TABLE OF THE SURPLUS OR NET IMPORTS OF THE PRECIOUS METALS INTO INDIAYear.Gold.Silver.Council Bills.1835-6£329,918£1,611,896£2,045,2541836-7419,7241,338,8822,042,2321837-8430,8701,966,9441,706,1841838-9258,9252,645,1302,346,5921839-40226,6431,650,4711,439,5251840-1137,3121,401,6701,174,4501841-2165,6231,283,2282,589,2831842-3211,1612,952,4451,197,4381843-4406,5233,695,4422,801,7311844-5710,1001,988,5612,516,9511845-6544,476932,4903,065,7091846-7846,9491,378,2493,097,0421847-81,039,116(-491,191)1,541,8041848-91,348,918313,9041,889,1951849-501,116,9931,273,6072,935,1181850-11,153,2942,117,2253,236,4581851-21,267,6132,865,3572,777,5231852-31,172,3014,605,0243,317,1221853-41,061,4432,305,7443,850,5651854-5731,29029,6003,669,6781855-62,506,2458,194,3751,484,0401856-72,091,21411,073,2472,819,7111857-82,783,07312,218,948628,4991858-94,426,4537,728,34225,9011859-604,284,23411,147,5634,6941860-14,232,5695,328,0097971861-25,184,4259,086,4561,193,7291862-36,848,15912,550,1556,641,5761863-48,898,30612,796,7198,979,5211864-59,839,96410,078,7986,789,4731865-65,724,47618,668,6736,998,8991866-73,842,3286,963,0745,613,7461867-84,609,4675,593,9614,137,2851868-95,159,3528,601,0223,705,7411869-705,592,1177,320,3376,980,1221870-12,282,121941,9378,443,5091871-23,565,3446,512,82710,310,3391872-32,543,362704,64413,939,0951873-41,382,6382,451,38313,285,6781874-51,873,5354,642,20210,841,615
TABLE OF THE SURPLUS OR NET IMPORTS OF THE PRECIOUS METALS INTO INDIA
NETIMPORT OF SILVER AND MINTING OFNEWSILVER, 1870-92Year.Net Imports (Rupees).New Coinage (Rupees).1870-19,419,24017,181,9701871-265,203,16016,903,9401872-37,151,44039,809,2701873-424,958,24023,700,0701874-546,422,02048,968,8401875-615,553,55025,502,1801876-771,988,72062,711,2201877-8146,763,350161,803,2601878-939,706,94072,107,7001879-8078,697,420102,569,6801880-138,925,74042,496,7501881-253,790,50021,862,7401882-374,802,27065,084,5701883-464,051,51036,634,0001884-572,456,31057,942,3201885-6116,066,290102,855,6601886-771,557,38046,165,3701887-892,287,500107,884,2501888-992,466,79073,122,5501889-90109,378,76085,511,5801890-1141,751,360131,634,7401891-290,221,84055,539,7001892-3128,635,690127,052,100Total of 23 years1,652,256,0201,525,044,460
NETIMPORT OF SILVER AND MINTING OFNEWSILVER, 1870-92
NET IMPORT AND MINTING OF GOLDYear.Rupees.Rupees.1875-615,451,310171,5001876-72,073,490Nil1877-84,681,290156,3601878-9(Export of 8,961,730)8501879-8017,505,040147,3001880-136,551,990133,5501881-248,439,840339,7001882-349,308,710174,9501883-454,625,050Nil1884-546,719,360129,6501885-627,629,350225,8501886-721,770,650Nil1887-829,924,810Nil1888-928,139,340226,0901889-9046,153,030230,5001890-156,361,720Nil1891-224,137,920248,0101892-3(Export of 28,126,830)...
