Word: belgae
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...well as he could M. Verviers answered, his shrewd guess being that the belga would be taken off gold and devalued 25%. Few hours later police rushed in and arrested M. Verviers. "You are charged with endangering the national credit," he was told. "Witnesses are ready to testify that you said, 'The Government has devalued the belga 25%.' For such a malicious falsehood you can be punished with three months in jail...
...husband gave his life for Belgium and King Albert," cried one widow. "I know the Association of Belgian War Veterans has petitioned King Leopold to keep the belga on the gold standard and that people say he will. But can we trust the young King to protect our savings? If only King Albert were alive...
Within 72 hours after Broker Verviers' arrest for guessing at 25% devaluation, Premier van Zeeland, having first closed all exchanges, was telling the Belgian Chamber and Senate that he planned to devalue the belga by a maximum of 30% if other nations will join Belgium in an international monetary stabilization pact. If they will not, then the bright blue sky is Premier van Zeeland's devaluation limit...
With his job depending on his ability to keep the belga on gold, Premier Georges Theunis last week went to work. In few countries have Government expenses been pared so sharply as in Belgium. Yet last week Elder Statesman Theunis, backed by two of Belgium's richest men. Minister Without Portfolio Emile Francqui (banks, copper) and Finance Minister Camille Gutt (Katanga Copper), pared 5% more off Government pensions and salaries, 50%, off rent allowances, a big slice off relief allowances to the provinces...
Such deflationary measures did not help the private business of Francqui and Gutt but, as public-spirited statesmen, they had their reward when the belga bulged above the dollar on foreign exchange...