.
The amount a person can receive each year, usually representing his annual income.For this amount suffices to govern his purchasing power, i.e. it determines the quantity of consumption goods which he can acquire annually.Nevertheless, we still think that his income consisted of this purchasing or consuming power, and not of the gold bullion having this purchasing or consuming power.
This situation is very clear when applied to individuals, and it is even more clear when applied to society.A person's annual income is often exactly equal to the amount he can receive.Therefore, his personal income can be expressed concisely and clearly in terms of the amount he can receive.However, the income of all members of society is definitely not equal to the amount of money in circulation in society.The same pension of one guinea can be paid to A today, B tomorrow, and C the day after tomorrow.Therefore, no matter in any country, its annual currency circulation is much smaller than the pension paid in that year.But the purchasing power of the money in circulation, i.e. all the goods purchased by this successive pension, always has the same value as the total amount of this pension.Likewise, all persons who live on a pension must be able to receive an income of the same value as a single pension.Since the quantity of gold bullion circulating in society is far less than its value in circulation, it can never be included in the income of society.The real element that constitutes the income of the society is the goods successively purchased by the gold bullion that circulates among the people, that is, the actual purchasing power of those few gold bullion.
Money, like the instruments of all other trades, is a part of capital, and is the great instrument of commercial circulation, a most valuable part of capital.But even so, it cannot be classified as social income.Although it is the circulation of gold coins that makes the income distributed to those who deserve it, the gold coins still cannot be included in the social income.
The machinery and implements of which fixed capital is composed are somewhat like a portion of circulating capital.The net income of society would increase if the productivity of labor were not thereby diminished by saving the expense of acquiring and maintaining machinery.Likewise, the saving of the expense of collecting and maintaining money, the liquid capital, increases the net income of society.
Why can the measure of saving fixed capital maintenance cost increase social net income?This question is easy to understand, and we have also made some explanations.The entire capital of an entrepreneur necessarily consists of two parts, fixed capital and circulating capital.When the total capital remains unchanged, the two are bound to ebb and flow, that is, when one part decreases, the other part increases.Because working capital can be used to provide materials, pay wages, and promote industrial development.If the productivity of labor is not diminished after the saving of the maintenance of fixed capital, the circulating funds which drive industry must increase.The real revenue of the society, that is, the whole annual produce of land and labour, would thus increase in proportion.
Paper money is a much cheaper instrument of commerce than gold and silver coin, but its conveniences are sometimes almost equal to those of costly gold and silver coin.Paper money was the new instrument of commerce, and it cost much less to manufacture and maintain than gold and silver coins.However, how does it function as a tool in circulation, and how does it increase the total or net income of society?People don't quite get it yet, so I'll explain further below.
There are several types of banknotes, and they are all different.Bank notes are the most common and useful paper money.In a country, if people trust a banker with a lot of money to be honest, prudent, and able to exchange cash at any time, then the paper money issued by him can circulate in the society like gold and silver coins.
Suppose the banker lends a customer a promissory note of one hundred thousand pounds equivalent to the same amount of money, the debtor will naturally be obliged to pay the interest on the promissory note, just as he must pay interest on borrowed money.At this time, the interest on this promissory note is the banker's source of profit.After this promissory note is issued, some of it will definitely flow back, and some will continue to circulate in society.Therefore, often only 20,000 pounds of the 100,000 pounds worth of promissory notes are needed to meet unexpected needs.Such bills, therefore, would equalize the utility of twenty thousand pounds of gold and silver with those of one hundred thousand.In this way, a promissory note of 100,000 pounds is equivalent to 100,000 pounds of gold and silver, and can be used for exchange, turnover, and distribution of a certain amount of consumer goods like 100,000 pounds of gold and silver.Eighty thousand pounds, therefore, would be saved in the gold and silver which were put into circulation in the country.Suppose the many banks in the country to conduct their business in this manner, the domestic circulation of goods would then require at most one-fifth as much gold and silver as they would have had without such bills.
Suppose that at a certain period the currency of a certain country amounted to a total of one million pounds, which was sufficient for the circulation of the whole annual produce of the country; later, owing to the multitude of banks, bills of one million pounds were issued for cash, and in order to meet the occasional Two hundred thousand pounds were kept in the coffer for the sake of necessity.Thus, the money circulating in the market consists of 800,000 pounds of gold and silver coins and 1,000,000 pounds of promissory notes.However, only one million pounds is needed in the market to complete the circulation, turnover and distribution of the domestic annual products of land and labor, not to mention that the bank cannot immediately increase the amount of domestic annual products.Even with so many banks, therefore, the quantity of money required to circulate the whole annual produce of the country would still be £1,000,000.Neither the quantity of goods bought and sold nor the quantity of money has changed in the least; the channels of circulation have, of course, remained the same.If the amount of currency in circulation in the country exceeds one million pounds at this time, it will inevitably overflow and flow sideways.The current domestic currency circulation is 1.8 million pounds, so there will be 800,000 pounds of funds overflowing.
However, if the amount that cannot be accommodated in the country is left unused, the loss will be too great.The £800,000 which overflowed, therefore, must be sent abroad, where they may be employed for advantages which cannot be found at home.However, the £800,000 sent abroad cannot be in paper money.Because the banks that issue banknotes are too far away from foreign countries, and the laws of the country are unable to force foreign countries to cash them out, so banknotes cannot be used in foreign countries.Therefore, the eight hundred thousand pounds sent abroad must all be gold and silver.At this time, the one million pounds of gold and silver required for domestic circulation can be replaced by only one million pounds of paper money.
