In 1879, owing to the continued depreciation of silver, the free coinage of silver was suspended.
As on previous occasions, the great depreciation in the value of the currency has led to a repudiation of part of its nominal value.
This depreciation reached its maximum in October 1891 ($460.82 paper for $100 gold), and remained between that figure and $264 during the next six years.
The consequence of these further issues was instant depreciation, and the note of Too francs nominal value sank to less than 20 francs coin.
Through the rapid depreciation of Argentine credit, the great firm of Baring Brothers, the financial agents of the government in London, became so heavily involved that they were forced into liquidation, November 1890.
Philip's bimetallic system, which had attempted artificially to fix the value of silver in spite of the great depreciation of gold consequent upon the working of the Pangaean mines, was abandoned.
At last their depreciation reached a point where their acceptance was generally refused and silver was imported for commercial needs, when the government suspended their legal tender quality and allowed them to disappear.
Part of the Revolutionary debt was paid in depreciated paper, part was assumed by the United States government, part was paid at various rates of depreciation between 1803 and 1820, and the remainder, $43,971, was repudiated in 1847.
Another defect in the evidence of coins is that, when one variety of the unit of weight was once fixed on for the coinage, there was (barring the depreciation) no departure from it, because of the need of a fixed value, and hence coins do not show the range and character of the real variations of units as do buildings, or vases, or the actual commercial weights.
In 1893 the depreciation of silver necessitated stringent retrenchment; but the budget balanced for the first time during many years, the floating debt was converted, and a loan raised for the completion of the Tehuantepec Railway.
The extent of the depreciation in value of tithe tray be gathered from the fact that for 1902 the price of the wheat bushel is thus fixed at 3s.
The latter were Denver (133,859), Pueblo (28,137), Colorado Springs (21,085), Leadville (12,455), Cripple Creek (10,147), Boulder (6150) and Trinidad (5345) Creede, county-seat of Mineral county, was a phenomenal silver camp from its discovery in 1891 until 1893; in 1892 it numbered already 7000 inhabitants, but the rapid depreciation of silver soon thereafter caused most of its mines to be closed, and in 1900 the population was only 938.
Taxation has been very erratic. From 1877 to 1893 the total assessment rose steadily from $3,453,946 to $238,722,417; it then fell at least partly owing to the depreciation in and uncertain values of mining property, and from 1894 to 1900 fluctuated between 192.2 and 216.8 million dollars; in 1901 it was raised to $465,874,288, and fluctuated in the years following; the estimated total assessment for 1907 was $365,000,000.
`4 This depreciation is voiced in their catch-word of SoKOUVTEs (" those of repute," ii.
A similar tone of exaggerated depreciation of the Massoretic Hebrew text, coloured by polemical bias against Protestantism, mars his greatest work, the posthumous Exercitationes biblicae de hebraeici graecique textus sinceritate (1660), in which, following in the footsteps of Cappellus, but with incomparably greater learning, he brings irrefragable arguments against the then current theory of the absolute integrity of the Hebrew text and the antiquity of the vowel points.
In financial matters Colombia is known abroad chiefly through repeated defaults in meeting her bonded indebtedness, and through the extraordinary depreciation of her paper currency.
Campbell (1768-1848), whose brief and disastrous term had been marked by wholesale bank suspensions, and an enormous depreciation of state and national bank notes.
The years' working of the whole telephone system of the Post Office showed a balance of £451,787 after payment of the working expenses, while the estimated amount required to provide for depreciation of plant and interest at 3 per cent.
Depreciation of the fathers was characteristic, not of the Anglican reformation, but of the 1 The editio princeps of Niceta's works was published by Dr A.
Too many causes operated in favour of their depreciation: the enormous issue, the uncertainty as to their value if the Revolution should fail, the relation they bore to both specie and commodities, which retained their value and refused to be exchanged for a money of constantly diminishing purchasing power.
Thiers, Histoire de la revolution francaise, gives a full and graphic account of the assignats, the causes of their depreciation, &c.; J.
The 20-piastre mejidie currency, in spite of the further enormous depreciation of silver since 1880, has scarcely varied in the Constantinople market, but has always remained at a discount of about 3% (between 108 and 109 piastres to the pound) under government rate; this is doubtless due to the fact that the demand and supply of the coins in that market are very evenly balanced.
His pension was continued by the National Assembly, and he was partially indemnified for the depreciation of the currency by remunerative appointments.
Brazil is a member of the Postal Union, and like Argentina exacts higher nominal rates of postage upon outgoing mail than those agreed upon to cover the depreciation in her own currency.
The depreciation and unstable character of the paper currency render it difficult to give a clear statement of receipts and expenditures for a term of years, the sterling equivalents often showing a decrease, through a fall in the value of the milreis, where there has been an actual increase in currency returns.
He took an active share in the various expedients of the government for stopping the depreciation of the assignats.
Moreover, all securities underwent such sharp depreciation that, on the one hand, the government hesitated to hand over the bonds representing the purchase-price of the railways, lest such an addition to the volume of stocks should cause further depreciation, and, on the other, the former owners of the nationalized lines found the character of their bargain greatly changed.
He married in 1793 Mlle Deloche, daughter of a former avocat au conseil; the young pair were greatly straitened in means in consequence of the depreciation of the assignats.
