Swiss Narrowly Vote to Drop Gold Standard
Published: April 19, 1999
GENEVA, April 18— Swiss voters approved a new Constitution today that eliminates the traditional requirement for the country's currency to be backed by gold.
The modernization of the 125-year-old Constitution, which was backed by all the major Swiss political parties and was expected to pass easily, came down to a closer-than-expected vote.
Some 59 percent of voters casting ballots, 969,400 people, approved the new document. In addition to abolishing the gold standard for the Swiss franc, the Constitution enshrines new rights in law, including the right to strike and the principle of equal opportunities for the handicapped.
But 12 of Switzerland's 26 states, known as cantons, voted against the proposal, which needed a majority of both voters and states to pass. About 669,200 people -- 41 percent -- rejected it.
The federal Constitution was last overhauled in 1874, although it has been modified 140 times since then. Many of the changes approved today involved updating its language.