5Macmillan, 1900.
6Douglass.
7Bullock,Monetary History of the United States, chap.v.
8Ibid., chap.v.In 1780 Congress actually adopted a plan to redeem its paper issues at one fortieth of their pretended or nominal value.
9R. G. Hawtrey,Currency and Credit. Longmans Green & Co., London, 1919.
10Hawtrey,op. cit., chap.xv.
11Aturnwhich even a Polish Chancellor of the Exchequer might envy.
12In the second week of November the mark fell to 1300 to the paper pound, recovering a day or two later (Wednesday, November 9) to 980.
13A month or two later they were not worth a shilling. The Russian Soviet Government was offering two hundred thousand roubles for one pre-war silver rouble!
14Two dollars.
15Twenty-five Soviet roubles would have been dear at a farthing.
16On this note is stamped 20Krunato indicate that five dinars exchanged for twenty Austrian crowns.
17To-day, November 30, 1921, the paper pound is worth about four fifths of a gold pound. The purchasing power of gold—say, the gold dollar—is perhaps about two thirds of what it was before the war.
18Taken by permission from an article by the author in theSaturday Evening Postof November 12, 1921.