- Project Runeberg -  A Précis of the Public Law of Finland /
133

(1889) [MARC] Author: Leo Mechelin Translator: Charles J. Cooke
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ADMINISTRATIVE ORGANISATION. 133

lias the exclusive right of issuing notes,* is to
maintain the fiduciary circulation on a solid
basis, whilst providing, at the same time, for
the needs of the circulation.

The bank may issue notes to the amount of
twenty million marks over and above the
sum represented by the reserve of bullion, by
the deposits payable at sight in the hands of its
bankers abroad, and by the State funds quoted
on foreign Bourses. The notes are payable at
sight.t

* The law of May 10th, 1886, has abolished the. right of
banking companies to issue paper money, a right of which only
one company had availed itself, and which it will exercise till
its concession expires.—(A uthor’s note.)

f The present monetary system of Finland was established
by the law of August 9th, 1877. The Finnish currency is
solely based on the gold standard. The "mark," sub-divided
into a hundred " penni," is the monetary unity. Two gold
pieces are coined, the one being worth twenty marks, the other
ten, both exactly similar as regards weight and alloy to the
French gold coinage.

There are also silver pieces of one and two marks, as well as
copper money.

Gold is received in payment to any amount. As far as the
silver and copper coinage is concerned, private individuals arc
not compelled to accept more than ten marks in silver and two
marks in copper money.—(Author’s note.)

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