Petersstrasse is one of the oldest streets in Leipzig 's district of Mitte (neighborhood Zentrum ). For centuries it was a main and commercial street for the Leipzig trade fair with exhibition houses, inns and shops. In the second half of the 19th century, many of the old buildings on the street fell victim to the modernization of the city center. Today it is a heavily frequented pedestrian zone in a prime location with shopping centers, department stores, shops, restaurants and cinemas.
83-508: Petersstraße is 347 m (1,138.5 ft) long and connects Leipzig's market square in a north–south direction with Wilhelm-Leuschner-Platz . At its southern end were until 1860 the Peter's Gate ( Peterstor ) and until 1886 the eponymous Peterskirche ( old church St. Peter ). To the south, at the former gate St. Peter, it continues beyond the Inner City Ring Road as Peterssteinweg . It
166-633: A central bank instead of a mere board bringing together the Landeszentralbanken for joint policy decisions. An agreement on that concept was reached among the three Western occupying forces on 30 October 1947, resulting in the establishment on 1 March 1948 of the Bank deutscher Länder . On 21 May 1948, the Soviet occupation authorities replied by establishing a Deutsche Emissions- und Girobank in Potsdam , which
249-577: A central committee ( German : Zentralausschuss ) of 15 members, which met at least every month under the chairmanship of the Reichsbank's president and could scrutinize the management but not change it or influence policy decision. Three deputies of the Zentralausschuss were allowed to attend all meetings of the Direktorium and to examine the books of the Reichsbank. The initial shareholders included
332-447: A commercial building ever since. The Concentra House, which now houses a clothing store, was built in 1920 as a trade fair center. The previous building came into the possession of the merchant Adolf Heinrich Schletter (1793–1853) in 1836 and was called the “Schletterhaus”. Schletter, one of the founders of the Museum of Fine Arts , bequeathed it to the city in 1853, which sold it in 1863 for
415-587: A connection to the Mädler Arcade Gallery (in German : Mädlerpassage ). This is where the Haus zur Flora was located, which burned down completely in the devastating bomber attack on Leipzig on 4 December 1943, without being hit by bombs. In 1991, Peek & Cloppenburg acquired the area that had previously been used for fruit and vegetable markets and opened a five-story clothing store in 1994. The design comes from
498-671: A dramatic episode of hyperinflation that rendered the Mark practically worthless. The Reichsbank only started raising its discount rate in July 1922, reaching 40 percent per day at the hyperinflationary peak in November 1923. By decree of 15 October 1923 on the initiative of finance minister Hans Luther , the government created a separate bank, the Deutsche Rentenbank , endowed with the right to issue notes ( German : Rentenbankscheine ) redeemable in
581-522: A few small wickets. After the siege of Leipzig in the Schmalkaldic War , the city fortifications were expanded in the mid-16th century, particularly with the addition of bastions - known here as Bastei . A remnant of such a structure, preserved mainly underground, still exists today in the form of the Moritzbastei in the southeast corner of the old town on the inner city ring , which largely marks
664-563: A kind of non-interest-bearing mortgage bond, the Rentenbrief , denominated in gold Mark and theoretically backed by a collective mortgage debt imposed upon German agriculture and industry. That confidence-building initiative succeeded against all expectations, even though the Rentenbankscheine only had the status of "legally-admitted medium of exchange" while the Reichsbank's devalued paper notes remained legal tender. No fixed exchange rate
747-580: A law was passed that forbade the formation of further Notenbanken in the North German Confederation . Following the promulgation of the German Empire that law was extended to all German lands, with entry into force on 1 January 1872. These Prussian initiatives precipitated action by the Grand Duchy of Baden and Kingdom of Württemberg to create note-issuing banks of their own, respectively
830-636: A note-issuance privilege (the Berliner Kassenverein [ de ] , Kölnische Privatbank , Magdeburger Privatbank , Ritterschaftliche Privatbank in Pommern at Stettin , and Städtische Bank in Breslau ), but that was still insufficient to sustain adequate monetary conditions. By 1851, 9 banks in the whole of Germany (not including Austria) were chartered to issue banknotes, known as Notenbanken . In addition, most German states - with
