Word: franc
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Dates: during 1930-1939
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...France's plight has reached the climatic stage. Premier Flandin's composite cabinet seems about to topple in the midst of its strenuous efforts to win a grant of dictatorial powers in order to continue a losing fight to maintain the present gold parity of the franc. Although the crisis may be staved off for the moment with the formation of a new cabinet granted the desired authority by the legislature, competent observers agree that "devaluation" must come in a very short time. Depleted reserves in the Bank of France, in addition to an increasing flight of capital...
...seekers after monetary stability, this sequence of events may at first seem calamitous. It is true, nevertheless, that general inflation would be a more satisfactory basis for international negotiation than the present hybrid status. Thus although devaluation of the franc may cause temporary panic in France, it need not be disastrous in its ultimate consequences. On the contrary, if it should make possible an adjustment of the existing economic warfare, it would be of tremendous value to the world in general and therefore to France itself...
Full six feet, four inches tall, Premier Flandin fairly towered over the Chamber of Deputies as he announced a step no other country in the world dare take. The stamping machines in the French mint had been started and were striking out gold "Louis," 100-franc gold pieces slightly smaller than a U. S. quarter. Not since the War has a Frenchman been able to poke a 100-franc bill at the Treasury cashier and get a "Louis."* All France tingled with pride as Premier Flandin categorically declared: "The coining is being hurried and gold coins will be put into...
More than this, the Premier would not say, but it was enough to frighten bear raiders who might have attacked the franc this week, after cleaning up on the belga (TIME, April 8). In Paris rumor had it that Premier Flandin will put gold "Louis" into the public's itching palm only when paying interest on French Government bonds. He might, Paris guessed, make the interest optional, say 3% paid in gold or 4½% in paper, whichever the bondholder elected...
...majority of U. S. shopkeepers who disappointed President Roosevelt by not kiting prices as high as he thought they would. Belgian shopkeepers, keen exchange watchers, raised prices this week almost as fast as the belga fell. This made Premier van Zeeland so angry that he lashed out: "The Belgian franc ought to buy just as much merchandise as it did a year ago. Stop thinking of the monetary question, my countrymen! We are here to defend the franc and your savings. Keep calm...