This huge amount of gold and silver sent to foreign countries will definitely not be given to foreign countries as gifts without doing anything. Instead, some foreign goods will be exchanged for domestic consumption, or those foreign goods will be resold for consumption by other countries.For example, if the people of country A transport a huge amount of gold and silver from their country abroad and use it to buy goods from country B for people's consumption, then what they are engaged in is "trafficking trade".The profits increased by this trade will naturally increase the net revenue of country A.Therefore, this huge amount of gold and silver can be used to start new businesses like newly raised funds; while domestic businesses that originally needed to be run by gold and silver were turned to banknotes.
The goods that people buy from foreign countries with this huge sum of gold and silver, and consume at home, are not wine or silk and other consumer goods for the idle class, but materials, tools, and food.
When this fund is used for the former purpose, it will undoubtedly only encourage extravagance and increase consumption, instead of increasing production and maintaining a fixed fund for this consumption, which is bound to be harmful to society without any benefit.
When this means are employed in the latter purpose, more industrious people can be maintained and employed, enabling them to produce a greater annual produce and profit, and thus encourage industry.In doing so, although social consumption is increased, it also provides fixed funds to maintain this consumption.Because at this time, laborers will not only reproduce all the value of annual consumption, but also create more profits for the society; the total income of society, that is, the amount of annual products of land and labor in the whole society, will inevitably increase to equal the material The whole value added by the processing of the workers; the net income of the society, must also increase to a value equal to the total income minus maintenance costs.
The gold and silver which are overflowed by numerous banks, and are compelled to flow abroad, must, if the goods bought from foreign countries be used for the consumption of the country, must be in the greater part those which are employed for the latter purpose.This is almost inevitable.Of course, there are people who suddenly spend a lot without increasing their income.However, I believe that not all people in this class do this.Of course we cannot expect everyone in this class to be prudent, but at least most of them are not extravagant or spend money recklessly, and they can always follow the principle of prudence.As for the income of the idle class, it will not increase by a single cent because of the influence of many banks.Therefore, even if there are many banks, the expenses of the idle class will hardly increase, and their demand for foreign goods will almost remain the same.The foreign goods which they require cost but a very small part of the money which, through the multitude of banks, flows abroad.Most of the remaining currency is naturally used to revitalize industries.
Social mobile capital can increase the amount of labor.We must always bear in mind that, of the four classes of social mobile capital, only three, food, materials, and manufactured goods, add to the labor which can be counted.The currency used in realizing these three types of circulation must be subtracted.In order to promote the development of industry, three things are needed: materials, tools and wages.Among them, materials are the objects of work, tools are the means of work, and wages are the motivation for workers to work.Currency is different from working materials and working tools. Although it is commonly used to pay workers' wages, it is not the real income of workers.The real income of the worker consists of the value of money, that is, of the goods for which gold bullion can be exchanged.
A certain amount of capital, the materials and tools that can be provided, and the number of workers that can be maintained are all fixed.The quantity of labor a man can employ, therefore, is determined by the quantity of capital he possesses.Although money can buy materials, tools, and maintain workers, the total amount of labor it can command is undoubtedly not equal to the sum of itself plus the materials, tools, and food it can buy, but often only equal to Items it can buy.
Since the appearance of paper money, the material, food, and implements which the whole circulating capital can furnish must necessarily increase in proportion to the equal quantity of gold and silver replaced by paper money.The full value of money is now added to the goods upon which it was supposed to circulate.This situation is very similar to the situation of a large factory owner: as the machine improves, he replaces the old machine with the new machine, and counts the price difference between the old and the new machine in the circulating capital, which is used to purchase materials and pay workers' wages .
In what proportion is the money in circulation in a country to the value of the annual produce in circulation?Perhaps no one can be sure.Some people say it is one to five, others say it is one to ten, one to twenty, and still others say one to thirty.But however small the proportion of money to the total value of the annual produce, a small part of the annual produce is earmarked for the maintenance of the industry, and the proportion of money to it is not small.If paper money is used instead of gold and silver coins, and the amount of gold and silver required for circulation is reduced to one-fifth, then when a large part of the four-fifths saved is used for the maintenance of industries, the quantity of industries, land and labor The value of the annual produce will naturally increase greatly.
In the last twenty or thirty years, many banks have been set up in almost all major cities in Scotland, even in remote areas.This result, owing to the multitude of banks, made the business of the country almost wholly dependent upon paper money, which was employed in all purchases and payments.Only when cashing notes of twenty shillings or more was it possible to see silver coins, and still less likely to see gold coins.Banks have been set up everywhere, and it is inevitable that there will be a mixture of good and bad, which even makes it necessary for the House of Representatives to legislate against some banks.But there is no doubt that the state has also benefited greatly from the establishment of banks.It is said that Glasgow's commerce doubled in the fifteen years since the bank was founded.Moreover, since the establishment of two public banks in Edinburgh, Scottish commerce has more than quadrupled.The two public banks, one is the Bank of Scotland established by the resolution of the Parliament of England in 1693, and the other is the Royal Bank established by the Royal Decree in 1727.