913-531: A shopping, office and restaurant building is announced for the end of 2023. Small crossing streets are Sporergässchen , Preußergässchen , Peterskirchhof and Schlossgasse . In 2007 and 2008, two tunnel tubes of the Leipzig City Tunnel of the railway were drilled under Petersstrasse. The City Tunnel was opened in 2013 and opens up Petersstraße from the north through the Leipzig Markt station and from
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#1732852683821996-686: The Badische Bank in Mannheim (est. 1870) and the Württembergische Notenbank in Stuttgart (est. 1871), bringing the total number of Notenbanken to 33. The panic of 1873 further stimulated discussions on the creation of an integrated monetary system, which pitted advocates of centralization led by Ludwig Bamberger against the incumbent local banks of issue and defenders of state rights, led by Ludolf Camphausen . The political compromise
1079-614: The Bayerische Notenbank , Bank of Baden , Bank of Saxony and Württembergische Notenbank as residual note-issuing institutions by 1906. Until World War I , the Reichsbank produced a very stable currency, fully convertible into gold and thus known as the German gold mark . In 1909, an amendment to the Banking Act of 1875 made the Rischsbank's notes legal tender and redeemable at the rate of 2790 Marks per kilogram of gold . In
1162-620: The Berlin Blockade . Only after the blockade ended was the Berliner Zentralbank established on 20 March 1949, and initially operated under an association agreement with the Bank deutscher Länder. It was eventually converted into a Landezentralbank in 1957. The Reichsbank itself went into a protracted process of liquidation. In 1955, a Federal German Law allowed holders of Reichsbank common stock to exchange it for interim certificates of
1245-737: The Imperial Chancellor and included four additional members, one appointed by the emperor and the other three by the Bundesrat ; it was to meet every three months. The Direktorium was led by the President ( German : Reichsbankpräsident ) and all its members were appointed for life by the emperor, upon nomination by the Bundesrat. The law specified that the Direktorium must obey the Chancellor's orders at all times. The shareholders were represented in
1328-457: The Neo-Renaissance style . The building has borne the name of the owner family since 1905. The Merkur House, which marks the entrance to Petersstrasse, has as its address Markgrafenstrasse, which meets Schillerstrasse and Petersstrasse here. The name of the house, built in 1936–1937, refers to the previous building, which had a statue of Mercurius . The previous building was Jewish-owned and
1411-556: The Reich ' ) was the central bank of the German Empire from 1876 until the end of Nazi Germany in 1945. The monetary institutions in Germany had been unsuited for its economic development for several decades before unification. In the Kingdom of Prussia , the Bank of Prussia had been established in 1847 and, in the aftermath of the revolution of 1848 , five additional banks had been granted
1494-575: The Socialist Unity Party of Germany in the 1960s, 1970s and 1980s. In Prussia, the Reichsbank kept the branches it inherited from the Bank of Prussia , including buildings it had purchased from others (e.g. the palace erected by David Schindelmeißer [ de ] in Königsberg , acquired in 1843) and those it had built for itself (e.g. in Bromberg in 1864). Elsewhere, it did not take over
1577-423: The 17th century onwards, anyone who wanted to enter or leave the city during closing times had to pay the so-called gate fee. This generally hated tax was abolished throughout the Kingdom of Saxony in 1824 when internal customs duties were abolished. This occasion led to spontaneous celebrations of joy among the population, especially among Leipzig students. As night owls in the bars of the vorstadts and villages in
1660-447: The 1880s and 1890s in Berlin , Frankfurt , Stuttgart , Cologne , Leipzig ( Petersstrasse ), Dresden , Hamburg , Breslau , Bremen , and Elberfeld . 15 of the 32 Notenbanken (other than the Bank of Prussia) relinquished issuing their own banknotes shortly after the Reichsbank's creation; four more did so in the 1880s, six in the 1890s, and three in the early 1900s, leaving only
