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26 Brit. Y.B. Int'l L. 259 (1949)
Money in Public International Law

handle is hein.journals/byrint26 and id is 267 raw text is: MONEY IN PUBLIC INTERNATIONAL LAW
By F. A. MANN, LL.D. (LOND.)
Solicitor of the Supreme Court of Judicature
FOR some considerable time it has been obvious that there exists what may
be termed an international law of money. A number of writers have given
their attention to it., They have done important and, indeed, indispensable
spade-work. Regarding money primarily as an object of international
organization they have collected and presented the facts relating to the
international aspects of money, explained their regulation by treaties,
stated the form and the frame. Such descriptive treatment has largely,
though by no means entirely, neglected the core of the peculiarly legal
problem which has to be faced. It lies in the elucidation and the develop-
ment of rules of a substantive international law of money. These will be
discussed in the following pages. State sovereignty over money, its ambit
and limitation (Part I), the right of protection enjoyed by the members of
the family of nations in respect of their currency systems (Part II), and the
law of monetary obligations subject to public international law (Part III)
are the principal topics which at present would seem to require investigation.
I
Money is an institution of municipal law. It is the product of the 'jus
cudendae monetae belonging to the supreme power in every state',z
The state's undeniable sovereignty over its currency is traditionally
recognized by public international law; to the power granted by municipal
law there corresponds an international right to the exercise of which other
states cannot, as a rule, object. As the Permanent Court of International
Justice has said,3 'it is indeed a generally accepted principle that a state is
entitled to regulate its own currency'. Money, like tariffs or taxation or
the admission of aliens, is one of those matters which prima facie must be
considered as falling essentially within the domestic jurisdiction of states
(Art. 2 (7) of the Charter of the United Nations). It follows that a state
which changes and, in particular, depreciates its currency or restricts its
I Nolde, 'La Monnaie en droit international public', in Recueil des Cours de l'Acadinuie de Droit
International, 27 (1929), p. 247; Griziotti, 'L'volution montaire dans le monde depuis la
guerre de 1914', ibid. 49 (1934), P. 7; Gutzwiller, Der Geltungsbereich der Wahrungsvorschriften
(1940), pp. 78-92; Nussbaum, 'International Monetary Agreements', in American Journal of
International Law, 38 (1944), p. 242.
2 Per Lord Campbell in Emperor of Austria v. Day (186i), 3 De G.F. & J. 217, at p. 234.
Serbian and Brazilian Loan Cases: Publications of the Court, Series A, Nos. 20/2 i, at p. 44.

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