However, I dare not presume to be wise enough to judge whether Glasgow, and the general commerce of Scotland, have made such advances during this short period of time.If this is true, it must have been more than the creation of banks that brought about this great progress.It is undoubtedly true, however, that the establishment of banks was responsible for the great increase in commerce and industry in Scotland during this period.
In 1707, England and Scotland merged.The silver coins which had hitherto been in circulation in Scotland, were all taken to the Bank of Scotland for reminting shortly after the merger, containing a silver amount of £411,117 ten shillings and ninepence.There is no way to study the amount of gold coins recast.From the old books of the Scottish Mint, however, it appears that slightly more gold was re-minted than silver.At that time, many people were afraid that once the silver was handed over to the Bank of Scotland, the silver would no longer be theirs, so many silver coins were not handed over to the Bank of Scotland at that time.In addition, there are many English mints in circulation in the Scottish market, which have not been surrendered to the bank.Therefore, before Scotland was merged with England, the total value of its common gold and silver coins was no less than one million pounds, which seemed to be equal to the entire currency of Scotland at that time.For, although the Bank of Scotland had no competitors at that time, and it issued a great deal of paper money, these paper moneys constituted a very small part of the total currency.At present, the total currency of Scotland may be at least two million pounds, of which there may be only half a million pounds in gold and silver coins.However, even though the gold and silver coins in Scotland were greatly reduced, the real wealth and prosperity of Scotland were not affected in the slightest. On the contrary, various trades in agriculture, commerce and industry were clearly developed, and the total annual product of land and labor was also markedly increased. .
The main way banks issue banknotes is by discounting bills of exchange, that is, using money to buy undue bills of exchange.At this time, people can go to the bank to borrow cash in advance with an undue bill of exchange, and the bank will deduct the interest due and receivable from the total loan amount.When the bill of exchange is paid when it is due, it is not only enough to repay the cash borrowed by the bank in advance, but also brings interest.This interest is the net profit for the holder of the bill of exchange.Banks pay bills of exchange at discounted bills, not in gold and silver, but in notes issued by the bank.The banker can advance as far as he can by experience, so that as the amount of bills of exchange he can discount increases, so does his net profit.
Scotland's business is not very prosperous now, let alone the period when two public banks were established.If the business of these two public banks is only to discount bills of exchange, then their turnover will inevitably be very small.So they issued cash-settled credit notes.The cash settlement method means that anyone can borrow 2,000 or 3,000 pounds from the bank, provided that the borrower can find two people with credit and real estate as guarantees, and can meet the requirements of the bank within the specified period. Repay the amount he borrowed and its legal interest within the full amount.I believe that banks all over the world have generally adopted this method of lending.As far as I know, the repayment terms of various banks in Scotland are very loose.Perhaps that is why the turnover of the Bank of Scotland was so high, thereby generating a handsome income for the country.
In Scotland, anyone who has the above-mentioned credit conditions can borrow cash from the bank according to the cash settlement method.For example, if a person borrows a thousand pounds, he may repay it in installments at any time, even if he only pays back twenty or thirty pounds at a time.On the other hand, the bank will calculate the amount of each repayment and the interest payable from the date of each repayment to the date of full repayment, and deduct the corresponding amount of interest from the total interest.
This method is very convenient in the eyes of businessmen and industrialists of all walks of life.Therefore, they all supported this business project of the bank. Not only did they accept the use of banknotes to trade with others, but they also persuaded others to accept it as well.Most of the loans that banks lend to merchants are banknotes issued by the bank.This banknote circulates to the manufacturer through the purchase of goods by the merchant, and then to the farmer through the purchase of food and materials. The farmer then pays a part of the land rent to the landlord, and the landlord uses this banknote to buy it from the merchant. to various conveniences or luxuries.Finally, the merchant returns the paper money to the bank to offset the previous loan.Under such circumstances, the circulation of gold and silver throughout the country was almost replaced by the circulation of banknotes, so the banking industry naturally prospered.
Merchants could rely on the cash settlement method and expand their operations without danger.Suppose there is a businessman in Edinburgh whose business projects and investment capital are the same as those of a businessman in London.Since he can obtain loans by cash settlement, he can without danger gradually increase the size of his operation, and employ more hired hands.In contrast, because London merchants cannot perform cash settlement methods, they often keep huge amounts of money with them or store them in the bank's safe in order to meet the requirements for credit purchase loans. Naturally, there is no interest in doing so. .Suppose the immovable capital which a London merchant is always required to keep is five hundred pounds, the value of the goods in his warehouses will be five hundred pounds less than the value of the goods in the Edinburgh merchant's warehouses.If, on the average, the stock of the London merchant was once a year out of stock, he would then sell five hundred pounds less annually than the Edinburgh merchant; Fewer than Edinburgh merchants.
On the contrary, even an Edinburgh businessman will encounter this unexpected need, but he does not need to keep the 500 pounds of stagnant money, because he can use the cash settlement method to borrow money from the bank at any time, and later use the minted coins obtained from the sale Or paper money to pay off the loan gradually.With the same capital as a London merchant, he can hoard more goods without danger, thereby earning greater profits, creating more employment opportunities for the working people, and bringing great benefits to the country. small interest.
The discounted bills of the Bank of England have given to the merchants of England the same convenience which the method of cash settlements has given to those of Scotland.However, Scottish merchants can also discount drafts with banks as easily as English merchants when they use the cash settlement method to obtain bank loans, which is more convenient than English merchants.