1743-416: The 1880s to the early 1900s, Havestadt & Contag [ de ] in the 1890s and early 1900s, Curjel and Moser in the 1900s, Julius Habicht [ de ] and Hermann Stiller in the 1900s and 1910s, Philipp Nitze [ de ] in the 1910s and 1920s, and Heinrich Wolff [ de ] in the 1920s and 1930s. Due to Germany's territorial losses following World War I ,
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#17328526838211826-480: The 18th century. After its construction it was called Haugk's House. A member of the von Haugk family became distressed at sea in Greenland , but was guided to a safe bay by an Eskimo approaching in a kayak . In 1885 a relief was attached to the house to commemorate this. When it became an exhibition center in 1908, it officially received its new name. It was carefully renovated between 1992 and 1994 and has been used as
1909-454: The 19th century to regulate and control the movement of people and goods into and out of the city of Leipzig , Germany . They initially also had a defensive function. In addition to the four main gates and the five known smaller gates ( wickets ) through the city wall, several so-called outer gates were later added, which controlled the access roads to the city as secondary gates. None of the gates remain at their original locations. Since
1992-607: The American forces overran the area, the reserves and money disappeared. Funk would be tried and convicted of war crimes at the Nuremberg trials , not least for receiving money and goods stolen from Jewish and other victims of the Nazi concentration camps . Gold teeth extracted from the mouths of victims were found in 1945 in the vaults of the bank in Berlin. The explanation of the disappearance of
2075-572: The Bank Deutscher Länder. The Bank of Prussia had commissioned a new head office in the late 1860s, which replaced its previous building dating from the late 17th century. The structure designed by architect Friedrich Hitzig was completed in 1876 as the Reichsbank started activity. In 1892-1894, the Reichsbank erected a palatial southward extension on an adjacent lot facing Hausvogteiplatz, designed by its architects Max Hasak [ de ] and Julius Emmerich [ de ] . In
2158-948: The British authorities were initially reluctant, but gradually aligned with U.S. views following the establishment of the Bizone on 1 January 1947. Thus, Land central banks ( German : Landeszentralbanken ) were created on 1 January 1947 in American-occupied Munich (for Bavaria ), Stuttgart (for Württemberg-Baden ), and Wiesbaden (for Hesse ), followed in March by French-occupied Tübingen (for Württemberg-Hohenzollern ), Freiburg im Breisgau (for South Baden , and Mainz (for Rhineland-Palatinate ), then American-occupied Bremen on 1 April 1947, and eventually British-occupied Düsseldorf (for North Rhine-Westphalia ), Hanover (for Lower Saxony ), Kiel (for Schleswig-Holstein ) and Hamburg by
2241-489: The Economy, namely Hjalmar Schacht from August 1934 to November 1937 and Walther Funk from January 1939 to May 1945. On 31 December 1935, the Reichsbank's note issuing privilege became exclusive, bringing an end to the residual central banking roles of the Bank of Baden, Bayerische Notenbank, Bank of Saxony, and Württembergische Notenbank. The Reichsbank benefited from the theft of the property of numerous governments invaded by
2324-551: The Germans, especially their gold reserves and much personal property of the Third Reich's many victims, especially the Jews . Personal possessions such as gold wedding rings were confiscated from prisoners, and gold teeth torn from dead bodies, and after cleaning, were deposited in the bank under the false-name Max Heiliger accounts, and melted down as bullion . In April and May 1945,
2407-528: The Leipzig architect Leopold Stentzler had the houses he owned at Petersstrasse 39 and 41 demolished in order to build the Stentzlers Hof exhibition center, in which primarily paper goods were exhibited. The house was extensively renovated by the builder's heirs from 1994 to 1996. This created something like a covered passage from Petersstrasse to Peterskirchhof. The former Reichsbank building at Petersstrasse 43
2490-516: The Middle Ages, the city was surrounded by two walls of different heights, with the higher one on the inside. Between the walls was the Zwinger , which could be walked around the city, and in front of the outer wall was the water-filled city moat . There were gates with drawbridges at four points. At the gates, the city wall was provided with horseshoe-shaped extensions for better defense. There were also
