Word: franc
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Dates: during 1930-1939
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...President should not accept the offer of gold-standard countries who wish to secure our money at the same rate we are waiting for, and why the Federal Reserve is tacitly encouraged to operate in foreign exchange to support the dollar when it obviously cannot influence the franc or pound with a handful of Austrian paper totalling about seven millions...
...fiscal and tariff policies stated by Messrs. Cox and Hull several Continental delegates, notably M. Bonnet, flew home to their capitals. Meanwhile the dollar lost some four cents more of its value, dropped to the equivalent of 77? gold. Rumors that this decline might jar loose the stabilized franc, plus London comment that the U. S. tariff proposals offered little more than pious hopes, plunged Conference journalists into such gloom that Prime Minister MacDonald decided to go among them radiating Scotch cheer...
Almost without debate, the shocked Dutch industrialists voted abhorrence of Sir Henri's "inflationist proposal" but news of it leaked into the Press. Instantly world foreign exchange prices rocked. The gulden tumbled nearly two cents and the French franc took a fractional dip. Swiss francs held "stable as the Alps" as Dutchmen cursed Sir Henri for the first bad gulden break since it was stabilized...
Surprisingly after this clash M. Bonnet and Le Gouverneur managed to reach agreement. Fiscal experts of the U. S., British and French delegations paved the way to peace among their chiefs by deciding that, in their opinion, it should be possible promptly to peg the dollar, the pound, the franc. Since this was the main thing France wanted, M. Bonnet was soon exclaiming "We love Le Gouverneur...
Fifteen-minute speeches were the rule, but tall, gaunt Chancellor Neville Chamberlain of the British Exchequer droned on for 38 minutes, read what sounded like a catalog of every job which a world conference could possibly attempt. Speaking for France broad-shouldered, big-voiced Premier Edouard Daladier called sharply for dollar and pound stabilization beside the stable gold franc. Most polished, most eloquent and most fervent was U. S. Secretary of State Cordell Hull's appeal for World co-operation and lower tariffs, but it did nothing to clear up the Conference fog as to what...