Page:EB1911 - Volume 18.djvu/737

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MONEY

707

intended to meet by the subsequent economic development. The proposal for a joint standard formed by using a unit in which the two metals are combined has the advantage of escaping the risk of failure to maintain the ratio, for it makes the employment of both silver and gold essential. Its influence in causing stability is also likely to be greater; but it is open to the danger that a shortage of one metal would not be compensated by the abundance of the other. The further advantage that it does not need international agreement (for each country could settle its own combination) is counterbalanced by the strangeness of the plan and by its necessitating the use of representative money. The suggestion of “goloid” coins on the model of the Greek electrum would hardly be acceptable.

Table III.—*Currencies of the more important non-European States*.
Coins.	Material.	Weight in Grammes.	Millesimal Fineness.	Rem. p. 1000		Approximate Money Value.
Coins.	Material.	Weight in Grammes.	Millesimal Fineness.	In Fineness.	In Weight.	English.	United States.
						£ s. d.	$ c.
A.—NORTH AMERICA.
British Dominions^[1]—
100 Cents＝1 Dollar.
Mexico^[2]—
100 Centavos = 1 Dollar (Piastre).
10 Dollar piece	Gold	8·333	900·0	1·5	3·0	1 0 5	4 98
5”	”	4·166	900·0	1·5	5·0	0 10 3	2 49

1”	Silver	27·073	902·7	3·0	3·6	0 2 0⁠1/2⁠	0 49
50 Cent piece	”	12·5	800·0	4·0	6·0	0 1 0⁠1/4⁠	0 25
20”	”	5·0	800·0	4·0	8·0	0 0 5	0 10
10”	”	2·5	800·0	4·0	8·0	0 0 2⁠1/2⁠	0 5
United States^[3]—
100 Cents＝1 Dollar.
20 Dollar piece (Double Eagle)	Gold	33·436	900·0	2·0	1·0	4 2 6	—
10 Dollar piece (Eagle)	”	16·718	900·0	2·0	2·0	2 1 3	—
5 Dollar piece	”	8·359	900·0	2·0	2·0	1 0 7⁠1/2⁠	—
3”	”	5·015	900·0	2·0	2·0	0 12 4⁠1/2⁠	—
2⁠1/2⁠”	”	4·179	900·0	2·0	3·0	0 10 4	—
1”	”	1·671	900·0	2·0	3·0	0 4 1⁠1/2⁠	—

1”	Silver	26·729	900·0	3·0	5·0	0 4 1⁠1/2⁠	—
50 Cent piece	”	12·500	900·0	3·0	5·0	0 2 0⁠1/2⁠	—
25”	”	6·250	900·0	3·0	5·0	0 1 0⁠1/4⁠	—
10”	”	2·500	900·0	3·0	—	0 0 5	—
5”	”	1·250	900·0	3·0	—	0 0 2⁠1/2⁠	—
3”	”	0·802	750·0	3·0	—	0 0 1⁠1/2⁠	—
B.—SOUTH AMERICA.
Argentine Republic * ^[4]—
100 Centesimos = 1 Dollar (Peso).
20 Peso piece	Gold	33·333	900·0	—	—	4 1 8	19 94
10”	”	16·666	900·0	—	—	2 0 10	9 97
5”	”	8·533	900·0	—	—	1 0 5	4 98

1”	Silver	25·000	900·0	—	—	0 3 11⁠1/2⁠	0 96
Brazil * ^[5]—
1000 Reis＝1 Milrei.
20 Milreis piece	Gold	17·929	916·6	—	—	2 4 10⁠1/2⁠	10 91
10”	”	8·964	916·6	—	—	1 2 5	5 45

2”	Silver	25·500	916·6	—	—	0 4 5	1 9
1”	”	12·250	916·6	—	—	0 2 2⁠1/2⁠	0 55
⁠1/2⁠”	”	6·375	916·6	—	—	0 1 1	0 27
Chile * ^[6]—
100 Centavos＝1 Peso.
20 Peso piece (Condor)	Gold	11·982	916·6	—	—	1 10 0	7 20
10”	”	5·991	916·6	—	—	0 15 0	3 60
5”	”	2·995	916·6	—	—	0 7 6	1 80

