Word: franc
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Dates: during 1920-1929
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Jean Frenchman rushed to his favorite wine merchant, to his tobacconist, to his butcher, baker, candlestick maker. Hastily, he laid in a supply of articles about to become vastly more expensive. Then, clutching his remaining franc notes, he sought out the sellers of foreign bonds and securities...
...cause of this "buying panic"-which did not assume dangerous proportions-was twofold: 1) Finance Minister Loucheur had just presented the Chamber with the first draft of a new tax bill expected to raise eight billion additional francs per annum, by increasing the taxes on alcohol, business transactions and practically everything else; 2) The franc slipped down last week to 27 to the $1, a new low record for the year. The relative stability of numerous foreign currencies, prompted the harassed Jean to transfer his currency into pounds, gulden, Scandinavian kroner, U. S. dollars...
Finally MM. Briand and Loucheur held a long series of conferences as to the possibility of getting an eight billion franc per annum tax increase through the Chamber in any form whatever. Since the outstanding indebtednesses of France will continue to mature at a rate demanding approximately this amount of additional cash, the alternative to voting it would seem to be national bankruptcy...
Ever M. Briand remained with-in call. When the crux of the bill, the 7½ billion franc inflation clause, was about to be put to vote and trembled on the brink of failure, he ascended the tribune again...
...remarked that the franc is now quoted at but three-fourths of its value twelve months ago. During the same period the circulation of paper money has been increased one-fifth, from 40 billion francs to 48 billion...