ABSTRACT

The gratifying decline that has recently [1914–15] occurred in our rates of exchange on London, Amsterdam, Paris and New York 1 once again prompts the question whether our Scandinavian central banks might not now be ready to go all the way, to open their counters to the redemption of notes, thereby at the same time wiping out the remaining 2–3 per cent gap in the exchange rate against countries that have always had the sense to keep their currencies up to par. By doing so, we should put a definitive stop to a paper money regime that is unworthy of a modern monetary system such as our own, even though its legality can no longer be contested now that the constitutional question has been brought to a successful close.