Under the same conditions of commerce, the total amount of paper money in the unimpeded circulation of a country can never be greater than the quantity of gold and silver that would be necessary to circulate in that country if it had no paper money.Take Scotland's common paper money as an example. If the gold and silver required for the circulation of some goods in Scotland are at least twenty shillings, then the total annual currency of this kind of goods in the country is absolutely impossible to exceed the value of more than twenty shillings. The amount of gold and silver required for the transaction.If the total amount of the currency exceeds twenty shillings, the excess immediately goes to the banks, and is exchanged for gold and silver.As a result, banknote holders can immediately feel that their banknotes exceed the needs of domestic transactions, so they will immediately take banknotes to the bank to cash them.For paper money is of no use when sent abroad; but once it is converted into gold and silver and sent abroad, it can be used for many purposes.In short, the excess banknotes will all flow back to the banks and be exchanged for gold and silver.If the bank cannot cash out quickly, more banknotes will flow back to the bank, which will cause people's surprise and tension, and make people increase their cashing demands.
Running any business requires funds, such as rent and salaries of clerks, accountants, etc., are indispensable expenses.In addition to these expenses, there are two types of special charges to keep in the bank.One is to keep huge sums of currency in bank vaults.There is no interest on this huge amount of currency, and it is just to meet the occasional need for someone to cash the bill.The second is to replenish the gold cabinet in time.When the huge amount of currency kept in the safe is nearly exhausted due to unexpected needs, it needs to be replenished in time to the amount that needs to be kept.When a bank issues more paper money than is needed for domestic circulation, the excess paper money will continually flow back to the bank to be cashed.At this time, the bank will increase the gold and silver reserves in the coffers by more than the excess paper money, because the paper money flows back much faster than the issuance speed.Therefore, the bank's first category of special charges must be increased in proportion to the amount that must be honored.Moreover, the coffers, even if they were well stocked, must be exhausted