¹ Cf. Francisco Suarez, De Legibus ae Deo Legislatore (1612), B.R. I, Ch. 19, Sec. 10.

² Rachel, S., De Jure Naturae et Gentium (1676), Dissertatio Altera. Google Scholar English translation by Bate,, E., in Classics of International Law, Washington, 1916, p. 216 Google Scholar.

³ See Burns, A. R., Money and Monetary History in Early Times, 1927, p. 43 Google Scholar.

⁴ Der Moderne Kapitalismus, Vol. 1, 1921, p. 409 Google Scholar. England was affected comparatively little by the import of foreign coinal, though there was an afflux of Byzantine “besants” after the Conquest, see Feavearyear, A., The Pound Sterling, 1931, p. 22 Google Scholar; cf. also Shaw, W. A., The History of Currency, 1896, p. 41 Google Scholar. In the American Colonies practically the entire coined currency was foreign; Nussbaum, A., Money in the Law, 1939, p. 164 Google Scholar.

⁵ Nussbaum, , op. cit., p. 310 Google Scholar. According to E., Hoyer Währungsfragen im Codex juris Canonici in Festgabe für Oscar Engländer, 1936, pp. 101 Google Scholar, 110, the Roman Curia in the beginning of this century still reckoned in gold scuti. Even in 1939, N. Hilling, Procedure at the Roman Curia, 31 mentioned that the salary of the Cardinals was defined in terms of gold scuti. In all probability, this unit of account is related to the scutus marcharum of old.

⁶ Objections to this use of the term “money of account” are pointed out by Nussbaum, op. cit., p. 7. The expression “ideal unit” was adopted in Bates v. United States 108, F (2d) 407, 408 (C.A. 7th, 1939). “Unit of account” is more properly used for such conceptions as scutus marcharum, “gold dollar,” “gold franc,” cf. supra, p. 242, infra., p. 255.

⁷ On monetary conventions in ancient China and Etruria see Burns, op. cit., p. 95.

⁸ Detailed information is to be found in Burns, op. cit., p. 90; and in Lenormant, F., La Monnaie dans l’Antiquité Vol. II (1878), p. 53 Google Scholar.

⁹ See Luschin, von Ebengreuth, Allgemeine Münzkunde und Geldgeschichte, 2nd ed., 1926, p. 288 Google Scholar; Inama-Sternegg, K. T. von, Deutsche Wirtschaftsgeschichte des Mittelalters, Vol. III, Pf. 2, 1901, pp. 372 Google Scholar, 396, 416; G., Salvioli, II Diritto Monetario della Cadula del Empero Romano ai Nostri Giorni, 1889, p. 111 Google Scholar.

¹⁰ Julius Cahn, Der Rappenmümbund, 1901, a typical product of the then dominant “Historical School” of German economic science, exemplifying both its better and its poorer aspects. An important Italian convention of the standardizing type was concluded in 1254 between Bergamo and other Lombard cities. A monograph by Mazzi, La Conventions Monetario del 1254 ^e il Denaro Imperiale di Bergamo, 1882, cited by Salvioli, p. 112, n. 12, was not available to the present writer. Italian medieval conventions were careful to relate their standards to those of the Empire.

¹¹ Characteristically, the agony of the Bund was made most painful by a purely political motive: the desire of the member-cities to retain as a matter of prestige their coinage prerogative. Cahn, op. cit., p. 202.

¹² Luschin von Ebengreuth, op. cit., p. 289.

¹³ See de Witte, A., “Les Rélations Monétaires entre la France et l’ Angleterre jusqu’au 17-iéerne siecle” in Revue de Droit Int. et de Législation Comparée, Vol. 26, pp. 75 Google Scholar, 86 (1894). Unfortunately the information offered in this article is rather vague.

¹⁴ See Shaw, , op. cit. supra, p. 199 Google Scholar (Brandenburgian-Saxon treaties of 1667 and 1690); Luschin von Ebengreuth, op. cit., p. 290.

