. The Great war. Reading the proclamation of a moratorium in front of the Royal Exchange, Enthusiastic Frenchmen on the streets of Paris singing patriotic songsafter the declaration of war. Mobilization of Financial Resources 421 currency for more than 300,000,000 roubles ($156,000,000)in excess of its cover of metal. But for many years thetotal value represented by the paper of the bank in circula-tion was actually less than the gold in its vaults. In August,1914, the legal maximum for the circulation of bank-notes inexcess of the metallic reserve was increased by 1,500,000,000rouble
. The Great war. Reading the proclamation of a moratorium in front of the Royal Exchange, Enthusiastic Frenchmen on the streets of Paris singing patriotic songsafter the declaration of war. Mobilization of Financial Resources 421 currency for more than 300,000,000 roubles ($156,000,000)in excess of its cover of metal. But for many years thetotal value represented by the paper of the bank in circula-tion was actually less than the gold in its vaults. In August,1914, the legal maximum for the circulation of bank-notes inexcess of the metallic reserve was increased by 1,500,000,000roubles. The value of the notes in circulation had risen to2,553,000,000 roubles ($1,327,560,000) on September 14,while the metallic reserve amounted to 1,844,000,000 rou-bles ($958,880,000). Thus the reserve was still equivalentto about 72% of the circulation, a far from hazardous the meantime the government had drawn on its creditat the bank for 286,000,000 roubles ($148,720,000), hadprobably consumed a portion of its credits abroad, and hadproceeded to the issue of treasury notes for 400
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Keywords: ., boo, bookcentury1900, bookdecade1910, booksubjectworldwar19141918
