Th e Times, for example, published the reports in full. See "State Coal," Th e Times, June 23, 1919, 19– 20. 38 Th e connection between monetary austerity and unemployment was clear in the minds of Treasury offi cials such as Ralph Hawtrey, who on multiple occasions affi rmed that "it was true that unemployment was due to a contraction of the supply of the means of payment."

Clara E. Mattei, The Capital Order, loc. 1670