Word: franc
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Dates: during 1920-1929
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Ever since the War, the Government has been compelled to meet its prodigious expenses by issuing bank notes that were backed by an insignificant gold reserve. In other words, the value of the franc depreciated, causing prices to rise to new heights. This, in turn, forced the Government to issue still more paper francs. And so the dog went on chasing its tail...
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...
Depreciated fourfold, France should now have a note circulation of 46,000,000,000 francs. Last week, it was only 96,200,000 francs less than the 41 billion franc limit...
...rate, M. Clemenceau was so excited that he forgot to give the usual pourboire to the female attendant who conducted him to his front seat in the fauteuils. Next morning he remembered this slip and, summoning his chauffeur, bade him take a ten-franc bill to the usher woman...
...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...