Banco di gyro d'affrancatione

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The Banco di gyro d'affrancatione was a German credit institute with the right to issue banknotes at the time of the Enlightenment with its registered office in Cologne .

General

The Banco di gyro d'affrancatione was a bank of notes . The word "affrancatione" ( affrancation ) stood for exemption, debt relief or credit redemption . How the word “gyro” got into the company name remains unknown. The bank was intended to "remedy the financial embarrassment caused by the war and to satisfy the many creditors". It was considered the first note Bank of the empire, whose output Bancozettel had the function of banknotes and on the liabilities side of banks' balance sheets were expelled. Their interest rate also gave them the character of a bond .

History of origin

Banco di gyro d'affrancatione, High Gate No. 23 (to the left of the corner house)

The first suggestions for founding the bank came from an “Elector's Proposition to the Estates ” of March 2, 1705 by Elector Johann Wilhelm II (popularly known as “Jan Willem”). The reason was the financing of the war debts. Joseph Jacob van Geldern ("Juspa") made a significant contribution to the bank. Elector Wilhelm II determined that the deposit and note bank should have its seat in the “Heylig Roman Empire freyer instead of Cöllen”. The bank resided here at Hohe Pforte No. 23, where the Cologne court banker Johann Heinrich Sybertz (or Siebertz) cashed the banco notes for “Cölln auf der Hohen Pforten”. The bank expanded Cologne's major banking system before the French era .

The estates (the duchies of Jülich and Berg ) initially approved the issue of interest-bearing bank notes in the amount of 106,000 thalers. They made it a condition that neither they nor the country were liable for the bank. Wilhelm II initially accepted these conditions and issued the diploma for the bank statute on March 27, 1705; initially their activities rested. Only on April 30, 1706 was a "bank instruction" issued, naming the organs , on May 5, 1706 Willem asked the deputies instead of the originally requested subscription of 106,000 thalers, ten times the amount repayable in 10 years. The first banco notes were still in circulation in 1706, and a total of 1 million thalers were issued. Legally, they were not bearer papers , but could be transferred by endorsement ("Giro" or "gyro" in the bank name). they also appeared in and around Frankfurt am Main. According to a Cologne city ordinance of April 17, 1706, the state income was liable for the bank's solvency .

The Reich Chamber of Commerce ruled in 1713 that the Cologne banco slips had to be accepted as a means of payment . In August 1713, the bank already owed 5 million thalers in issued bank notes. On December 16, 1713, the elector issued a new statute. A loan of 2 million thalers taken out in Amsterdam increased the bank debt. On June 3, 1714, the elector promised to repay the money that 500,000 thalers would have to be used annually from state revenues . In 1717 the debt on bank notes amounted to 3.24 million thalers.

Under Prince Carl Philipp , the disputes between the sovereigns and the estates continued from 1717. On January 28, 1718, he allowed the bank notes to be extended for a further 10 years. Interest was paid out for the first time in 1733, although no more due date was mentioned ( perpetual annuity ). The withdrawal of the banco notes was also not 100% of their nominal value , but with a discount .

Elector Karl Theodor took over the duchies of Jülich and Berg at the end of 1742, and with it the fate of the bank. In 1750, the state parliament proposed that the bank notes should only be redeemed between 50% and 10% of their nominal value. In 1751 the bank redeemed the banco notes issued between 1713 and 1714 at 33 1/3% of their value, in 1777/78 the bank did not repay a single banco note.

End stage of the bank

In the last session of the Landtag in the summer of 1794, the estates applied for the bank to be liquidated , salaries to the bank employees were no longer paid, and the cashing of bank notes ceased almost entirely. The Banco di gyro d'affrancatione is likely to have been liquidated during the French era, the last archived files came from 1804 (“Acta generalia, concerning the Royal Banque”). Although there was no list of creditors in the bank, it waived a possible edictal citation . It therefore remains unclear how many debts the bank no longer had to repay and whether there was any liquidation value left.

On May 10, 1798, ownership of the bank building in the Cologne shrine books passed to the couple "Banquier Johann David Herstatt and Adelaide von der Leyen ".

Model for other paper banks

Later there were other card banks, for example in Berlin (“Bank von Berlin”, 1765), Magdeburg (“Magdeburger Privatbank”, 1856), Königsberg (“Privatbank zu Königsberg”, 1856) or Wesel , of which the Banco di gyro d 'affrancatione is to be regarded as the most important bank of notes.

