Word: franc
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Dates: during 1920-1929
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...Senate then turned its attention to the fiscal measures which Premier Poincare piloted through the dangerous waters of the Chamber of Deputies (TiME, Feb. 18, et seq.). While the discussions were proceeding, the franc was dropping, as was Premier Poincare's political prestige. Every effort was being made to steer the bill through with as little delay as possible in order that the Government might stay the tumble of the franc...
Worldwide attention has been centered on the lively behavior of the franc, after it broke through four cents to a new low record in the foreign exchange markets for all time...
...French have not really balanced their budget and have financed deficit after deficit by issuing more internal government notes and bonds. This load of debt, which it was hoped would soon be lightened by the receipt of German reparations, at length became top heavy. Speculators began to sell francs "short" in anticipation of a decline. The conservative investor, to avoid losses, sent his balances abroad, and a "flight of the franc" ensued...
Meanwhile a report got about which caused the franc to rally, at least temporarily. It was said that the Government had secured a credit of $50,000,000 from a group of American bankers headed by J. P. Morgan & Co., that a similar credit had been arranged in London. It was even detailed that the loan was in the form of three-months' notes bearing 6% interest. All banks referred inquiring reporters to J. P. Morgan & Co. J. P. M. & Co. refused to comment. It was pointed out that this might mean either that a loan was in process...
...These final measures are the ransom France must pay for a policy in the Ruhr which has prevented any settlement of the reparations problem. They are a confession of failure. It was the Ruhr occupation which caused depreciation of the franc; if the franc improves it will not be thanks to the measures now being voted but to the work of the experts and consequent abandonment of the policy which France inaugurated 14 months...