This limitation, together with the regulation adopted, that the divisional coins should be issued at a rate inferior to that of the monetary standard, must be regarded as a measure of mutual defence against the sapping of the small coinage which had previously been experienced. According to this Page 194 clause the maximum of mintings for national or currency purposes was presented thus—
| Francs. | |
|---|---|
| For Belgium | 32,000,000 |
| France | 239,000,000 |
| Italy | 141,000,000 |
| Switzerland | 17,000,000 |
For a time everything bloomed, the minting went merrily on, and private individuals (foreigners) reaped a profit at the expense of France. With the heavy fall in the ratio which made itself marked in 1873, however, events became too strong even for the Union, and Belgium took the initiative by passing a law enabling her Government to suspend or limit the coinage of the 5-franc piece.