The situation of the exchange since the War has not sensibly bettered
even for the great countries, and it is extraordinarily worse for the
other countries.
In June, 1921, France had a circulation of about thirty-eight milliard
of francs, Belgium six milliard of francs, Italy of about eighteen
milliards; Great Britain, between State notes and Bank of England
notes, had hardly L434,000,000 sterling. Actually, among the
continental countries surviving the War, Italy is the country which
has made the greatest efforts not to augment the circulation but to
increase the duties; also because she had no illusions of rebuilding
her finance and her national economy on an enemy indemnity.
But the conquered countries have so abused their circulation that
they almost live on the thought of it--as, in fact, not a few of the
conquering countries and those come out from the War do. Germany has
passed eighty-eight milliards, and is rapidly approaching one hundred
milliards. Now, when one thinks that the United States, after so many
loans and after all the expenses of the War, has only a circulation of
4,557,000,000 dollars, one understands what difficulty Germany has to
produce, to live, and to refurnish herself with raw materials.
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