NET IMPORT AND MINTING OF GOLD
FOOTNOTES:[15]The returns for the years 1825-29 give no separate figures for gold and for silver, but give only the total of the two together.[16]From 1865-1878—Franceminted625,466,380 francs.Belgiumminted350,497,720 francs.Italyminted359,059,820 francs.Switzerlandminted7,978,250 francs.1,343,000,000 francs.[17]As far, that is, as relates to gold. So far as silver is concerned, it was practically abrogated by the clauses for the prohibition of silver coinage in 38 Geo.III.c. 59 (1798), and finally repealed by the Act of 56 Geo.III.c. 68 (1816). Seepostea.[18]Professor Laughlin brings out very strongly that even in such action Hamilton shows no trace of the modern conception of bimetallism, that his report expresses an emphatic preference for gold over silver, and that his object in adopting bimetallism was, while retaining silver, to leave a door open, if possible, for the introduction of gold.—History of Bimetallism in the United States, pp. 13, 14.[19]By the law of 1837 the alloy for both gold and silver coins was fixed at1⁄10. The pure gold in the eagle, which by the Act of 1834 was fixed at 232 grs. (258 grs. gross for the piece), was thereby changed to 232.2 grs. At the same time the pure metal content of the silver dollar was maintained at 3711⁄4grs., the (gross) weight per piece being changed to 4121⁄2grs.[20]See the case more fully established in Laughlin'sBimetallism in the United States, pp. 29, 57.[21]Viz. of Philadelphia, New Orleans, Dahlonega, Charlotte, San Francisco, and Carson City.[22]On the subject of the history of the Indian Currency System under the East India Co., in the eighteenth and early nineteenth centuries, see a very interesting communication made in the pages of theNineteenth Centuryby Mr. H.D. Macleod (Nineteenth Century, November 1894, p. 777). The question of the system established by the Order in Council of January 1841 (authorising officers in charge of public treasuries to freely receive gold coins struck in conformity with the provisions of Act xvii. of 1835, establishing the 15-rupee pieces), which continued till its rescinding in December 1852, is discussed in the evidence of Mr. T. Comber before the Royal Commission on Gold and Silver (Second Report of the Commission on Changes in the Relative Values of the Precious Metals, 1888, p. 27). For an excellent and succinct history of the Indian currency system from the end of the 18th century, see Robert Chalmers'History of Currency and the British Colonies, p. 336.
[15]The returns for the years 1825-29 give no separate figures for gold and for silver, but give only the total of the two together.
[15]The returns for the years 1825-29 give no separate figures for gold and for silver, but give only the total of the two together.
[16]From 1865-1878—Franceminted625,466,380 francs.Belgiumminted350,497,720 francs.Italyminted359,059,820 francs.Switzerlandminted7,978,250 francs.1,343,000,000 francs.
[16]From 1865-1878—
Franceminted625,466,380 francs.Belgiumminted350,497,720 francs.Italyminted359,059,820 francs.Switzerlandminted7,978,250 francs.1,343,000,000 francs.
[17]As far, that is, as relates to gold. So far as silver is concerned, it was practically abrogated by the clauses for the prohibition of silver coinage in 38 Geo.III.c. 59 (1798), and finally repealed by the Act of 56 Geo.III.c. 68 (1816). Seepostea.
[17]As far, that is, as relates to gold. So far as silver is concerned, it was practically abrogated by the clauses for the prohibition of silver coinage in 38 Geo.III.c. 59 (1798), and finally repealed by the Act of 56 Geo.III.c. 68 (1816). Seepostea.
[18]Professor Laughlin brings out very strongly that even in such action Hamilton shows no trace of the modern conception of bimetallism, that his report expresses an emphatic preference for gold over silver, and that his object in adopting bimetallism was, while retaining silver, to leave a door open, if possible, for the introduction of gold.—History of Bimetallism in the United States, pp. 13, 14.
[18]Professor Laughlin brings out very strongly that even in such action Hamilton shows no trace of the modern conception of bimetallism, that his report expresses an emphatic preference for gold over silver, and that his object in adopting bimetallism was, while retaining silver, to leave a door open, if possible, for the introduction of gold.—History of Bimetallism in the United States, pp. 13, 14.
[19]By the law of 1837 the alloy for both gold and silver coins was fixed at1⁄10. The pure gold in the eagle, which by the Act of 1834 was fixed at 232 grs. (258 grs. gross for the piece), was thereby changed to 232.2 grs. At the same time the pure metal content of the silver dollar was maintained at 3711⁄4grs., the (gross) weight per piece being changed to 4121⁄2grs.
[19]By the law of 1837 the alloy for both gold and silver coins was fixed at1⁄10. The pure gold in the eagle, which by the Act of 1834 was fixed at 232 grs. (258 grs. gross for the piece), was thereby changed to 232.2 grs. At the same time the pure metal content of the silver dollar was maintained at 3711⁄4grs., the (gross) weight per piece being changed to 4121⁄2grs.
[20]See the case more fully established in Laughlin'sBimetallism in the United States, pp. 29, 57.
[20]See the case more fully established in Laughlin'sBimetallism in the United States, pp. 29, 57.
[21]Viz. of Philadelphia, New Orleans, Dahlonega, Charlotte, San Francisco, and Carson City.
