⁵ Macmillan, 1900.

⁶ Douglass.

⁷ Bullock, Monetary History of the United States, chap. v.

⁸ Ibid., chap. v. In 1780 Congress actually adopted a plan to redeem its paper issues at one fortieth of their pretended or nominal value.

⁹ R. G. Hawtrey, Currency and Credit. Longmans Green & Co., London, 1919.

¹⁰ Hawtrey, op. cit., chap. xv.

¹¹ A turn which even a Polish Chancellor of the Exchequer might envy.

¹² In 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.

¹³ A 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!

¹⁴ Two dollars.

¹⁵ Twenty-five Soviet roubles would have been dear at a farthing.

¹⁶ On this note is stamped 20 Kruna to indicate that five dinars exchanged for twenty Austrian crowns.

¹⁷ To-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.

¹⁸ Taken by permission from an article by the author in the Saturday Evening Post of November 12, 1921.