Word: franc
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Dates: during 1920-1929
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Triumphantly passed by the Chamber, 450 to 22 and by the Senate 256 to 3 last week, was a bill, fixing the value of one paper franc at 65.5 milligrams of gold, 900/1,000ths fine...
Thus, Prime Minister Raymond Poincare, the great War President of France, puts the last cap on a monumental achievement. When he took office 23 months ago, the franc had lost 9/10 of its pre-War value (5 francs to $1). By soundest generalship, some retrenchments, and chiefly by the sheer confidence-inspiring power of his personality, M. Poincare caused the franc to double in value without resorting to a foreign loan (TIME, January 3, 1927). That value has been kept stable de facto for 18 months; and now it becomes the approximate stabilized value de jure. For the present, paper...
...Jacques Seydoux, Director of the Bank of Paris, said last week: "If France returns to a gold basis now-and she must -it means accepting four-fifths bankruptcy (of the paper franc). Germany accepted complete bankruptcy (of the paper mark...
Hopes v. Speculators. To the 6,000,000 hope-against-hopers Banker Emile Moreau can say only, first that their hopes are too extravagant ever to be realized, and second that the Bank of France has not sufficient resources to go on protecting the franc against foreign speculators, unless there is applied that potent check to speculation, a law establishing the currency on a gold basis...
...some months past foreign speculators have been trying to force the franc up. They would profit by an upsurge, and by the downsurge sure to follow; and in the meantime France would lose immeasurably through the disruption of business occasioned by unsteady currency. Just now France sits fiscally pretty. Her trade balance is favorable. The Treasury has recently refunded advances previously made to it by the Bank of France to the amount of 900,000,000 francs. Such are the blessings which have flowed from holding the franc steady at its present value for almost two years (TIME...