Full oath guarantee

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A resolution of the Imperial Assembly is named as a full oath guarantee , which, after a heated debate, was passed by the Imperial Assembly in Oath on May 19, 1814 with 79 votes against 29 and announced by King Christian VIII on May 23, 1814.

history

When the personal union between Norway and Denmark was ended in the Peace of Kiel on January 14, 1814, so-called “Assignation Sedler” and Reichsbanknotes of the Danish-Norwegian Reichsbank in the amount of 5,139,000 Riksbankdaler were in circulation from 1807 to 1809. In addition, there were 3,000,000 Riksbankdaler that the Prince Regent had issued in Norway in early 1814. All of this paper money, as well as the other paper money that was required for the budgeted state expenditure and was estimated at 14 million Riksbankdaler, was to be guaranteed at a rate of 375% by resolution of the Reich Assembly. On August 1, 1813, the Danish-Norwegian Reichsbank had determined this course. This meant that 375 Riksbankdaler notes were worth 100 marks Banco . But the rate at issue was already 500 Riksbankdaler in paper money for 100 Marks Banco. In addition to the printed money supply of 14 million Riksbankdaler, the Danish Riksdaler, which was still permitted as a means of payment, was converted into Riksbankdaler in the course of 1814, so that in the course of 1815 around 23 to 25 million Riksbankdaler notes were in circulation. This led to inflation. The full oath guarantee should stabilize the monetary value. But the rate continued to fall, so that 1 Riksbankdaler, which according to the full oath guarantee should have a value of 32 Norwegian silver skillings, had dropped to 6 skillings in January 1816. Thereupon the full oath guarantee was canceled.

Individual evidence

  1. ↑ Storthingsefterretninger 1814-1818 (announcements of the Storting). P. 250.
  2. ↑ "Assignation shipments" were a kind of government bonds that were to be redeemed later, that is, to give instructions on expected government revenue later. They were known from the time of the French Revolution. There they were supposed to be refinanced through the sale of the confiscated aristocratic and church property. But they should be circulable like money.
  3. ^ "Riksbankdaler" was a currency that was newly introduced in the Danish Empire in 1813. It was valid until 1816. The exchange rate was 1 Riksbankdaler = 6 Riksdaler Kurant à 16 Skillings = 96 Danish Skillings. 1 Riksbankdaler = ½ Riksdaler species (= Mark Banco).
  4. ↑ The rate was the ratio between paper money and Mark Banco, which was linked to a silver content.

literature