Integration of the Western and Eastern Economies and Currency Act

The Western and Eastern Economies and Currency Act of 1722 was a Shirerithian legislative measure, proposed jointly by Haasis Zmorge, Commissioner for the Benacian Fiscus and Jing Ming, Commissioner for the Apollonian Fiscus. It was enacted during the tenure of the First Thuylemans Government (1717 - 1723 AN) to unify the monetary system within the empire. Prior to the act’s passage, a variety of currencies circulated throughout the empire, with remote areas even continuing to rely on barter systems. The former Jingdaoese Duchies, now referred to as the Greater Kildare Region, for example predominantly used the Kala, Golden Kala, and other local coins, adding further complexity to trade and economic stability.

The act officially recognized the Erb as the sole legal currency within the empire’s borders. To facilitate the transition, the government mandated that all local and national mints, as well as banking institutions, prepare for the exchange of old currencies into Erbs at favorable rates. This was intended to ease the burden on citizens and businesses while discouraging resistance to the new monetary standard.

Despite the act’s intended benefits, its implementation was met with significant opposition. Nobles, local assemblies, and townships resisted the measure, viewing it as an infringement on their financial autonomy. Many regions had longstanding traditions of managing their own coinage and saw the decree as an erosion of their economic independence. The merchant guilds found themselves divided on the issue. While a standardized currency promised to streamline trade and expand commerce, many guilds had profited from currency exchange services, which the act threatened to eliminate. Consequently, some merchants lobbied in favor of the reform, anticipating greater trade efficiency, while others opposed it to safeguard their lucrative exchange businesses.

While passed in the Landsraad, the Act remained a dead letter as the focus of the new administration shifted increasingly to retaining independence from the Raspur Pact. The Erb became more increasingly used by the end of the Shiro-Benacian War, it was not yet accepted in many regions of the Imperial Republic. With the integration of several new territories, the Benacian sovereign and mareq, also spread into Shirerithian trade network. The Suyi Administration promised to tackle the issue, in an attempt to modernise the finances of the government.