Word: caillaux
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Twice in one day Wizard Caillaux waved his wand before the Cabinet. Presto! he produced a budget for 1926. Presto again! he produced a debt mission...
...Caillaux Budget. After the War, France for a long time had a system of two budgets. One was an ordinary budget of receipts against Government expenditures, which was made to balance. The other was an extraordinary budget including expenditures for reconstruction of the devastated regions and receipts of German reparations. The expenditures for reconstruction always came up to the budget. The receipts from reparations never did. The result was a constant deficit, although the budget apparently balanced. Finally the extraordinary budget was abolished, but it had sunk France so deep in the quagmire of finance that a call...
...Caillaux's new budget practically reverts to the old two-budget system but in not so violent a form. He produced the usual ordinary budget, which he made to balance by adding 3,500,000,000 francs ($175,000,000) to taxes. He then proposed a sinking fund for the liquidation of War expenses. This sinking fund would: 1) complete reconstruction; 2) pay off France's War debts. It would be fed: 1) by German reparations (which are withdrawn from ordinary receipts) ; 2) by recovery of excessive payments made to various individuals in the devastated regions for reconstruction...
...Caillaux Debt Mission. Although the debt mission which will sail for the U. S. was tentatively picked a fortnight ago, the final list of members was not made up until last week. There were a few changes from the tentative plan. Franklin-Bouillon, who had at first been named, declined because-it was averred-he disliked the idea of playing second fiddle to M. Caillaux...
...members of the Mission besides M. Caillaux as finally picked were ten: Senators Henry Berenger, Louis Dausset, M. Chapsal, Paul Dupuy* Deputies Lucien Lamoreux, Vincent Auriol, Maurice Bokanowski, Pierre de Chambrun† bankers Joseph Simon and Moreau-Neyret...