118

Capitel  V.

Das  vorstehende  Käsomiemenl,  welches  sich  nicht
nur  bei  Ricardo  und  den  „Bullionisten“  sowie  hei

able  balance  of  trade,  never  arises  but  from  a  redundant  currency.  Hut
M  '■  Th  ornton,  ivho  has  considered  this  subject  very  much  at  l<ir(>e,
supposes  that  a  very  unfavourable  balance  of  trade  may  be  occasioned
to  this  country  by  a  bad  harvest,  and  the  consequent  importation  oj
corn,  and  that  there  may  be  at  the  same  time  an  unwillingness  in  the
country  to  which  we  are  indebted  to  rereive  our  goods  in  payment.
The  balance  due  to  the  foreign  country  must  therefore  be  paid  out  of
that  part  of  our  currency  consisting  of  coin,  and  that  hence  arises
the  demand  for  gold  bullion  and  its  increased  price.  Thornton ­
  has  not  erptaincd  to  us  why  any  unwillingness  should  exist  in
the  foreign  country  to  receive  our  goods  in  exchange  for  their  corn,
and  it  would  be  necessary  for  him  to  show,  that  if  such  an  unwillingness ­
  were  to  exist,  we  should  agree  to  indulge  it  so  far  as  to  consent ­
  to  part  with  our  coin.  If  we  consent  to  give  coin  in  exchange
for  goods,  it  must  be  from  choice,  not  necessity.  It'e  should
not  import  more  goods  than  we  export,  unless  we  had
a  redundancy  of  currency,  which  it  therefore  suits  us
t  0  m  a  k  e  a  part  of  o  u  r  ex  p  o  rts.  T  h  c  e  xp  or  t  a  t  i  o  n  of  t  he
coin  is  caused  by  its  cheapness  and  is  not  the  effect,
hut  t  h  c  cause  of  a  n  u  n  fa  vo  arable  balance:  we  should
not  export  it,  if  we  did  not  send  it  to  a  better  market,
or  if  we  had  any  commodity  which  we  would  export  more  profitably.  —
It  IS  only  after  a  comparison  of  the  value  in  their  markets  and  in
our  own  of  gold  and  other  commodities  and  because  gold  is
cheaper  in  the  London  market  than  in  theirs,  that  foreigners ­
  prefer  gold  in  exchange  for  their  corn.“  —
,,Thus  then  specie  will  be  sent  abroad  to  discharge  a
debt  o  n  I  y  w  hen  it  is  s  u  p  era  b  ii  n  d  ant,  only  when  it  is  the
cheapest  exportable  commodity.“  Ferner:  Observations  on  some