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archive access 2.10.02, inventory number 2901, page 23

Nx
aapour vnon run Sxtxer conatrree
the coinins of any other than the Imperial Silver coins was now finally
Stopped.
Clauses were added detinitely enactins now payments due in the old cur-
rencies were to be made in the new, and tixins the temporary relation of the
coins to each other, till the old coins shoula be demonetised.
The last clause 15. 18) of this important Act salso not in the original Billi
exacted as tollows: All Bank notes which are not made parable in Imperial
currency are to be withdraion betore the 15t January 1876. trom this date
torward only such bantnotes as are made payable in Imperial currency in
amounts not less than 100 marts 131.) may remain in circulation or be issuede.
Other Laws Aealins with the Paper Currency issued both by the various
States of Cermany, and by the banks, were subsequently passed, but as they
nave less vearins on the Silver question, it is unnecessary to specity their nature.
1t is sufficient to State, that the general policy underlgins the lexislation in this
respect was the substitution of Imperial notes in place of the varions notes
issued by the States composins the Contederation, and that various limitations
were placed on the privilezes of issue of the private Banks
lour Committee noi proceed to State what action nas veen taken under
these Coinase Laws.
Cold coins to the amount of about 1.400, 000, 000 marks, o2 70, 000, 0001.
have veen struck up to the 171h Tune.
The Acts decreeins the withdrawal ot all Bank- notes tor smaller denominations
than 100 marts 131. betore the 15t of January 1876. appear to have veen practi
cally carried ont to their tull extent. An official return spublished in the Reichs
Central Blatt of 13th May 1876 sives the totat notes in circulation on the
301h April 1876, 25 942, 000, 000 marks, of which on19 2. 230, 000 marks, or
115,8001. were tor amounts below51. The masnitude of the change is apparent
when it is stated that the amount of Bank notes in circulation below 51. was
estimated by the President of the Imperial Chancery, in a debate aurins the
session of thet Reichstas of 1874. as at that time to amount 10 177, 500, 000
thalers, or about 26, 623, 0001.
Ot the old Silver coins an amount equal 10 440, 000. 000 marts, o2 22, 000, 6001.
had veen withdraun up to the Slst day of March 1876.
Ot new Silver coins an amount equal 10 244, 000. 000 marts, o2 12, 200, 0001.
had veen struck up to the 17th day of Tune 1876.
Sates of Silver nad taken place to the amount of about 6,000. 0001. The
quantity officially reported as sold up to the 20th April 1876 is given in an En-
closure to Lord Odo Russells Despaten of the 61h May as 1284, 447, 841 165.
tine. trrespective of the prices paid tor the amounts offered tor sale which
woula sive a smaller sum, the total sales represent the extinction of Silver coins
to the extent of a little less than 6, 600, 0001.
No explanation nas veen siven of the difference between the totat of the
amount of Silver coin withdrawn, 12, 22, 500, 0006. on the one hand, and the
amount recoined, 26. 11, 300, 0001. and the amount 5018, 26, 6, 600. 0001.
toxether 17 300, 0001. on the other. The returns are made up to different dates,
vut the difference appears large. It must in part be represented hy Silver on
hand tor sale and Silver kept in stock in the various Mints tor further manu-
tacture of new coin.
in witharawins the old Silver coinage the Covernment proceeded by series,
takins, in the tirst instance, those series wlich nad become more or less
obsolete, or which belonged to the older dates, and dealins with the more
limitedt. Gulden circulation of South Cermang betore embarkins in the vast tield
ot operation presentea by the Thater currency. Vsins the discretion contidea
10 it, the Imperial Covernment nas thus tar only demonetised the South Cerman
or ' Gulden coins and sundry old coins, such as the t Crown Thalers and
t Convention
t The faots contained in the toregoins account of the lexislation wtich nas taken place in
Cermany hare been extractea trom tho officiat documents torwardea by the Cerman Government,
and from Dr. Soetheer's articles on the recent Currercy Laws, forwardeil by Lord Odo Russell.
Appendix 21
(10. 16 )
Appondix 21
140, 17.
ov oxeaxctaniox ox Stvxk.
Convention Thaters: out the withdrawal of the older series of Prussian
Phaters nas also veen begun, and 500d procress nas veen made in exchangins
the tw0 thater pieces.
The general result is as to110ws:
Demonetisation of South Cerman Currenoy
of Crown Thaters
of Convention Thalers
of Currenoy of Saxony, Scheswis Holstein,
Wecktenburs, Hamburs, and Lubeck
Rogether
xxi
Marts.
280, 500, 000
8,000, 300
2,000, 000
4, 350, 600
194, 850, 800
The withadrawal, vut not the demonetisation of the Thaters, nas also veen
commenced.
Marts.
209, 800, 000
-
47, 600, 600
36, 000, 000
1500, 000
10, 000
50, 000, 000
243, 810, 000
194, 850, 000
438, 660, 0002
21, 930, 000
Marts.
E.
-
-
Add Potal trom above
Of the tw0. Phater pieces there have veen withdraron
Ot Chaters, between 1750 and 1816
Ot Phalers, between 1817 and 1822
Ot Phaters, between 1823 and 1856
-
While of Thaters coined trom 1837 torward there have veen
withdrawn, only
Progress nas a1so veen made in the withdrawal of coins repre„
sentins tractional parts ot Thaters to an amount of
The total accordingly may be roughly taken at 22, 000, 000 1.
The main question which arises on these tigures is, what proportion does
the total sum of Silver money already withdrain vear to the total which
as to ve dealt with betore the operation is concluded: Wat amount of Silver
coin can ve presentea tor exchange, and what amount of Silver will the Cerman
Covernment still have to brins to market atter providins tor the valance of the
new subsidiary coinage wich nas still to be struck: The answer to these ques
tions depends on the amount of Silver money which may ve assumed to have
veen in circulation in December 1871. a probiem with regard to which the most
divergent calculations have veen made by various authorities, official and
Statistical.
tour Committee abstained trom takins much orat evidence on this branch
of the subject, as no one in England who nad not siven it special attention,
and who nad not nad special means of obtainins information in Cermany,
would have veen able to speat with any degree of authority. On the other
hand, documents sent trom Berlin, where the inquiry nad siven occasion tor
much controversy tor the last tour years, were likely to contain all that could
really ve ascertained. Mr. Pietsch, the manager of the London branch of the
Deutsche Bank, wich establishment nad sold a large portion of the Silver already
disposed of tor account of the Cerman Covernment, and 110. besides navins
studied the question very intelligently, nad special means of information in Berlin,
was the only witness whom the Committee examined at any length with reterence
to the amount of Silver in Germany. Avidence, pp. 34 10 40 228 68, 69.
betore proceedins to state what tacts and estimates have veen brought betore
pour Committee, it may be well to quote the tollowins note in an official return put
betore the Cerman larliament in 1873, sivins an account of the totat coinages
in Cermany trom 1730 10 1871: Though even an approximate calculation of
the silver coins wuich have been metted doun or exported is impossible, and
thongh accordinqly it is necessary to abandon the idea to discover the amount of
ihe coins of the different Cerman Mint systems wnich may be in circulation at
i present.
tTheee tigures are siven in round numbers.
338.
1 Reichs Central
Blattn 12 May.