, 1875-10-18
GERMAN CURRENCY.
The New Gold f:oinnEc-I:ffecs o1 IN.
flntion.

The New Gold CoinaEc-1:ffec. ot IN.
flnfiop,.
Lenaon 7t,n..
EotnAge law Of juno 20, l5i1 lha Fin.
pfe1Ss ,sTc has n a., isf,,e decree, fixing Jan.
y 's.o' ~ =; no , aose .len the ro!d standard
readers remembering tho rsoviaious Of the itn.
Poflant statute cannot doubt that tho torn eoti
ssinda'd IT. Is Improperly applied by tic law.
" wLilo there ssa over 2)D, SW.0oo thslar-p,seos
"a circulation. IN tota currency hardly roach
ing thttcn taist bum, it IL premstrro to
Speak of EofI AZ the univ legitimate
currency of tho lan'l. Tia. tho inconaiHtency IL
oecass s''ed not hr any vety ardent wish 10 retain
shp riI H,is'ft ar oat 1' the dea!ty Of getting
" Ill., = temhorsty resplto being accordcd tbs
alsc,fded metal. No one, il Ia t,uo viii
se. DO oonnd after THO close OF tho yosr 10
nScops a.ors tan 20 rhillings ip atiycr hut ar
.I'e aheieht con. though nutnInal1y aboshatl. IL
10 co1.tlnuo 10 form 40 large proportion uf lilo
currency, IL follows that il viii either
SUI change hantIa In nret.y Iurgo sums.
,nn,tnIls, ,pas Dank.notss N a.-, VII ,.aso to bs
baek pending tho preaeuco OF tho thaier The
latter alteration. however, is not trotabe oue
aIteE tho experience Of tho last tour years, Whom
.ne introduction Of the god standard was resolved
uf'on by professional flnanoieta at,i Iesita.lngy
ludoraed ov tho wondering public, thn proce.1, it
waA expected. would be facilitated bv the acr,.
dental circumstance Of franco having 10 pay
uoFmnnv tho famous TniIiarda. lhn anticipa-
tloh - fulfilled, ~ fnr ~ concerned toe ,nurs
transfer OF the pravious precious metal to
thih countFy. Dut, 4 very fow month"; after
tho arrival Of tho flsht transports, I'll unto
*std change supersened. Thankn to tue ,nds-
ernmens and Parliament. about 800, ion, mo
sl!alors vero Issued in gold without anything
like an, adequate amount OF silver Of
,o,,s so,es beiag Withdraw. 1hiB golden
deluge Wa6 poured out through different
channels. LoaOn were pail back: 4 largo
amount OF Government and rri>ate stpct4
bought np, to form an invalid fund; d s.i,l
.M1 ,atEer fund expended in armsments; and as all
tho ns"re. tue National Bank was enabled
to discount anv, quantity of bills. whether
good. bad. or iudiheFcuL II op!y rrot OF Der.
centage Accrued Tic result will uot soor lie
,u,go.t'n: sasts III lh' snae inux q money doubling
ttodlod aud 9nadrup!ed imports rose 10
atl unprecedented figure, willis s.uor!s
iol apace. In the two yeaEs-1e73 aud
W., 9m!Epo.s mi, EnS actually exceeded expor.a BY
TO- 70 be aont away to ray tho foreign c.e.i,sors u
we're a' keep p7 hs Certain n0'esns"! aos"!
u gold 10 tho land. II tho new stand
had 10 send aeuin and agaIn to Loutou 10 Do.
cure tbe money whIcl, bad taken light. Wor q
than tAis. s,lrer be1ng deprceiatod br thu
gradual Withdrawal aud sale III South liornlar1
aid shme ahttQuxt'tt anlta Of pruasIan currency.
inc eetmhp geld coined In the old proportion
" TO 1513, Boon e1cee<led i.s nominal
'a1ue, aud waa melted down az eoou aa It
crossed the frpn!Ier It IL beloved that pon,o
tnll"us OF tlia'cts have boon lost by tho German
pt!css. mud fecoiainE it reneatedy beca1so uu.
al!e to hecp II at homo. This uupro!itnbis
process waB mt little aggravated
b, BY tho d.!ssoEiaoss Of tie Government
money aud notes. and tue consequent over
AZ aonsi'sahce OF reaay money. Having orcssiouea
tue poyerest comments, this fault IL lot likely to
DO G. tmn''ttod asa'u. Practically, therefore, 10 |
snail hare silver currency edo BY ride with the
gold standard until the day dawna Wien tue |
thalar can be aant actoss tile frontier aud ex. |
for gold without furthor Inconvenience, |
Uoducttag the z thaer tieces called iu The |
quantity OF coin III tho country Jun, i, 1876,
Wien tile now law conlos Into operation, vii lo i
pretty much na follows: r,aleel iecet. C3 010,Ucu
inarlH; gold. TOO, ,UO0 QUO pna]l silver coin
9oO ,000 tnatks; small copper and nickel coin,
NV. H''.ooo n.arks--to;aI, l7ou, ,nu0,0u0 Which |
comes very noar the auouut uf AK marks per |
head, a. shicl. the circulation IL to be kent,
Ia mark IL abou; n ce1AtA, aud three marks
maze Getman tlhler. Az ular1s ara a1uut |
& ~: So;-Ep. TnarEE o. goId. ncarly 1.2po-
1ut.eoo marks havo bcon coined; l41,0u3.t00 |
nafss M or th1i ~ deposited as war fund: ucxsES |
luoo0o Uoo inariss arc Lodged IN various Govern
nent otlicoe, while Fonle 200, 00o.t90 marks arc |
sill engaged in foreign travel. have repeated-
Y spoAou OF tho eirrctual reduction OF |
Tho paper curreacS aud III. iut,oductiou |
u the hank-noto tax, intended to cornIizc |
he amount OF notes in circulation With
;ha legitimate demands nf tsado but it IL an /
,ther question Hhether the country will HI, d it I
to maintain tie gold currency in
lie proportion OF l615 10 II the value OF pityer
Should diminish. while the Germau exports do I
lot increase.
II beng very likely thst eotne 10, non. mo or
U, ooo 0oo maIAa will bo Wauted thl. winter Tor
Military purposes In excos Of the ordinary
mount. tile Federal Council a,o said to
"a 1nedttattpR tho iu1poytion Of fso,h
axes. Most probably tho beer aud TOBACCO
tnpo,ta will bo Increased, aud \ tux
'rapoAeu OH transactions on Change. There IL
,othIng hui Joy Ia the land a. tie proercct Of
he"e aovol burdens. Nothing dannted, howe, or,
ile Admiralty are eal! 10 coulcn,rIate
cnnai right through Ilotstain, dccp
nouRh to sllow the beaveet IRON
lads to pas7 from .na baltic tn tuo
lorman Oconn, without touching Hol. or Sound,
10 doubt such canal might dolible the va!uo Of
ue Ge1Inau nary, now greatly diminished by
havoldable division into tno isolated
qna;lEons, IN timo Of war; but, AZ tho
anal will bs enormously expona.ve. nuJ,
estdes' W. require to he rr .tec.cd
fortliieations at each end. tho long 1ee,stee of
lilttary eAionsts threatens to have u fresh end
sther heavy item aided to it. It IL true tie
aVy has made wonderful str,dos and by next
pFing Will he infor7cr to thu English, Flouch,
I'd Kuasan f1octB alone,