[21]Viz. of Philadelphia, New Orleans, Dahlonega, Charlotte, San Francisco, and Carson City.
[22]On the subject of the history of the Indian Currency System under the East India Co., in the eighteenth and early nineteenth centuries, see a very interesting communication made in the pages of theNineteenth Centuryby Mr. H.D. Macleod (Nineteenth Century, November 1894, p. 777). The question of the system established by the Order in Council of January 1841 (authorising officers in charge of public treasuries to freely receive gold coins struck in conformity with the provisions of Act xvii. of 1835, establishing the 15-rupee pieces), which continued till its rescinding in December 1852, is discussed in the evidence of Mr. T. Comber before the Royal Commission on Gold and Silver (Second Report of the Commission on Changes in the Relative Values of the Precious Metals, 1888, p. 27). For an excellent and succinct history of the Indian currency system from the end of the 18th century, see Robert Chalmers'History of Currency and the British Colonies, p. 336.
[22]On the subject of the history of the Indian Currency System under the East India Co., in the eighteenth and early nineteenth centuries, see a very interesting communication made in the pages of theNineteenth Centuryby Mr. H.D. Macleod (Nineteenth Century, November 1894, p. 777). The question of the system established by the Order in Council of January 1841 (authorising officers in charge of public treasuries to freely receive gold coins struck in conformity with the provisions of Act xvii. of 1835, establishing the 15-rupee pieces), which continued till its rescinding in December 1852, is discussed in the evidence of Mr. T. Comber before the Royal Commission on Gold and Silver (Second Report of the Commission on Changes in the Relative Values of the Precious Metals, 1888, p. 27). For an excellent and succinct history of the Indian currency system from the end of the 18th century, see Robert Chalmers'History of Currency and the British Colonies, p. 336.
Throughout the history of independent Florence her gold coin type is always the florin. In its first beginning her monetary system had relation to that of the restored Empire. Thesilver fiorinoof which the first mention occurs was equivalent to 12 denari, as in the Charlemagne system. Presumably this would be equal to some hypothecatedsoldo, and the multiple of it a hypothecated fiorino d'oro, gold florin (= 20 soldi), would be equal to the lira or libra, or unit of weight. This will explain how it is possible to have mention of gold florins almost a century before the actual issuing of a real coin so named. Such mention occurs in the monetary ordinances and schedules of France as early as 1180. (See Preface,supra, p.xiii, also De Saulcy,Documents, i. 115. Le Blanc was unable to explain this apparent contradiction of history.)
What the particular Florentine weight unit or lira (libbra) was, however, is uncertain. According to theresearches of Neri (inArgelatus, i. 157) the scheme of weights was—
Denari.Grani.Silver florin=...382326Lira (or 20 popolini)=32111521
When it actually emerges, the gold florin has a weight of 53 (English) grs., or 72 Florentine; which would give a mark of 6912 grs. Its standard was of absolute fineness, 24 carats, a standard which was never departed from through the whole of its history. Very little change, too, was made in the weight, hardly more than 41⁄2grs. in all (or 61⁄4per cent.).
It was issued at an equivalence of 20 soldi, which were represented by 20 silver florins, already known.
The variation of this coin with regard to the unit coin of lower denomination will be found in the Table below.
There is a second variation of the gold florin,apparentlywith regard to itself, which has given rise to much misunderstanding, and requires explanation. As the process of wear and tear and abrasion went on in the coins, with lapse of time the custom grew of subdividing or hypothecating a gold florin of ideally perfect weight and condition as the standard for transactions. This became book or bank money, and the actually circulating medium was rated to it at a certain discount. This ideal florin is known asfiorini di suggelloorsigillo, florin of the public seal, and there is a series of such denominations. The first apparent adoption of such a method—which also emerges in the currency history of Hamburg and Amsterdam—was in 1321, and the florins of that date are styled "of the firstsigello"; the second was in 1324, the third in 1345, and so on. Between the years 1328 and 1462 there was a series of eight, as follows:—
13285per cent.advantage.13453""13475""14025""140211⁄4""14424""14617""
Subsequently, by law of 30th May 1464, this various advantage was transferred from thefiorini di suggelloto a new denomination,fiorini d'oro larghi, with an advantage of 20 per cent. above thefiorini di suggello; and once again, by the law of 14th October 1501, the process was repeated. An advantage of 19 per cent. over thefiorini d'oro larghiwas announced in favour of the newest denomination,fiorini d'oro larghi in oro. The advantage of these last, therefore, over thefiorini di suggelloof 1461 amounted to 39 per cent.
