Dear readers Numismatica Ranieri in the article today, we are going to talk about the annals of the Brand-1868 continuing our analyses began with the previous articles: the annals 1861, and the annals of 1866 and, finally, the annals of the mint, 1867.
The annals of the Brand-1868
In the late 1867 the events on the roman question and the negotiations were conducted in order to ensure peace in Europe, monetary policy, were adopted measures for the purpose of improving the circulation of coin, already so lacking for the scheme of the circulation of paper money issued by the National Bank (in the kingdom), which, according to the minister of Finance in the speeches to the Chamber of the 5 and 6 march 1868, had increased its circulation of the well-719 million lire.Accordingly, on 18 February, the government introduced a bill for the abolition of forced, causing a long discussion in the Chamber culminated on march 10, with the appointment of a Commission of inquiry that condemned the monetary policy of the government in the Report of November 28, as follows: "we Know very well how to puranco insigm friends of the economic freedoms would like to separate the issue of the tickets from other banking operations, and while banking is considered as free as any industry, consider the issue of the tickets as a concession that must emanate from the State; and then, agreeing that the first should be set with the general principles of commercial law, would like to adjust the second by the laws that govern the manufacture of the coin. And not only do they consider separate the issue of the tickets from the bank, but estimate the limits, restrictions, precautions, that the issue of the tickets is in itself, or in the laws, to have no point or little bearing on the growth of other credit operations (...). The ticket, however, is still in itself a promise of payment (...). Who can that the issue of the tickets is for banks to be a powerful means with which to feed the alter their operations ? It is true that, because of a greater refinement of the other devices of the credit should always be decreasing, as well as the circulation of coin, the same movement of the cards.”. To conclude, the Commission explained his preference for a the banking system, based on the plurality of banks of issue, to be implemented at the end of the course forced; he invited the government to submit, within the first four months of 1869, a project of the law, in this sense.
But it is already ventilava the belief that the legal tender of the money would be restored by the end of the current year, for which Parliament enacted the " Law no. 4474 July 7, 1868 ratification of the above-mentioned decree. 3969 of 1867, which gave the start to the minting of bronze coins of 20 million lire, even if popular unrest about the introduction of the tax on the ground (which had already caused the fall of the previous governments) were made to pass, in the second instance, the monetary matter on the circulation.
The minting of coins was, therefore, sustained because you gave a place to the completion of the quota of 20 million lire for the following emissions (of which L. 41.000 already anticipated in the previous year), dated 1867:
- Cent. 10x 150 million copies (Turin, Naples, Birmingham, Strasbourg and Brussels).
- Cent. 5 x n. 70 million specimens(Milan and Naples).
- Cent. 2 x n. 50 million animals(Turin and Milan).
- Cent. 1x n. 50 million animals (Turin and Milan).
Still, from the The mint of Turin, add the minting of n. 340.397 specimens of the coin of L. 20 to make up for the shortage of paper cutting counterpart, even if you could see, at the end of the year, the stock of banknotes of L. 20 was nearly identical to that of the previous year (l .207.807 against 1.204.715 of specimens. Meanwhile, the shortage of working capital and the need to establish more tickets trustees, abusive, led some banks to create the unusual cut of Cents winds. A manifesto, in the form of a "warning" to the customers by the Bank Popolare di Faenza, dated February 24, 1868, made public to members, so he recited: "The little trade of this place has made replicatamente feel to this Office, as after the issuance Boni Cent. 50, Cent. 75 it is necessary also that of others from the Cent. 20 to remove really aggiottaggio on the Bronze coin, which can only be achieved when you have vendors, the how to give the remains..." (we omit the clear conclusion).
The notice stated, in the final part, "the advantages" of the fiduciary issue (abusive): "1) a decrease in the charge of the bronze coins. 2) Convenient to the buyers to pay without loss, or with very minor kinds of little cost. 3) Brake agiotage on the bronze coin. 4) Ease to the Bank to increase the subsidies in proportion to the trust, which will be given to his Boni. Prosperity always growing of the same, and it is useful, therefore, more of the People, which is the principal element".
