The two annual conferences of the union in Feb., 1875 and 1876, made the same limitation for those years respectively, which were subsequently enacted by the respec tive governments; but a small additional issue wits allowed to Greece in 1876.
The conference of 1877 entirely suspended the coinage of 5 franc pieces, except 9.000,000 francs for Italy.
By a law of Dec. 18, 1873, Belgium has the power to suspend the coinage of silver entirely. France passed a law to the same purport in 1876. Switzerland has one to the same effect. It will be observed that the treaty of 1865 limits the coinage of silver as to . maximum, but does not make any coinage obligatory. The actual coinage, therefore, cannot be inferred from it.
In the autumn of 1878, through a conference in Paris, the same nations renewed their monetary treaty as it was, " in all that relates to fineness, weight, denomination, and currency of their gold and silver coin." Article 9 of the new treaty guarantees to -each state free coinage of gold (excepting gold 5 franc pieces, of which the coinage is suspended), and provides that "the coinage of silver 5 franc pieces is provisionally sus pended," but "it may he resumed when a unanimous agreement to that effect shall be established between all the contracting states." The treaty is in face by its term till
Jan. 1, 1886. In 1875 Holland suspended the right of private individuals to have silver coined at her mint, which law is believed to be still in force. Being a party to the her'act becomes a factor in the general policy of the union.
In view of the foregoing facts, and the further fact that France holds more than 2,500,000,000 francs in silver coin within her borders, it is not difficult to see that she has directed the legislation of the union with consummate ability to prevent a large decline in its value. Notwithstanding the suicidal attempts in the legislation of other nations to demonetize it, she has succeeded not only in saving her own capital in silver, without loss of value in its home circulation, but in acquiring it at rethiced cost, from her neigh bors. See MONETARY CONFERENCES, INTERNATIONAL.