2 (a). The more frequently money or checks are received and disbursed, the shorter is the average interval between the receipt and the expenditure of money or checks and the more rapid is the velocity of circulation. 2（a）收款和支票越频繁，收款和支票之间的平均间隔越短，流通速度越快。 This may best be seen from an example. A change from monthly to weekly wage payments tends to increase the velocity of circulation of money. If a laborer is paid weekly $7 and reduces this evenly each day, ending each week empty-handed, his average cash, as we have seen, would be a little over half of $7 or about $4. This makes his turnover nearly twice a week. Under monthly payments the laborer who receives and spends an average of $1 a day will have to spread the $30 more or less evenly over the following 30 days. If, at the next pay day, he comes out empty- handed, his average money during the month has been about $15. This makes his turnover about twice a month. Thus the rate of turnover is more rapid under weekly than under monthly payments. 这可以从一个例子中最好地看出来。 从月工资到每周工资的变化往往会增加货币流通的速度。 如果一个劳动者每周支付7美元，并且每天平均减少这个工资，每个星期都空手而归，那么他的平均现金就会是7美元或者4美元左右的一半。 这使得他的营业额一个星期几乎两次。 在每月支付的情况下，每天接收和平均花费1美元的劳动者将在接下来的30天内平均分摊30美元。 如果在下一个工资日，他空手而出，他在这个月的平均收入大约是15美元。 这使他的营业额每个月大约两次。 因此，每周的营业额比每月的营业额更快。 The same result would hold if we assumed that, instead of ending the cycle empty- handed, he ended it with a given fraction—say half—of his wages unspent. Under weekly payments, he would begin with $10.50, and end with $3.50, averaging about $7. Under monthly payments he would thus begin with an average of $45, and end with $15, averaging about $30. In the former case his average velocity of circulation would be once a week and in the latter once a month. The turnover will thus still be about four times as rapid under weekly as under monthly payment. Thus if the distribution of expenditure over the two cycles should have exactly the same "time shape"56 (distribution in time), weekly payments would accelerate the velocity of circulation in the same ratio which a month bears to a week. As a matter of history, however, it is not likely that the substitution of weekly payments for monthly payments has increased the rapidity of circulation of money among workingmen fourfold, because the change in another element, book credit, would be likely to cause a some-what compensatory decrease. Book credit is less likely to be used under weekly than under monthly payments. Where this book-credit habit or habit of "charging" is prevalent, the great bulk of money is spent on pay day. It is probable that the substitution of weekly for monthly payments, when it has taken place, has enabled many workingmen, who formerly found it necessary to trade on credit, to make their own payments in cash, thus tending to decrease the velocity of turnover of money. Frequency of disbursements evidently has an effect similar to the effect of frequency of receipts; i.e. it tends to accelerate the velocity of turnover, or circulation. 如果我们假设，不是空手而结束这个循环，而是用一个给定的分数结束它 - 也就是说他的工资的一半没用完，否则同样的结果将会持续下去。在每周付款下，他将从10.50美元开始，以3.50美元结束，平均约为7美元。在每月支付下，他将以平均45美元开始，以15美元结束，平均约30美元。在前一种情况下，他的平均流通速度是每周一次，后一个月是一次。因此营业额在每周的支付下依然是每月支付的四倍左右。因此，如果两个周期的支出分配应该具有完全相同的“时间形态”56（按时间分配），那么每周支付将会以一个月到一周的相同比率加速流通速度。然而，从历史的角度来看，以每周付款换取每月付款不太可能会使工人们的货币流通速度增加四倍，因为另一个因素 - 账面信用的变化可能会导致一些 - 补偿性下降。账面信用不太可能在每周付款下使用。如果这种信用习惯或“收费”习惯普遍存在，那么大部分钱都是在工资日上花费的。很可能每周换取每月付款的时间已经使得许多以前认为有必要进行信用交易的工人自己用现金支付，因此倾向于降低每月的付款速度钱。支付的频率显然与收益的频率有相似的效果;即它倾向于加速周转速度或循环。 