GIPE-PUNE-OIIOI2 - DSpace@GIPE

AND THE BANQUE DE FR.\NCE 43
regard. The gen!:ral. assembly of share~holders has
further the right, through its German members, to elect
the German representatives of the General Council.
The Zentralausschuss or central committee is a com~
mittee of experts elected by the general assembly of share~
holders, both German and foreign combined. But none
but German share~holders can be elected to this com~
mittee, which is a permanent body, whose advice the
Direktorium is at liberty to draw upon if necessary.
These experts are to be elected from the banking business,
industry, commerce, agriculture, handicraft and working
men at the suggestion of the Direktorium. Representa~
tives of this committee may be invited by the Direktorium
to take part in its proceedings.
The compulsory foreign elements in the administra~
tion of the new Reichsbank are not to be treated as
normal items. They are to be ascribed to the peculiar con~
ditions that have led to the birth of this institution. It is
the War, the V ersaill~ Treaty, the Dawes Plan ~nd the
Reparations Commission that account for the extraordi~
nary features of the present constitution.
From "One-third Cover" to "Gold-CorJer" (1924l
Since the publication of Knapp' s Diestaatliche
Theorie des Geldes (1905) the "nom~rtalistic" theory of
mon.ey has had a great vogue in Germany. During and
since the war the theory has been very strongly cham~
pioned by a number of cUflency experts, for instance, by
Dalberg (Neue Deutsche Waehrung, •• New German
Currency," 1924, Die Entthronung des Goldes, .. The
Dethronement of Cold," Die Entwertung des Geldes
uThe Depreciation of Money, " 1919). But the