We now follow a series of measures on paper. The Room, in the session of June 23, 1868, voted a decree for the creation of Good farming land, payable at sight, considered to be real good to the bearer for investment in agriculture. The decree foresaw, in this regard, the creation of a Commission to draw up such a possibility, and the necessity of a vote by the Parliament a law that determines the conditions neither more nor less than the law determines the conditions of every act of social life" (the law was enacted on 21 June 1869 with the n. 5160); in this regard, the De Mattia, in the financial statements of the Bank of Italy, points to the good farming land, between the "circulation of the paper abusive" , while specifying the details of the law under which they had set up outside of the emittenze on the part of the banks of issue known. This emittenze will start with the month of August 1870.
On the circulation of the cartamonetaria by the National Bank reports a series of measures; 6 march, the D. M. n. 4282 increase in the emission of n. 4 million tickets £ 10 on the part of the B. N. R. I. with the signs (new type) di cui al D. M. no. 3428 December 18, 1866. The issue bears the date of "the Creation of the January 24, 1868" and differs from the emissions of 1866 in the numeraire that is mm 16 x 4, and in the coloration of the fund, which is bistro light; D. M. n.4373 10 may: there was an increase of 25 million units-I'm the issuance of paper money of L. 2 by the B. N. R. I. taking, then, the contingent within the limits provided by the D. M. n. 3654 dated April 26, 1867.
On 22 July, from the B .No .S .S. we highlight the creations of banknotes by L. 100 and 1000 supported by additional quantities of the B .No .R .The. L. 25 (last issue), and L. 1.000.
As far as the cut of L. 5 of the B. N. R. I., is already created with the issuance of the October 30, 1867, the D. M. n. 4543, September 4, 1868 dispose of the following characteristics: effigies of Cavour, and Colombo, in addition to the two busts front of the Italia turrita (all the medallions), as part of the reverse a figure miliebre diademata representing Italy and the date of creation. The ticket was printed in New York from the A. B. N. C. at 10 million copies, that is, how many tickets have already been issued by the M. D. September 2, 1966, n. 3200. to replace, of which the withdrawal will be set to January 10, 1869 by royal decree no. 4730 December 6, 1868. Since the official data, it appears that at the end of 1868, the circulation of those tickets was n. 11.235.145 specimens that is lower than that established at the end of the previous year, in the n. 14.659.192, it is unlikely the existence of a dating of tickets September 4, 1868, that is, responsive to the one quoted by D. M. n. 4543, who glared at the only features on the proposal of the Superior Council dellaB.No.R.The. 22 July 1868, and as in the previous Creation decided on October 30, 1867.
A series of measures in the field of money took place on September 3:
- Law no. 4572. The issue of coins divisionarie silver for 15 million lire in the league reformed 835/ 1000, in addition to that provided for by Law no. 3087 July 21, 1866 (do not know minting and, later in 1867, if not those of L. 5 in the league issued by private individuals) due to the increased needs related to the annexation of the Veneto region.
The issue will be integrated by the R. D. no. 4632 of the next 24 September 1868;
- R. D. no. 4573 extensive in the annexed provinces of the normative monetary referred to in Law no. 788: may 24, 1862:
- Law no. 4579 of September 3, on a proposal from the Commission, a parliamentary inquiry into the circulation,
ordered the withdrawal from circulation of more than 750 million tickets have already been issued by the B. N. R. I. and B. N. S. S.) and the issuance of tickets to the bearer of the L. 1 for the amount of 6 million lire "legal tender throughout the Kingdom and inconvertible until the cessation of the circulation of bank-notes", on the part of the six institutes of issue, to eliminate the circulation of the trustees of equal cut. The law was criticized by the honorable Luzzatti, who, in a report, he stated: "the theme of The circulation of the small cards of the trustees, issued by individuals and institutions are not legally entitled to such an operation, involving serious and sensitive issues of the economy and of public morals...
