In the late summer, farmers in the Western Hemisphere brought their crops to traders for export, and demanded cash payment, which the traders needed to raise from their banks. The consequence was a demand for gold in the US and mounting exchange-rate pressure on Britain and other European importers.
这种季节性的危机周期早在一战以前的古典金本位时代就存在了。当时的解释通常可以从国际支付机制的时间可预测性中寻找。夏末，西半球农民会将庄家卖给贸易商以供出口，并要求现金支付，贸易商需要从银行中提现满足农民支付要求。其结果就是美国形成黄金需求，而英国和其他欧洲进口商承受汇率压力。