2573-801: The Oesterreichische Nationalbank was re-established by the Central Bank Transition Act of 3 July 1945 of the Second Austrian Republic . In line with the Morgenthau Plan , the American authorities in November 1945 proposed a radically decentralized plan that would have organized a separate financial system in each of the Länder , with minimal central coordination. After some hesitancy, the French authorities rallied that vision;
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2656-668: The Reichsbank reserves in 1945 was uncovered by Bill Stanley Moss and Andrew Kennedy , in post-war Germany. In line with decisions made at the Potsdam Conference , the Reichsbank was placed under joint Allied custodianship pending its liquidation. The four occupying powers ( France , the Soviet Union , the United Kingdom and the United States ) initially continued to issue Reichsmarks and Allied military marks . In Austria ,
2739-704: The Spring of 1948. In the Soviet occupation zone , ostensibly similar entities dubbed Emissions- und Girobanken were established in May 1947 in each of the zone's five Provinces, namely in Potsdam for Brandenburg , Rostock for Mecklenburg , Dresden for Saxony , Halle for Saxony-Anhalt , and Erfurt for Thuringia . Each of these was fully owned and controlled by the respective provincial authorities. In 1947, newly appointed U.S. Military Governor Lucius D. Clay decided, against directives from Washington, that Germany needed
2822-620: The arcade system in the south. The most important previous building on the site was the baroque city palace Hohmanns Hof , which was destroyed by the Bombing of Leipzig in World War II , before the Messehof was built here between 1949 and 1950 as the first new municipal exhibition center building after the war. Today it is a commercial building with a shopping arcade , the Messehofpassage , with
2905-589: The architect Charles Moore and his partners. The store, which was run as Karstadt Leipzig from 1990 to 2019, was opened in 1914 as the Althoff department store and has since operated as a Freies Kaufhaus and as a Centrum Warenhaus Leipzig . Before 1914 there were the Hôtel de Bavière (first called that in 1768, Hotel Central from 1887) at Petersstrasse 25 and the Gasthof Drei Rosen at Petersstrasse 27. In 1914,
2988-543: The beginning of the 19th century and were demolished between 1822 and 1831, except for the Peter's gate ( Peterstor ) in today's Petersstrasse , which was demolished in 1860. Some of the side gates remained for a while, as long as they did not represent an obstacle to traffic and did not stand in the way of the redevelopment of the Vorstadts from the middle of the 19th century. For example, the back gate ( Hintertor ) on Schützenstrasse
3071-498: The benefit of the Schletter Foundation. In 1680 there was an inn called “Zu den drei Königen”. The name has been preserved over the centuries, even when two houses next to each other were demolished in 1915 to make room for an exhibition center. This was the center of the shoe fair for over 70 years. After 1990, the exhibition center was converted into an office building. From 1999 to 2001, the new Petersbogen building complex
3154-476: The bridge toll. The income was originally intended to finance the maintenance of the gates and the city fortifications. The gate clerks, gatekeepers and the so-called Schlagzieher at the outer gates were also paid from this money for operating the barriers or opening the gates. This fee is comparable to road tolls , which were collected to pay for the maintenance of the old roads that were later converted into chaussees . The freedom of movement of people and goods
3237-409: The city center and the vorstadts in front of the gates were also named after the gates. These vorstadts were old urban settlements outside the old town that spread out directly in front of the city wall. In addition to the gates, the city wall had several openings for pedestrian traffic. Because of the large distances between the city gates, they were mainly used to reach the western promenades facing
3320-462: The city gates, which were the starting and ending points of the trade routes and land routes, the transport of goods into and out of the city was controlled and only what was actually registered here was what was responsible for municipal gate clerks and measuring assistants. They issued slips of paper showing what a wagon, cart or pack animal was carrying. The tariffs were only collected at the Markt after
3403-839: The disappearance of the Reichsbank in 1945, a number of its former branches were taken over by its successor entities, namely the Deutsche Bundesbank in West Germany , the Staatsbank der DDR in East Germany , and the National Bank of Poland in Poland ; some in East Germany were demolished later on, such as the Chemnitz branch in 1964. Many other branches have been repurposed for other uses over