much more rapidly than in other banks, in such a bank that issues too much paper money, and the coffers must always be replenished with haste.However, since the purpose of the coins flowing out of the coffers is only to exchange for more paper money than is required for circulation, so many coins are not required for circulation, so they cannot be circulated in the country.
Coins are generally not thrown into disuse, and even if they are of no use at home, they are transported abroad in various ways, where they find a favorable use.But if gold and silver are always exported in this way, it will be more difficult for the bank to obtain gold and silver when the bank needs gold and silver to replenish the coffers, and the cost of obtaining gold and silver will naturally increase.Therefore, when the demand for redemption is tight, those banks that issue too many notes must spend more on increasing the special charges of the second type than the special charges of the first type.
Suppose a certain bank issues forty thousand pounds in notes, just equal to the number required for domestic circulation.The bank also prepared 10,000 pounds of gold and silver to meet contingencies.假如该银行企图发行四万四千镑纸币，那么多出来的那四千镑，就超过了社会容易吸收和使用的限度，必将在发行之后又立即流回银行。于是，银行为应付不时之需而储备的金银就不再是一万镑，而是一万四千镑了。这多余的四千镑纸币，不但不能提供丝毫利润，反而还会带来损失。因为，银行为了兑现这四千镑纸币，需要花费一笔费用来收集四千镑金银，而且这笔金银刚收上来，马上又会被兑现走。金银就这样不断被收集和散出，花掉了一笔不小的费用。
如果所有银行都能够考虑到其自身利益，那么市场上流通的纸币就不至于过剩了。不过，未必所有银行都能考虑到这一点，所以纸币过剩的现象自然也就很常见了。
由于纸币发行量过大会导致多余纸币流回银行兑换金银，所以多年以来，英格兰银行每年都得铸造八十万到一百万镑的金币，平均每年铸了八十五万镑的金币。在数年以前，由于金块被磨损得粗劣不堪，银行采取了大量铸造金币的措施。当时，银行购买金块的价格，高达四镑每盎司；等到金币铸成时，每盎司金币的价值却只有三镑十七先令十个半便士，损失率达到了百分之二点五到百分之三。由于铸造的数额非常大，所以金银的总损失自然也不小。即使是在免付铸币税，并由政府负担全部造币费用的情况下，银行的损失也是避免不了的。
苏格兰银行也发生过同样的情况。由于它发行的纸币过多，所以经常不得不以百分之一点五或百分之二的费用，委托伦敦代理人替他们收集金银，然后再以百分之零点七五的保险费雇马车送来。即使如此，这些货币也往往不能使本银行的金柜得到及时的补充，因为金柜枯竭的速度太快了。这时，苏格兰银行为了筹够所需的金银数目，就不得不向伦敦其他的银行开汇票。等到汇票到期时，这些银行就会向苏格兰银行索取借款、利息和佣钱，而很多苏格兰银行都因为发行了过多的纸币而困难重重，常常无力支付，因此不得不开出第二批汇票给原债权人或是伦敦其他的银行。有时候，同一数额的汇票，往往会在伦敦和爱丁堡之间往返两三次，甚至是三次以上。这么一来，利息和佣钱就会大大增加，并全数由借债银行支付。这无疑是一种自取灭亡的方法，但即使是苏格兰一些一直都不怎么冒险逐利的银行，有时也不得不采用这种方法救急。
英格兰银行或苏格兰银行为了兑换发行过多的纸币，付出了比流通所需多得多的金币。于是，这种金币就只好直接或是被熔成金块之后被运往外国，然后再由英格兰银行以四镑每盎司的高价买回来。那些直接输往外国，或是被熔成金块之后再运往外国的金币，不但是最新的，也是最重、最好的。因为，国内流通的铸币，只要能够保持铸币的形态，它的价值就和足值铸币的价值相等，而其本身的重量并不重要。但那些在国外流通的金银就不同了，无论它们是在国内还是在国外被熔成金块的，它们的重量越重，价值就越大。尽管英格兰银行每年都铸造一大批新币，其缺乏铸币的程度还是会和往年一样。而且，尽管英格兰银行每年都发行了很多好的新铸币，但铸币的形状仍不见好转，反而一天比一天坏下去。即使今年已经铸造了很多新币，明年还是有必要重新铸造同样多的新币，再加上铸币经常会被磨损、剪铰，所以金块的价格也不断提高，使得造币的费用一年比一年高。
