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Bank was open to exchange silver, and at the same
time had been entirely reorganised, that redemption
began; and in the three years 1840-3, a little more
than 6 million daler in Swedish banknotes, worth
about 3 million daler in silver, or 12½ million marks
of Finland’s present money, was redeemed. In the
Northern province of Uleåborg it took nearly twenty
years before the circulation of Swedish money was
replaced by what was now declared to be the national
money.
At the Diet of Borgå the Estates had demanded
the establishment of a “National Exchange and Loans
Bank,” and had requested that this should be
supervised by representatives of the Estates, according
to the old Swedish constitution. This last demand
was not conceded, although afterwards four auditors
were appointed, one representative from each Estate.
The first establishment was called the “Exchange,
Loan and Deposit Office”; then this name was changed
to “The Finland Bank of Exchange, Deposit, and
Loans”; the institution being best known simply as
“The Finnish Bank.” The Bank with its small notes
had a difficult task to keep pace with the circulation;
its capital was altogether too small for any considerable
activity; and as it was permitted by the authorities
to lend money for long periods to landed proprietors
and manufacturers, it had hardly any means for real
commercial transactions.
A great step in advance was taken in 1840 when
it was finally decided that the Bank should not only
issue notes in larger amounts of three, ten, and
twenty-five roubles, but should also exchange them
on demand into silver. This had become possible
because the same reform, the redemption of notes into
silver, had been carried in Russia during the previous
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