Die Währungstrennung in den Nationalstaaten. Die Noten der

[Title Page and Table of Contents]: The title page and table of contents for Dr. Richard Kerschagl's 1920 work on the dissolution of the Austro-Hungarian monetary union and the fate of the bank's notes across the new national states. [Preface]: The author outlines the purpose of the book: to provide a comprehensive overview of the currency separation processes in the former Austro-Hungarian Empire. He acknowledges previous works, specifically mentioning the 'Rašín experiment' and the legal materials collected by banking associations. [I. General Overview]: Kerschagl discusses the sudden economic and financial rupture following the political collapse of the monarchy. He critiques the prioritization of national identity over economic principles and highlights the technical and material difficulties of liquidating the Austro-Hungarian Bank under Article 206 of the Peace Treaty. [II. Czechoslovakia]: An analysis of the Czechoslovakian currency reform, known as the 'Rašín Experiment.' It details the stamping of bank notes, the forced loan mechanism, the struggle against widespread counterfeiting of stamps, and the eventual transition to independent state notes and a planned central bank based on 'gold-core' policy. [III. Yugoslavia]: This section describes the two-stage stamping process in the Kingdom of Serbs, Croats, and Slovenes (SHS). It explains the political and economic challenges of unifying the Dinar and the Krone, the establishment of a National Bank, and the creative solutions used to address the shortage of small change. [IV. Poland]: Poland faced the most complex currency situation, with German Marks, Kronen, and various Rubels circulating. Kerschagl details the introduction of the Polish Mark, the eventual stamping of Kronen, and the role of Entente credits and natural resources (oil, coal, salt) in the potential stabilization of the Polish economy. [V. Romania]: Romania's currency reform involved managing a mix of Lei, Kronen, and Rubels across its newly acquired territories. The segment covers the stamping process in Bukovina and Transylvania, the treatment of 'mixed' notes, and the optimistic outlook for the Romanian economy due to its oil and grain production. [VI. Italy]: Italy's integration of former Austrian territories involved exchanging Kronen for Lire. The author discusses the 'Badoglio Decree,' the specific monetary conditions in Dalmatia and the occupied islands, the shortage of small coins, and the impact of social unrest and the Adriatic question on the Lira's value. [VII. Ungarn: Currency Separation and the Soviet Republic]: This section details the chaotic monetary history of Hungary following the collapse of the Austro-Hungarian Empire, focusing on the Károlyi government and the subsequent Bolshevik rule under Béla Kun. It describes the 'socialization' of banks, the production of counterfeit Austro-Hungarian banknotes by the Soviet Republic to fund its operations, and the introduction of Post Office Savings Bank notes. The narrative follows the transition to the new government, which eventually recognized the Bolshevik notes at a depreciated value and implemented a formal currency stamping process (the Korányi experiment) to establish a distinct Hungarian currency, though the author critiques these measures as largely unsuccessful due to economic mismanagement and the loss of resource-rich territories. [VIII. Deutschösterreich: Stamping and Counterfeiting Challenges]: The author examines the currency stamping process in German-Austria, which was initiated in response to similar moves by Czechoslovakia. Unlike a simple stamp, this was effectively an exchange for pre-stamped notes. The section details the legal protests from the Austro-Hungarian Bank against the infringement of its privileges. It also describes a significant crisis in early 1920 when large-scale forgeries of the Austrian stamps on 1,000 and 10,000 Kronen notes caused public panic, forcing the bank to issue new note types with enhanced security features. The segment concludes with a somber reflection on the economic state of the 'torso' state of Austria, its massive inflation, and its dependence on foreign aid. [IX. Die ungestempelte Note: The Fate of Unstamped Banknotes]: This section discusses the legal and economic status of 'unstamped' Austro-Hungarian banknotes after the various successor states implemented their own currency reforms. It analyzes Article 206 of the Treaty of Saint Germain, which regulated the claims of note holders during the bank's liquidation. The author explains how these notes lost their status as legal tender except in very limited circumstances (such as repaying certain loans to the bank) and discusses the speculative trading of these notes based on hopes for a revision of the peace treaty's harsh liquidation terms. [X. Die Liquidation der Österreichisch-ungarischen Bank nach Art. 206]: A critical analysis of Article 206 of the Treaty of Saint Germain, which governs the liquidation of the Austro-Hungarian Bank. The author argues that the article is riddled with contradictions and technical impossibilities, such as the attempt to distinguish between notes issued before and after October 27, 1918—a distinction the author claims is impossible to maintain in practice. The section also critiques the treaty for treating a private bank as a state institution and for ignoring the rights of private shareholders, warning that the current liquidation plan is economically dangerous and legally flawed. [XI. Text des Art. 206 des Friedensvertrages von Saint-Germain]: This segment provides the full verbatim text of Article 206 of the Treaty of Saint Germain and its accompanying annex. It outlines the legal obligations of successor states to stamp and replace Austro-Hungarian banknotes, the timeline for these actions, the role of the Reparations Commission in the liquidation process, and the specific rules regarding the backing of notes issued before and after the October 1918 cutoff date.