根据观察，英格兰银行发行的铸币，不但要直接补充本银行的金柜，还会以各种形式不断流向全国各地，间接供应国内市场。英格兰银行不但要供应原本用来支持英格兰、苏格兰过剩纸币的铸币，还要供应国内所有流通所需的纸币。苏格兰的各个银行，无疑因为自己的不小心和没有成算而吃了大亏；但是，英格兰银行吃的亏还更大。因为，它吃的亏，不但包括由它自己的不小心造成的损失，还包括苏格兰各个银行由于更大的不小心而造成的损失。
英国有些计划家，往往不度量自己的资力就大胆地过分经营某项事业。正因为如此，才造成了英国纸币的大量剩余。
商人或企业家经营事业所需的资本，也不适宜全部或大部分都从银行借贷。他们向银行借贷的那部分资本，只适宜用来应付不时之需，以免造成滞财无法被利用的浪费。所以，企业家应该在为了应付不时之需时才向银行借钱。如果银行借出的纸币不超过这一限度，那么纸币的发行量就绝对不会超过流通所需的金银量，也绝对不会造成一部分金银不能在国内流通的后果。
如果债权人给债务人开具汇票，而债务人能在汇票到期时立即兑付，那么银行在给商人贴现汇票时，所垫付的就只有商人用来应付不时之需的滞财。这时，汇票一到期就会兑付，所以银行也一定能够收回自己垫付出去的价值及其利息。如果银行只和这类顾客有业务往来，那么银行的金柜就会像一个蓄水池，即使不断有水从其中流入或流出，它也总能保持流出和流入的水量相等，而不用时刻留神蓄水池是不是充满的。所以，这类银行的金柜，根本不需要多少费用来补充，甚至完全不用补充。
在没有期票要求银行贴现的场合，即使是一个中规中矩的生意人，也经常会需要现金。如果在他需要资本的时候，银行不但可以给他供应贴现汇票，还允许他接照现金结算法这种简单的条件借贷，那么他就可以靠陆续售出的存货收益来零星地偿还贷款。这种方法，给他提供了极大的便利，使他不必为了应付不时之需而经常储备专款，只需凭现金结算法来应付不时之需就可以了。
不过，银行在经营这类业务时，应该特别注意顾客的偿贷情况。比如说，看顾客能否在四到八个月的短时间内全数偿还贷给他们的款项。如果银行在这段时间里的收入大都等于贷出，那么银行就可以放心地继续和这种顾客保持业务往来。这类业务往来，会使金银大量流出，但同时也能使金银大量流入。在这种情况下，无须留心，金柜都始终会处于接近充满的状态；即使要补充它，费用也不会太大。相反的，如果顾客无法按期偿还贷款，那么银行就不能再继续大胆地与他保持业务往来；即使要与他保持贸易往来，也不能继续采用这种方式。因为这时，金银的流出必定会大于流入，银行只有在不断进行重大努力以得到巨额费用的情况下，才能不断补充金柜的储备以避免金柜快速枯竭。
因此，在很长一段时间内，苏格兰各个银行在向顾客借款时，都极其谨慎地要求所有顾客定期归还贷款；如果顾客没有照办，那么无论他的财产再多、信用再高，他也别想跟银行借到一文钱。银行自从采取了这种谨慎的措施之后，不但几乎不必花费资金来补充金柜，还获得了其他两种大收益。
第一，这种谨慎的措施，使得银行只需要查看自己的账簿，就能够十分准确地判断出债务人的业务盛衰，从而得知债务人能否正常偿债。因为，债务人的业务盛衰，基本上决定了他能否按时偿还债务。如果是私人放债，其债务人一般只有几个，最多也就几十个。所以，最多只需要一个经理人，就可以掌握债务人的行为和经济情况。而银行放债就不同了，它的债务人动不动就有数百个，所以它除了要把债务人的行为和经济情况记载在账簿中以外，还要不断留心其他一些事情，比如关于大部分债务人的其他经常性报道。苏格兰的各个银行，也许正因为意识到了这一点，才要求所有债务人必须按时偿还借款。
第二，这种谨慎的措施，使得银行发行的纸币，不至于超过流通所需的纸币。如果债务人偿还的贷款，在很长一段时期里都等于贷出的数额，那么银行贷出的纸币，就没有超过债务人在无法借贷时必须保留的金银量。所以，银行发行的纸币量，也就没有超过流通所需的金银量。如果债务人频繁地定期偿还贷款，而且偿还的数额足以证明银行贷出的纸币，没有超过债务人在无法借贷时所必须保留来应付不时之需的金银量，即其所保留的金银量并不会妨碍剩余资本的正常使用时，那么只有这类债务人的资本，能够在相当长的时期里不断地以铸币或纸币的形式时进时出。要是银行的借贷超过了这一资本额，那么债务人偿还的贷款，就会长时间地不等于贷出的数额，使得银行金柜的流入量小于流出量。发行过多的纸币，也会因为超过了无纸币时债务人必须保留来应急的金银量，从而立即超过国内流通所需的金银量，并使多出来的纸币立刻流回银行去兑换现金。这种收益和第一种收益一样实在，只是英格兰的各个银行似乎对它并不太了解。
银行能够为商人们做的，大概就只有贴现汇票和现金结算了。有了这两种借贷方法之后，国内有信用的商人，就无须专门为了应付不时之需而储备滞财，所以也就不可以再指望银行做进一步的付出了。考虑到银行本身的利益和安全，它也只能做到这一步为止。出于银行自身利益的考虑，商人营业所需的流动资本，根本不能大部分都从银行借贷，更别说全部从银行借贷了。因为，商人的流动资本虽然能够以货币的形式不断出入，但流动资本流出以后，往往需要很长时间才能全部收回，根本不可能使银行资本在短期内保持收回和贷出的平衡。
固定资本就更不应该大部分都从银行借贷了。比方说冶铁行业，无论是建立铁厂、铁炉、工作间、仓库，还是工人住宅的资本，大部分都不能靠银行借贷；再比如说开矿行业，不管是挖坑掘井、排除积水，还是建筑路轨，都不能主要依靠银行来提供贷款；还有土地改良，农业家垫付在开荒、排水、筑墙，以及建造厩舍和谷仓等必要建筑物上的资本，大部分都不宜来自银行贷款。固定资本的流回速度比流动资本慢多了，它一旦投入业务运营中，即使方法十分恰当，也需要很多年之后才能收回，这当然对银行不利了。当然了，如果企业家想依靠借贷资本来实施自己的大部分计划，那么他本身就应该持有能够保证债权人不吃亏的充足资本。也就是说，即使他的计划失败了，他也能够保证债权人不会蒙受损失。只有这样，对债权人才算公道。不过，要是这笔贷款不能在数年之内全数偿还，也最好别向银行借贷，而是用抵押品向那些专靠利息生存的私人放贷者借贷。因为，这些私人放贷者宁愿把钱借给有信用的人也不想自己投资，所以即使是长期借贷也不要紧。如果既不需交印花税、律师费，又不需准备抵押品，就可以取得贷款，而且还款条件又和苏格兰银行能够接受的条件一样简单，那么这样的债权人，自然能为商人和企业家提供最便利的服务。不过，如果真有这类债权人存在的话，那么这些商人和企业家就会给债权人带来最大的不便利。
