GIPE-PUNE-OIIOI2 - DSpace@GIPE

60 THE RE-MAKING OF THE REICHSBANK
Items 1920 (Dec. 31) 1927 (Dec. 31)
I. Cash 5,766,270, 1~0 5,887:772,834
l. Gold in France 3,551,787,694 3,680,500,821
2. Gold held abroad 1,948,367,056 1,864,320,907
3. Silver 266,115,379 342,951.105
II. Discounted Papers
during the
year 32,023,610,600 45,291,262,600
III. Notes Issued
during the
year 7,847,125,000 15,155,000,000
IV.
Total Notes in circulation
37,552,240,290 56,300,610,250
The law of Dec. 4, 1925, fixed the maximum circulation
at 58,500,000,000 francs, as noted above.
The proportion of post-war cash cover to the total
notes in circulatio.f1 is certainly much less than that of the
pre-war period. But the cover represented by "good"
commercial papers is noteworthy, In 1920 the average
duration of the bills was near about 25 days and in 1927
only.18 days.
J The "Nere" Banque de France (since June. 1928)
The post-war monetary reconstruction-" stabilization,
"-may be said to have begun in France with the
law of August 7, 1926/" T~e Banque de France was
14 .. La loi du 7 aout et son· role dans I' assainissement financier de I.
France" in Revue d' Eeonomie Politique (Paris) for Jan.-Feb .• 1928.
See