Word: bombproofing
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Within the past six weeks more than three billion francs in gold have left the underground bombproof vaults of the Bank of France for foreign countries, chiefly the U. S. If it could be stopped, there was no immediate worry because the bank still has about 80% gold coverage for its sight engagements. But could it be stopped? With exports limp and the franc dropping on foreign exchange, the Bank of France was last week forced to the extraordinary action of raising the discount rate twice within three days, first from 2.5% to 3%, then...
Once, Mark Hanna failed. Midlander though he was, he did not get his ship subsidy bill past the bombproof dugouts of Midland Congressmen...