It appears quite clear that this advantage represents a differentiation, not of good bank abstract florins from worn current gold florins, but of the former from the actual current medium of payment, and that this latter wassilver.
The cause of the advantage was the depreciation of the silver denomination, from the aggregate of which was formed the lira, in which was expressed the value of the gold florin.[23]
For illustration:—
In 1464—
120 fiorini di suggello = 100 fiorini d'oro larghi at 4 lire 8 sol. 4 den. each = 530 lire.
120 fiorini di suggello = 100 fiorini d'oro larghi at 4 lire 8 sol. 4 den. each = 530 lire.
Therefore each fiorino d'oro largo ought to = 5 lire 6 sol., which by the tables of the time it actually did.
Therefore each fiorino d'oro largo ought to = 5 lire 6 sol., which by the tables of the time it actually did.
Similarly, in 1501—
100 fiorini larghi d'oro in oro = 119 larghi di grossi at 5 lire 11 sol. 4 den. = 660 lire.
100 fiorini larghi d'oro in oro = 119 larghi di grossi at 5 lire 11 sol. 4 den. = 660 lire.
Therefore fiorino largo d'oro in oro should = 6 lire 12 sol. which it actually did.
Therefore fiorino largo d'oro in oro should = 6 lire 12 sol. which it actually did.
Thesilver moniesof Florence were based on the silver florin =1⁄20of gold florin (= 381⁄2grains).
From the time of the Mint Law of 1296, these silver coins are styledgrossi, and subsequentlysoldi,grossi,Guelfi, etc. etc.
The alloy gradually sank—
Onza.Denaro.11181117(1280)1115(1314)1112
remaining at the last-named figure until the reopening of the Pisan Mint in 1597.
As the gold rose in value by the process already indicated, and the idea of the lira as 20 soldi = 1 gold florin, became inapplicable, the lira came to be looked on as a fractional part of the gold piece or florin. This usage grew up in Florence from the beginning of the twelfth century, and so continued till the days of CosimoI., who in 1534 coined the first lira,i.e.an actual silver coin.
This imaginary lira of mediæval Florence was itself divided, like the florin, into soldi and denari, similar aliquot parts. Hence the custom of keeping Florentine accounts, (1)a oro, or (2)a moneta di piccioli, the one in terms of the florin of gold, the other in terms of the imaginary lira.
The confusion to which this led was due to the unstable nature of the imaginary money, which from 1312 continually depreciates in value, as compared with the actual hard florin money. In 1314, as some measure of reform, it was ordained that the florin of gold should not equal more nor less than 29 of the soldi of this lira, and that it should never change from such course—the distinction ofmoneta biancaandnerabeing introduced for the purpose. The ceasing of the observation of this regulation in the sixteenth century made way for every kind of confusion.
For the explanation of the text in PartI., pp.19-23, it need only be added that 20 of these imaginary soldi formed thelira a fiorinospoken of.
TABLE OF THE SILVER COINS STRUCK IN FLORENCE, 1252-1534.Year.Denomination.Standard.Weight of each Piece.Fine Silver in each Piece.Tale per Mark minted.Tale per Mark issued to the Merchant.Value at which Circulated.Silver.Alloy.Oz.Gr.Oz.Gr.Grains.Grains.Soldi.Den.1252Fiorino d'argento......431⁄5...160...10(of the gold florin.)1280Do.111509453⁄4451⁄4151...181296Soldi grossi111509409⁄19393⁄19171167201305Grossi popolini1112012409⁄19383⁄4171...20(= Argento popolino.)1314Guelfi del fiore (Half and quarter of same.)1112012415⁄8397⁄8166163261345Nuovi Guelfi1112012517⁄12495⁄1213413240(Aug. 19)(of the piccioli.)1345 (Aug. 23)Grossi Guelfi1112012524⁄11502⁄11132...401345 (Oct. 23)Grossi Guelfi1112012482⁄3465⁄8142140401347Guelfi grossi1112012591⁄13568⁄131171112⁄3501368Popolini1112012231⁄25222⁄25300201390Grossi1112012568⁄415335⁄4112356(piccioli.)1402Grossi1112012524⁄11502⁄11132130561448Grossi1112012541460Grossoni111201254513⁄41281252⁄3681471Grossi1112012491⁄474638⁄47141138681481Grossoni1112012471⁄49453⁄49147143681489Grossi1112012471⁄49453⁄49147144681503Grossoni1112012401⁄23819⁄241702⁄31662⁄3701503Grossoni11120127172⁄3456876⁄145962⁄3941⁄3100(bianchi.)134(neri.)1504Carolino or barile11120127173⁄1456876⁄145962⁄3941⁄3100(bianchi.)1506Grossoni111201239165⁄1733850⁄173173169701508Grossoni111201239201⁄3473862⁄3471731⁄2169701508Grossetti111201228268⁄73127135⁄7312432⁄32372⁄340(bianchi.)50(neri.)1524Barili1112012681⁄46513⁄321011⁄499134(The half-barile and the teston (= 3 barili) in proportion.)1531Grossi111201238365⁄1218117⁄19...701531Barili111201270671⁄129846⁄35...100(bianchi.)134(neri.)1531Quinto di Ducato11120121521452⁄3459⁄19...300(piccioli.)
