In addition to gold there was in the Reichsbank a sum of about $5,000,000 in silver.

There must be, however, a further substantial amount in circulation, for the holdings of the Reichsbank were as high as $45,500,000 on the 31st December, 1917, and stood at about $30,000,000 up to the latter part of October, 1918, when the internal run began on currency of every kind.[118] We may, therefore, take a total of (say) $625,000,000 for gold and silver together at the date of the Armistice.
These reserves, however, are no longer intact.

During the long period which elapsed between the Armistice and the Peace it became necessary for the Allies to facilitate the provisioning of Germany from abroad.
The political condition of Germany at that time and the serious menace of Spartacism rendered this step necessary in the interests of the Allies themselves if they desired the continuance in Germany of a stable Government to treat with.

The question of how such provisions were to be paid for presented, however, the gravest difficulties.

A series of Conferences was held at Treves, at Spa, at Brussels, and subsequently at Chateau Villette and Versailles, between representatives of the Allies and of Germany, with the object of finding some method of payment as little injurious as possible to the future prospects of Reparation payments.