19 Th e Genoa resolutions reaffi rmed that to achieve currency stability “the reduction of Government expenditure is the true remedy,” since “in order to gain eff ective control of its own currency, each Government must meet its annual expenditure without resorting to the creation of fi duciary money or bank credits for the purpose” (Report of the Second Commission [Finance], Resolution 7 and Resolution 11, in Gordon and Montpetit 1922, 68– 70).

Clara E. Mattei, The Capital Order, loc. 1683