¹⁵ W. O. Henderson, The Zollverein, 1939.

¹⁶ Henderson, , op. cit., at pp. 249 Google Scholar, 251.

¹⁷ The treaties date from August 25 and 26, 1837 ( Martens, , Nouveau Recueil des Traités, Vol. 14, pp. 292 Google Scholar, 294), July 30, 1898 (ibid., Vol. 15, p. 670), May 8, 1841 ( Martens, , Nouveau Recueil Général des Traités, Vol. 2, pp. 56 Google Scholar, 65), and Oct. 21, 1845 (ibid., Vol. 8, p. 565). French translations in Janssen, A., Les Conventions Monétaires, 1911, p. 473 Google Scholar; analysis ibid., p. 3. See also Henderson, supra, n.15, p. 139.

¹⁸ Münzverein of Jan. 24,1857 ( Martens, , Nouveau Recueil Général des Traites, Vol. 16, Pt. II, p. 448 Google Scholar).

¹⁹ Information amplifying the account given in the text is found in Janssen, op. cit., p. 38, and Nolde, B. La Monnaie en Droit International in Académie de Droit International, Recueil des Cours, Vol. 27, pp. 247 Google Scholar, 369.

²⁰ Janssen, op. cit., p. 69.

²¹ Nielsen, A., “Monetary Unions” in Encyclopedia of the Social Sciences, Vol. X, p. 598 Google Scholar; Janssen, op. cit., p. 105; Nolde, op. cit. supra, n. 20, p. 384; Agombart, R., Politique Monétaire des Etats Scandinaves, 1930, p. 119 Google Scholar.

²² Infra, p. 248.

²³ Full text of the main treaty of Dec. 23,1865, with all later supplements and amendments up to 1910 in Janssen, op. cit., p. 514; English translations up to 1900 in Willis, infra n. 28, p. 271.

²⁴ For detailed analyses and appraisals of the Latin Monetary Union see H. P. Willis, A History of the Latin Monetary Union (1901); A. Nielsen “Monetary Unions” in Encyclopedia of the Social Sciences loc. cit., R. H. I. Palgrave, Dictionary of Political Economy sub “Latin Union”; Nolde, supra, n. 20, p. 372; R. Gruel, Die Lateinische Münzumion, 1926; E. Egner, Der Lateinische Münzbund seit dem Weltkriege; Stark, W. “Währungsverträge’ in Festgube für Oscar Engländer, pp. 263 Google Scholar, 271. See also K., Neumeyer, Internationales Verwaltungsrecht, Vol. III, Pt. 2, Div. III, 1930, pp. 228 Google Scholar, 231.

²⁵ Nussbaum, , op. cit., pp. 42 Google Scholar, 155.

²⁶ The preamble of the 1865 treaty, however, employs the term “union monétaire.” In fact the term “Latin Monetary Union” has come to be generally accepted.

²⁷ One-sided adoption of foreign coin types had long been considered good practice. In the Middle Ages the Emperor, in granting a coinage privilege, would condition it on the adoption of the Florentine florin standard. Inama-Sternegg, supra n. 9, p. 411. Only deceptive imitations were unlawful; von Ebengreuth, supra, n. 9, p. 59.

²⁸ Eidgenössische Gesetzsammlung, 1921, p. 52.

²⁹ Martens, , Nouveau Recueil, III Sér., Vol. 14, p. 220 Google Scholar.

³⁰ Appellate Court of Milan, May 1, 1894 ; Giurisprudenza Italiana, 1894, Vol. I, Pt. 2, p. 705 Google Scholar.

³¹ French Cour de Cassation, Dec. 21, 1932, Journal du Droit Int., 1933, p. 1201; Swiss Federal Tribunal, June 27,1918, Amtliche Sammlung, Vol. 44, Pt. II, p. 213, and the decision in n. 32. However, the franci seu libellae in which the Codex Juris Canonici of 1917 expresses money values (Arts. 534, Sec. 1; 1532; 1541, Secs. 2 and 3), seem to mean gold francs of the Union. Hoyer, op. cit., p. 101.

