A movement on the part of a Continental country towards silver currency is worth noting. It is stated in the Press that the Latvian Government has decided to mint 10,000,000 silver "lats," each equal to one franc of the Latin Union, and that negotiations are proceeding between the Latvian Government and the British Royal Mint with that and in view. As it is possible that the material will all be obtained from demonetized metal the operation is not like to affect that silver market.
We have been informed that the Latvian Government decided on August 8, 1922, that the unit of Latvian currency should be the Lat, representing. 2,903,226 grammes of fine gold. After the establishment of the Latvian Republic, the Government issued circulation notes in roubles guaranteed by all the property of the State. The exchange rate of those notes fluctuated to a certain extent and was finally stabilized at 50 Latvian roubles to 1 gold Lat. The rouble notes were issued to the extent of about 1,800,000,000 but in the spring of 1922 the issue of additional rouble notes was stopped. When the Bank-of Latvia (Latvijas Banka) commenced its operations on November 1, 1922, it issued temporary 10 Lat notes by. simply overprinting the existing 500 rouble notes, as the
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