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3486-457: The discount rate could be gradually lowered, reaching 56 percent in January 1927. In 1930, legislative amendments in line with the Young Plan brought an end to the involvement of foreigners in the Reichsbank's governance. The General Council was reduced to 10 members, all German, and the role of Currency Commissioner went to the President of the Rechnungshof des Deutschen Reiches [ de ] . The Nazi regime promptly put an end to
3569-399: The early 1930s, the Reichsbank erected a large new facility on the other side of Kurstrasse, designed by its architect Heinrich Wolff [ de ] . While the main building was heavily damaged during World War II and eventually demolished in 1960, the 1930s extension survives as the Haus am Werderschen Markt , hosting the German Federal Foreign Office after having been the home of
3652-405: The east side today. The Steckner department store with the Steckner Arcade Gallery was located on the property with house number 2. In 1973 the area was initially converted into a green space on an interim basis. In 1997/1998 the open space was landscaped and the Curry Cult snack bar was created. Also in 1997/98, a 5-story residential and commercial building, Haus Marquette, was built on the edge of
3735-427: The experience of the Seven Years' War and the loss of their military-strategic importance, their removal began in the 1770s. The city gates were initially retained, however. As the city expanded, they were supplemented by outer city gates on the most important access roads into the city. These side gates eventually lost their importance in the Gründerzeit years. The historic main gates became an obstacle to traffic at
3818-413: The flow of goods and people into and out of the city over the centuries. People were also checked at the gates. The names of arriving travellers were published daily in a list, the Torzettel (gate slips), as they were processed at the gates. A fee called the Torgroschen (gate penny) was also payable at all city gates, which was a type of entrance fee into the city. This was an old institution similar to
3901-434: The former Reichsbank branches in what became the Second Polish Republic were taken over by Bank Polski , and the one in the Free City of Danzig became the Bank of Danzig . During World War II , a number of branches were destroyed and not subsequently rebuilt. The one in Munich , whose construction had started in 1938 on the site of the former Herzog-Max-Palais demolished that year, was only completed in 1951. Following
3984-436: The former shareholders of the Bank of Prussia (except a few who opted for selling their shares) and new subscribers. The bank was exempted from all income and trade taxes, but also had to act as the Reich's fiscal agent without compensation. The Reichsbank operated throughout the Reich's territory through a network of branches, which numbered 206 at its inception in 1876 and expanded to 330 by 1900. A formal distinction
4067-444: The gates in one direction or the other. Town privileges essentially ended for people, traffic, crafts and trade at the city gates. Outside the city gates and on the streets and paths, the Landrecht of the territorial lord applied. Due to its favorable location at the intersection of two historic roads and trails in Central Europe , Leipzig was granted special privileges. The city benefited enormously from these privileges and from
4150-471: The goods had been weighed in the Alte Waage and the duty or octroi had been calculated. In addition, there was a so-called "booth fee" that the market traders had to pay for selling goods at the market. When leaving the city, the gatekeepers checked whether a trader had paid all customs duties and taxes correctly based on the receipts issued by the market supervisors or the city treasury. Such gate receipts are now important historical sources for reconstructing
4233-401: The independence of the Reichsbank and made it an instrument of their policy of directing Germany's resources towards rearmament and military expansion. By amendment of 27 October 1933 to the Banking Law, the General Council was abolished and the Direktorium, including the President, were henceforth to be directly appointed and dismissed by the Führer. On 30 January 1937, Hitler publicly proclaimed