苏格兰各个银行近二十五年来所发行的纸币量，都大致等于国内流通所需的金银量。银行在考虑自身利益的基础上，已经尽全力来资助苏格兰的各种事业了。事实上，它们的资助甚至有点儿过了头，所以它们才吃亏，使得自身利润减少了。这种业务的经营规模只要稍微有点儿过头，就难免会产生这种结果。
不幸的是，得陇望蜀的商人和企业家们，竟然不知道满足，只是一味地追逐利润，并认为只要添加少数的纸张费，就可以随意地推广银行的信用事业。在他们看来，银行的理事们不但目光狭小，而且畏惧不前。他们认为，银行信用事业的扩充度，应该和国内各种事业的扩充保持一致才行。他们所说的事业扩充，明显指的是扩大事业的经营范围。不过，这种事业扩大所需的资本，是他们用抵押品从私人那里借来的，他们自己并没有那么多资本。在他们看来，银行有设法为他们供应资本的义务，并希望银行能够提供他们所需的全部资本。但是，银行对此却持有不同意见。于是，当银行拒绝推广信用时，有些企业家就想出了一个应对的方法，即大家所知的循环借款法。
循环借款法虽然费用很高，却对他们非常适用，其效用无疑于银行推广了信用事业所产生的效果，而且其有效性还持续了很长一段时间，往往被濒于破产的不幸商人采用。在英格兰，用这种方法取得资金的做法行之已久。据说，伴随着上次战争而来的极大营业利润，曾使很多商人根本没有度量自己的资本就过分推广自己的事业，从而促使循环划汇大为流行，并传入苏格兰。由于苏格兰的商业和资本都比较有限，所以这种方法就更加盛行了。
一般的实业家，都清楚地知道这种循环划汇的方法，所以没有必要再对他们作详细的说明。但本书的读者未必都是实业家，加之并非所有实业家都明白这种方法对银行产生的影响，所以我将尽可能简洁明了地说明这个问题。
在欧洲实施野蛮法律的时期，商人之间的契约并不受法律的约束，当时的商人们就赋予汇票一种其他任何证据都没有的特权，即使用汇票，尤其是那些不过两三个月定期的短期汇票，可以很容易地借到款。如果承兑人在汇票到期时不能立即照付，就可以宣布承兑人破产。这时，持票人可以拿着拒付证书去找出票人索款。如果出票人也无法立即照付，那么同样可以宣布出票人破产的消息。还有一种情况，是在汇票未到期之前就被用来购货或是被借出，在很多人之间辗转流通，而且经手之人都在汇票背面签名作保。这时，经手之人就要对该汇票担负全责。如果汇票到了其中一人手上，而他又不能在汇票到期时立即照付，那么也可以马上宣布他破产。
近两百年来，欧洲各国普遍采纳了这种惯例，并把它当成了法律。由于汇票的期限非常短，所以即使出票人、承兑人或背书人的信用度不够，也基本不用太担心持票人的权益会受到大的影响。即使他们都有可能破产，但他们也不至于在这么短的时间内全都破产。汇票持有人的心理，与一个疲倦行人的心理类似：房子已经倾斜，当然不可能持久，但还不至于今天晚上就倒塌吧，我就姑且冒一次险，先住一晚再说。
假设爱丁堡商人甲给伦敦商人乙开了一张汇票，要求乙在两个月之后支付若干银两。实际上，乙并没有欠甲任何东西，乙之所以愿意承兑甲的汇票，是因为双方达成了一致，即在付款期限未到之前，乙也可以给甲开一张数额和期限都相等的汇票，并外加利息和佣钱。即乙在两个月的限期之内给甲开了一张汇票，甲又在这张汇票到期之前给乙开了第二张汇票，乙再在第二张汇票到期前给甲开第三张相同的汇票……如此循环下去，可连续循环数月甚至数年。乙开给甲的所有汇票的利息和佣钱，年利息是百分之五，每次的佣钱不少于百分之零点五，这些全部都要累积计算。如果汇票每年往返六次，就要收取六倍的佣钱。所以，如果甲要靠这种办法来筹款，那么他每年付出的利息和佣钱，至少在百分之八以上。如果佣钱上涨，或是乙要对上次汇票的利息和佣钱收取复利，也就是利滚利，那么甲的花费就会更大。这种方法，就是所谓的循环借款法。
国内大部分商业的普通利润，据说都在百分之六到百分之十之间。用这种方法借款营业，只有靠投机的手段，才能在偿还大笔借款之后获得很好的利润。但是，近年来，有许多规模巨大、需要若干年才能完成的计划，都没有资本来实施，所以计划家们只有靠这种需要巨额费用才能筹到资金的办法来筹集资本。这些计划家们，无疑在他们的发财梦里看到了大利润的鲜明幻象。但我相信，没有几个人能运气好得把梦想变成现实，当他们因无力继续营业而不得不停止营业时，他们终究会从梦境中醒来。
由爱丁堡商人甲开给伦敦商人乙的汇票，一般都由甲在到期前拿到爱丁堡银行去贴现；乙随后开给甲的汇票，一般由乙拿到英格兰银行，或是伦敦其他的银行去贴现。这时，银行支付的一般都是纸币。爱丁堡的银行在贴现时，支付的是苏格兰银行发行的纸币。伦敦的银行在贴现时，支付的是英格兰银行发行的纸币。虽然贴现汇票到期时都照兑了，但贴现银行却永远无法收到为贴现第一张汇票而付出的价值。因为，在第一张汇票到期之前，又开出了数额更大的第二张汇票，这样才实现了第一张汇票的兑付。所以，第一张汇票的兑付实际上只是名义上的兑付而已。自从出现了这种循环汇票之后，银行的金银就长期处于流转状态，而没有流入的金银来补还金柜。
银行为了贴现这些循环汇票，发行的纸币往往要足够支付进行大规模的农工商计划所需的全部资本，而不仅仅是以往企业家留作不时之需的一部分资金。由于这些纸币超过了无纸币时流通所需的金银量，所以其中的大部分都不被社会容纳，而且那些过剩的纸币一经发行出去就马上流回到银行。这时，银行必定要竭力找到金银，才能把那些过剩的纸币兑换成金银。这种方法被这些计划家们利用了。银行在毫不知情的情况下就给他们提供了贷款，根本没有机会慎重地考虑，甚至在很长时间里，银行都没有发觉自己给他们提供过贷款。
