P. V. Baranowsky Co. v. Guaranty Trust Co.

One of the early consequences of the war to be experienced in Russia was a shortage of foreign exchange. By 1915 it became apparent that regulatory measures for the control of whatever exchange was available were essential. To this end an elaborate and cumbersome machinery, consisting of several boards and commissions, was set up. The object was to insure foreign currency for governmental purposes. The means was for the government to secure all the foreign exchange coming into Russia and to allot it according to the urgency of the need. The method adopted required the interested government…