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archieftoegang 2.10.02, inventarisnummer 2901, pagina 26

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axponr raout rux suznor connrrrue
means of payment in the ordinary expenses of daily lite, 50 1ons as they were
still to be had in abundance.
Dr. Soetveer adduces a turther arcument to shew that il so tew thaters
were still in circulation, an incredible amount of thaters must have disappeared,
vut this is provably a conclusion wich the advocates of the lower estimate woud
be prepared to accept.
lour Committee, wvile they admit the torce of the view that the stock
of Silver coin in the vants cannot justity ang distinet conclusion as to the
amount of Silver that is actually in the hands of the publie, circulatins trom
day to day, are nevertheless of the opinion that it is certainly a valuable element
of calculation, which ought not to be omitted. The taet that elsewhere than
in the pociets of the peopte, or in hoardea stores, comparatively small amounts
coula be sheun to exist, justitied the Ministers 1o a certain extent in drawins
tranquillisins interences.
the two prominent tacts to which allusion nas already veen made, the
withdrawal ot upwards of 20, 000, 000 1. sterlins of small vank notes, and the issue
of 70, 000, 000 1. of new Cola coin, must ve taken into account. It would appear
that, makins every allowance tor considerable amounts navins already veen ex
ported, and tor the fact that the War Treasure tormerly held in Silver is now held
in Co1d, a large amount of Cold must have passed into the hands of the publie.
Means have thus veen furnishea tor the larger payments, and Silver, previously
employea tor that purpose, must thus, pro tanto, have already veen driven out of
the tield. Consequently the Silver coin still circulatins must ve nela to circulate
tor the smaller payments tor which neither Cold nor vant notes of larger
denominations are equally convenient. The stock of Cola coin must be abundant.
Theretore Silrer cannot be simply used tor lack ot other means ot payment.
it must ve used tor those purposes tor which it is most convenient, namely, the
ordinary payments of daily lite: and it is precisely in these that the withdrawat
of the small notes nas openea up a new channel tor the employment of Silver
tor subsidiary purposes. It appears, theretore, that, il the amount of Silver in
circulation is still large, it is large because the ordinary system of everyday
payments creates the necessity lor its veins large. Any excess must become
apparent in the tills of the vants.
the amount in the tills of the vantes, it will be remembered, stated by
Herr Delbruck, did not excced 3, 300. 0001. on the 301h September 1673.
Pour Committee have inquired what the stock of Silver in the same vants
amounted to at a later date. They have tound on inquiry that the stock
ascertainable by the Cerman Covernment as held on the 315t March 1876. in
the Imperial Bank and the 32 private Bants ot Cermany, was rather over
8000, 0001. but pour Committee have no information as to whether the stock
in the hands of the Imperial Bank contained any large number ot coins
belongins to series in course of withdrawal, and which are awaitins disposal, nor
wether the new coins issued enter to any extent into the stock in the hands of
the vants. They do not know whether the returns have veen made up on the
same principle on the 30th September and on the 315t of March.
The difference, nowever, between the 3,300, 6001. held on the 301h Sep„
tember 1873 and the. 8000, 0001. held on the 315t March 1876, shews that
the arcuments as to the Silver beins tept in circulation cannot he pusted 100
tar. The increase between the two dates is larse, and runnins thus counter
to the interences drain by the Ministers, must sussest caution as to the
estimates of the surplus still to ve disposed of, wich were based apon these
arguments. It may be tairly admitted that, lookins to the circumstance that
not more than 8,000. 0001. was in the tills of the vants on the 315t March,
notwithstandins the coiins of 11, 000, 0001. of new Silver coins, and the tact
that the circulation still includes a valance of 10, 500, 0001. which nas still to ve
recoined, it is unlikely that so large an amount as 30,000, 6001. of Silver,
the amount in round numbers ot the maximum estimates, will still have to ve
brought to market. On the other hand, the sum of 8,000, 0001, held by the
Bank on the 315t March, Shews that this amount at least might, and probably
will, be at once oftered tor sate. Vor does the statement of this minimum
amoune in the hands of the vants appear to exclude the possibility of some
turther stock of Silver vullion veins in the hands of Covernment, and a150 dis
posable tor immediate sate, as the result of the mettins donn of coins which
might
ou neeuxctarior ox stvun.
might already have veen withdramn trom the Imperial Bank, and have veen
handed over to the manutacturins establistments tor conversion into var Silver.
lo recapitulate the remainins estimates, they are as tollows:
That of Deputy Sonneman, 22, 500, 0001. endorsed by Dr. Soetveer
with the remark that it was rather 1oo 10w than 100 1igh.
