National Monetary Commission

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Excerpt from National Monetary Commission: Publications, 1910Regulation of the money market is attained in part, as in other European countries dowered with a central bank of issue, by changing the discount rate. The problem of money and exchange in Belgium has been complicated by the large amount of silver coins Which were issued before the suspension of free coinage by the Latin Union in 1873, and by the fact that this silver has degenerated into the posi tion of a token coin, kept at gold par largely through the control exercised by the National Bank over exchange. Gold has practically disappeared from circulation, partly by reason of the issue of notes in large amounts down to the denomination of 20 francs and partly as the result of some hesitation on the part of the Bank to raise the discount rate sharply to offset the adverse current of exchange. The Bank has preferred to a large extent the policy of the Bank of France, of replenishing its gold reserve at its own expense rather than by the elevation of the discount rate.About the PublisherForgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.comThis book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully, any imperfections that remain are intentionally left to preserve the state of such historical works.