Word: franc
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Dates: during 1930-1939
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This week elegantly-tailored Premier Flandin crosses the English Channel with his messy-looking, franc-pinching Foreign Minister Pierre Laval, who wears white wash ties even in the dead of winter. Once again it seemed probable that weary old Prime Minister James Ramsay MacDonald would be cheered and heartened by the dynamic young Frenchman. The last time Flandin and MacDonald made a night of it in London (TIME, April 18, 1932) the Scot said afterward, "Conversation was free and easy-a sort of smoker which was in no sense a Quaker meeting!" That was apropos of the Danube Conference, which...
Even the nimble-witted money changers admitted that it was the worst day since the dollar was devalued a year ago. A frenzied scramble sent the dollar soaring in terms of francs, guilders, sterling, yen, and at one time it sold nearly 3? above the gold franc parity. The pound sank to $4.83½, lowest price since November 1933. Bids for gold bloc currencies practically vanished. Wild flew reports that trade contracts were being canceled right & left, and for several hours the whole foreign exchange market was completely demoralized...
French public opinion simply would not stand for that. Loudly and unanimously the Three Monetary Musketeers declared that they will keep the franc an honest, undevaluated gold franc...
...monetary policy of France remains the same!" cried Finance Minister Germain-Martin. "M. Tannery and I are absolutely hostile to any currency adventures, and are in complete agreement on maintaining the franc at the present gold parity...
Though the clerk made good and became perhaps the greatest self-made Governor of the Bank of France in its long history, Mama Moret could never see why she or the children should cut a dash. With papa's salary raised to 500,000 francs a year the Moret moppets continued to go to ordinary Paris public schools. Mama Moret and Paris socialites are unaware of each other's existence. Today the National Tightwad is venerated for having saved a reputed 85%, of his salary while Governor of the Bank of France, salted it away in gold franc...