"It is known that some deposit banks sometimes open deposit accounts without a money cover not only for the purpose of granting loans, but also for the purpose of directly procuring resources for production on their own behalf. More than one of the modern credit and commercial banks has invested a part of its capital in this manner, and the question of the right attitude in this case of the holders of the money substitutes, and of the State legislature that feels itself called upon to protect them, remains an open one. In the earlier times there was a similar problem concerning bank issuing notes until banking practice or the law prescribed short-term loans as 'cover'. The issuer of fiduciary media may, however, regard the value of the fiduciary media put into circulation as an addendum to his income or capital. If he does this he will not take the trouble to cover the increase in his obligations due to the issue by setting aside a special credit fund out of his capital. He will pocket the profits of the issue, which in the case of token coinage is called seigniorage, as composedly as any other sort of income. - The only difference between the two ways of putting fiduciary media into circulation lies in the attitude of the issuer.' Naturally, this cannot have any significance for the determination of the value of the fiduciary media. The difference between the methods of issue is a result of historical factors. Fiduciary media have sprung from two different roots: from the activities of the deposit and giro banks on the one hand, and from the State prerogative of minting on the other hand. The former is the source of notes and current accounts; the latter, that of convertible Treasury notes, token coins, and that current money of which the coinage is restricted,but which can be regarded neither as credit money nor as fiat money because it is actually convertible into money on demand to its full amount. To-day the difference between the two methods of issuing is gradually disappearing, all the more as the State endeavours to act in the same way as the banks in issuing fiduciary media.
Note: Some States are already in the habit of devoting the profits of their coinage to special purposes and of refusing to treat them in any way as an increase of wealth. Cp. for example on the Swiss currency reserve fund established by Art. 8 of the Currency Act of 31st January, 1860, Altherr, Hans, Eine Betrachtung über neue Wege der schweizerischen Münzpolitik (A consideration of new ways of Swiss monetary policy), Bern, A. Francke, 1908; pp. 61 ff.
- Ludwig von Mises, The Theory of Money and Credit,Yale University Press, 1953, p.278-279) https://mises.org/library/theory-money-and-credit
Loi du 1850:
Le déficit résultant de la fonte des monnaies cantonales [monnayage] tombe à la charge des Cantons, chacun pour les monnaies frappées à son coin.
Le gain résultant des nouvelles frappes, sera, après déduction de tous les frais, [seigneuriage] réparti entre tous les Cantons, dans la proportion établie par l'échelle des contingents d'argent de 1838. http://www.amtsdruckschriften.bar.admin.ch/viewOrigDoc.do?id=10055635
31.01.1860
Loi fédérale portant modification de la loi sur les monnaies; elle confère le cours légal aux monnaies d'or françaises et introduit le bimétallisme (RO VI, 394).
Içi, page 78 du pdf
http://www.amtsdruckschriften.bar.admin.ch/viewOrigDoc.do?id=10058144
MESSAGE du Conseil fédéral à l'Assemblée fédérale, touchant les monnaies. (Du 30 Décembre 1859.)
FF 1860 I 33 (-111) 18.01.1860 Français
PROJET D'ARÊTE.
L'Assemblée fédérale de La Confédération suisse, après avoir pris connaissance dn message et des propositions du Conseil fédéral; en modification partielle de la loi du 7 Mai 1850 sur les monnaies fédérales
"Art. 4 - Les excédants de recette pouvant résulter des nouvelles frappes de monnaies, seront mis à part pour être employés, suivant que les circonstances l'exigeront, à couvrir tout ou partie des frais provenant du retrait des pièces de monnaie suisses usées, conformément à l'art. 13 de la loi du 7 Mai 1850 sur les monnaies fédérales."
Içi: http://www.amtsdruckschriften.bar.admin.ch/viewOrigDoc.do?id=10058144
Loi du 31 janvier 1860 (RO tome VI, page 394).
modification de la loi du 7 Mai 1850 sur le système monétaire,
https://babel.hathitrust.org/cgi/pt?id=hvd.32044059534552;view=1up;seq=488
Texte definitif:
Art. 8. "L'excédent de recette pouvant résulter des nouvelles frappes de monnaie sera mis en réserve pour être employé, le cas échéant, à couvrir tout ou partie des frais provenant du retrait des pièces de monnaies suisse usées, conformément à l'art. 13 de la loi du 7 Mai 1850 sur les monnaies fédérales. Les interêts de ce fonds de réserve seront joints aux capitaux."
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