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character and readily convertible. In reality there
is no reason why gold should circulate instead of
remaining in the cellars of the banks, where it better
serves its principal purpose of maintaining the national
money on a par with the money of the world.
Finland thus acts in the same manner as the
Scandinavian countries and Holland, where the monetary
system is as good as that of any other country. The
main circulation continues to take place by means
of the notes of the Bank of Finland for 5, 10, 20, 50,
100, and 500 marks.
The Bank of Finland has been reorganised in such
a manner that it not only secures the monetary system
of the country, but maintains the national credit better
than before. The organisation of this Bank, and of
the whole national banking system, has been one of
the finest and most important reforms of the excellent
liberal period which followed the accession of Alexander
II. In 1859, before the introduction of the silver
standard, changes were introduced into the Bank with
the intention of forming it into a real, modern
institution of credit; and measures were taken, as soon
as the Estates were again called together, for the still
better safeguarding and development of the institution.
The Swedish political and legal organisation, which
had largely fallen into disuse, was now brought back to
life. The Bank of Finland received a constitution
analogous to that of the Swedish Riksbank, but with
the further advantage that it obtained an independent
management. According to the law of November 9,
1867, voted by the Diet, the Bank is, from January 1,
1868, carried on under the direction of the Estates
represented by their delegates, and in such fashion
that further changes may take place according to
the decision of the Estates, and subject to the
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