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- Finances, by J. J. Woxen
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FINANCES
FINANCES OF THE STATE.
Norway, after the separation from Denmark in 1814, commenced
her existence as an independent state under very difficult
financial conditions. The country was entirely impoverished and
all the industries were languishing, and to this must be added that
the common Dano-Norwegian finances and monetary system had
got into the greatest disorder during the last years of the period
of union. The state revenues, therefore, were very scarce and also
very unreliable, inasmuch as a great number of the inhabitants of
the country were unable to pay the taxes and contributions levied
upon them. The state, on the other hand, had to charge itself
with expenses which, compared with its economic strength at the
time, were very large, partly in order to place the currency on
a stable basis, partly to cover that part of the common
Dano-Norwegian national debt which the country had to take upon
itself.
In 1816, the paper currency circulating in the country was
ordered to be redeemed ⅕ at of its face-value, that is to say
about kr. 10,000,000. The minor portion of this debt was settled
by means of a tax immediately levied on property and income,
and the rest by means of a loan obtained from the Bank of
Norway, an institution which was established at the same time;
this loan was also gradually repaid by means of a tax on property
and income.
As its share of the common Dano-Norwegian national debt
Norway was at once charged with the amount of kr. 6,810,000,
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