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archive access 2.10.02, inventory number 2901, page 25

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aavoer euon rur sutxer conmirree
torcible counter considerations may, nowerer, be urged to the broad view
expressed, that because one thira nas disappearea in the case ot a comparatively
recent comage, three titths may ve assumed to have vanished in the case of
much older coinages. The argument would only ho1d 500d il the rarious series
ot coins were of the same quality, and equally adapted tor mettins doin
or export, whereas this nas not veen sheun to be the case. On the contrary,
pour Committee hare veen informed that the South Cerman Horins were pecu
liarly adapted tor export. Some series ot coins contained more Cold mixed up
with the Silver than others. Some, 1oo, were coined of 75011000 parts tine,
while others were coined 30012000 parts tine. Without soins into details, 11.
may ve said broadly that the argument by analogy is by no means conclusire.
it is turther alleged that not all the torins in circulation were actually
presentea tor exchange within the prescribed limit ot time, and that since
the conclusion of the operation turther amounts, beyond the 68 per cent,
have veen metted donn tor private parlies.
but, nevertheless, atter makins every allowance tor the circumstances indi
cated, the tact of 68 per cent. only of the South Cerman currency navins veen
presentea tor payment, remains an important tact, and so it nas veen considered
on all sides.
The official documents sent over by Lord Odo Russell contain Statements
which slew that in official circles, as Stated by Mr. Pietsch, the estimates
entertained are to the effect that a much larger proportion than one third of the
coinage nad disappeared in the course ot time, or rather that the amount to ve
dealt with tell tar short of two thirds of the original comage. The articles of
the eminent statistician, Dr. Soetveer, on the Currency Laws, torwarded by Lord
Odo Russell, with the remark e that, without veins official, they are still recom-
mended as trustworthy by Herr von Bulow; contain not only his onn views,
vut extracts trom debates in the Cerman larliament, shewins the opinions of
others, with comments ot his onn on the estimates produced.
Dr. Soetheer States that, lookins to the neary tall in the price of Silver,
which, at the end of January 1876. was 5438. per o2. Standard sor in the pro.
portion of 17. 1810 l in relation to Co18), whereas the exchange of Silver coin was
takins place at a price of 6038. per ounce sor in the proportion of 1550 10 1. it
was very intelligible that the question of the provabte stock of Silver dollars
still in existence toot a prominent place in the discussions in thet Reichstas.
He then proceeds to sire the substance of the observations made 91. the
subject by Deputy Sonneman, 110, as it appears, applied a very similar mode
of calculation as that siven in the evidence of Mr. Pietsch just quoted, but
with more moderatien. Deputy Sonneman stated, that he nad tried to make
a calculation on the vasis of the taet that of the two Horin pieces of which the
retirement nad veen completed, about 68 per cent. of the total amount coinea
nad veen presented tor exchange: that ne nad applied this calculation sthat is
to Say, roughly, the one third rule) to the thalers coined sinee 1857, and a
further rather considerable deduction in the case of the older thalers, and that te
nad come to the opinion that the totat ot thaler pieces and tractional parts of
thaters still in circulation might amount to about 223, 800, 000 of thaters (26.
673, 000, 000 martis, o2 33, 730, 00011: It will ve observed that these tigures
applied only to the thater currency. On the vasis of this estimate, the speaker
continued, it micht not ve out ot place to torm a picture as to the amount of
Silver we may really still have to selle. He then quotes the tollowins ticures:
290, 800, 000 marks 114, 500, 0001)
Silver already retired
Ot wtich there nad veen recoined
17, 700, 8001.
Sold -
Marts.
155, 000, 000
100, 000, 000
15, 800, 0002.
255, 800, 000 martis 112, 730, 6002.
35, 800, 300
Learins a Surplus of .
12750, 8001.
-
-
andconcludes:: Accordins15, 30. 000, 00010 40, 000, 000 worthot marts (1, 300, 0001.
102,000, 0001.) mustremain in the hands of the Covernment: Tothis sum he adds
the 223, 000, 000 thaters, o2 673, 000. 600 marks, which ne nad just estimated to
ve still in circulation, and he arrives at a total of about 700, 000. 000 marks, or
33, 800, 5001.
xxv
ou pxenxciariox ox sttven.
