Word: bonnetted
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...that M. Cox was not going to chair man the Conference Monetary Committee, first and most important to be formed as 66 nations got down to business last week. France, as the sole Great Power still on the gold standard, felt that her Finance Minister, knife-featured little Georges Bonnet, was the logical, the only choice...
Followed four hectic days of lobbying with France in a repulsing mood and Britain lukewarm to "The Governor." In a spat direct Candidate Bonnet said to Candidate Cox: "With Washington committed to devaluation we cannot have an American as monetary chairman...
Surprisingly after this clash M. Bonnet and Le Gouverneur managed to reach agreement. Fiscal experts of the U. S., British and French delegations paved the way to peace among their chiefs by deciding that, in their opinion, it should be possible promptly to peg the dollar, the pound, the franc. Since this was the main thing France wanted, M. Bonnet was soon exclaiming "We love Le Gouverneur...
Shortly after Le Gouverneur was elected Monetary Chairman unanimously, even M. Bonnet voting for him. Said Chairman Cox: "I have always favored a sound monetary policy. I have had important conversations with Finance Minister Bonnet which have made me certain there is no essential divergence of our views in regard to restoring financial and monetary order in the world...
...Since M. Bonnet and French Premier Edouard Daladier are the stiffest of gold standard twins, Wall Street understood Chairman Cox to mean that President Roosevelt had definitely decided not to resort to inflation, at least during the Conference. Promptly, on the theory that dollars, if sound, are not a bad investment, Wall Street sold stocks & commodities, caused their prices to decline. Alarmed, Secretary of the Treasury Woodin declared in Washington that the U. S. Delegation could not have agreed in London to even tentative dollar stabilization. This restored uncertainty-a bull point in WalI Street-and prices firmed...