Word: billion
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Dates: during 1920-1929
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...cause of this "buying panic"-which did not assume dangerous proportions-was twofold: 1) Finance Minister Loucheur had just presented the Chamber with the first draft of a new tax bill expected to raise eight billion additional francs per annum, by increasing the taxes on alcohol, business transactions and practically everything else; 2) The franc slipped down last week to 27 to the $1, a new low record for the year. The relative stability of numerous foreign currencies, prompted the harassed Jean to transfer his currency into pounds, gulden, Scandinavian kroner, U. S. dollars...
Finally MM. Briand and Loucheur held a long series of conferences as to the possibility of getting an eight billion franc per annum tax increase through the Chamber in any form whatever. Since the outstanding indebtednesses of France will continue to mature at a rate demanding approximately this amount of additional cash, the alternative to voting it would seem to be national bankruptcy...
...bill the provisions of which could be justified only by the undoubted fiscal emergency with which France is faced. Of all Frenchmen, M. Briand alone was thought to possess sufficient prestige to jam this bill through the Chamber and Senate. Its provisions : 1) The immediate issue of 7½ billion paper francs by the Bank of France; 6 billions to go to the depleted Treasury, and 1½ billions to supply the needs of commerce...
...Bank to be reimbursed for the Government's 6 billion francs by March 15, 1926, through increased taxation as follows...
Ever M. Briand remained with-in call. When the crux of the bill, the 7½ billion franc inflation clause, was about to be put to vote and trembled on the brink of failure, he ascended the tribune again...