Per Board-ofTrade unit, with interest and depreciation at 6%, may amount to £10 per customer; and (3) the annual working costs for repairs and also the wages of the staff of meter men, who take the required monthly or quarterly readings.
In 1902, owing to the serious depreciation of the value of silver, the Siamese mint was closed to free coinage, and an arrangement was made providing for the gradual enhancement of the value of the tical until a suitable value should be attained at which it might be fired.: This measure was successful, the value of the tical having thereby been increased from 'Id.
To quote again from Father Thurston (p. 318): " In imitation of the prodigality of her Divine Master, the Church has deliberately faced the risk of depreciation to which her treasure was exposed.
8 Asceticism was bound up with the gnostic depreciation of the body.
The name of one of them, Thomas Conway, an Irish soldier of fortune from the French service, is attached to what is called "Conway's Cabal," a scheme for superseding Washington by General Horatio Gates, who in October 1777 succeeded in forcing Burgoyne to capitulate at Saratoga, and who had been persistent in his depreciation of the commander-in-chief and in intrigues with members of Congress.
The Caps struck at once at the weak point of their opponents by ordering a budget report to be made; and it was speedily found that the whole financial system of the Hats had been based upon reckless improvidence and c prof the wilful misrepresentation, and that the only fruit of their long rule was an enormous addition to the national debt and a depreciation of the note circulation to onethird of its face value.
His first publication (1809) was The High Price of Bullion a Proof of the Depreciation of Bank Notes.
His influence, which grew during the 18th century in spite of the depreciation of Dr Johnson, has shared in the eclipse of the Queen Anne wits which began about the time of Jeffrey.
This suicidal policy continued until February 28, 1903, when, according to an official statement, the outstanding paper circulation was: - 700,598,865.30 So great was the depreciation of this currency that before the end of the war loo American gold dollars were quoted at 22,500 pesos.
This depreciation (10,000) was equivalent to a loss of 99% of the nominal value of the currency, a paper peso of loo centavos being worth only one centavo gold.
Before its dissolution the Assembly had authorized the creation of 1 800 o00 000 livres of assignats and The g the depreciation of its paper had begun.
Again, the opposition between the natural world and the spiritual order into which the Christian has been born anew led not merely to a contempt equal to that of the Stoic for wealth, fame, power, and other objects of worldly pursuit, but also, for some time at least, to a comparative depreciation of the domestic and civic relations of the natural man.
The heavy depreciation in silver causing large losses to the government, free coinage was suspended in 1880, and the nominal value of the mejidie was reduced by decree to 19 piastres (105.26 piastres thus = £T1), while in the same year the debased currencies were reduced, altilik, the 6-piastre piece to 5 piastres, the 3-piastre piece to 22 piastres, the 12-piastre piece to 14 piastre; beshlik, the 5-piastre piece to 22 piastres, the 22-piastre piece to 1;-piastre; metallik, the 1-piastre piece to 2 piastre, the 2-piastre piece to 4 piastre, the *-piastre piece to a piastre - these values representing approximately the intrinsic value of the silver, at mejidie standard, contained in the debased coins.
To provide for the repayment from earnings of the capital invested in a mining property and expended in development, and to provide for the depreciation in value of the plant and equipment, an amortization fund must be accumulated during the life of the mine; or, if it be desired to continue the business of mining elsewhere, a similar fund must be created for the purchase, development and equipment of a new property to take the place of the original deposit when that shall be exhausted.
The most striking feature in this work is the writer's scathing condemnation of the priesthood before, during, and after the Maccabean period, and an unsparing depreciation of the Temple services.
We have no similar calculation of loss for Great Britain, where wheat is not so much grown, but it is well known that there is a continual, serious depreciation of value in the crops due to parasitic fungi.
The very perfection and precision of this method constantly tempted the later Stoics to abuse it for the systematic depreciation of the objects analysed.
And Abd-ul-Mejid, and the second in the reign of Mahmud only, were not included in the reform; these were debased currencies bearing a nominal value, the altilik of 6, 3 and 12 piastres, the beshlik of 5 and 22 piastres, the metallik of 1, 2 and 4 piastres; they represented the last degree of an agelong monetary depreciation, the original piastre having had a value of about 5s.
In Sicily, however, Charles's government soon made itself odious by its exactions, the insolence and cruelty of the king's French officials and favourites, the depreciation of the currency, and the oppressive personal services, while the nobles were incensed at the violation of their feudal constitution.
During the following three years the government spent £s00,000 in making good the depreciation suffered by the plant in the transition years of 1868 and 1869, for which allowance had been made in the purchase price, and about £1,700,000 was expended on new plant.
This would seem to show a steady increase, but when we consider that the value of the kran in 1876 was nearly 8i~I d., and has fallen in consequence of the great depreciation of silver to only 4~ d., the total revenue really decreased from 1,950,000 in 1876 to 1,600,000 in 1907 I 908.
In 1878 depreciation had set in, and the inconvertible paper had by the close of 1881 grown to such an extent that it was then at a discount of 80% as compared with silver.
In consequence of this depreciation of the coinage and the fall in the price of silver, partly also in consequence of exchange transactions by banks, the value of the kran has since 1895 rarely been more than 4.8od., or half what it was in 1874, and fell to less than 4d.
This was owing to the depreciation of the copper coir~age from 1896 onwards, consequent upon there being an excess of coinage due to the excessive quantities formerly put in circulation from the mint.