The New Orleans daily Democrat. [volume] (New Orleans, La.) 1877-1880, 1878-02-23
THE LATIN UNION.
The Alliance Between Four European
Countries ON The silver Question.

|
| The following are the terms of agreement
between the four European States composing
| the Latin Silver Union:
| Article constitutes Belgium, France, Italy
and Switzerland q union as respects the
weight value, form and currency OF their
respective coinages In gold and silver.
| Article provides that the gold coins OF the
respective countries shall be denominations
OF only 100 frances 80 francs, 20 francs 10 francs
| and francs, uniform as to weight, fneness
country also engages to receive into it's public
treasuries the gold coins Of others, coined
according to the foregoing conditions. except
ing such as may have been reduced by wear to
the extent OF one-half OF one per cent of their
value.
| Article binds the contracting governments
not to coin or allow to be coined silver five
franc pieces except OF twenty-five g,rammes
and 900-10000ths standard Said five franc
pieces are to be receivable at the public treas
| uries Of each or any OF the four governments
unless reduced in weight per cent by wear.
Article 4 determines q uniform weight, fine
| ness and dimensions for the silver pieces OF 2
france, franc 80 confines and 20 centimes,
and requires that the government issuing
them shall recall them when they have lost 5
per cent OF their legal weight. The standard
of fineness Of the coins is fixed at 835-1000ths
Article provides for withdrawal Of sill
yer coins OF the denominations last men
toned inconsistent with the conditions men
LII 4.
Article makes the silver coins mentioned
| in article 81 legal tender between private indi-
viduals within the State issuing them to the
extent OF 80 francs, In single payment, while
to said State they shall be n legal tender
without limit from it's own citizens.
Article seven obigates the public treasures
Of each Of the four States to accept the coins
prescribed In article issued by any other Of
said countries to the extent of 100 francs, In q
single payment
Article prescribes the conditions unde1@
| are to receive the old and abolished coins Of
the other countries.
Article Q determines the number Of coins to
be issued by each country according to their
respective populations.
The remaining six articles relate to matters
OF routine, and reserve the right to join the
compact to any other government that will
accept It's conditions.
The relative value of the five frame silver
piece and Of the gold coins Is fixed at fifteen
and one-half weights OF silver to one OF gold.
The agreement dates from December %,
1865, and remains In force until January /,
1880; or, II notice be not given one year pre-
vio1s to that date OF its discontinuance it will
run for fifteen years further, and in like man
ner for further periods Of fifteen years In the
absence Of notice.
1t will be seen that this compact gives q
legal tender quality to silver infour European
States, on the basis Of 15a to |, and makes
them virtually one for the maintenance Of the
double standard. 1t was the fact that in these
countries 15I ounces Of silver could be ez-
changed for OF gold that caused our A12ll
grains dollar to be exported as fast as 1t was
coined, as that coin was based upon 16 to /,
and was therefore worth per cent more In
Europe than at home.