³² German Kammergericht (appellate court of Berlin) Sept. 25, 1928, Juristische Wochenschrift, 1929, p. 446 Google Scholar.

³³ See, e.g. Stark, supra, n. 24, p. 290.

³⁴ The Austro-Hungarian monetary convention of 1892 (Austrian Reichsgesetzblatt, 1892 p. 652) made internationally binding the identical Austrian and Hungarian monetary laws previously enacted. This did not alter the fact that Austria and Hungary had formed, and continued to form, a united territory from a monetary viewpoint.

³⁵ Nussbaum, supra, n. 4, p. 34, with further references. Cf. also Dupriez, L., “La Répression internationale du faux monnayage” in Revue du Droit International et de Législation Comparée, Vol. 56. (1929), p. 511 Google Scholar.

³⁶ Supra, p. 244 and p. 245, n. 17.

³⁷ Schleidt, A., Die Kooperation der Notenbanken, 1931, p. 12 Google Scholar.

³⁸ Nielsen, , supra, n. 21; Agombart, supra, n. 21, p. 123 Google Scholar.

³⁹ Regarding some insignificant remnants of the agreements, see Nielsen, he. cit.

⁴⁰ Still in 1939 meetings and agreements for cooperation among Governors of Balkan central banks as well as among Scandinavian central banks took place. Bank for International Settlements, Annual Report, 1939/40, p. 145.

⁴¹ Thomas, S. E., The Principles and Arithmetic of Foreign Exchange, 6th ed., 1934, p. 483 Google Scholar; Foster, B. and Rogers, R., Money and Banking, 1936, p. 522 Google Scholar; Emminger, O., “Probleme des Sterlingblocks,” in Währung und Wirtschaft, 1934, p. 157 Google Scholar; Condliffe, J. B., Reconstruction of World Trade, 1940, p. 316 Google Scholar.

⁴² Thus the English Government granted the countries of the sterling block certain financial advantages, Foster and Rogers, p. 496.

⁴³ League of Nations, Monetary Review, 1937, Vol. II, p. 26 Google Scholar; F. Gunnicker, Das Schichsaldes Goldblocks, 1939.

⁴⁴ The text may be found, e.g. in Bradford, F., Money and Banking, 1937, p. 83 Google Scholar.

⁴⁵ Federal Reserve Bulletin, 1936, pp. 759, 980 (American statements); Waight, infra, n. 51, pp. 169, 171 (British statements); League of Nations, Monetary Review, supra, n. 43, p. 30; Günnicker, supra, n. 43, p. 77; Griffith, Johnson, The Treasury and Monetary Policy, 1939, p. 115 Google Scholar.

⁴⁶ Federal Reserve Bulletin, 1936, p. 941.

⁴⁷ Ibid., 940.

⁴⁸ 48 Stat. 337, Secs. 8 and 9; U. S. Code, Title 31, Secs. 733 and 734.

⁴⁹ See the text of the English pronouncement in Waight, infra, 51, p. 171.

⁵⁰ Statement by the Secretary of the Treasury, Mr. Morgenthau, of July 1, 1937, Federal Reserve Bulletin, 1937, p. 547.

⁵¹ Hall, , The Exchange Equalisation Account (1935 Google Scholar) ; Waight, , The History and Mechanism of the Exchange Equalisation Account, 1939 Google Scholar. The citation in the text is taken from the Finance Act, 1932, Sec. 24 (3) ; Waight, p. 166.

⁵² “Exchange Stabilization Funds” in League of Nations, Monetary Review (Doc. 1937- II. A. 8ⁱ,p.52; Ch. Rist, “Lesfonds d’egalization des changes,” in Revue d’Economie Politique,1938,' p. 1535; Heilperin, M. A., International Monetary Economics, 1939, p. 245 Google Scholar, and the writers in n. 51.

⁵³ Gold Reserve Act, 48 Stat. 337, Sec. 10; U. S. Code, as cited, Sec. 822a; Johnson, supra,45, p. 92.

