The annals of the brand-1866

Dear readers Numismatica Ranieri in the article today, we are going to talk about the annals 1866, providing you with the historical narrative of the events that took place during that period of history, continuing our analysis began with the previous post dedicated to the annals of the mint in 1861.

The annals of the brand-1866

The governmental crisis of December 31, 1865 , caused by the proposal of the minister Saddle to introduce the unfair tax on the ground, induced the King to dissolve Parliament on the 3rd of February, 1866. And since you ventilava already have the 3" war of independence for the liberation of the Veneto, to preside over the new government, he was appointed the Commander of the corps of the Bersaglieri, the general Alfonso La Marmora.

It may seem strange, but the more difficult issue for the formation of the government was to find a minister of Finance, because — he specified the Massari — "there are moments in which the wildest ambitions and withdraw before the wheels of a great responsibility".

The high and delicate task, he was appointed an eminent economist and jurist: Antonio Scialoja, the name of which will be tied to the events of the monetary policy that would lead to the declaration of the circulation of paper money.

For the rehabilitation of the finances at a time when the Treasure was to raise enough money for the imminent conflict, the question was not entirely resolvable without the exceptional legislative measures. But when the wind of war was manifested in all its severity, the number of austrian troops along the Po, the Parliament voted the Law of n. 2872 may 10, 1866, with which the Government was authorized "to sort out the expenses necessary for the defence of the Country and to provide you with extraordinary means to the needs of the Treasury" because it would not have been possible to manage an economy of war with the sole currency in circulation on the system mainly in metal, perdippiù to the limitations imposed by the League Monetary Latina on the minting of coins, divisionarie. The government intervened accordingly, adopting the R. D. no. 2873 of the same date, for the grant of a loan to the Treasury of L. 250.000.000 by the National Bank in the United Sardinian (renamed the "kingdom of Italy" by art. All of the above-mentioned decree), the amount necessary for the defence of the Country, but that it could be used (and not all were aware of) which the first instalment is payable to Austria in the event that you were made of the secret negotiations for the granting peaceful of the Veneto region of Italy, against payment of a billion lire.

This symbiosis of broadcasting (B. N. S. S. and B. N. R. I) will last until July 16, 1873, with the similar matrices uniface type sardo, in contrast with the above-cited provisions of art. 2 of the decree no. 2873, they continue to bear the inscription "Will be paid in cash at sight to the bearer", but certainly not on coins.

On the broadcasting of the cut of L. 10 recalled in the art. 1 of the most often cited decree no. 2873, was issued the royal decree no. 3914, may 17, for the remission of six million copies, of which the quota is to be authorized by three successive ministerial decrees: al D. M. no. 2919 of 19 may n. 2 million copies. we added the D. M. n. 2984 of 22 June for a further 2 million pieces. as well as the D. M. n. 3120 of July 31, for a further 2 million, followed by D. M. n. 3265 October 5, which will extend the issuance of 2 million pieces. bringing the broadcasting at 14 million units. In relation to the characteristics provided for the D. M. n. 2961 of 19 may 1866 in the following text: (No. 2) "...printed with ink blue, paper watermarked with ten royal crowns arranged in two horizontal lines of 5 crowns each: take in the top end and in the middle of The 'effigy of the King's identical to the one printed on the stamps to lire a".But when he was able to realize that the ticket uniface had been easily spoofed, you resorted to the R. D. no. 3428 of 18 December 1866, which directed that "cards from lit so far issued dallaBanca National above with the form as determined at the Ministerial, dated as of may 19, 1866. will be retired and gradually replaced by new cards from £ 10. the characteristic signs are determined in this decree" (effigies of Cavour and diColombo) and printed in New York by the "American Company for Bank-notes".

As to the issues of type "interim", will be printed on the paper uniface without dating, while the new type, printed in the United States, shall be dated from the Creation of the may 16, 1866.

