Latin Union

A monetary alliance of France, Belgium, Switzerland, and Italy for the establishment of a mutual and uniform monetary policy and the maintenance of a uniform and interchangeable coinage of gold and silver based on the French franc. Greece and Rouraania joined the association in April, 1867. The convention was made at Paris, December 23, 1865, and provided that certain named gold and silver coins and no others should be used by each state, and that they should be received interchangeably when not worn to one-half per cent, or the devices effaced. Silver coins were made a legal tender between individuals of the state which issued them to the sum of fifty francs; but the state itself should receive them in any amount and the public banks of each country to the sum of one hundred francs. The contracting governmeflts agreed to redeem the small coins in gold or five-franc silver pieces, when presented in sums of not less than one hundred francs. It was agreed that of silver coins of two francs and less there should not be issued more than six francs for each inhabitant, the amount for each country being specified according to the estimated population in 1855. Provision was made for any other nation to Join the convention by accepting its obligations and adopting the monetary system of the union. The treaty was limited to remain in force till January 1, 1880. « January 30, 1874, a supplementary treaty was made, further limiting the coinage of 1874, and the same limitations were made for 1875 and 1876. In the conference of 1877 the coinage of five-franc pieces was suspended except nine million francs for Italy. In 1873 Belgium passed a law to suspend the coinage of silver entirely, and Franco did the same in 1876, and the law of Switzerland was to the 'same effect. Separate legislation to limit the coinage was permissible, as the treaty of 1865 only limited the maximum but did not make any coinage obligatory. In 1878 through a conference in Paris the same nations renewed the monetary treaty as it was “in all that relates to fineness, weight, denomination, and currency of their gold and silver coin." The free coinage of gold (excepting five-franc pieces, of which the coinage was suspended) was guaranteed each state, and the coinage of silver flve-frano pieces was provisionally suspended to be resumed only by unanimous agreement. This treaty was in ' force, by its terms, until January 1, 1886. In November, 1885, France, Greece, Italy, and Switzerland renewed the convention for five years, absolutely, with the further agreement that after January 1, 1S91, it should be subject to termination on one year's notice. Belgium after some hesitation gave her assent. Silver coinage was made redeemable and no addition to it permitted. See, generally, Int. Cyc. tit. Latin Union. Another group of European nations acting under a Joint monetary convention includes Norway, Sweden, and Denmark, which have had a treaty known as the Scandinavian Monetary Convention, dated in 1873, for the mutual regulation of their coinage. In addition to the countries named as belonging to the Latin Union, Spain, Austria-Hungary, Finland, Roumania, Servia, Bulgaria, and Monaco have also coined large amounts of either or both gold and silver Into money of weight, fineness, and value exactly proportionate to or identical with that of the countries included in the Latin Union.