33, 000, 0001. as still in existence. But trom this the sum still necessary to com„
plete the subsidiary coinase, up to tie limit of 423, 000. 000 marks, nad still 10 ve
deducted. Op to that date 135, 000. 000 marks nad been coined: there remained
to ve coined 270, 000, 000 marks 113, 500, 0001. Deductins these 270, 000, 000
marks trom the total stock of 700, 000. 000. the result would ve a surplus of
430, 000, 000 martes 122, 500, 0001. wrich would have by dexrees to ve 5018.
This calculation of Deputy Sonneman accordingly lies about half-way be-
tween the two estimates previonsly siven. Dr. Soetbeer expresses nis rexret that
ne himselt is obliged to consider this estimate ast correspondins to the reality:
and as rather 1oo 10w than 1oo high: vut ne states the important tact, that
t the representatires of the Covernment thought that they were bound to
t assume a considerably lower estimate of the stock of thalers wlich they would
t have to clear off seseitigen: He proceeds to quote trom speeckes of the
Ministers on the subject, and it is important to observe, that in these speeckes
the calculations are made trom a totally different point of view.
The Ministers looted to the evidence turnished by such returns as were at
their disposal, as to the whereabouts of the Silver Coins still in circulation, and
arqued trom these data that the amount remainins to be dealt with was very
moderate.
Staats Minister Delbruck Stated, that stock nad veen taken of the one and
two thaler pieces on hand on the 30th September 1673 in the public treasuries,
the Bank tills, and 50 torth. The result was a total stock of about 34, 270, 000
thaters (3, 140, 0001. Ot this amount about 20. 000. 000 thaters were in the
Bantis, about 11,000, 000 in the other treasuries. The Minister then proceeds to
inter that the 20. 000. 000 thaler pieces in the Bants scarcely belons to the
trattic (verkenr) of the publie properly 50 called, vut must rather be consideren
as assets in the hands of the Banks, tor the purpose ot coverins their issues of
notes, and that accordinsly the amount of thaters to ve considered as tormins
part of the circulation in the hands of the public was reduced to the small
amount of 11000, 000 thalers 133, 000, 000 marks, 26. 1, 650, 0001. 1 wlich was
on hand in the State, Communal and other publie chests.
Staats Minister Camphansen the Prussian Minister of Financel spote,
says Dr. Soetveer, in the same sense; vut he carried the analysis of the stock
of Thaters which was traceable, still turther. Lakins the 20. 000. 000 Thaters in
the vants, te distinsuisties vetween 14,000, 000. wlich were in the Prussian Bank
and its branches, and the remainins 6000, 000 wich were in nonPrussian
Bants: of the latter amount he says, that it was money in the hands of Bankswhich,
owing to the withdrawal of smail vant notes were still in the position of navins
to meet the wistes of the public tor Silver money as tar as possible, and as the
demonetisation ot the South verman Horin nad just veen decreed, and an amount
estimatea as equal to about 12,000, 000 thaters nad still to ve withdramn, it was to
ve expected that the whote stock of thaters in the nonPrussian Banks would not
hatt suffice to meet this 5ap.
the importance which Herr Camphiansen attributed to this evidence may ve
sathered trom the last sentence quoted by Dr. Soetheer: We are theretore able to
10ot torward to the whole process of this transition with the greatest tranquillity,
and we may say to ourselves that this transition will ve completed in a tastion
which is mere childs play: In einer watrhatt spietenden Weise.
Dr. Soetveer observes on these declarations of the Ministers, that nhile it
is true that no positive estimate is expressed of the total amount of thater
coins still on hand, which in tuture will become supertluous, it is certainly
undoubted that their vier does not even remotely approach the estimate
siven by Deputy Sonneman, wich, it will be remembered, have a result of
22, 500, 0001. as ultimately available tor 5a1e.
Dr. Soetveer, as nas veen Stated, inclined to the view that the latter
estimate was rather 1oo 10w than 1oo nigh, and te endearours to meet the
arcuments of the Ministers. He denies that the comparatively small stock of
Silver thaters in the hands of the bants permits a conclusion as to the total of
this coin circulatins in the ordinary daily transactions ot the publie, as the
vants collected Cold coins by preterence in their cash assets, whereas the publie
in Northern and Central Cermany trom old custom lited to use thater coins as
means
338.