1”	Silver	20·0	835·0	—	—	0 1 6	0 36
50 Cent piece	”	10·0	835·0	—	—	0 0 9	0 18
20”	”	5·0	835·0	—	—	0 0 3⁠1/2⁠	0 7
10”	”	2·5	835·0	—	—	0 0 2	0 4
Colombia * ^[7]—
100 Centavos＝1 Peso.
20 Peso piece	Gold	32·258	900·0	—	—	3 19 3⁠1/2⁠	19 30
10” (Condor)	”	16·129	900·0	—	—	1 19 8	9 65
5 Peso piece	”	8·065	900·0	—	—	0 19 10	4 82
2”	”	3·225	900·0	—	—	0 7 11⁠1/4⁠	1 93

1”	Silver	25·0	900·0	—	—	0 3 11⁠1/2⁠	0 96
20 Centavos	”	5·0	835·0	—	—	0 0 9⁠3/4⁠	0 19
10”	”	2·5	835·0	—	—	0 0 5	0 10
5”	”	1·25	835·0	—	—	0 0 2⁠1/2⁠	0 5
Peru^[8]—
10 Soles＝1 Libra.
1 Libra piece	Gold	7·988	916·6	2·0	2·0	1 0 0	4 86
5 Soles (⁠1/2⁠ Libra)	”	3·994	916·6	2·0	2·0	0 10 0	2 43

1 Sol piece	Silver	25·0	900·0	2·0	3·0	0 2 0	0 48
50 Centavos	”	12·5	900·0	2·0	3·0	0 1 0	0 24
20”	”	5·0	835·0	3·0	5·0	0 0 2⁠1/2⁠	0 5
Ecuador. See Peru.
C.—ASIA.
India (British)^[9]—
3 Pie＝1 Pice.
4 Pice＝1 Anna.
16 Annas＝1 Rupee.
(15 Rupees＝1 Pound).
1 Rupee piece	Silver	11·665	916·6	—	—	0 1 4	0 32
⁠1/2⁠”	”	5·832	916·6	—	—	0 0 8	0 16
⁠1/4⁠”	”	2·916	916·6	—	—	0 0 4	0 8
⁠1/8⁠”	”	1·458	916·6	—	—	0 0 2	0 4
Japan^[10]—
100 Sen＝1 Yen.
20 Yen piece	Gold	16·666	900·0	1·0	·2	2 1 0	9 97
10”	”	8·333	900·0	1·0	·3	1 0 6	4 98
5”	”	4·166	900·0	1·0	·4	0 10 3	2 49

50 Sen ”	Silver	13·478	800·0	3·0	·35	0 1 0⁠1/4⁠	0 25
20”	”	6·391	800·0	3·0	·5	0 0 5	0 10
10”	”	2·695	800·0	3·0	·6	0 0 2⁠1/2⁠	0 5

* Inconvertible paper currency.

11. The Present Money Systems of the World: Changes of the last Half Century.—The facts as to the money of the leading countries of the World are given in Tables II. and III. It is, however, necessary to explain the way in which this position has been reached by the reforms of the last fifty years. Since 1860 the alterations in standards and in coin denominations have been of a very extensive nature. England is one of the

↑ Until 1906 there was no mint in Canada. English and American coins circulate. The standard is gold (£1＝4·866 dollars). There were formerly different methods of counting, viz. English sterling, Halifax currency and Canadian sterling; the respective ratios being 100 : 120 : 108.
↑ The Mexican currency has been entirely altered in its standard by the legislation of 1905. The gold-exchange system has been brought into force. The old-established dollar, which is called piastre, is reduced so as to represent a ratio of about 33·1.
↑ The dollar was introduced in 1787 as the unit. In 1792 the ratio of gold to silver was fixed at 1 to 15. This valuation underrated gold, consequently silver became the standard. In 1834 the ratio was altered to 1 to 16, and it was again changed in 1837. In these changes gold was overrated, and silver was driven out of circulation. This led, in 1853, to the reduction of the metal in the silver coins, which therefore became a token-currency. The suspension of cash payments took place in 1861. In 1873 silver was demonetized, and gold became the standard. In 1878 the “Bland Bill” was passed, making the silver dollar a legal tender, but confining its coinage to the executive, and fixing the amount at from two to four million dollars per month. The difficulties that resulted from this measure led to the Sherman Act of 1890, providing for the coinage of silver to the annual amount of 54,000,000 oz. Owing to the critical situation created by these efforts to aid silver, the repeal of the Sherman Act was carried in 1893. Since then the chief problem has been to maintain an effective gold reserve.
↑ The Argentine currency is, in practice, one of inconvertible paper. The gold coins were altered in 1881. The old South American onza weighed 27 grammes, was 875 fine and worth £3, 4s, 6d.
↑ The Brazilian currency is greatly depreciated. It is derived from the Portuguese.
↑ The Chilean coinage was reformed in 1895, when the gold standard was adopted, and the system brought into relation to the English one. Two Chilean Condors (20 peso pieces) being equal to £3.
↑ In 1904 Colombia adopted the gold standard by taking the equivalent of the U.S. dollar as the unit; but the inconvertible paper is the main currency; and the old coins pass as commercial money.
↑ After attempting a parity with the Latin union, and passing through a period of inconvertible paper, Peru has adopted the English gold standard and coinage, but keeps her own silver denominations.
↑ The silver standard was prescribed in India in 1835, with the use of the gold mohurs. The latter was demonetized in 1853. In consequence of the fall in the gold value of silver, the Indian mints were closed to the coinage of silver, otherwise than by the government, in 1893. The amount of currency was so limited as to bring the rupee to the value of 1s. 4d. On the realization of this position, English sovereigns were made legal tender at the ratio of 15 rupees＝1 sovereign. India has, by these measures joined the class, now becoming numerous, of gold-exchange standard countries.
↑ The old Japanese currency consisted of gold cobangs and silver itzibus, with a ratio of 4 to 1. This antique system was replaced in 1871 by a double-standard one on the French plan, the ratio being 16·17 : 11. The system passed first into one of silver monometallism; and then became one of inconvertible paper. The great reform of 1897, aided by the Chinese War indemnity, placed the currency on the gold basis.

