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- VIII. Money and Banking
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CHAPTER VIII
MONEY AND BANKING
The monetary system is closely connected with the
development of banking. This was the opinion of
the Estates of Finland at the Diet of Borgå in 1809,
when they professed their intention of making the
Russian silver rouble the monetary unit, and asked
that they might establish a National Bank in order
to put it into circulation. We find the same
connection throughout financial history. Good money is
the basis of credit in all its branches; and in Finland,
as in other civilised countries, the National Bank and
other monetary institutions ensure its circulation and
to some extent themselves create the media of
circulation.
The monetary situation of the country was a
curious one during the first generation after the union
with Russia. Notwithstanding the efforts of the
government, money continued to circulate in Swedish
paper more than in Finnish or Russian roubles. The
Russian armies had brought Russian paper money
into the country, but notwithstanding the decision
of the Diet in 1809, the people continued to prefer
Swedish notes. The Russian notes were irredeemable,
and neither these nor Russian silver money were
known to the people. The continuous decrease in
the value of Swedish notes consequent upon too large
an issue contributed rather to spread them in the
interior of Finland. The merchants, who received more
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