⁵⁴ Griziotti, B., “L’Evolution Monétaire dans le Monde depuis la Guerre de 1914” in Académie de Droit International, Recueil des Cours, Vol. 49, p. 109 Google Scholar.

⁵⁵ Regarding the operations of the fund from 1934 to 1938 see the study by Johnson, pp. 8, 115.

⁵⁶ Report of the Secretary of the Treasury for 1941, p. 52. In order to meet constitutional objections, the Secretary pledged himself to undertake similar actions only with the agreement of the Congressional committees.

⁵⁷ New York Times, June 4, 1943. Regarding a seemingly abortive U. S.-Argentine agreement (“between old and good friends”) of December 28,1940, see Report of the Secretary of the Treasury, supra, n. 56, pp. 53, 359.

⁵⁸ Barter agreements, however, are not necessarily prompted by monetary considerations. The latter were apparently absent, for instance, in the Anglo-American barter agreement of June 23, 1939 (exchange of cotton for rubber), Department of State Bulletin, 1939, p. 547.

⁵⁹ Great Britain Treaty Series, 1934, No. 22, and 1935, No. 26 (Germany); ibid., 1934, n. 2. (Argentina); Nussbaum, supra, n. 4, p. 508.

⁶⁰ Schneider, Der Welthandel im Clearingverkehr (undated; 1938?), a detailed and informative study; O. Bourdeaud’huy, Accords de Compensation et Conventions de Paiement, 1938, dealing principally with Belgian conditions; Nussbaum, supra, pp. 505, n. 1,508, with further references.

⁶¹ Nussbaum, op.cit., p. 507, with references.

⁶² Department of State Bulletin, 1940, Vol. I, p. 512 Google Scholar.

⁶³ By-Laws, Art. 5, “Purposes and Powers,” where it said that the bank may “encourage general direct exchanges of the currencies of American Republics; encourage the maintenance of adequate monetary resources; promote the use and distribution of gold and silver; facilitate monetary equilibrium (italics the writer’s); function as a clearing house for the transfer of international payments”; etc.

⁶⁴ Many earlier projects have never grown beyond the phase of literary discussion. For references and criticism see Mendés-France, P., La Banque Internationale, 1931, p. 23 Google Scholar; Karamikos, C., La Banque des Reglements Inlernaiionaux, 1931, p. 121 Google Scholar; Schlüter, H. L., Die Bank fiir Internationale Ƶahlungsausgleich, 1931, p. 115 Google Scholar; Trimborn, W., Der Weliw&hrungsgedanke, 1931, pp. 70 Google Scholar, 74, 82, 84.

⁶⁵ Writings on the B.I.S. are abundant. Schlüter’s book, supra, n. 64, is probably the most thorough study on the subject. Among the publications of earlier date there might be mentioned Dulles, E. L., The Bank for International Settlements, 1932 Google Scholar (prolix and with little analytical discernment, but comprehensive) and Griziotti, , ”La Banque des Règlements Internationaux” in Académie de Droit International Recueil des Cows, Vol. 42, p. 359 Google Scholar. Ample bibliographies covering the years 1929–1932 are given by these three writers. Fehr, H., “Die Bank für intemationalen Zahlungsausgleich im Lichte des Schweizerischen Rechts,” in Klausing-Nipperdey-Nussbaum, Beiträge turn Wirtsehaftsrecht, 1931, Vol. 2, p. 1445 Google Scholar, might be added. Later publications are: Fraser, L., “The International Bank and Its Future” in Foreign Affairs, Vol. 14, p. 452 Google Scholar; Dulles, E. L., “The Bank for International Settlements in Recent Years,” American Economic Review, 1938, p. 290 Google Scholar, and a valuable Berne thesis by Chambaty, Die Bank für Intemationalen Zahlungsausgleich, 1939.

⁶⁶ Cf. the articles of association (Statut) of the Bank Art. 22.

