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Was also established...

Автор: olegj от 18-03-2013, 16:09

Was also established...

Was also established mandatory (unlimited amount) taking all grade (gold and 5-franc silver) coins issued by any of the member countries of the Union, and a small change in the amount taken no more than 100 francs (of its citizens coins were made without limitation of amount) . In fact, in contrast to the previous period, when many European countries the foundation of the financial system was the gold standard, the basis for the Latin Monetary Union was laid bimetallism. The reason for the establishment of bimetallism was simple: to discover new deposits of gold, and its price relative to silver began to fall. Supporters of bimetallism believed that this system will help save money in circulation both metals.

Was also established...

Prevented and fluctuations in the value of precious metals. Until 1867, silver was worth more established Union relations, and gradually drives out the gold. However, since 1870 the market price of silver began to fall dramatically.

Then they began to disappear rapidly from the circulation of gold coins. In these circumstances, the States of the Union became unprofitable to admit to its territory gradually depreciate silver coins from other countries. Therefore, since 1878, the free coinage of silver has been discontinued, although the 5-franc silver coins remained in circulation. Thus, the Latin Monetary Union switched from bimetallism to the so-called "lame" currency.

It remained to decide on the responsibility of each state of the Union issued them a 5-franc coin. The fact is that by pursuing different monetary policies, the country will issue a different number of coins, especially silver.

Although members of the Union telling each other information on the extent of the issue, the trade turnover between the two was different, resulting in the states paid different amounts of "foreign" coins. Latin Union had not only economic value. France as the leader and the strongest power in Europe association launched a major campaign for the introduction of its monetary system in other states, thus wanting to expand the franc zone.

By the end of the XIX century, except for the members of the Union, and another 18 countries have currencies that are equivalent to the franc. These countries include Finland, which was part of the Russian Empire, but had a stand-alone financial system.

Was also established...

The very same with Russia in 1885 had some coins corresponded to the Latin: gold 5 and 10 rubles (poluimperial and imperial) met the 20 - and 40-frankovikam, silver poltina and a quarter (50 cents and 25) were 2 and 1 franc. Obviously, this was due to the still developing political alliance between France and Russia.

However, the Latin Union was no longer able to accept new members, so I started to crumble from within. The fact that the Allied agreement did not touch paper handling, and while France was occupied by unifying project, Italy uncontrollably printed bank notes, filling their coffers at the expense of partners.

Members of the Latin Union does not consider it necessary to co-ordinate their interest rates and fiscal policy, and when the First World War, the currency of the member countries of the Union have a different pace to lose its purchasing power. It was the beginning of the end of the Latin Monetary Union.

Since the beginning of the war, all of the Latin Monetary Union, except for Switzerland, was taken out of circulation gold and silver, and switched to paper money. In Switzerland, has accumulated an abundance of silver coins of other countries of the Latin Union, as the currency in France, Belgium and Italy are impaired, and was beneficial to exchange them for the Swiss franc exchange rate which was very high. Such a flood of discounted silver represented a serious threat to the country, and in October 1920 a further importation and circulation of coins minted partners in the Union, in Switzerland have been declared illegal.

Switzerland became the owner of 225 million francs in foreign currency units, in addition to silver, which had its national bank. In 1921, at a conference of member countries of the Latin Union perechekanit Switzerland won the right half of the foreign silver coins in the national currency.

To fill the void in the monetary circulation of Switzerland, which was formed as a result of the withdrawal of foreign coin, she was allowed to increase the coinage of silver 5-franc coin several times.

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