To this we must be the decree, which economists called it a "of the circulation of paper money". The banknotes were issued by the Institution for the financing of the Treasury, became the

in paper money in circulation, i.e. non-convertible metallic currency pursuant to art. 2 of the decree no. 2873 stated in the following text:"From the day the 2nd of may, and until the new provision, the National Bank said it is freed from the obligation of payment in cash and in view of his ticket." Consequently, the National Bank was authorized to require the establishment of tickets for 250 million lire, the contingent was determined first by D. M. n. 2961 of June 2, 1866, then modified by D. M. n. 2984 of 22 June, and, finally, revised by D. M. n. 3120, 31 July 1866 in the following amounts:

• for L. 60 million in tickets, from L. 10;
• for L. 40 million in tickets by L. 20;
• for L. 20 million in tickets, from L. 50;
• for the 40 million of notes by L. 100;
• L. 90 million in cuts from L. 250, 500 and 1,000.

Consequently, in addition to a cut of £ 10 to be part of the B. N. A. I., B. N. S. S. with the Creation of the 1st of may, he cuts of L. 20, 50, 100, 250, and 1000, and followed it. with the Creation of 16 may, another issue consists of cuts of L. 20, 50, 250, 500, and 1,000, while for the cutting of L. 100 will be provided with the Creation of 19 next. Always with the Creation of 16 may, the production will be stepped up from the B .No .R .l . (new name), which issued for the first time, their tickets (type sardinian, is by L. 1000. The entity is not known, but he had to exceed a hundred million lire, as deduced from the results of the end of the year.

In the more that you predisponessero tickets £ 10, the government resorted to a ploy (later proven to be detrimental), which was authorized the circulation of the stamps for bills of exchange with a special overprinthe was issued the royal decree no. 2970 of 13 June, for which the National Bank could change its tickets in excess of L. 50 with the stamps for the bills from L. 15, L. I, L. 5" having (art. 3) "the same required course" of the coinage in the course. The circulation of the brands was established (art. 5) until 30 September of the same year, the term deferred until September 30, postponed to January 10, 1867 (art. 2 of R. D. no. 3231 of September 22, 1866). On 15 June 1866, two other decrees in the way determined: the first (D. M. n. 2971), the limit of change "only once," and up to L. 1.000; the second (D .M. no. 2972) fixed the form and use of the marches: "The stamps from L. 15, L. 10, L. 5 put into circulation by the National Bank to replace temporarily the tickets, and they will have a black line on the words "stamp" stamp on the bottom margin.

This stretch of the black will stand out from those that will continue to be used for bills of exchange according to the Laws in force..."

You put the question of the european economic crisis that was returned in our country a strong panic, that would induce savers to withdraw their deposits of money from banks to invest in gold. Not even the intervention of ticks to introduce in the circulation of 25 million coins silver making up the last tranche of coins divisionarie dated 1863, in addition to 10 million coins cent. 50(Ticks of Milan and Naples), had failed to curb the exodus of savings, causing serious hardship for the hoarding of broken silver, made up of the following:

Dating 1863

• The mint of Turin: the (estimated) value series: cent. 50. Value series: cent. 20.
• Mint of Milan: (estimated) value series: L. l.
• The mint of Naples (estimated) value series: L. 2. Value series: cent. 50.

Dating 1866

• The mint of Turin: no. 196.401 marenghi d'oro.
• Mint of Milan: n. 19.199.457 silver coins "value" of a cent. 50.
• The mint of Naples: no. 464.797 shields of silver, as well as n. 5.555 dated specimens in 1865 that as glà specified according to the Carboneri constitute the’ supplement to the official data of the minting d vintage.

Exploded, and then, the phenomenon of Tickets trustees that were accepted by the population "on trust" vis-à-vis the private broadcasters. The cards were spread wide, and were issued by Banks (established in 1864), the Monti di Pietà, Savings banks, Chambers of Commerce, government agencies, and Worker organizations, circulated in denominations of cents. 5 L. 3; joined companies and private companies (that made also of the coin metal), compromising the reliability of the broadcasting authorized, so much so that the Council of State, judgment of 25 June 1866, declared the aversion to the emissions privatisticheperché had any control, playing the role of the State.