Individual evidence

  1. ↑ Johann Heinrich Zedler / Johann Peter von Ludewig / Carl Günther Ludovici, Large Complete Universal Lexicon of All Sciences and Arts , 1748, Col. 308
  2. ^ Fritz Knapp Verlag (ed.), Contributions to the history of banking , Volumes 1–5, 1964, p. 1922
  3. ↑ Johann Josef Scotti (Ed.), Remedying the financial difficulties caused by the war: Collection of laws and ordinances that were passed in the former duchies of Jülich, Cleve and Berg , Volume 1, 1821, p. 266
  4. ↑ Stefan Brüdermann (ed.), History of Lower Saxony: Volume 4 , 2016, p. 662
  5. ^ Heinrich von Poschinger, Banking and Banking Policy in Prussia: From the oldest time to the year 1840 , Volume 1, 1878, p. 68
  6. ↑ Schwann in Patmos-Verlag (ed.), Düsseldorf: Von der Residenzstadt zur Official City (1614-1900) , 1988, p. 193
  7. ↑ Peter Fuchs (Ed.), Chronicle of the History of the City of Cologne , Volume 2, 1991, p. 90
  8. ^ Albert Pick, Paper Money: A Handbook for Collectors and Lovers , 1967, p. 135
  9. ^ Heinrich von Poschinger , Banking and Banking Policy in Prussia: From the oldest time to the year 1840 , Volume 1, 1878, p. 71
  10. ↑ Margrit Fiederer, Money and Possession in Civil Tragedy , 2002, p. 30
  11. ^ Heinrich von Poschinger, Banking and Banking Policy in Prussia: From the Oldest Time to the Year 1840 , Volume 1, 1878, p. 72
  12. ^ Heinrich von Poschinger, Banking and Banking Policy in Prussia: From the oldest time to the year 1840 , Volume 1, 1878, p. 73
  13. ^ Verlag des Verein für Nassauische Altertumskunde und Geschichtsforschung (Ed.), Nassauische Annalen , Volume 120, 2009, p. 188
  14. ^ Heinrich von Poschinger, Banking and Banking Policy in Prussia: From the oldest time to the year 1840 , Volume 1, 1878, p. 73 FN 2
  15. ↑ Elfriede Sixt, Bitcoins and other decentralized transaction systems , 2017, p. 49
  16. ^ Heinrich von Poschinger, Banking and Banking Policy in Prussia: From the oldest time to the year 1840 , Volume 1, 1878, p. 74
  17. ^ Heinrich von Poschinger, Banking and Banking Policy in Prussia: From the oldest time to the year 1840 , Volume 1, 1878, p. 77
  18. ^ Heinrich von Poschinger, Banking and Banking Policy in Prussia: From the oldest time to the year 1840 , Volume 1, 1878, p. 79
  19. ^ Heinrich von Poschinger, Banking and Banking Policy in Prussia: From the oldest time to the year 1840 , Volume 1, 1878, p. 80
  20. ^ Heinrich von Poschinger, Banking and Banking Policy in Prussia: From the oldest time to the year 1840 , Volume 1, 1878, p. 81
  21. ^ Heinrich von Poschinger, Banking and Banking Policy in Prussia: From the oldest time to the year 1840 , Volume 1, 1878, p. 84
  22. ^ Uwe Perlitz, Money, Banking and Insurance in Cologne: 1700-1815 , 1976, p. 157
  23. ^ Heinrich von Poschinger, Banking and Banking Policy in Prussia: From the oldest time to the year 1840 , Volume 1, 1878, p. 126
  24. ^ Heinrich von Poschinger, Banking and Banking Policy in Prussia: From the oldest time to the year 1840 , Volume 1, 1878, p. 86
  25. ↑ Robert Steimel, JD Herstatt - the old and the new banking house , 1963, p. 11
  26. ↑ Karlheinz Müssig / Josef Löffelholz (eds.), Bank-Lexikon: Concise Dictionary for Money, Banking and Stock Exchange , 1998, p. 293

Coordinates: 50 ° 56 ′ 1.9 ″  N , 6 ° 57 ′ 22.2 ″  E