CHAP. XXX.
367
florins, and had at one period depreciated to suchan extent that a silver florin could purchase tenor twelve paper florins. That great depreciationcontinued but a short time, and after the peacewith France in 1810, and the subsequent marriageof Buonaparte with a daughter of the Emperor , asilver florin continued to be worth five paper florins.If it be taken at that rate in 1810, and the silverflorin be valued at two shillings sterling, the valueof the paper money circulating in Austria in 1810would be nearly twenty-one millions if used topurchase gold and silver. A return to speciepayments was effected in Austria about six yearsago, by an arrangement which could not havebeen adopted in a country where credit is essentialto prosperity. The old bills were exchanged fornew bills of two-fifths their nominal value, whichnew bills were payable on demand in silver money.The loss of three-fifths of the value of whateverpaper money was in circulation fell on the in-dividuals who held it ; but as it was thus equallydistributed, and as the new currency was of greaterpower in the purchase of all commodities thanthe old, the arrangement was attended with lessinconvenience and dissatisfaction than could havebeen anticipated.
It is not possible to state with moderate accuracywhat may be the amount of paper money in cir-culation in Austria , now that it is all exchangeableon demand, for specie; but, from opinions collected