Word: franc
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Dates: during 1920-1929
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Last week's political impasse sent the franc tumbling to 25 to the dollar. Frenchmen rushed to convert their francs into stable currencies and stable foreign bonds. "A buying panic" ensued-brokers labored late, smiling...
...which have failed. His internal 4% gold loan which was to have absorbed the great weight of defense bonds and brought relief to the Treasury has not achieved adequate flotation. The Moroccan War and M. Caillaux's uncertain U. S. debt settlement have further contributed to send the franc tumbling down to 22 to the dollar, and have caused Caillaux himself to admit that the Bank of France can see its way clear to facing its present obligations without inflation, for only a few weeks longer...
...Paris the announcement that M. Caillaux was bringing home for ratification merely a stop-gap debt settlement (see Page 5, THE CABINET) wrought one effect expressible in figures. On the Paris Bourse itself, in spite of the French Government's placing buying orders for 40,000,000 francs, the exchange value of the franc fell from 4.75c per franc...
...Geneva and at Paris diplomats dropped a pregnant word or two anent M. Caillaux's mission. "Set all question of figures and barter aside," said they. "If America expects any sum to be repaid by France over a period of 60 or 70 years, she is deluded. Grey-bearded men, yet unborn will not pay taxes to America in 1980. There was no Italy 60 years ago; will there be a France in 60 more? Sixty-two years ago the dollar was worth only a franc; it may be worth less than that in another...
...Caillaux's attempt to retire between 15 and 20 billion francs of short term "defense bonds" by a 4% "gold loan" (TIME, July 6) has fallen dismally short of expectations. The 67 billion francs of outstanding short term paper has been reduced by less than 5 billion instead of 20. In the event of a panic on these securities, the Treasury and the Bank of France would almost certainly have to take refuge in inflation, which might send the franc crashing to infinitesimals...