⁶⁷ The Young Plan itself (Report of the Committee of Exports on Reparations, Cmd. 3343, p. 11) gave expression to the hope that the Bank might “contribute to the stability of international finance and the growth of world trade.” Many utterances of writers are much more sanguine. Expectations rather than facts account for the vastness of literature on the subject.

⁶⁸ Particulars on the events of May, 1931, are found in Dulles, supra, p. 379; Schilling, W., Die Abkehr Englands vom Golde, 1935, p. 79 Google Scholar; Chambaty, supra, p. 69.

⁶⁹ Postal Convention of 1934, Sec. 29, in Hudson, M. O. International Legislation, Vol. VI, p. 640 Google Scholar; Telecommunication Convention of Dec., 1932, Art. 32, ibid., Vol. VI, p. 109. Cf. also African Telecommunication Union Agreement of Oct., 1935, Art. 28, ibid., Vol. VII, p. 108 and generally. Nussbaum, op. cit., p. 399, n. 87.

⁷⁰ Cf. on these accounts the Annual Reports of the B.I.S. and the valuable analysis by Chambaty, supra, at 88.

⁷¹ See especially Annual Report, 1938/1939, p. 129.

⁷² The gold deposits amounted to a few million dollars, and only a minority of the Postal Administrations utilized the B.I.S. procedure. See the Annual Reports of the Bank, particularly those for 1938/1939, p. 129, and 1939/1940, p. 150, and the item “sight deposits” in the balance sheets; cf. also Chambaty, supra, p. 92.

⁷³ On the Hamburger Girobank, see Nussbaum, supra at 310, with further references.

⁷⁴ Dulles, supra, 65, p. 30; Trimborn, supra, n. 64, pp. 91,106. Mr. Quesnay’s memorandum seems to have been reproduced by Mendés-France, supra, n. 64, p. 283; see Dulles, p. 30, n. 20. The term grammer had been previously suggested for the same thing by Grote, Geldlehre, 1865, p. 568 (citation from Trimborn, supra, p. 48).

⁷⁵ Nussbaum, supra, n. 4, p. 306.

⁷⁶ The Effecten-Sammel-Depot. See B. Ascher, Die Rechtsgrundlagen des stückelosen Effectenverkehrs, 1927, and H. Schumann, Zur. Frage vom Miteigentum an Sammeldepot in Klausing-Nipperdey-Nussbaum, supra, n. 65, p. 1174, with references.

⁷⁷ Not “moneys of account”; supro, n. 6.

⁷⁸ This was true even where the parties contracted in terms of mark banco. The legal relationship between the Hamburger Girobank and its clients was different, however. Nussbaum, supra, a. 4, p. 311, n. 53.

⁷⁹ See Nussbaum, op. cit., p. 306.

⁸⁰ Ibid., p. 353.

⁸¹ Gold value clauses are to be found in the Convention for the Unification of certain Rules relating to the Bills of Lading, 1924. (Treaty Series, No. 931, Art. 9, and in the International Wheat Convention, 1933 (Great Britain, Treaty Series, 1933, No. 38 (Cmd. 4449) Appendix V. In some other treaties (Nussbaum, op. cit., p. 199, n. 2) the gold clauses are rather in the nature of gold coin clauses.

⁸² Federal Reserve Bulletin, 1943, p. 827.

⁸³ Ibid., 1943, p. 501 ; revised; ibid., p. 827. The citations of the White Plan in the above text refer to the revised version.

⁸⁴ Ibid., 1943, p. 718.

⁸⁵ A careful bibliography of “Post-War Currency Plans” has been published, under the date of Jan. 1,1944, by The Princeton University, Department of Economics, International Financial Section (mimeographed).

⁸⁶ Instances are given by the writer in “Rise and Decline of the Law-of-Nations Doctrine of Private International Law,” Columbia Law Review, Vol. XLII (1942), pp. 195, 203.

⁸⁷ Nussbaum, op. cit., Sec. 27, p. 326.

⁸⁸ Ibid., pp. 335, 351, 355.