International trade

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Monograph

Identifikator:: 1758394757

URN:: urn:nbn:de:zbw-retromon-136209

Document type:: Monograph

Author:: Taussig, Frank William http://d-nb.info/gnd/120199459

Title:: International trade

Place of publication:: New York, NY

Publisher:: Macmillan

Year of publication:: 1927

Scope:: XXI, 425 Seiten; graph. Darst.

Digitisation:: 2021

Collection:: Economics Books

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Chapter

Document type:: Monograph

Structure type:: Chapter

Title:: Part II. Problems of verification

Collection:: Economics Books

THE FRANCO-GERMAN INDEMNITY OF 1871 277 explanation certainly is easy as regards the heaviest and most conspicuous remittances of that time, those from the United States. The subsidies of the Seven Years’ War and those of the Napoleonic period are by no means simple; nor is the Franco- German indemnity as regards the German side of that episode. My hypothesis is suggested chiefly by the Franco-German in- demnity. The French side of this, as has been said, is easy to understand; it is the German experiences which suggest a clue. That clue is in the gradual character of the process of liquidation. The absorption of the indemnity proceeds into the German economic body appears to have been spread over the greater part of the ensuing decade. If only time be given, great operations of this kind can be wound up without disastrous disturbance, nay, with hardly a consciousness of strain. In Professor Silberling’s paper on the Napoleonic period there is an intimation of what may then have happened. The first of the English Rothschilds, we are told, was of inestimable service to the British Treasury in the business of sending funds abroad. While not a little, it seems, went in the form of specie, the greater part was remitted thru bills. The bills, one may guess, were drawn on Continental “merchants,” who were indicated to the Treasury by Rothschild and were encouraged by him to meet the bills when presented. These obliging persons probably nursed them; were willing to hold or renew until settle- ment could finally be made, and enlisted others to aid them when their own means approached exhaustion. No doubt eventually they found the operations profitable, notwithstanding all the risks and delays entailed by the long years of warfare. And eventually the settlement from England was doubtless effected thru the export of goods. From time to time, as Continental bills came on the London market, based on the sale of goods, the Treasury bought them and used them for meeting their outstanding obligations to their drawees on the Continent. It is quite possible that the last settlements may have been postponed to the period of peace after 1815, when English goods flowed out in the great volume so often referred to in the literature of the time.

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