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#17328526838214316-413: The location of various coffee houses since the end of the 17th century. There has been an exhibition center here since 1913, and the Messehaus am Markt since 1963, where the Leipzig Book Fair took place from 1993 until the move to the new exhibition center. The building was converted into a commercial building in 2004/2005 according to plans by the architects Weis & Volkmann, which has a connection to
4399-409: The middle of the 19th century, the street has been characterized by a large number of trading houses and trade fair exhibition palaces. Petersstrasse was particularly busy during trade fairs in the 19th and 20th centuries. The street space experienced a change in scale. Narrow alley structures made the delivery situation for the exhibition palaces too difficult. After the Second World War, Petersstrasse
4482-405: The old city. Since the old trade routes Via Regia and Via Imperii crossed in Leipzig, four main gates were assigned to them, which also roughly corresponded to the cardinal points. From these gates began cobbled streets, so-called stone ways ( Steinweg ), which were named after the gate and which, with the exception of the Halle one, are still used as street names today. The four neighbourhoods of
4565-410: The only exceptions of Lippe and the Hanseatic cities of Bremen , Hamburg and Lübeck - issued government paper money without the intermediation of an issuing bank. Several pan-German conventions were held with the aim to simplify and rationalize the German monetary system, e.g. in Vienna on 24 January 1857, but to no avail. Instead, the number of Notenbanken kept growing, reaching 31 (in
4648-410: The outer course of the former city wall. Strengthening the city fortifications also required the redesign of the gates. Some of these were rebuilt and now also included tower structures. After the Thirty Years' War , further additions to the city fortifications were made and the gates were renewed. After Elector Frederick Augustus II had ordered the demolition of the city fortifications in 1763 due to
4731-407: The period immediately before the war erupted, the Reichsbank greatly increased its gold reserves, as also did the Bank of France , Bank of Russia and Austro-Hungarian Bank , from an equivalent US$ 184 million on 31 December 1912 to $ 336 million on 30 June 1914. At the outbreak of World War I , however, the link between the mark and gold was abandoned, resulting in the Papiermark . The expenses of
4814-476: The prewar parity of 2790 RM for one kilogram of fine gold; the pre-reform notes ceased to be legal tender on 5 June 1925. In the subsequent period of deflation , the Reichsbank became practically the only source of short-term banking credit in the German economy, which it chose to ration (maintaining a discount rate of no more than 10 percent) rather than lending to high market-determined rates. The Reichsbank's credit rationing only ended in early 1926, after which
4897-473: The properties of banks whose monetary role it replaced, and erected new branch buildings instead. By the end of the 19th century, it had newly built branches in most of Germany's significant cities. In some cases, these branches were replaced by more modern ones in the interwar period. The Reichsbank employed a number of specialized architects for branch design, including the prolific Max Hasak [ de ] and Julius Emmerich [ de ] from
4980-399: The remaining reserves of the Reichsbank – gold (730 bars), cash (6 large sacks), and precious stones and metals such as platinum (25 sealed boxes) – were dispatched by Walther Funk to be buried on the Klausenhof Mountain at Einsiedl in Bavaria, where the final German resistance was to be concentrated. Similarly, the Abwehr cash reserves were hidden nearby in Garmisch-Partenkirchen. Shortly after
5063-507: The river Pleiße . The outer city gates first became necessary when the city expanded beyond its walls, and lost their purpose in the second half of the 19th century when these too were overwhelmed by the city's growth. They were not as elaborately designed as the inner city gates and mostly consisted only of guardhouses and gates with simple wings or barriers. Reichsbank The Reichsbank ( German: [ˈʁaɪçsˌbank] ; lit. ' Bank of
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#17328526838215146-501: The road requirement that existed almost until modern times. The city's staple right and the imperial trade fair privilege granted by Maximilian I, Holy Roman Emperor , in 1497, renewed and expanded in 1507, were particularly crucial for the handling of goods. This kept competition from other cities - especially Erfurt and Halle (Saale) - at bay within a radius of 15 German miles (approx. 115 km (71.5 mi)). Trade and passenger traffic were thus directed towards Leipzig. At
