II. SILVER COINS. Marks. Pfenn Total Coinage of the States of the German Empire, up to the end of 1871, of the kinds of Silver Coin which are to be considered...... 1,940, 425, 911 97 Called in by the Governments of the different states, up to the end of 1871.. Remaining... Total of old Silver Coins called in by the Imperial Government up to 141,721,742 52 1,798,704, 169 45 1,039,904, 200 Among the Silver Coins thus called in there are various sorts of Coins concerning the manufacture of which nothing has been definitely known. These amounted to about 12,317,000 marks. While according to this calculation the amount of 781,117,000 marks of Silver Coins of the German States might be still on hand, it is at the same time beyond doubt that the actual stock must be decidedly smaller, seeing that in the course of time notable sums, even of these sorts of Coin, have been melted by private persons, or exported, or otherwise lost. How highly this quota is to be estimated is a question upon which opinions have widely varied. Experience has justified those who have estimated this reduction of the stock at a lower figure than that at which the majority were disposed to fix it. Of the kinds of Coin which are here to be considered, leaving out the one-thaler pieces, the excess of those coined over those called in was shown to be 693,343,000 marks. Of these, 537,845,000 marks have been brought in; and according to this the reduction of the stock by other means amounted to 155,498,000 marks or about 22 per cent. It is true that in this last sum are included Coins which through neglect remained unredeemed, and which, after the term of redemption expired, came to be melted down by private persons; but this amount can hardly be estimated at more than three or four million marks. In estimating the stock of Silver Coins of date previous to 1871 which are now (November, 1878) in circulation in Germany or in the vaults of the banks, and which it is intended to call in and to export, we have only to do with the one-thaler pieces. The excess of the one-thaler pieces coined over those called in before 1871. Deducting for loss between 1750 and 1871.. We have as an estimate for the stock at the end of 1871 Of these the Imperial Government has called in up to 30th September, 1878. Leaving as the stock on October 1...... Marks 1,099, 810, 347 219,962, 069 879, 848, 278 489, 753, 426 390, 094, 852 Of Imperial Silver Coins there have been coined up to November 2, 1878, 426,883,391 marks, and there will be no further demand of impor tance on this head, as the German Coinage Law prescribes as a maximum 10 marks per head of the population, and the latter according to the last census was, on December 1, 42,727,360. The entire Coin circulation of Germany including the reserves of the banks can therefore be approximately stated as follows: LATE ANTI-SILVER LEGISLATION IN EUROPEAN STATES. GERMAN LEGISLATION AGAINST SILVER. The act of December 4, 1871, by which the New Empire assumed the right of Coinage in its own name, ordained a Coinage of Gold Coins, decimal multiples (10 and 20) of a new unit called "Mark," and, in fixing the Legal Tender of these Gold Coins, provided that the Mark of Gold should be rated as equivalent to one-third of a Prussian Thaler, &c. The relation of weight thus established between the Gold Mark and the Silver Mark was that of 15 to 1. Section 10 of the act provided that the Coinage of Gold Coins, other than those there provided for, and the Coinage of the larger Silver Coins, except Memorial Coins ("Victory Dollars"), should cease. This was a repeal of the provision of the treaty of Vienna, of January 24, 1857, for the Coinage of Silver Dollars of the Union. By this act Germany entered upon a transition state, the features of which were Legal-Tender Gold, in addition to Silver, at 15 to 1, a new Coinage of Gold, no Coinage of Silver, and a stock of Coin on hand, exclusive of the Gold brought into Germany by the payment of the French war-fine, consisting of something like three parts of Silver to one of Gold. The Coinage Act of 9th July, 1873, established the "Imperial Gold Standard" in the place of Local Standards, hitherto maintained in the different States which had, by their Union, formed the Empire. The unit was to be the Gold Mark. Private individuals were granted the right to have 20-Mark pieces Coined, but this right must not interfere with the Coinage on Government account. The maximum of mint charge was fixed at 7 Marks to the pound fine. The act also provided for an Imperial Silver Coinage on Government account, the maximum amount of which to be issued was fixed at 10 Marks per head of the population, and the Legal Tender of which was limited to 20 Marks between individuals, while it was to be payable to the Government in any sum. The old Silver remained in the meantime Legal Tender. The act provided that for all new Silver Coins issued an equal amount of old Silver Coin should be withdrawn. Questions of weight and other details concerning the Coinage were remitted to the jurisdiction of the Federal Council, as well as the power of decrying or putting out of currency any Coins circulating in Germany; and the calling in or retiring from circulation of the existing Silver Coin was left to administrative regulation. The resolutions of the Federal Council of July 8, 1873, fixed the weight of the fine Silver in the new Coinage at 11 per cent. below full weight at 15 to 1. (The French charge on tokens is 7.84; the English, 8.48 below.) LIMITATION AND SUSPENSION OF SILVER COINAGE IN THE STATES OF THE LATIN UNION. The Conference of the Latin Union adopted, on the 30th of January, 1874, a Treaty, subsequently ratified, supplementary to the Monetary Treaty of 1865, by which the High Contracting Parties agreed to coin for the year 1874 in 5-franc pieces, no more than 12 millions francs in Belgium, 60 millions in France, 40 millions in Italy, 8 millions in Switzerland; and the delivery of Coins upon Mint receipts of 31st December, 1873, to the amount of near 50 millions was applicable upon these quotas. By a special article, Italy was allowed to coin for the reserve of her National Bank 20 additional millions in 5-franc pieces. The Conference of the Latin Union of 1875 made, on February 5, 1875, a declaration, subsequently ratified by the respective Governments, which repeated in substance for 1875 the provisions of the additional Treaty of 1875. The Conference of 1876, by a similar declaration, February 3, 1876, fixed the total maximum of 5-franc pieces to be coined for 1876 at 120 million francs, with a small additional contingent for Greece. The Conference of 1877 suspended entirely the Coinage of 5-franc pieces, except that a contingent of 9 million francs was accorded to Italy. In the mean time, however, by the law of December 18, 1873, continued to January 1, 1879, the Government of Belgium held the power to suspend the Coinage of Silver entirely; while a similar power had been conferred on the French Government by a law of 1876. A similar power is held by the Government of Switzerland. The contingent allowed by the Treaty does not, therefore, indicate the actual Coinage. |