Contrary to what was claimed, these emissions – precise De Mattia – "unauthorized, or recognized in any way by public authorities, differed significantly from each other, not only to the different nature of the bodies which they were issued, but also for the guarantees which were assisted , for the cuts adopted , ten cents came at 5 lire, and sometimes exceeded; for the more or less rough, the manufacture and the dignity of external forms; they had a private course on local, limited, and indeed, most of the times, to the province or municipality, including "the issuer" and that is, in northern and central Italy (with the exception of the towns of Palermo and Trapani), as the southern provinces were released large amounts of faiths credit, insurance, and polizzini by the two banks of the south, the Banco di Napoli and the Banco di Sicilia, in accordance with art. 7 of decree no. 2873, which provided that "the faiths and credit policies of the Banks of Naples and Sicily will be given and received as cash to their nominal value in the payments can be carried in the provinces of naples and sicily," in spite of the limitations that will be provided by art. 2 of R. D. no. 2874 may 2, 1866, for which "the Bank may not lead to change in one day, the faiths of credit, the value of which exceeds the twelfth part of the value of the cards of the bank, representing the metal mass".

After the status of the war (June 20) there will be a massive emission of this paper apossidaria as it were defined as those emissions, based on the system of the "receipt" (apoxa) that, in 1866, he reached emittenze to 88 million lire to be part of the Banco di Napoli and 31.562.000 of the Bank of Sicily.

It is also worth mentioning is the issue of good agricultural L. 50 by the Cassa di Risparmio in Bologna on June 16, 1866 (a rare specimen appeared in the shaft of Senigallia January 1991, no. 453) in execution of the Law no. 2983 of June 14, 1 866, who instituted the section of the "land bank" in favor of the above-mentioned Case, the Monte dei Paschi di Siena and other institutions. To remove from circulation the tickets trustees in denominations of 10 cents, which was the most widely used, intervened several Ticks with the issue of bronze coins from 10 cents (the well-known ‘palanconi’) according to R. D. 2968 of June 14, 1866, which authorized the issue to sixteen million lire, integrated additional four million by the R. D. no. 3096 of 18 July: this in spite of an explicit relationship from the director of the Treasury to the minister Scialoja of 30 April had been to point out that "15 million bronze coins exceeded then the needs of this species to the metal", which is already minted with thousands 1862 and 1863. You had to make use of still ticks foreign.

Consequently, the palanconi coined by dating 1866, to the amount of 20 million lire, are distinguished (table 2):

• Torino x n. 1.635.000 (symbol T).
• Milan x n. 3.600.000 (mark M).
• Naples, x n. 6.765.000 (symbol N).
• Strasbourg, x n. 2.000.000 (symbol OM and OM).
• Birmingham x n. 4.000.000 (abbreviated as BI in the link).
• Paris and Brussels x n. 2.000.000 (without initials).

You know a few specimens, probably because demonetizzati between the 13.089.903 pieces retired in 1883 in order to provide the riconio coins cent.2 and 1.

The National Bank Of Tuscany. For the broadcasting of the new cards were implemented the following decrees: R. D. no. 2909 of 17 may 1866 by taking note of the report which had been immobilized in a metal mass of more than two-thirds of that which corresponded to the value of the third part of the circulation of the institute to which, in application of the provisions of the D. M. n. 2877 of the 6th of may last, it was stated that "the notes of the B. N. T. will be given and received as cash to the value ( ... ) despite any contrary provision of the law or covenant conventional" (which was the termination of the convention on the interbank market for which the cards of the banks tuscan presented outside of the territory had to pay the premium of 10%, which remained in force to the Tuscan Bank Credit.

The R. D. no. 2920 19 may, 1866, authorized the integration of the earlier issues (cuts of L. 1 .000, 500, 200 and 100 new species of L. 50, and 20, with the characteristics of the D. M. n. 2964 of 7 June, for which the cutting of L. 100 was similar to the one in progress (it will only change the date), the cutting of L. 50-to print on red paper with watermark, similar to the first one; the cutting of L. 20 on green card, as above: each with its dating may 19, 1860, in the following quantities: L. 20 x 100,000 copies, L. 50 x 30.000 copies, L. 100 to 15,000 copies (for a total of L. 5,000,000 and after withdrawal of tickets by L. 1.000).

You came to the R. D. no. 3063 4th of July that gave the B .No. T. the right to increase the replacement of tickets to L. 20, 50 and 100 tickets by L. 1.000 already authorised for 5 million lire from the R. D. no. 2920 above 5 million to provide for the emissions new tickets to L. 20, 50 and 100.

