Unhosted on Nostr: «As the clamour grew, with support from the Courts,49 against the iniquities which ...

«As the clamour grew, with support from the Courts,49 against the iniquities which inflation had caused, the government attempted to redress what grievances it could. By the decree of February 14, 1924, known as the Third Taxation Ordinance (one of more than 70 ordinances issued during the period of the Enabling Act), industrial debentures and mortgages were revalued at 15 per cent of their original gold price. Mortgage bonds, savings bank deposits and other obligations were revalued at slightly higher rates. Meagre as these terms may have been, they meant nothing to people who had been obliged to part with their securities or whose credits had been paid off in paper earlier on. A further law of July 1925 therefore introduced a retrospective element to cover extinct mortgages and debentures which had been held in good faith since at least five years before, and raised the rate of mortgage revaluation to 25 per cent.»

- Adam Fergusson, When Money Dies.