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The technical aspect of the above-named currency reform will be described in two
The subsequent sections.
THE FIRST EXPERIMENTS WITH INTEREST-FREE MONEY
In the thirties our century followers of the theory of Gezelja, the theory
Free economy, have spent with interest-free money a little
The experiments which have proved correctness of this thought. In Austria, France,
Germany, Spain, Switzerland and the USA were undertaken introduction attempts
Spare cash for unemployment elimination. It has appeared the most successful
Experiment in the Austrian city of Vergl. (*7)
In Vergle which had then the population of 3000 persons, idea of currency reform
Has seized minds in 1932-1933 the Burgomaster of a city has convinced businessmen and
The administrative personnel that anybody will lose nothing, and on the contrary,
Much will get at the expense of experiment with money in that form, as it
It is stated in the book of Silvio Gezelja "Natural economic order".
Townspeople have expressed the consent, the city council has let out 5000 "the free
Shillings "(i.e. interest-free shillings) which have been covered same
The sum of usual Austrian shillings of bank. In a city the bridge has been constructed,
The road condition is improved, capital investments in the public have increased
Services. This money paid salaries and materials, dealers and
Businessmen accepted them as payment.
The payment for using this money made monthly 1 %, i.e. 12 %
In a year. To be brought it owed to those who had a banknote in the end of a month.
The payment was brought in the form of the stamp with face value of 1 % from cost of a banknote,
Banknote pasted on an underside. Without such stamp the banknote was
It is void. Such small payment has led to that any person,
Receiving free shillings as payment, tried them as it is possible
Faster to spend, before to pass for payment the usual money.
Inhabitants of Verglja even paid the taxes in advance to avoid entering
Payments for using money. Within a year of 5000 free shillings were
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