Consequently, the D. M. n. 3084, July 17, led to the quantities to be issued, as follows: L. 20 x n. 50.000 copies, L. 50 xn. 30.0000, L. 100 x n. 25.000, i.e., for a total of L. 5.000.000.

The whole contingent was issued for 10,000,000 lire, after withdrawal of tickets by L. 1,000 for equally amount, but until 1869 cuts of L. 20, and 50 were kept in storage in the coffers of the bank, until, in the order of the Resolution of the Board of Directors on 28 August 1869, and R. D. September 9, 1869 (for the renewal of the issue of 1859 in the currency of tuscany), were withdrawn n. 100.500 specimens of L. 20 en. 41.000 of L. 50; additional retreats operated in 1871 and 1872, reduce emissions to n. 3.593 specimens of L. 20, and n. 1.505 L. 50: this shows the rarity of these cards.

The Tuscan bank Credit.

The R. D. no. 2988 20 June, authorized the issuance of bonds cash of L. 20 and 500 in an amount "not to exceed, respectively, 100,000, and the 6,000 specimens, carried out after waned n. 1.000 tickets from L. 5.000". The series was completed with tickets of L. 50, 100, 200, and 1,000 dated January 2, 1864.

About the contingent, it is sufficient to observe the outcomes of the case to be referred to April 30, 1866 (prior to the forced circulation) and December 31, 1866:

• L. 20n.—and no. 90.750
• L. 50n. 196e n. 9.700
• L. 100 n. 737 n. 24.700
• L. 200n. 665e n. 3.550
• L. 500n. -- (first issued in 1868)
• L. 1.000 no. 170e n. 210.

The third war of Independence

On 20 June, the outbreak of the third war of independence: The Marmora left the Presidency of the Council to reach the front, while the King took over the command of the army, appointed his Lieutenant and the cousin of Prince Eugene. The original plan was that Garibaldi, with 30,000 men landed in Dalmatia by admiral Persano, to be opened in the Balkans a third front against Austria; the Marmora opposed it. Garibaldi was entrusted with 10,000 men and a single ship of war. Established his headquarters in Salò, on July 3, launched an attack from the monte Suello, but suffered a defeat and was injured with a leg: finally Bezzecca on 21 July, he fought the hardest battle of the campaign, and he won.

With the Law no. 308 21 July 1866 he gave it to run at A Monetary Agreement Latina of the agreement of 23 December of the previous year, which had fixed the maximum emission of the silver coins (title 835%) in the measurement of six lire per inhabitant, while the limit of acceptance of coins, silver in the private sector not to exceed fifty lira (instead, the State was obliged to accept them without limit).

The effects of the Convention and of the circulation led to the blocking of the minting of silver, even if the Mint of Naples was completed in 1866, the quota cuts of L. 2 dated 1863. So the B. N. R. I., with the Creation of 25 July 1866, the" ordered by the Board of Directors, established a broadcasting of cutting the paper of L. 2, which will be authorised by the R. D. no. 3649 April 21, 1867, with the features of the D. M. n. 3654 of the 26th of April next, in the amount of L. 50 million (D. M. n. 3902 August 22, 1867), and will be on view starting from 1867.

Always in date 25 July 1867 the B. N. R. I. issued denominations of paper money of L. 25 and 40, while the name of B. N. S. S. were issued in denominations of L. 20, and 50.

With regard to the issuance of the cut of L. 20.please note that the R. D. no. 3094 July 18, had granted the B. N, S. S. an increase in the quantity of "beyond the limit of 8 million lire" (art. 1), establishing that the "category of tickets to L. 1 .000 will be faded in proportion to the number of tickets instead of those of L. 20 , which will be issued" (art. 2). In practice, it would reduce the cuts from L. 1.000 because they are not required and have been issued by virtue of the royal decree no. 3622 October 1, 1859, in the era of the pre-unification.

In spite of some disappointments military Custoza and in the sea of Lissa, some territories of the Veneto furonoliberati and I was immediately extended the circolazionemonetaria Italian silver, gold, and even if you temporarily left the course to the currency of the austrian (R. D. N. 3072 July 21); for the course of the notes of the National Bank was provided later with R. D. no. 3110 August 1, 1866.

