E. Plan for the Resumption of Specie Payments, laid before the Chamber of Deputies by the Italian Government, November 1

ARTICLE 1. The company (consorzio) of banks of issue, instituted by the law of April 30, 1874, shall be dissolved June 30, 1881.

After July 1, 1881, the notes of the company which chance to be in circulation shall be a direct debt upon the state.

After the same date, the annual charge upon the budget of the state in favor of the company shall be abolished, and the rente deposited by the Government as a guarantee of the notes of the company, in accordance with the laws of April 19, 1872, and April 30, 1874, shall be returned.

ART. 2. The company shall hand over to the treasury before June 30, 1881, the factory where the notes of the company are made, with all the machinery, utensils, furniture, and primary or auxiliary materials with which it shall then be furnished; and it shall hand over besides, within the same period, the newly-made notes of the company intended to serve as a reserve for exchange with the bills in use.

The treasury shall pay to the company the indemnity which shall then be due for the net cost of the aforesaid factory and its dependencies, with deduction for wear and tear, for the newly-made bills given up in virtue of the present article, and for the estimated cost of the notes of the syndicate in circulation December 31, 1881.

The amount of the indemnity eventually due shall be fixed without appeal by three arbiters appointed—one by the Government, another by the company, and the third by the two former.

ART. 3. The old notes of the company shall continue to have a forced circulation, according to the existing regulations, for payments of all kinds; but they shall be convertible into metallic money according to the rules prescribed by the following articles.

ART. 4. The Government is authorized to put into circulation the fractional silver money (la monnaie divisionnaire d'argent), and the other moneys of gold and silver existing in the treasuries of the state.

ART. 5. A royal decree shall fix the date after which the old notes of the company shall be exchangeable, to the bearer and on sight, against the decimal money of gold and silver at the central treasury of the kingdom, and at the provincial treasuries of Florence, Genoa, Milan, Naples, Palermo, Turin, Bari, Bologna, Cagliari, and Messina. Successive royal decrees shall authorize, in case of need, exchange at other treasuries of the state.

ART. 6. The notes of 5 francs, 2 francs, 1 franc, and 50 centimes, withdrawn from circulation, shall be canceled; and also notes of other denominations, withdrawn or exchanged, until the total sum of 600,000,000 francs shall have been reached.

ART. 7. After July 1, 1881, the exchange of notes declared consorziali by the decree of June 14, 1874, for bills definitely consorziali, shall take place at the central treasury of the kingdom.

ART. 8. The Government shall repay the loan of 44,000,000 of metallic money, made by the National Bank of the Kingdom of Italy, according to the terms of the agreement of June 1, 1875. The repayment shall be made three months before the redemption of the old notes of the company, according to the terms of Article 4, paragraph B, and in any case before the complete execution of the provisions of Article 5.

ART. 9. The Government is authorized to procure before the end of the year 1882, by means of loans or other credit operations, a sum of 644,000,000 francs, of which at least 400,000,000 shall be in gold. The rate of interest at the charge of the state shall not in any case exceed 5 per cent, free from the reservation for tax upon personal property (richesse mobilière). For transportation of funds and for all other charges the limit of 1 per cent shall not be exceeded.

ART. 10. The Government is also authorized to obtain the sums of which it will eventually have need to redeem to the bearer and on sight the old notes of the company remaining in circulation after the execution of Article 6.

ART. 11. Of the rente withdrawn from the company of banks, the quantity necessary to procure the sums mentioned in Articles 9 and 10 shall be disposed of. The part exceeding these needs shall be canceled.

ART. 12. From the day on which the exchange of notes of the company against metallic money commences, and, in any case, after the complete execution of Article 6, the customs duties for all sums above 50 lire shall be payable in decimal gold money.

ART. 13. The prohibition laid upon the banks of issue, according to which they might not change the rate of discount without the authority of the Government, shall cease when the redemption of the notes of the syndicate commences, according to the terms of Article 4, paragraph B, and after the directions of Article 6 are fully carried out.

ART. 14. The legal circulation (cours légal) of notes of the banks of issue is continued until the end of the year 1883.

ART. 15. The Government shall receive in its coffers the notes of the six banks of issue, although they have no longer legal circulation.

ART. 16. The right of issuing sight paper (titres payables à vue) shall cease December 31, 1889, for all the banks which enjoy the right.

Rules shall be fixed by law which shall regulate after that date the issue of bank paper payable to the bearer and on sight.

ART. 17. A permanent commission next to the ministry of the treasury, presided over by the minister and composed of three senators and three deputies chosen by the Chambers, of a councilor of state and a councilor of the Court of Accounts chosen by the council of ministers, of the director-general of the treasury, of a high official of the ministry of agriculture, industry, and commerce, and of the director-general of the National Bank of the Kingdom of Italy, president of the company, shall take all measures necessary for the retirement and redemption of the notes in execution of the present law. It shall superintend the progress of operations relating to it, and it shall present through the minister of the treasury to Parliament at the end of each year a detailed report, with documents in support thereof.

ART. 18. The measures mentioned by the preceding article are to be taken by the minister of the treasury in agreement with the minister of agriculture, industry, and commerce.

ART. 19. Royal decrees, issued with the knowledge of the council of state and the Court of Accounts, shall determine the proceedings and guarantees to provide:

Royal decrees shall likewise fix all other regulations necessary for the execution of the present law.