No. 85.
Mr. Cramer
to Mr. Fish.
Legation of the
United States,
Copenhagen, October 23, 1872.
(Received November 7.)
No. 144.]
Sir: I have the honor to report that the question
concerning the introduction into the three Scandinavian kingdoms, Denmark,
Sweden, and Norway, of a common system of coinage, based upon a gold
standard, has for months been discussed by the Scandinavian press as well as
by writers on political economy. This discussion was occasioned no doubt by
the adoption last year by the German Parliament of a new gold standard for
the German Empire, and it has ever since been felt here that a corresponding
change in the money system of the Scandinavian North had become an absolute
necessity.
As a first step toward the attainment of this object, the King of Denmark
appointed, on the first of last June, a commission to take this subject, as
far as Denmark was concerned, into consideration, and to report thereon. It
so happened that the Scandinavian congress of political or national economy,
which held its sessions in this city during the month of July last, in
connection with the northern exposition of industry and art, among other
things unanimously adopted a resolution recommending, first, the
introduction into the three Scandinavian kingdoms of a uniform money system,
based upon a common gold standard; and, second, the appointment of a joint
commission to consider and report upon this subject. With a laudable
dispatch, the respective governments of the three Scandinavian kingdoms
acted upon this suggestion, and appointed such a joint commission,
consisting of three members from each kingdom. On the 26th of last August
the said joint commission met in this city and commenced their work. On the
20th of the following September they terminated the same, and embodied the
results of their deliberations in a somewhat lengthy report, which has
recently been published in the Danish language in one of the city papers. I
inclose herewith a translation of the substance of it, marked A.
This report has now been laid before the governments of Denmark, Sweden, and
Norway. The King of Denmark has already caused his government to take steps
which look toward the conclusion of a convention with the governments of
Sweden and Norway in relation to the adoption of and carrying out,
conjointly, the stipulations of the said report. The fact that the joint
commission adopted it unanimously furnishes a reason for the hope that
Sweden and Norway will join Denmark in adopting and carrying it into
practice.
As another evidence that the King of Denmark is in earnest about this matter,
it may be mentioned that he has recently granted permission to the National
Bank of Copenhagen to exchange its silver bullion, so far as it consists in
ingots, for gold bullion of a similar character, being the reserve of
uncoined precious metal required by law to be kept on hand as a security for
its issue of notes.
It will be seen from the said report that it does not propose to adopt any
one of the money standards already in existence in Europe, but an entirely
new one; thus, like the new money system adopted last year
[Page 214]
by the German Parliament, putting a new
obstacle in the way of attaining to a common international money system, an
object the attainment of which is so much to be desired.
I have, &c.,
[Inclosure.]
Translation of the substance of the report of the
Scandinavian joint commission appointed to consider the feasibility
of introducing into the three Scandinavian kingdoms a new money
system.
1. The three Scandinavian kingdoms shall adopt gold as the basis of a
common money system, with the use of silver and other metals for smaller
coins.
2. The principal common coin shall be called gold crown, and another of
twice its value, double crown. Of a kilogram of fine gold shall be
coined 248 pieces of gold crowns, or 124 pieces of double crowns. The
common unit for calculation shall be a crown dollar, which shall be
one-tenth of a gold crown. A crown dollar shall be divided into or shall
contain 100 öre.*
3. Gold coins shall be coined of an alloy containing 90 parts in weight
of fine gold, and 10 parts in weight of copper. A gold crown shall weigh
4.4803 grams, and a double crown 8.9600 grams. The diameter of a gold
crown shall be 19 millimeters, and that of a double crown 24
millimeters.
4. Smaller coins shall be coined partly of silver and partly of bronze;
the latter to consist of 95 parts of copper, 4 parts of tin, and 1 part
of zinc.
5. Of silver coins may be coined the following-named pieces, each of
which shall contain the size, weight, and fineness as fixed in the
following statement:
| A
silver coin representing the value of— |
Diameter in millimeters. |
Gross
weight in grams. |
Grams of fine
gold. |
| (a.) 4
crown dollars shall contain |
39 |
30 |
24 |
| (b.) 2
crown dollars shall contain |
31 |
15 |
12 |
| (c.) 1
crown dollar shall contain |
25 |
7.5 |
6 |
| (d.) 50
öre shall contain |
22 |
5 |
3 |
| (e.) 40
öre shall contain |
20 |
4 |
2.4 |
| (f.) 25
öre shall contain |
18 |
3 |
1.5 |
| (g.) 10 öre shall contain |
16 |
2 |
0.6 |
6. Of bronze coins may be coined the following-named pieces, each of
which shall contain the size and weight as fixed in the following
statement:
| A
bronze coin representing the value of— |
Diameter in millimeters. |
Of a kilogram of
bronze shall be coined the following number of
pieces: |
| (a.) 5
öre shall contain |
27 |
125 |
| (b.) 2
öre shall contain |
21 |
250 |
| (c.) 1 öre shall contain |
17 |
500 |
[Page 215]
7. In so far as perfect exactness as to weight and fineness in the coin
pieces of each denomination cannot be obtained, the deviation from the
fixed standard, either above or below it, shall not exceed the following
quantity:
| Denomination. |
In
relation to— |
| Weight
or when adjusted. |
Fineness of the weight of the coin piece. |
| By
the piece. |
By
kilograms. |
| For gold coins |
0.0025 |
|
|
0.002 |
| A 4-crown dollar
piece |
0.003 |
|
} |
0.003 |
| A 2-crown dollar
piece |
0.004 |
|
| A 1-crown dollar
piece |
0.005 |
|
| A 50-öre piece |
|
} |
0.005 |
| A 40-öre piece |
|
| A 25-öre piece |
|
0.010 |
| A 10-öre piece |
|
0.015 |
The same standard gold and standard silver shall form the basis for
assays at the mint of each of the three kingdoms.
8. All coins shall be coined with a raised border. Gold and silver coins,
excepting twenty-five and ten öre pieces, shall have a dented or rifled
circumference. The superscription upon a gold crown shall show that it
is a gold crown; that of a double crown that it is a double crown, and
each shall also show the number of crown dollars it contains, and in
which kingdom it was coined.
9. All coins coined in accordance with the above regulations, in the
mints of the three kingdoms, shall be lawful money, and shall be taken
at their stipulated value in payment of debts between man and man and of
taxes and duties due to the governments of the three kingdoms. Yet none
shall be obliged to receive in any one payment a higher number than
twenty crown dollars, in one, two, and four crown dollar pieces, or more
than five crown dollars in smaller silver coins, or more than one crown
dollar in bronze coins.
10. When gold coins have, through use, lost one-half per cent, of the
weight specified in article 3, they shall cease to be lawful money
between man and man, but shall be taken at their full value by the
treasury of each kingdom. Smaller coins, whose superscriptions have
become illegible by use, shall also be taken at their full value by such
treasury, if it can be determined in what kingdom they were coined.
The remainder of the report contains a few stipulations to the effect
that, in case it shall be adopted by the three kingdoms, and the
governments of these kingdoms shall pass any laws in relation to the
further regulation of this new money system, each government having
passed such laws shall communicate them to the governments of the other
two kingdoms, &c., &c.
