Dawes was not only a common was American banker and politician. Having several connections he soon got into prominent positions. Due to that after his graduation from Marietta College in 1884 and the Cincinnati Law School in 1886 he started a very sharp political career. After McKinley’s election as President of the United States Charles Gates Dawes became Comptroller of the Currency. In October 1901 Dawes left the Department of the Treasury and in order to pursue a Senate seat in Illinois. After this plan was failing he declared that he was done became President of Central Trust Company of Illinois until 1921. Beside that business life Charles G. Dawes also had a military engagement during the First World War.
This First World War was lost by the German Empire. Following the results of the Peace Treaty of Versailles Germany had to agree that the Rhineland will be demilitarised and administered by France and Great Britain. More about that the German troops were limited. Also the German Empire lost its colonies and regions, for example West Prussia, Alsace and Lorraine. Finally the province of Saarland got to be controlled by the League of Nations for the next 15 years. But, the heaviest consequence were the reparations in a total sum of 226 billion Reichsmarks[spin]. [spin]Also a reduction to 132 billion Reichsmarks could not prevent a unthinkable period of hyperinflation in the Weimar Republic. While the German Weimar Republic could not afford to in the year of 1921 a rapid devaluation of the Mark started. Staying relatively stable at about 60 Marks per US Dollar during the first half of the year of 1921, the rate climbed to approx. 330 Marks per US Dollar in November. Falling to 8000 Marks per Dollar by December 1922, France and Belgium wanted to keep a guarantee that their reparations will be any longer paid. While in 1923 French and Belgian troops occupied the German Ruhr area to save the coal, the German Weimar Republics finances collapsed. At the top the rate was approx. 4,200,000,000,000 Marks per US Dollar - banknotes with a nominal of 5,000,000,000,000 Marks unfortunately were no rarity …
This crisis required a solution. Therefore as a new currency the Rentenmark) was introduced – having a fixed value and secured by real estate.
However, there was no solution relating to the reparations payment. At this time C. G. Dawes was asked by the Allied Reparations Commission to find a solution to which all parties would agree. As a consequence of an agreement of August 1924 the Ruhr area had to be evacuated, also some other changes were signed. One of the most important aspects was the issue of German External Loans. These bonds substituted the German economy with fresh US money. Being issued in US Dollar and underlaid with gold they are called German Gold Bonds. Although this could not prevent the crash of 1929, Charles G. Dawes got the Nobel Prize in the year of 1925.

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