2 (b). Regularity of payment also facilitates the turnover. When the workingman can be fairly certain of both his receipts and expenditures, he can, by close calculation, adjust them so precisely as safely to end each payment cycle with an empty pocket. This habit is extremely common among certain classes of city laborers. On the other hand, if the receipts and expenditures are irregular, either in amount or in time, prudence requires the worker to keep a larger sum on hand, to insure against mishaps.57 Even when fore-known with certainty, irregular receipts require a larger average sum to be kept on hand. This statement holds, at least, if we assume that the frequency of payments per year is the same as in the case of regular payments, and that the "time shape" of expenditures between receipts is also the same. Thus, suppose that a workman spends at the rate of $1 a day and receives at the average rate of $1 a day. The average amount that he will require to keep on hand will be less if his receipts occur once every fortnight than if they occur at intervals of three weeks and one week respectively in alternation. For, supposing he tries to come out empty- handed just before each payment, in the former case he will evidently need an average sum each fortnight of $7; but in the latter case, he will need for the first period of three weeks, or twentyone days, $10.50, and in the second period $3.50, the average of which—remembering that the $10.50 applies for three weeks and the $3.50 for one week—will be $8.75. We may, therefore, conclude that regularity, both of receipts and of payments, tends to increase velocity of circulation. 2（b）付款的规律也有利于营业额。当工人可以相当确定他的收入和支出时，他可以通过仔细的计算，精确地调整它们，以确保安全地结束每个付款周期。这种习惯在某些城市劳动力中非常普遍。另一方面，如果收支不规则，无论在数量上还是在时间上，谨慎都要求工人保留一笔较大的金额，以防止事故的发生.57即使有确定的前提，非正常收据要求更大的平均数额将被保存在手边。如果我们假定每年的支付频率与正常支付的情况相同，那么这个说法至少是成立的，而收入之间的支出的“时间形式”也是一样的。因此，假设一名工人每天花费1美元，平均每天收费1美元。如果他每两周收到一次，他的手上的平均金额就会少于分别在三周和一周内交替发生的情况。因为假设他在每次付款之前都试图空手而出，在前一种情况下，他显然需要每两周七美元的平均金额;但在后一种情况下，他需要三周或二十天的第一期10.50美元，第二期3.50美元，记住三周的10.50美元和一周的3.50美元，将是8.75美元。因此，我们可以得出这样的结论：收支两方面的规律性往往会增加流通速度。 2 (c). Next, consider the synchronizing of receipts and disbursements, i.e. making payments at the same intervals as obtaining receipts. Where payments such as rent, interest, insurance and taxes occur at periods irrespective of the times of receipts of money, it is often necessary to accumulate money or deposits in advance, thus increasing the average on hand, withdrawing money from use for a time, and decreasing the velocity of circulation. This result may, however, be obviated if the individual is willing and able to borrow in order to meet his tax or other special expense, repaying the loan later at his convenience. This is one of the ways in which banking, as already explained, through loans and deposits, serves the convenience of the public and increases the velocity of circulation of money and deposits. Similarly book credit may obviate the inconveniences arising from the disharmony between the times of receipt and disbursement; for we have already seen that it is a great convenience to the spender of money or of deposits, if dealers to whom he is in debt will allow him to postpone payment until he has received his money or his bank deposit. This arrangement obviates the necessity of keeping much money or deposits on hand, and therefore increases their velocity of circulation. 2（c）接下来，考虑收支同步，即按照与收据相同的时间间隔进行支付。如果在不考虑收款时间的情况下支付租金，利息，保险和税款等费用，往往需要提前积累存款或存款，从而增加现有的平均存款，一次性提取资金，并降低流通速度。但是，如果个人愿意并且能够借钱来满足他的税收或其他特殊开支，这个结果可能会被消除，以后在他方便时偿还贷款。这就是银行业已经解释过的，通过贷款和存款的方式之一，为公众提供方便，并增加了货币和存款的流通速度。同样，簿记可以避免收支时间不和谐带来的不便;因为我们已经看到，如果他有债务的经纪人允许他推迟付款，直到他收到了他的钱或者他的银行存款，这对于金钱或者存款的消费者来说是非常方便的。这种安排避免了手头留存大量金钱或存款的必要性，从而增加了他们的流通速度。 We conclude, then, that synchronizing and regularity of payment, no less than frequency of payment, have tended to increase prices by increasing velocity of circulation. 因此，我们得出结论，支付的同步性和规律性（不低于支付频率）往往会通过增加流通速度来提高价格。 (责任编辑：一品梅) |