CHAP. xxx. PAPER MONEY. 367 



florins, and had at one period depreciated to such 

 an extent that a silver florin could purchase ten 

 or twelve paper florins. That great depreciation 

 continued but a short time, and after the peace 

 with France in 1810, and the subsequent marriage 

 of Buonaparte with a daughter of the Emperor, a 

 silver florin continued to be worth five paper florins. 

 If it be taken at that rate in 1810, and the silver 

 florin be valued at two shillings sterling, the value 

 of the paper money circulating in Austria in 1810 

 would be nearly twenty-one millions if used to 

 purchase gold and silver. A return to specie 

 payments was effected in Austria about six years 

 ago, by an arrangement which could not have 

 been adopted in a country where credit is essential 

 to prosperity. The old bills were exchanged for 

 new bills of two-fifths their nominal value, which 

 new bills were payable on demand in silver money. 

 The loss of three-fifths of the value of whatever 

 paper money was in circulation fell on the in- 

 dividuals who held it ; but as it was thus equally 

 distributed, and as the new currency was of greater 

 power in the purchase of all commodities than 

 the old, the arrangement was attended with less 

 inconvenience and dissatisfaction than could have 

 been anticipated. 



It is not possible to state with moderate accuracy 

 what may be the amount of paper money in cir- 

 culation in Austria, now that it is all exchangeable 

 on demand, for specie; but, from opinions collected 



