Word: caillaux
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Finance Minister Caillaux returned to Paris, from London last week a fiscal conqueror. The Franco -British debt settlement (TIME, July 19), which he had negotiated with Chancellor Churchill was supplemented by attached correspondence providing that should France ever fail* to receive less than 50% of the contemplated German reparations payments, Britain will consent to a renegotiation of the entire Franco-British debt...
Simultaneously M. Caillaux received from Washington assurances that the U. S. will not, in the event of ratification of the Franco-U. S. debt accord, throw any bonds received in payment on the security markets of the world, a possibility under Article VII of the agreement. French fear that Germans might eventually acquire these bonds, thus putting France under a sort of fiscal vassalage to her worst enemies, was thereby allayed. Since this particular "emotional factor" had loomed like a boojum, and threatened to rouse Frenchmen unalterably against ratification, to eliminate it was of paramount import...
...moment seemed ripe for attempting to jam through the Chamber M. Caillaux's program (TIME, July 19), whereby the Chamber should confer dictatorial power upon the Cabinet for four months to save the franc. M. Caillaux announced that the Cabinet intended to employ this power to make binding once and for all the Franco-U. S. and Franco-British debt agreements, "as is," and without further dickering...
...last Ministry was overthrown (TIME, April 20, 1925), when it was discovered that he had countenanced tampering with the books of the Bank of France, arose, not to urge any program of his own to save the franc, but solely to upset his rival, M. Briand, and enemy, M. Caillaux, whose notorious reputation has made him suspect of many Frenchmen (TIME, July...
...Caillaux, leaving hastily after the meagre vote of confidence rushed to London. There he bargained for lenient Franco-British debt terms got them. France will pay in the current financial year about $20,000,000, with gradually increasing payments until the 60th year, when the full previously arranged $62,500,000 will be reached. M. Caillaux's cold financial heart pulsated with gratitude at Chancellor Churchill's concession of a "safeguard clause" (protection of French interests in the event Germany should default in her reparations payments...