GIPE-PUNE-OIIOI2 - DSpace@GIPE

28 THE RE~MAKING OF THE REICH5BANK
The first post~war year (1919) finds the circulation of
the four Note~Banks as follows:-
13ayerische
Saechsische
Wuerttembergische
Badische
103,800,000 M.
84,700,000 M.
31,700,000 M.
37,700,000 M.
The total thus rose from nearly 160,000,000 M. tt'
nearly 258,000,000 M. This rise of 62 per centis almost
not.hing compared to the phenomenal increase in circu~
lation that took place at the ~eichsbank during the war.
In 1919 at one point the Reichsbank circulation rose as
high as 35,698,369,COO M. The minimum of the year
was 22,336,844,000 M. The year's average was
27,987,808,000 M.2 And yet this was but the prelude.
so to say, of the post~war inflation which need net be
indicated here. . Compared to 1913, the 1919 average
was already nea,r1y 1429 per cent as great. And at any
rate. the Reichsbank was to the four other banks as 108:
1 . This is to be taken in the perspective of the pr~war
13: I.
Although these four in.stitutions are not very im~
portant in the 6.n.ance~market of tbe German Empire, the
post~inflation bank~reconstruction .of 1924 has not c.:>n~
sidered it expedient to deprive them of their character as
note~banks. The Act permits them to issue notes in the
following maximum proportions:
2 Die Reichsbanf( 1901-1925 (Berlin. Druckerei der Reich.bank).
Tabelle 10.