White Pine news weekly mining review. [volume] (East Ely, Nev.) 1910-1920, 1919-11-16
GERMANY SUFFERS
FOR LACK OF COIN
Currency Situation Is Growing
Worse and Worse.
cOUNTERFETERS ARE BUSY
Returning Americans Say People Are
Buying Jewelry and Art Works to
Be Redeemed When the Mark Rises
-SmuggIers Are Reaping Big Profits
by Carrying Money Out Of Germany
Mo Gold or Silver In Country.


Mo Gold or Silver in Country.
The currency situation In Germany,
according to Americans who recently
have returned from that country. is
rapidly degenerating into a condition
where values are being destroyed, and
where those who have money are keen
ly intent upon turning II into goods
and merchandise. which may be kept
until such time as money values are
restored and some semblance of order
returns to financial affairs.
There Is no gold or silver money any
where TO be found. these returned
Americans say, and even the copper
and zinc coins which formerly were
plentiful have long since disappeared
from general circulation, and are only
to be had now upon payment of n large
premium. Foreign money is in great
demand, and it, too, sells at a large
premium over its pre-war value. In
fact. 1t is said, people in Germany
are willing to accept almost anything
in return for the many different kinds
of paper currency now circulating
there.
The paper money. which is in far
greater volume than ever before. is of
innumerable varieties. The govern
ment. through the Reichsbank. issues
notes In denominations OF 1. 2, 5 10.
so. 100 and 1000 marks. The cities
and towns, too, have recently taken to
issuing notes in some of these denom-
nations. and, In addition. are putting
into circulation great quantities Of
small notes Of 10 to so pfennig denom-
nation. These emissions Of the cities
and towns circulate at their face value.
or something approaching face value,
only In the municipalities which are
responsible for them, and other mu-
inequalities. II Is alleged. refuse abso-
lutely to recognize the issues OF their
sister cities.
American Traveller Annoyed.
One American. who has just got back
from Germany, tells a story of having
changed a good part of his money at
Coblenz into the paper notes issued at
that place. When he got to Cologne
his money was no good. Only by ae-
cepting a heavy discount could he
change IL. through a currency dealer.
into money which was current at Co
logne. Then, as his travels progressed,
he discovered that the Cologne money
had no value outside of that city. and
at Berlin he had TO change ii again,
also at a discount.
In Berlin there is n tremendous
amount of counterfeit money in circu-
lation.
The bolsheviki played an important
role in the circulation of counterfeit
money in Germany. They first came
over and did a big business by ex-
changing Russian ruble currency at RI
diculous figures for German marks.
When the German government stopped
this II is alleged the bolshevist agents
went back TO Russia and calmly pro-
ceeded to print mark notes, duplicating
those issued by the Reichsbank. These,
II is claimed, were Struggled into Ger
many by the carload.
Germans Buying Jeweiry.
Many Germans, an American banker
who recently was there says, are fear
ful that the mark will continue to de-
preciate for some time to come and are
buying jewelry wherever II is possible.
They are also buying works Of art.
paintings. and so forth. hoping that
ultimately they will be able TO dispose
Of them to foreigners for foreign
money.
II Is forbidden TO send money out of
Germany except with the special per-
mission Of the government agents at
the R~eichsbank. This IL extremely
hard to secure and only In special
cases. But rich Germans. who fear
the imposition of heavy taxes on capt.
tai. as advocated by one Of the new
German ministers. are smuggling their
funds into adjacent neutral countries.
The ~smugglers are demanding, and are
getting. very high rewards for their
services.
An American commercial agent who
has Just returned from Germany, by
way OF Holland. says he heard Of a
case where a smuggler had carried out
OF Germany 100000 marks In paper
notes and. under the terms OF his con-
tract, was only required TO deliver
$4,000 marks at a hank in Holland.
This same man tells Of having talked
to an ~ex-oficer of the German army.
an aviator. who is rapidly getting rich
by plying the trnde Of smuggler. The
former German officer is making rea-
sonably regular trips, by airplane.
ACROSS the German-D Dutch frontier. car
rying German paper money upon which
he collects Is to 20 per cent commits
sion. On his return trips he brings
back with him foodstuffs and soap
which sell at many times their value
In the neutral countries.