The outbreak of the war and the need to have enough money led the government to enact the R. D. no. 3108: July 28, for the collection of 350 million lire by another national loan, where the rules were dictated by the R. D. no. 3201 September 19, and the relative amount increased to L. 353.232.000 by R. D. no. 3721 (may 18, 1867. The loan is for twenty years, launched at 5% interest, led to the Treasury for a net of L. 311 million.

Accordingly. through the execution of the royal decree no. the R. D. no. 3159, August 15, on the "assignment of 2,500 to correspond to the National Bank, the interest on 250 million data in the mortgage to the Treasurer of the State and to meet the expenses necessary for the national loan". Among the measures in the matter: the R. D. no. 3216 September 19 "premium accorded to the Municipalities, or Consortia and Provinces that took or do take the payment of dues of the national loan assigned to them"; the R. D. no. 3218 of September 22, gave the interest of 7% in favour of the above-mentioned bodies to the random referred to above; the R. D. no. 3235 of the 29settembre extension to the above-mentioned Bodies to the n. 3230 September 19, arranged for the registration of national loan debt.

On 23 August, Prussia signed in Prague, the treaty of peace and the day after Austria gave the Veneto region to Prussia; the population of the Veneto region was left free to decide its fate and it is decided confirmed by plebiscite to join the Kingdom of Italy; thus, from a monetary point of view – to five banks of issue existing if they joined a sixth, that is, the Establishment of the Merchant of venice, which had been created by Austria, finishing embedded in the National Bank, that there was an agency (R. D. n. 5250 on October 10, 1866). He joined the Mint of Venice, which was used as the institute of refining monetary.

For the need to withdraw from circulation all brands used as coinage substitute, and catching the emissions of the shields of silver, was issued the royal decree no. 3183 29 August who authorized the issue of the tickets of L. 5 with the following: "To the left as you look at the ticket you will see an oval medallion bearing the effigy of Italy with the crown towers". They were printed in black on paper uniface and without the date in question. Follow the signatures of the censor, of the Regent and the Cashier of the B. N. R. I. Under the law the termination: "The law punishes with the maximum of the forced labour-time, the makers of counterfeit banknotes. those who falsificassero the notes of the national bank, and those which introduce in the state cards fake or falsified".

The issue was authorized in ten million specimens (D. M. n. 3200 September 2, 1866), but when he could ascertain that the tickets were easily falsified, was provided for the withdrawal by the R. D. no. 4730 December 6, 1866 to replace with a new type of printed in New York from the A. B. N. C. "the Creation of the October 30, 1867" with the features of the D. M. n. 4543, September 4, 1868.

To replace the cards printed uniface L. 25 and 40, the R. D. no. 3232 of September 22, 1866 authorized a new type with the signs that will be indicated by D. M. n. 3235 n. on the 25th of the same month and year (even if the cut of L. 40 will never issued).

Meanwhile, in the political field, on 3 October, the Manebrea had signed at Vienna the treaty of peace with Austriawhen Italy is accollava 35 million guilders, equal to 87.5 million lire period, as a proportion of the debt, for which the cost of the war, which is calculated 357 million (but was instead of 600 million) aggravated the instability of finance and the charge of the gold on paper was reached 15%, the pension down to 36%.

On October 10, 1866, a new convention which provided for the incorporation of the National Bank of Tuscany with the National team in the Kingdom had not obtained The approval by the government for the opinion of the State Council, according to which, being in the discussion of the dissolution of the banca toscana, not made necessary the approval of the convention by the royal decree. Peace was made, remains the circulation of paper money, instead, according to the forecast, was to last until the end of the conflict (if The indebtedness of the State was not was too large): will be revoked in 1883, but this served to give the paper money that the primary role in the monetary circulation, which even today is at the basis of the system.

What was the impact of the paper? At the end of the year, he could ascertain that the circulation of it, by about 128 million in the previous year, was passed to 517.524.000, the apossidaria from 137 million dropped to 120 million, the trust from the 10,000 lire had jumped to 1.311.000; the minting of gold 68.705.000 to 3.926.000, the silver from 45 948.000 dropped to 35.853.000 and bronze (which had not had minting in the previous two years): range a 20 million lire (palanconi).

Conclusions

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