Modern monetary systems

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Monograph

Identifikator:: 882692321

URN:: urn:nbn:de:zbw-retromon-5020

Document type:: Monograph

Author:: Agahd, Konrad http://d-nb.info/gnd/116256575; Schulz, Max von http://d-nb.info/gnd/1033198951

Title:: Gesetz betreffend Kinderarbeit in gewerblichen Betrieben

Edition:: Zweite Auflage, neub bearbeitet

Place of publication:: Jena

Publisher:: Verlag von Gustav Fischer

Year of publication:: 1904

Scope:: 1 Online-Ressource (X, 168 Seiten)

Digitisation:: 2017

Collection:: Economics Books

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Document type:: Monograph

Structure type:: Chapter

Title:: Zweiter Teil. Kommentar zum Reichsgesetz, betreffend Kinderarbeit in gewerblichen Betrieben vom 30. März 1903

Collection:: Economics Books

THE MONETARY CRISIS 79 monetary system; although he had studied economics after the war he had not specialised in the subject for many years, and, for this reason perhaps adopted without hesitation a theoretical and rigid plan which was rather over-simplified and more or less on traditional lines. But it should at once be added that, guided by the experience of the Austro-Hungarian monarchy, he supplemented this plan by a series of very effective practical measures. After having had the notes of the Austro-Hungarian Bank circulating in Czechoslovakia stamped in order to provide his country with a currency of its own, he con- templated the withdrawal of 809, of the note issue so as to leave only about 2 milliard crowns in circulation; he also thought, however, of floating a loan of 100 million dollars in the United States in order to obtain the neces- sary gold cover; and judging by the precedent of the Austro-Hungarian Bank’s action since 1892, it is clear that such holdings of gold abroad would have favoured effective stabilisation at whatever rate was thought con- venient.l 1 See “Financial Policy of Czechoslovakia during the First Year of its History,” by Dr. Alois Rasin, Oxford, Clarendon Press, 1923. The passage in which the author gives his own account of his first plan of reform (0p. ¢it., P- 24) deserves to be quoted in full: “I wanted originally to withhold 809%, of the bank notes, so that approximately two milliards would have remained in circulation; to arrange at the same time for payment of all the salaries of State employees by means of cheques on compulsory cheque accounts assigned to them with financial houses; and to establish a new bank of issue forthwith. The Government should have got a loan in the United States of 100 million dollars in gold, and left the money in America, while, however, assigning it to the new bank of issue, in order to be in a position to withdraw the two milliard old bank notes circulating, and to exchange them for the bank notes covered by the American loan. In this way we should have come in for the crippled gold standard; but only the con- sumption sum of two milliards would have been covered in gold, and the excess over this amount would have had to be derived through credit. The bank notes would certainly not have been exchangeable for gold, but by means of a good bill and discount system the international exchange rate could have been maintained at par. The example of the Austro-Hungarian Bank’s method before the war was indeed tempting. In that case too there was no obligation to exchange, and the bank notes were forced currency; yet from the year 1893 to the year 1914 the Austro-Hungarian Bank had

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