The History of Currency, 1252 to 1896Shaw, William Arthur
History
The History of Currency, 1252 to 1896
Shaw, William Arthur
Money -- History
In matter of fact, the Mint edict of 1559 remained a dead letter;
nominally, however, it continued in force up to 1600, although no less
than seven attempts were made at succeeding diets, from 1566 to 1596, to
enforce it and bring it up to date. In the Reichstag of Speyer, 1570,
complaints were made of the universal loss arising from the
non-observance of the edict. In place of an imperial coinage, nothing
circulated but foreign and counterfeit coins, and the necessaries of
life had risen to a prohibitive height. Similar were the complaints at
the succeeding diets at Frankfort, 1571, and at Regensburg, 12th October
1576, at which last Ferdinand's edict was again re-enacted, with a
command that the Burgundian circle and the Swiss should conform
themselves to it. Bitter complaints were made of the bad state of the
gold and silver coinage, and of the enrichment of the exchangers on the
Rhine. The circulation of Dutch and Swiss thalers was forbidden because
of the loss by exchange, and the export of all gold and silver again
forbidden. As an instance of the depreciation prevalent in the coinage,
it was noted that the silver _albus_ had lost one-third of its weight,
so that thirty-six were needed to purchase one gold gulden, whereas
formerly twenty-six were equivalent.
[Sidenote: GERMANY: DISORDERS OF 1580]
Four years later, 1580, Ferdinand, as Archduke of Austria, issued a
fresh tariff, with the object of checking exports, and in 1582 the
states, having consulted as to the condition of the coinage, strongly
advised a renewal of the prohibition of the export of coin, especially
by the Italians. This advice was adopted in the Reichstag of Augsburg,
which met seventeen days later, 20th September 1582. The preamble of the
Act then and there passed speaks of the export of a good portion of the
native currency, and of the unmeasured rise of prices, coupled with the
circulation of forbidden foreign specie, large and small.
This resolution of the Reichstag was followed by the enacting of the
Mint edict of 10th December 1582. It proved as futile as any of the
others; and two years later, July 1584, the deputies of the three
circles of Franconia, Swabia, and Bavaria complained that within the
four years immediately preceding several millions had left the country
by way of the Rhine provinces for the Netherlands, very little going to
Italy by comparison.
On this representation another useless edict was issued by the Emperor
Rudolph II., and in the following year the merchants at Frankfort Fair
found themselves obliged to agree upon a tariff of _ducats_ and
_Reichs-thalers_. The _Philipps-thaler_ was put at eighty-two kreutzers,
and the _Reichs-thaler_, which, by the Imperial Mint edict still
nominally in force, should have been at sixty-eight kreutzers, was put
at seventy-four. This arrangement of the merchants established a ratio
between gold and silver of 11.4.
Public-domain text, read in full here on John Shaqi.
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