如果有两个人完全没有一点儿资本，却狼狈为奸，靠互开循环汇票的方法向同一家银行贴现来骗取贷款，那么银行很快就会有所察觉，并明白他们的目的。但是，如果他们时而在这家银行贴现，时而又在那家银行贴现，并让汇票在其他许多计划家那里兜圈子，而这些计划家又出于自身利益考虑而互相帮忙，最后由其中一人给他们开了汇票，那么人们就不易辨认这种汇票的真假了。有些循环汇票，只是计划家用来猎取货币的工具，它们的债权人只有贴现银行，债务人只有那些计划家，根本没有真实的债权人和债务人。可是，银行在面对这样一张汇票时，根本无法将它与真实汇票区别开来。即便银行最终觉察出它是假汇票，也可能为时已晚，因为它已经贴现不少了，如果这时拒绝贴现，必定会迫使他们全都破产，最终导致银行也随之破产。
在这种危险的境况之下，银行只好出于自身利益和安全的考虑，或是继续冒险贴现，以求逐步收回贷款；或是加重贴现条件，迫使他们改用别的筹资办法，最终使自己尽快跳出这个筹资圈套。过深地陷入这个筹资圈套的银行，不但有英格兰银行和伦敦的各主要银行，还有比较慎重的苏格兰各个银行。当这些银行开始加重贴现条件时，自然引起了这帮计划家的惊慌和愤怒，因为这种慎重的必要措施无疑不利于他们筹措资本的计划。但是，他们竟然夸大了自己的苦恼，说它是全国人民的苦恼。他们说，就因为银行的卑陋见识和失当举措，才造成了这种全国性的苦恼；尽管他们想努力促进国家的繁荣和富强，但银行却不肯助他们一臂之力。在他们看来，银行似乎有义务按照他们所希望的期限和利息借出款项。而事实上，银行唯有拒绝继续按照这种方法贷款给更多的人，才能挽救它自己和国家的信用。
在这种喧扰和窘困的境况之下，即使苏格兰新设一家以救国难为职责的银行，但它却不明白它企图救济的困难有什么性质，也不明白造成这种困难的原因是什么，并且措施不当，那么无论它使用的是现金结算法还是贴现汇票法，它的放贷额都会比其他银行大。当它使用贴现汇票法向公众放贷时，可能会几乎不分汇票的真假都一律予以贴现。
我们再假设这个新银行的宗旨是：即使是改良土地这类需长期投资才能偿还资本的行业，只要借款人有足够的担保条件，也可以从银行借取全部的经营资本；另外，这个新银行的目标是：促进土地改良这类事业的发展。由于银行放宽了用现金结算法和期票贴现法来筹集资本的政策，所以人们再筹措资本就容易多了。银行为了满足人们的这一需求，必然会大量发行纸币。这么一来，就会造成纸币的发行量多于社会流通所需的量，那么这时，多余的纸币自然会立即流回银行，要求兑换成金银。
银行的金柜原本就不够充实，因为它虽然声称拥有十六万镑的资本，但这笔资本却是它两次才募集到的，即使是分期缴纳，实收也只有百分之八十。原来，大部分股东在第一次入股之后，就开始用现金结算法从银行贷款。在银行的理事们看来，股东们应该享受同样宽大的借款待遇，于是，大部分股东的入股款项，除了第一期是自己的资本之外，其余各期几乎都是用现金结算法从银行借来的。换言之，大部分股东后来的入股行为，只是把原本存在银行这一金柜里的款项，挪到了银行的另一金柜里。因此，即使银行的金柜原本是满满的，也会因为过度发行纸币而快速耗竭。要想及时补充耗竭的金柜，只有给伦敦银行开汇票，等到汇票到期时再开第二张汇票，外加利息和佣钱，以兑付第一张汇票。据说，这种原本就不够充实的金柜，在营业数月之内就得依赖这个办法来维持经营。
所幸各个股东几乎都拥有至少数百万镑的田产，他们在认购股份时，就是拿他们的田产来担保银行所有借条的。所以，银行信用就有了充实的后盾，即使在借贷政策宽大如此的情况之下，它也能持续营业两年以上。等到它不得不停业时，纸币已经发行了快二十万镑了，而且是一边发行一边流回银行，并且屡次要求伦敦各个银行开出汇票，以支持它们的流通。这样不断地累积下去，银行早晚都会倒闭。等到银行不得不倒闭时，汇票的价值已经超过了六十万镑。照此计算的话，这个新银行在两年多内借出去的资本，至少也有八十万镑。那二十万镑以纸币的形式借出的贷款，可以使银行收回百分之五的年利息；由于管理年利息的费用极少，所以这笔年利息也可以看做是纯利润。但是，通过伦敦各个银行开具汇票借来的那六十万镑的利息和佣钱等费用，却至少达到了百分之八。因此，相比之下，银行的借出金额比它所获得的利息，至少少了百分之三。
这种经营结果，似乎刚好和银行创办人的本意相反。他们的目的，似乎只是支持国内那些在他们眼中勇敢进取的企业，同时排挤掉苏格兰其他的各个银行，尤其是爱丁堡那些被指责为在贴现方面过于畏缩的银行，从而统一整个银行业。这个新银行，确实暂时救济了那些走投无路的计划家，使他们停止经营的时间推迟了两年左右。但是到头来，这些计划家仍然免不了要陷入更深的债务之中，而且越陷越深，直到损失惨重地失败，并给债权人带来更重大的损失。由此可见，这个新银行不但没能救济这些计划家，反而加重了他们加在他们自身和国家身上的困难。如果这些计划家的大部分营业能早两年停止，反而对他们自己、债权人和国家都有利。
不过，这个新银行给予各个计划家的暂时性救济，虽然没能成功地救济这些计划家，却变成了苏格兰其他银行的永久性救济。当苏格兰其他银行拒绝贴现循环汇票时，这个新银行却拱手欢迎那些开出循环汇票的人，从而使其他银行轻易地摆脱了厄运。如果不是这个新银行，其他银行是绝对不可能从这一厄运中逃脱的，反而会遭受巨大的经济损失，甚至还可能遭受一定程度的名誉损失。所以，虽然这个新银行加重了国家灾难，却帮助了那些它原本想取而代之的各个竞争银行，使它们逃过了一场大灾难。
在这个新银行成立之初，有些人认为，虽然这个银行的金柜很容易枯竭，但也不难得到补充，因为借贷者都有担保品作担保。但过不了多久，经验就可以证明这种筹款方法根本不可行，因为远水解不了近渴。像这类不充实而且容易枯竭的金柜，唯有一种方法可以补充，即向其他银行开汇票，等到汇票到期时再开第二张汇票，如此循环下去，直到累积的利息和佣钱多得使这个新银行走