Word: reichsbanker
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Dates: during 1930-1939
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Tempting terms had to be offered investors in 1924 to get enough money to refinance the Reichsbank or State Bank of Germany. Shareholders were promised a fat minimum return of 8%, plus one half of all excess profits, the other half going to the German Treasury...
However, Dr. Curtius had two bright ideas about how to deal with Dr. Schacht. First he proceeded to ignore him, assured the Allies that if the Reichsbank would not subscribe Germany's share of the B. I. S. capital, then the Prussian State Bank ("Preussische Staatsbank") and the Reichs-Kredit-Gesellschaft would. Secondly he ordered his legal experts to search through the traveling library of documents which all diplomatic delegations carry and find a way to oust the obstreperous Reichsbank President, if necessary. A good lawyer enjoys nothing so much as trying to find...
...Obey or Emigrate!" Calling in correspondents, Dr. Schacht thundered: "The Reichsbank is concerned primarily with whether the Young Plan rests on a moral basis. It does not! The only way to make the world respect the integrity of the Reichsbank is for the Reichsbank to refuse to enter into this immoral agreement. But it is now a question of law! I must obey German law or emigrate. It is suggested that I ought to resign. I will not resign to please anybody. I will resign only if I am wrong. I will continue to obey German...
Thus, still firm upon "the highest moral grounds," Dr. Schacht yielded and agreed-making clear that he agreed under duress-that the Reichsbank will subscribe its B. I. S. quota. This removed the last real obstacle to complete agreement at The Hague; but throughout Germany a tempest of controversy brewed. Whereas a few weeks ago ratification of the Young Plan by the Reichstag seemed certain, correspondents of nearly all major news services now filed long despatches full of ominous doubts. Skillful Dr. Schacht had roused in the German public mind a fear that Dr. Curtius had conceded too much...
...Oliver Mitchell Wentworth Sprague, Harvard graduate (1894), Converse professor of banking and finance, sailed quietly abroad to confer with Governor Montagu Collet Norman of the Bank of England. Expected upshot of the visit: Professor Sprague may become the liaison officer between the Bank of England and the German Reichsbank, the Bank of France, the U. S. Federal Reserve Bank, the Bank of International Settlement...