Word: clementel
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Finance Minister Etienne Clementel mounted the tribune of the Senate. . . . He had just been closeted with Premier Herriot. They had been discussing how to get France out of her financial muddle...
...Etienne Clementel mounted the tribune of the Senate. . . . There was eager attention. First, he announced the obvious fact that France had erred previously by placing too much hope in German reparations payments. Then he warmed to his subject. He pointed out that many of the bank notes now in circulation were being hoarded by the people, advocated a new note issue to replace the old. He pointed out that, before the War, the note and metal circulation was 11,500,000,000 francs; that, since the value of the franc...
...Clementel, prepared for this reaction, attempted to scotch it on the spot. He declared that the extra currency was wanted for commercial purposes, that it would not be used to pay the Governments cash deficit, because, for the first time since the War, the Government has a balanced budget which takes into account every expenditure.* When Premier Herriot heard the news, he rushed to the Senate, met M. Clementel in a corridor, had a hot, short, strong talk with him. The result was that the Finance Minister remounted the tribune and toid the Senators in effect that he had been...
...franc began to sag. Finance Minister Clementel reckoned that, during the past three months, 14,000,000,000 fr. (about $700,000,000) had been exported. That explained the downward trend: The French were losing faith in their own currency...
Finance Minister Clementel said it was a friendly offer and would receive the close and careful consideration of the Government, though definite action was not envisaged for some weeks. It was considered highly probable that Premier Herriot and M. Clementel would hie them to London for a conference before the matter should be put up to Parliament...