5229-415: The south through the Leipzig Wilhelm-Leuschner-Platz station . In 2017, the first public drinking fountain was put into operation by the Leipziger Wasserwerke (Leipzig waterworks) in Petersstrasse, which has since been followed by others in Leipzig. Petersstrasse is part of the annual Leipzig Christmas Market . Odd house numbers starting from the market The corner of Petersstrasse and Markt has been
5312-489: The stabilization loans orchestrated by the Economic and Financial Organization of the League of Nations that had entailed the creation of the Oesterreichische Nationalbank in January 1923 and of the Hungarian National Bank in June 1924. It comprehensively reformed the Reichsbank and made it, for the first time, an explicitly independent central bank. Its Kuratorium was replaced by a General Council ( German : Generalrat ) consisting of 7 German and 7 foreign members, which
5395-410: The surrounding area (especially Eutritzsch, Gohlis , Reudnitz) they had always rejected the gate tax. The abolition of the gate tax, the demolition of the city gates and, last but not least, the gradual filling of the city moat marked the beginning of the merging of Leipzig's old town with its suburbs. The inner gates are those that were located along the city wall and formed the historical entrances to
5478-440: The territories that would become the German Reich ) in 1870. They were typically private-sector entities, albeit often under hands-on government oversight, except the Bank of Bremen and Frankfurter Bank which were comparatively independent. Twelve of these were in Prussia, four in the Kingdom of Saxony , one in the Kingdom of Bavaria , and the other 14 in various duchies, principalities and free cities . On 27 March 1870,
5561-416: The university as a juridicum. There are also shops, the Cinestar multiplex cinema and a casino here. The soap and perfumery manufacturer Heinrich Louis Klinger (1816–1896), father of the painter Max Klinger , acquired several buildings here in the 19th century, which he demolished in 1887 and replaced with plans by the Leipzig architect Arwed Roßbach (1844–1902) by a representative new building built in
5644-429: The unlimited sovereignty of the Reich over the Reichsbank, and a lew of 18 February 1937 formally abolished the Reichsbank's autonomous status. Another law of 15 June 1939 stipulated that the President and Direktorium should directly receive their instructions from the Führer, and renamed the bank as Deutsche Reichsbank . During most of the Nazi period the same individual was President of the Reichsbank and Minister of
5727-496: The vacant area (main tenant: Hugendubel ). The Petershof extends between Petersstrasse, Sporergäßchen, Burgstrasse and Thomaskirchhof (at the St. Thomas Church ). It was built from 1927 to 1929 as a trade fair building according to plans by the Leipzig architect Alfred Liebig (1878–1952). It also housed the Capitol cinema until 2003 and was converted into a residential and commercial building in 2004/05. The commercial building called “ Zum Grönländer ” (The Greenlander) dates back to
5810-432: The war caused inflationary pressure and the mark started to decrease in value. . Following Germany's defeat and the 1919 Treaty of Versailles , the German government was unable to meet its expenditures and commitments by taxation and borrowing from external sources, and instead turned to the Reichsbank for monetary financing . Combined with its reaction to the occupation of the Ruhr by France and Belgium, this triggered
5893-411: Was a major monetary anchor in Northern Germany. The Reichsbank was technically a private-sector company with individual shareholders, albeit not in joint-stock form, and operated from the start under the close control of the Reich government. The bank was managed by a management board ( German : Direktorium ) reporting to a supervisory board ( German : Curatorium ). The Curatorium was chaired by
5976-539: Was built in the Neo-Renaissance style for the Leipzig branch of the Central Bank of the German Empire . After being used by other financial institutions, the house has been the home of the Leipzig “Johann Sebastian Bach” music school since 1999. Straight house numbers starting from the market Before the destruction of the World War II , the west side of Petersstrasse was built up to the market, as can still be seen on
