Modern monetary systems

Bibliographic data

Monograph

Identifikator:: 1753210836

URN:: urn:nbn:de:zbw-retromon-128414

Document type:: Monograph

Author:: Nogaro, Bertrand http://d-nb.info/gnd/117039713

Title:: Modern monetary systems

Place of publication:: London

Publisher:: King

Year of publication:: 1927

Scope:: XII, 236 S.

Digitisation:: 2021

Collection:: Economics Books

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Chapter

Document type:: Monograph

Structure type:: Chapter

Title:: Part I. Modern monetary systems and their operation

Collection:: Economics Books

THE MONETARY CRISIS 79 total amount of the bank notes stamped under the law of February 25th, 1919, and one-half of the amount of those current accounts and Treasury bills of the Austro- Hungarian Bank which were taken over by the State,” unless “complete bank cover subject to private legal liability was available for these media of payment.” Moreover, in the event this restriction on the note issue was strictly observed. In addition, the Finance Minister was entitled under the law of February 25th, 1919, to prohibit the Bank of Issue from increasing its deposit accounts.l The stamped notes of the Austro-Hungarian Bank soon gave place to Treasury notes (the transition occurred between July 1919 and the middle of 1920), and the law of April 10th, 1919, which officially created the Czech crown, also created a State “Banking Department,” which was provisionally to perform the normal tasks of a Bank of Issue 2 and, in particular, keep up a sufficient circula- tion but within the limits laid down in the law of February 25th, 1919. On April 26th, 1920, this office absorbed the Foreign Exchange Control Office which had been created at the end of 1916 by the Dual Monarchy and had become a Czech institution on January 30th, 1919. The project of an external loan, which was also con- tained in the law of April 10th, 1919, could not be real- ised.3 But after an appeal to the public, and with the help of a large gold loan and a voluntary collection, a small stock of yellow metal was got together to the value of about §8 million Swiss francs. Moreover, in pursuance of 1See A. Piot, “La couronne tchéco-slovaque,” th. Paris, 1923. It should further be observed that, with the process of stamping, hoarded notes were first brought to light and then eliminated, so that the real note issue may have been changed even less than the above-mentioned figures indicate. 2 The statutes of the future Bank of Issue were promulgated under a law of April 24th, 1920, but it has not yet been established (see Piot, op. cit., p- 83 et seq.). 3 Czechoslovakia only obtained through the help of Mr. Hoover a credit of 51 million dollars for the purchase of foodstuffs in America. The other Begotiesions in particular those with Italy, France and Sweden, broke own.

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