That contained in the memorandum torwarded by Lord Odo Russell,
which concludes that a short time vack the amount might ve calculated
2t 20, 000, 0001.
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tour Committee do not thint that they are in a position themselres to
adopi any one ot the above estimates, rangins as they do vetween 8000, 0001.
and 30, 000, 0001. especially as the uncertainty is admitteit on all sides to be 50
sreat: vut they cannot deny that the evidence as to the absence of any indica
tion ol a large surplus stock nas made a considerable impression upon them.
That of Mr. Pietsch, wich, Based on views wlich te declares were
chared in official quarters, brought ont an amount of about 13, 000, 0001.
It is clear trom much that nas already veen stated that the amount of
Silver which should ve assumed to have disappeared is not the only element of
uncertainty. It is also uncertain now much will ve required tor subsidiary
currency. The sum of 21, 500, 0001. o2 10 marks per nead of the population
was ouly provisionally tixed, and doubts are already entertained, especially
10okins to the withdrawal of the smaller vant notes, wich alone appear to
hare amounted to more than 20, 000. 0001. whether the sum named will be touna
sufficient.
In the officiale. Motires submitted to the Cerman Parliament as a basis
tor the clause in the bill tixins the provisional maximum of 10 martis per
head, it is Stated wly the limit is put hisher than the maximum limit Maximal
Crenre, tixed in the Convention of the Latin Onion of the 23 December 1863.
which was six tranes per head of the population. This limit reterred only to
the subsidiary coinage of the Union, which consisted of 3, 3. 1, and 2 franes,
whereas no limit was tixed to the coiins of tive franc pieces (wlich were practi
cally the monetary unit, the lowest tull- weighted coins. In the Cerman Coinase
lai the maximum limit of 10 martis per head was to ve applicable to all Silver
coins, includins the tive mark pieces. The amount to which the limit was raised
in Cermany telt room. tor about one tive mark piece per head of the population.
the passage concludes: Et is open to question whether the limit is not
a rather 100 narrow one. However, it will only then ve time tor comins to
closer quarters with this question wtien the withdrawal of the Silver coin of the
separate States is approachins its conclusion:
1 Should, nowever, ve borne in mind that when these Motives were
presented, the Covernment did not contemplate the coinins of 6o1d 3. mark
pieces, which, s0 tar as they are likely to pass into use, would diminish the
amount of Silver subsidiary coinase.
The Covernment were opposed to the comins of a tive mark Cold piece at
all. allegins as an objection that, besides its costliness, they did not believe : that
it was suited to tuttil the purposes tor which a coin ot the value of tive mark
nas to serve: vut in deference to the teelins expressed by the majority in the
Reichstas, they have nay, and promised to sive tair play to the coin. Dr.
Soetheer, in his volume on the Coinase Laws, observes Cp. 71) E that the expe
riences allexed to have veen made in the United States with the Cold one dollar
piece, and in France with the Cold tive trane piece, do not speak much in
tavour of a Cold tive mark piece: I may ve added, in corrovoration of this
remart, that the proportion of the small Cold coins shein to ve paid in in the
ordinary course ot business to the bank ot France, appears to indicate that not
only the small Gold five-Franc piece, but even the 10- Franc piece, or half Napo-
1eon, is not a very popular coin.
A return turnished to pour Committee by the Bank of France Shews Appendix 220.
the tollowins amounts as in stock on a siven day
In 2 Franc pieces (6o181
473, 700, 000 tranes.
In 10
31, 170, 000
33
In S
21, 395, 800
33
33
While
338.