472 REPORT— 1867. 



It was mianimously agreed : — 



That the monetary imification maj' more easily be realized by the mutual 

 coordinatiou of the existing systems, taking into account the scientific 

 advantages of certain types, and the number of persons who have already 

 adopted them, than by the creation of a new system altogether inde- 

 pendent of the existing ones. 



That for that purpose, the system agreed on by the Monetary Convention 

 of 1865 should be taken principally into consideration, subject to any 

 improvements of which it may be capable. 



It was agreed by all, except the representatives of the Netherlands, — 



That it is not possible to attain such identity, or even a partial coinci- 

 dence, in such monetary types in an extended area, on the basis and on 

 condition of the exclusive adoption of a silver standard ; but that it is 

 possible to attain it on the basis of a gold standard, allowing each State 

 to preserve the silver standard in a transitory manner. 



It was agreed by all, except the representatives of Eussia and the United 

 States, — 



That the advantage of internationality, which the coinage of the metal 

 taken for common standard would possess, is not a sufficient guarantee 

 for its being maintained in circulation in all the States, but that it is 

 necessary to stipulate that in the countries which continue to use the 

 silver standard only, and in those which have a double standard, the 

 relation between the value of gold and silver should not be established 

 on too low a footing, in order to give due facility for the practical intro- 

 duction of the gold coinage. 



It was unanimously agreed, — 



That for the success of the Monetary unification, it is necessary to fix types 

 having a common denominator for the weight of the gold coin, with an 

 identical fineness of 9/10 fine. 



The proposal that the common denominator should be the piece of five 

 francs was adopted by a majority of 13 votes against 2, the representatives 

 England and Sweden having voted against, and those of Prussia, Bavaria, 

 Baden, "Wurtemberg, and Belgium having abstained from voting. 



It was then uuanimouslj' agreed, — 



That the gold coin of the common denominator of 5 francs should have 

 legal course in all the States which are mutually bound l)j the Monetary 

 Convention. 



It was agreed by all, except the representatives of Prussia, Baden, and 

 "VVurtemberg, who abstained from voting, — 



That it would be iiseful that the types of coinage detei'mined by the 

 Monetary Convention of 23rd December 1865, should be in the interest 

 of unification, and consequently of reciprocity, completed by new types, 

 for example, of 2-3 francs. 



But for the proposal that a piece of 15 francs be also added, the represen- 

 tatives of seven countries voted in favour, those of seven voted against, and 

 those of six, including Great Britain, abstained from voting. 



It was unanimously agreed — 



That the Conference expresses the hope that the measures which may be 

 adopted by the Governments of the different States in order to modify 

 their respective monetary systems in accordance with the bases indi- 

 cated by the Conference, should be made as much as possible the sub- 

 jects of diplomatic conventions. 



And it was imanimouslj agreed — 