6059-467: Was built with a curved arcade gallery between Petersstrasse and Schloßgasse. The property has a varied history, it belonged to the Leipzig University in the 15th century, was confiscated by the sovereign , then belonged to the university again and was converted into a trade fair palace in 1919, which was destroyed in the bombing raid on 4 December 1943. Part of the current building complex is used by
6142-571: Was demolished in 1843 and the Zeitz gate ( Zeitzer Tor ) on today's Karl-Liebknecht-Straße was not demolished until 1856. The gate regulations had developed over the course of centuries and are a reflection of the importance of the four main gates on the Via Regia and the Via Imperii for Leipzig as a trading and trade fair city . Initially in the Middle Ages, different laws applied when passing through
6225-506: Was forcibly aryanized by the Nazis . After being used by trade fairs and scientific institutions, the building has been a commercial building again since 1991. 51°20′18″N 12°22′29″E / 51.338391°N 12.374639°E / 51.338391; 12.374639 Leipzig City Gates The Leipzig city gates were structural facilities that existed from the Middle Ages to
6308-461: Was initially widened in its northern part from 11 m (36.1 ft) to 19 m (62.3 ft). Today, the entire length of Petersstrasse is designated as a pedestrian zone and is primarily a shopping and business street. With the construction of the house used by Peek and Cloppenburg, the road widening at this point was reversed. In 2019 the Karstadt department store was closed. A new opening as
6391-500: Was made between main branches ( German : Reichsbankhauptstellen ), whose head was appointed directly by the emperor, and other branches ( German : Reichsbankstellen ), but that difference of status was insubstantial in practice. The bank's employees had the status of civil servants of the Reich, even though they were paid by the Reichsbank. The Reichsbank also sponsored the establishment of clearing houses which were established in
6474-491: Was not unlimited until 1824 and ultimately encountered considerable obstacles at the four inner city gates. Although the city wall was almost completely removed at the end of the 18th century, the city moat in front of it still existed in many places. Bridges led over this to the main gates, which thus controlled access to the old town even in this situation. For security reasons, the city gates were closed at night. This happened after 9 p.m. in summer and at 4.30 p.m. in winter. From
6557-404: Was part of the Via Imperii and the central street of the surrounding Petersviertel (quarter St. Peter). There were numerous courtyards on Petersstrasse, some of which had passageways into the neighboring streets (on the western side of Petersstrasse to Thomaskirchhof or Burgstrasse , on the eastern side of Petersstrasse to Neumarkt , which was called Neuer Neumarkt until 1839). Since
6640-421: Was renamed Deutsche Notenbank in July, later relocated to East Berlin , and in 1968 was rebranded the Staatsbank der DDR . Given Berlin's special situation, no Landezentralbank was initially established there. Plans for a separate currency for all of Berlin were considered up until June 1948, when the situation came to a head and the introduction of Western German marks into West Berlin precipitated
6723-514: Was set by law, but the " Rentenmark " became interchangeable with paper Mark at the rate of one to one trillion. The Rentenmark was thus in effect a transitory domestic currency, which was never convertible internationally. The success of the Rentenmark, followed by the Dawes Plan on war reparations, paved the way for a restoration of monetary order. The Banking Law of 30 August 1924 was inspired by
6806-526: Was to allow the latter to keep issuance activity but under such restrictions that they rapidly fell into monetary irrelevance. The Reichsbank was established by legislation of the Reichstag of 14 March 1875, and assumed its new role on 1 January 1876 when it succeeded the Bank of Prussia. Meanwhile, between 1873 and 1875 the Bank of Prussia assumed all the assets and liabilities of the Hamburger Bank , which
6889-543: Was to elect the bank's president subject to approval of the President of Germany . The General Council also elected one of its foreign members to serve as Currency Commissioner ( German : Komissar für die Notenausgabe ) supervising note issuance. The ability of the reformed Reichsbank to extend credit to the Reich government was strictly limited. The new currency, the Reichsmark (RM), was set at one trillion paper Mark, restoring
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