The Reichsbank

Ever since the death of Dr. von Havenstein, President of the Reichsbank, a terrific battle has been waged in the Reichsrat (Federal Council) over the appointment of a successor.

The two nominees for the post were Dr. Helfferich, former Imperial Minister of Finance, and Dr. Hjalmar Schacht, a partner in the Disconto Gesellschaft (Company). The battle was ended by a vote appointing Dr. Schacht President of the Reichsbank. He will be "Germany's money dictator and to currency and finance what General von Seeckt is to the Reichswehr as Commander-in-Chief."

The appointment of Dr. Schacht was considered a defeat for the Reichsbank directorate and the Central Reichsbank Committee, formed of big banking interests, both of which supported Dr. Helfferich.