Encyclopaedia Britannica, 11th Edition, Slice 4 Volume 12

Encyclopaedia Britannica, 11th Edition, Slice 4 Volume 12

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Excerpt: ...to the revenue. (3) Remissness in the collection of taxation: the total loss through arrears in a period of ten years (1882-1891) was 36,549,202 dr., being in the main attributable to non-payment of direct taxes. (4) The adverse balance of trade, largely due to the neglected condition of agriculture; in the five years preceding the crisis (1888-1892) the exports were stated to amount to 19,578,973, while the imports reached 24,890,146; foreign live stock and cereals being imported to the amount of 6,193,579. The proximate cause of the crisis was the rise in the exchange owing to the excessive amount of paper money in circulation. Forced currency was first introduced in 1868, when 15,000,000 dr. in paper money was issued; it was abolished in the following year, but reintroduced in 1877 with a paper issue of 44,000,000 dr. It was abolished a second time in 1884, but again put into circulation in 1885, when paper loans to the amount of 45,000,000 dr. were authorized. In 1893 the total authorized forced currency was 146,000,000 dr., of which 88,000,000 (including 14,000,000 dr. in small notes) was on account of the government. The gold and silver coinage had practically disappeared from circulation. The rate of exchange, as a rule, varies directly with the amount of paper money in circulation, but, owing to speculation, it is liable to violent fluctuations whenever there is an exceptional demand for gold in the market. In 1893 the gold franc stood at the ratio of 1.60 to the paper drachma; the service of the foreign loans required upwards of 31,000,000 dr. in gold, and any attempt to realize this sum in the market would have involved an outlay equivalent to at least half the budget. With the failure of the projected loan for the withdrawal of the forced currency repudiation became inevitable. The law of the 13th of December was not recognized by the national creditors: prolonged negotiations followed, but no arrangement was arrived at till 1897, ...show more

Product details

  • Paperback | 182 pages
  • 189 x 246 x 10mm | 336g
  • Rarebooksclub.com
  • United States
  • English
  • black & white illustrations
  • 1236729056
  • 9781236729057