this export to the higher value set upon the gold in foreign countries, especially Venice. And the statement of the warden of the Mint of the three corresponding circles—Franconia, Bavaria, and Swabia—delivered in his Gutachten of the preceding May, was that the place of these good German ducats had been taken by very depreciated coins of Italy, France, England, and Holland. The three higher circles, accordingly—Franconia, Bavaria, and Swabia—met in conference and determined on a thorough investigation. The advice submitted to Page 199 them was to raise the thaler from 90 to 96-kreutzer (see account of German coinage, Appendix V.), implying a lowering of the ratio from 15 to 14 1⁄8. This proposed scheme was accepted, in comitia, in 1667, the fifth article of the resolution specially mentioning the infliction of numerous intruding base foreign divisional money. From this scheme Brandenburg and Saxony held off, maintaining that the ratio had not been sufficiently lowered, considering the condition of the production of gold; and, in the same year, by a Mint treaty between Frederick William of Brandenburg and the Elector of Saxony, the so-called Zinnaische standard was adopted for those two states. According to this standard, the Reichs thaler was raised to 105-kreutzer (1 florin 45 kreutzers) and a ratio of 13 5⁄9 was established.
The result of this action of Saxony and Brandenburg was to strip the three higher circles of their silver, and in two years (1669) they anxiously met again to consider the question, not only of the foreign base coin everywhere prevalent, but also of the damaging exchange "and ceaseless melting