Das Problem des zwischenstaatlichen Zahlungsverkehres. Zugleich ein Vorschlag

[Title Page and Introduction: The Problem of International Payments]: This section introduces the problem of international payments in the post-WWI era. Reisch contrasts the stability of the pre-war gold standard, which functioned as a universal language for trade, with the modern chaos caused by inflation, the abandonment of gold, and the rise of incorrect economic theories regarding currency value. [General Development of Payment Systems and Fiduciary Banknotes]: Reisch traces the evolution of money from direct barter to the use of precious metals and eventually paper banknotes. He defines 'fiduciary banknotes' as currency issued beyond gold reserves but backed by commercial bills, arguing that this elastic money supply is necessary for trade but must be strictly regulated to prevent devaluation. [Pernicious Inflation and Modern Monetary Theories]: The author critiques modern monetary theories, specifically targeting John Maynard Keynes and L. Albert Hahn. He distinguishes between 'neutralizing' fiduciary expansion and 'pernicious' inflation driven by state credit needs. Reisch argues against the view of money as a mere unit of account and rejects the idea that banks can create credit 'out of nothing.' [International Payments and the Failure of Clearing Agreements]: Reisch summarizes the loss of trust in international payments following the abandonment of the gold standard. He critiques current palliative measures like standard clearing agreements, which fail to maintain balance. He argues that a return to legal and moral principles regarding currency value is essential for economic recovery. [Proposal for a New International Payment System (Valuta-Bons)]: Reisch presents a concrete proposal, co-authored with Ernst Ružička, for a new international payment system using 'Valuta-Bons.' The system involves specialized foreign trade banks and uses customs duty adjustments as a mechanism to maintain balance between importing and exporting nations without requiring physical gold transfers or risking currency devaluation. [Memorandum on Performance Compensation (Leistungskompensation)]: This memorandum defines 'performance compensation' (Leistungskompensation) as a method to align international claims and obligations through bank-led automation rather than political discretion. It argues that such a system would bypass trade barriers, stabilize currencies against gold, and eventually lead to 'global compensation,' reducing unemployment and international tension. [Issue of Currency Bonds and the Mechanism of A and B Coupons]: Reisch details the technical issuance of currency bonds (Valutenbons) divided into A-coupons for state-favored imports at gold parity and B-coupons for tolerated imports subject to a 30% surcharge (Agio). He explains how this mechanism regulates trade balances automatically through price adjustments and customs integration without requiring formal devaluation, while also providing a step-by-step example of a transaction between Austria and Hungary. [Economic Impacts and Categorization of Foreign Payments]: The text discusses how easing import barriers under this system stimulates domestic liquidity and employment. It categorizes additional foreign trade into state-favored (raw materials, debt interest) and state-tolerated categories, arguing that this system secures raw material supplies for national defense and eliminates the need for traditional foreign exchange restrictions. It also touches upon the monopoly rights of the participating banks and the use of copyrighted designs by Dr. Ernst Ruzicka. [Profit, Risk, and Political De-escalation]: Reisch analyzes the financial prospects for the participating banks, noting that risks are limited to credit defaults rather than currency fluctuations since the system is gold-based. He argues that the proposal de-politicizes international trade by moving it into the realm of civil contract law, thereby easing tensions over colonial resources and markets while providing domestic political relief by decoupling imports from currency drains. [Appendix: Concession Deed and Statutes for the Foreign Trade Bank]: This section provides the formal legal framework and statutes for the proposed Foreign Trade Bank. It defines the scope of the concession, the rules for 'Leistungskompensation' (performance compensation), the specific rights attached to A and B coupons, and the methodology for calculating gold value in local currency. It also outlines the bank's authority to adjust the Agio (surcharge) to maintain trade equilibrium. [Draft Designs for Currency Bonds and Credit Agreements]: The final section contains the physical templates (Muster I and II) for the currency bonds and the bilateral credit agreement. It specifies the text to be printed on the coupons, including the rights of the holder and the required stamps. The credit agreement draft outlines the mutual credit lines (e.g., 10 million gold francs), interest rates, and the procedure for settling passive balances after the contract term.