The forced paper currency, instituted in 1866, was abolished in 1881, in which year were dissolved the Union of Banks of Issue created in 1874 to furnish to the state treasury a milliard of lire in notes, guaranteed collectively by the banks.
Legal tender were the "Ostmark" (originally introduced by the German Military Administration of the Army of Occupation, "Militdrisches Verwaltungsgebiet Ober-Ost"), which in Lithuania proper ranked pari passu with the German "Reichsmark," and other German fiduciary currency to a total not less than one milliard marks.
It was proposed to utilize the money set free by this operation to indemnify by a milliard francs the emigres for the loss of their lands at the Revolution; it was also proposed to restore their former privileges to the religious congregations.
The emigres were awarded a milliard as compensation for their confiscated lands; and Gallicans and Liberals alike were offended by measures which threw increased power into the hands of the Jesuits and Ultramontanes.
In 1867 de Quatrefages estimated the loss suffered by France in the 13 years following 1853, from decreased production of silk and price paid to foreign cultivators for graine, to be not less than one milliard of francs.