Word: franc
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...Roosevelt is the first U. S. President in modern times to speak really fluent French, and both his mother and his wife share his feelings for La Patrie. Last week, when London put to Washington the idea of permitting Paris to cheapen the franc, thus giving France a competitive advantage in world markets, while holding the dollar and pound at present levels, the hesitations of the President and Secretary of the Treasury Henry Morgenthau Jr. were brief. Nevertheless, these hesitations were agonizing to Premier Edouard Daladier, for, although most Frenchmen were convinced the franc must be again cheapened, some French...
...speaking by telephone to First Secretary H. Merle Cochran of the U. S. Embassy, Paris, dictated two precious paragraphs. After these were handed on Embassy stationery to Premier Daladier. confirming that what he was going to do was no violation of the Tripartite Monetary Accord of the U. S., France and Britain which was signed to keep their three currencies level with each other (TIME, Oct. 5. 1936), Premier Daladier was able to announce devaluation of the franc over the radio and to tell Frenchmen that the pound and dollar would not be devalued to compete with the cut-rate...
...Only Improve!" After thus citing calamity and their justification, the French Cabinet cut the value of the franc about 9% last week. In terms of the Roosevelt dollar of today the French franc in 1914 was worth 33?, now is worth just under...
This "jump" was made shortly before the German Army started rolling into Austria last week and the franc was at a twelve-year low. It soon appeared that the great agglomerations of French capital are considerably less frightened of Hitler than of Stalin and his Communists in France. The mere prospect that a National Government was perhaps going to be formed in Paris excluding the Reds was taken as a bull point, French capitalists dumped pounds, gulden and Swiss francs (all of which declined) and bought French francs (which rose) in an optimistic Paris atmosphere-while Austria was being invaded...
...Finance Ministry passed to Paul Marchandeau, Mayor of Rheims, a battle-scarred holder of the Croix de Guerre and Legion of Honor. He is the sort of man sound men call sound. Even so, on international exchange the franc remained weak while France sat tight in the badly rocked boat of her political equilibrium. For despite every effort made by all parties concerned to conceal it, the Popular Front of Communists, Socialists and Radical Socialists was in a state of disintegration, and the chances of its long survival seemed slim. In his ministerial declaration Premier Chautemps frankly confessed that...