A Tract on Monetary Reform: Chapter V - III. Other Countries

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What course, in such an event, should other countries pursue? It is necessary to presume to begin with that we are dealing with countries which have not lost control of their currencies. But a stage can and should be reached before long at which nearly all countries have regained the control. In Russia, Poland, and Germany it is only necessary that the Governments should develop some other source of revenue than the inflationary or turn-over tax on the use of money discussed in Chapter II. In France and Italy it is only necessary that the franc and the lira should be devaluated at a level at which the service of the internal debt is within the capacity of the taxpayer.