TABLE OF THE SILVER COINS STRUCK IN FLORENCE, 1252-1534.
TABLE OF THE GOLD COINS OF FLORENCE, 1252-1534.(FromZanetti, i. 439.)Year.Denomination.Standard.Weight.Tale per Mark.Value at which circulated.Karati.Grains.Soldi.Den.1252Fiorino d'oro2472962001275Do.2472963001282Do.2472963201286Do.2472963601296Do.2472964001302Do.2472965101321Fiorino of the first suggello (5 per cent. advantage)2469100...1324Fiorino of the second surgely24701⁄2981⁄46001328Fiorino stretti24701⁄2981⁄46611331Do.24701⁄2981⁄46001345Fiorini of the third surgely (5 per cent. advantage)24701⁄2981⁄46201347Do.do.24701⁄2981⁄46801352Do.do..........6761353Do.do..........6861356Do.do..........7001375Fiorino nuovo24713⁄5962⁄57001378Do..........6801380Fiorino nuovastro.........7001402Fiorino nuovo of the fifth suggello (61⁄4per cent. advantage)246810111⁄1177341422Fiorino nuovissimo or largo di Galea24713⁄5962⁄58001442Fiorino largo247296...Fiorino of the sixth suggello (10 per cent. advantage)247296...Fiorino stretto di Camera of the seventh suggello (7 per cent. advantage)24691⁄8100...1448Fiorino of the eighth suggello (4 per cent. advantage)24......8501460Fiorino of the ninth suggello (7 per cent. advantage)24716⁄7961⁄38681462Fiorino (of Pisan weight)24716⁄7961⁄28701464Fiorino largo (20 per cent. better than the fiorino di suggello)24729610601471Do.do.24729610801480Do.do.24729611101485Do.do.24729611141501Fiorino d'oro largo in oro (19 per cent. advantage on the fiorino largo)2472961400(neri.)1114(grossi.)1508Do.do.2472961420(neri.)1531}Ducato d'oro24729615081534(piccioli.)
TABLE OF THE GOLD COINS OF FLORENCE, 1252-1534.
(FromZanetti, i. 439.)
TABLE OF THE BILLON MONEY (MONETA NERA OR EROSA) STRUCK IN FLORENCE, 1300-1534.Year.Denomination.Standard.Weight of each Piece.Fine Silver in each Piece.Tale per Mark coinedTale per Mark issued to the MerchantValue at which Circulated.Silver.Copper.Oz.Gr.Oz.Gr.Grains.Grains.Denari1316Fiorin da sei10110............61321[E]Fiorini neri10110124⁄511⁄15540...11325Piccioli10110124⁄511⁄1554044411332Quattrini lanajuoli20100261⁄245⁄1226124041337 (July 19)Quattrini201002145⁄327311⁄2432730141337 (July 28)Do.20100213⁄435⁄831829741366Piccioli neri1011081⁄42⁄384066011371Do.0231⁄2111⁄2085⁄88647081Quattrini20100185⁄1231⁄1237537041417Piccioli neri10110678⁄837⁄12996...11432Quattrini20100185⁄1231⁄12375...41462Soldini60601571⁄2460446121471Quattrini201002642⁄8745⁄122612404Soldini6060132⁄365⁄650548312Piccioli neri10110............11472Quattrini1121012161⁄221⁄244203664Piccioli06111881⁄686425211490Quattrini bianchi[F]201001622⁄3432...4Quattrini10110147⁄811⁄4465...41509Do.10110165⁄1211⁄3420...41512Crazie..................
TABLE OF THE BILLON MONEY (MONETA NERA OR EROSA) STRUCK IN FLORENCE, 1300-1534.