Om kredit och vexlar

Bibliographic data

Monograph

Identifikator:: 84539584X

URN:: urn:nbn:de:zbw-retromon-36509

Document type:: Monograph

Author:: Koechlin, Armand

Title:: L' Industrie cotonnière en Allemagne

Place of publication:: Paris

Publisher:: Pelletier

Year of publication:: 1906

Scope:: 1 Online-Ressource (387 S)

Collection:: Economics Books

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Chapter

Document type:: Monograph

Structure type:: Chapter

Title:: Conditions de la vie

Collection:: Economics Books

NORMAL EXCHANGES 21 plethora of yellow metal would be inclined merely to hand over to the poor relations of the League of Nations a pro- portional share and as they would at most be inclined to subscribe to an international loan for their benefit, e.g., in dollars or in gold francs, we are led to contemplate another possibility whichappears to be capable of practical develop- ment. The gold required for converting one national currency into a foreign currency on a stable basis would not be transferred to each country in order to constitute a gold reserve. An international credit institute would be created, its capital being subscribed by an international loan. It would open for the benefit of every country which could offer the necessary securities a credit adequate to its normal requirements for its balance of payments.2 Among these securities there might figure in the first place the payment of interest in gold out of the balance of valuta of the exporters in each country. Out of this credit the bills 1 This International Institute of Credit would not be a bank; it would only give credit to exchange offices. We should see no objection in principle to this International Institute being empowered to issue notes; on the contrary, it would be desirable; but this issue, which would be destined exclusively for international payments, would need to be almost entirely covered by gold unless the notes were legal tender currency in all countries. {See on this subject the author’s note on the Vanderlip Plan, Revue Economique Internationale, January 1922). Moreover, as this Institute would play the part of an International Clearing House, it would hardly need to transfer gold even if it had no power to issue notes, for the book transfers which it would undertake would enable it to effect large international payments with the minimum amount of bullion. It is only fair to point out here that the idea of an International Clearing House was mooted and defined long ago by the distinguished Italian financier, Luigi Luzzatt, who, in principle, induced the Congres de 1'Union Economique Inter- nationale to adopt it in 1912 at Brussels; see on this point the minutes of the Conférence Interparlementaire du Commerce for May 1922, and “La Paix Monétaire,” by Luigi Luzzatti. We believe that this same idea should be carried out more systematically and in conjunction with the creation of national exchange offices. 2 It is essential that this credit should be ear-marked; if, as is contem- plated in the ter Meulen or Vanderlip system, credits are opened for the benefit of individual private persons, facilities might be given for certain transactions but there need not necessarily result a stabilisation of the exchange. NN -

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