We tried, with the said Law, to exclude indirectly from the market this species of tickets granting institutions legally recognized the right to issue six million cards from a lyre; but it was the measure insufficient, because six million could not be enough, and the lower denomination adopted was still too high; and therefore the tickets are not authorized continued to remain in the circulation, and only fell off the ones from a penny, as they grew, for the greater demands of the market, the ones from the half a lira".
Other legislative measures, always about money, they are:
- R. D. no. 4604 of 17 September to the end of legal tender, in the provinces of the veneto and mantua, coins, coinage of the austrian non-decimal silver and eroded mixed. Attached is the table of information for the exchange rate with the currency of italy;
- R. D. no. 4603 of 17 September to the termination of the legal status of the coinage of silver, coined with the title
- 900/ 1000 (except for the shields of broadcasting private), as well as the withdrawal of 22 million pieces of cut of cents. 50. Extended by A. Q. no. 1485, July 8, 1883;
- R. D. no. 4604 17 September of termination , in the provinces of mantua and the veneto region, of the coins of the copper coinage of the austrian;
- R. D. no. 4632 of 24 September, the distribution of the coinage of 141 million coins, as established by the Convention on international monetary December 23, 1865, and of the 15 million that referred to in art. 1 of Law no. 4572 of November 3, 1865, a separate 50 million for the currency of L. 2, L. 70 million to L. 1, L. 49 million per cent. 50 and 7 million per cent. 20;
- R. D. 4687 November 8, 1868 grip of the act of renunciation of the National Bank of Tuscany and of the National Bank of the Tuscan Credit to the participation in the allocation of 6 million tickets bearer from a lira (Law 4579 September 3, 1868); the emissions of this cut will be made from B .No. R .The. no. 4 million copies with the Creation, January 20, 1869, as well as the Banco di Napoli n. 1 specimens and the Banco di Sicilia to n. 500.000 copies. The tickets of the two benches southern dated September 3 1868, but issued, such as those of B. N .R .The. in the next year with the features, forms and distinctive features of the D. M. n. 4852 1869. The decree no. 4687 explained again that the tickets of the benches in the southern part of the mass from the faiths of credit and bills in circulation, "with a mandatory course, indiscriminately, in all the provinces of the Kingdom and inconvertible up to the cessation of the circulation of the ticket of bank: the Bank of Sicily, the printing had to be done in Palermo at the Lithographic Establishment Visconti & Huber, while the affixing of the seal and the numbering with double-digit had to be made dry Bradbury Wilknson & C. London; for the Tour of Naples will the D. M. n. 5269 of the next year on the new rules of numbering.
- R. D. 4725 of 29 November, by which it authorized the National Bank Tuscany increase of 8,000 specimens, the tickets of L. 500 in replacement of 4,000 pieces of cut of L. 1.000 (the cessation of which the legal tender was scheduled with effect from 1 January 1869), of which n. The 3,200 copies in the current year and no. 4,800 in 1869;
- R. D. 4730 December 6, 1868 for the cessation of the mandatory course of tickets to L. 5 — type temporary — from 10 January 1869, issued in accordance with D. M. no. 3200 September 2, 1866.
The Tuscan Bank of Credit reports on the first issue of the cuts of good L. 500 dated June 20, 1866 (Decree no. 2880 of the same date) for the initial n. 600 copies on the 6,000 authorized; the quota will be completed in 1873.
As to the circulation of money, in 1868, there were minting gold, L. 6.808.000, silver, L. 1 .252.000, bronze L. 19.959.000; for the paper a working capital of five institutes of issue of which L. 866.518.000: add the trustee of 18 million, of which 5 are issued by institutions and individuals.
Conclusions
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