[1] Until 1906 there was no mint in Canada. English and American coins circulate. The standard is gold (£1＝4·866 dollars). There were formerly different methods of counting, viz. English sterling, Halifax currency and Canadian sterling; the respective ratios being 100 : 120 : 108.

[2] The Mexican currency has been entirely altered in its standard by the legislation of 1905. The gold-exchange system has been brought into force. The old-established dollar, which is called piastre, is reduced so as to represent a ratio of about 33·1.

[3] The dollar was introduced in 1787 as the unit. In 1792 the ratio of gold to silver was fixed at 1 to 15. This valuation underrated gold, consequently silver became the standard. In 1834 the ratio was altered to 1 to 16, and it was again changed in 1837. In these changes gold was overrated, and silver was driven out of circulation. This led, in 1853, to the reduction of the metal in the silver coins, which therefore became a token-currency. The suspension of cash payments took place in 1861. In 1873 silver was demonetized, and gold became the standard. In 1878 the “Bland Bill” was passed, making the silver dollar a legal tender, but confining its coinage to the executive, and fixing the amount at from two to four million dollars per month. The difficulties that resulted from this measure led to the Sherman Act of 1890, providing for the coinage of silver to the annual amount of 54,000,000 oz. Owing to the critical situation created by these efforts to aid silver, the repeal of the Sherman Act was carried in 1893. Since then the chief problem has been to maintain an effective gold reserve.

[4] The Argentine currency is, in practice, one of inconvertible paper. The gold coins were altered in 1881. The old South American onza weighed 27 grammes, was 875 fine and worth £3, 4s, 6d.

[5] The Brazilian currency is greatly depreciated. It is derived from the Portuguese.

[6] The Chilean coinage was reformed in 1895, when the gold standard was adopted, and the system brought into relation to the English one. Two Chilean Condors (20 peso pieces) being equal to £3.

[7] In 1904 Colombia adopted the gold standard by taking the equivalent of the U.S. dollar as the unit; but the inconvertible paper is the main currency; and the old coins pass as commercial money.

[8] After attempting a parity with the Latin union, and passing through a period of inconvertible paper, Peru has adopted the English gold standard and coinage, but keeps her own silver denominations.

[9] The silver standard was prescribed in India in 1835, with the use of the gold mohurs. The latter was demonetized in 1853. In consequence of the fall in the gold value of silver, the Indian mints were closed to the coinage of silver, otherwise than by the government, in 1893. The amount of currency was so limited as to bring the rupee to the value of 1s. 4d. On the realization of this position, English sovereigns were made legal tender at the ratio of 15 rupees＝1 sovereign. India has, by these measures joined the class, now becoming numerous, of gold-exchange standard countries.

[10] The old Japanese currency consisted of gold cobangs and silver itzibus, with a ratio of 4 to 1. This antique system was replaced in 1871 by a double-standard one on the French plan, the ratio being 16·17 : 11. The system passed first into one of silver monometallism; and then became one of inconvertible paper. The great reform of 1897, aided by the Chinese War indemnity, placed the currency on the gold basis.

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