Word: franc
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...second step toward a better world of gold, U. S. Secretary of the Treasury Henry Morgenthau Jr. this week announced that the U. S., Britain and France had reached a temporary agreement for the exchange of that metal in the course of trade. Though Secretary Morgenthau called this pact, secretly negotiated by transatlantic telephone, a "new type of gold standard," it was really nothing more than a technical extension of the U. S.-Franco-British agreement of last month to use their respective stabilization funds to steady the dollar, the pound and the franc (TIME...
...final pattern of world currency stabilization, this week's international deal set no ratio between the dollar, the franc, and the pound, left that to be developed by the course of trade. Any other country with a stabilization fund and a desire to end international currency fluctuation was welcome to join Secretary Morgenthau's party. As for the ordinary citizen of France, of Britain or of the U. S., this week's gold pact changed his monetary routine...
...return to the Gold Standard at present devalued monetary levels. In this they were encouraged by the annual Mansion House speech to the Lord Mayor of London and the city's leading bankers delivered last week by Chancellor of the Exchequer Neville Chamberlain. "The decision of France to readjust the value of the franc," said Mr. Chamberlain, "must have come like the cracking of the ice at the approach of a warmer season to a polar explorer whose ship has been frozen for months into immobility. ... If we can prevent violent fluctuations of the valuation of gold...
Hjalmar Schacht on his recent European tour did not discover the secret that France was about to devalue the franc with U. S. and British co-operation and that this would be followed by devaluation of the lira, Swiss franc, Dutch guilder, etc. Had Germany known what was coming, Dictator Hitler might have managed to join in and tell the German people that their mark was being devalued in an international concert of Economic Disarmament to which the Fatherland had been admitted with "equality" and "honor." Instead, according to Berlin observers, Herr Hitler felt last week that Dr. Schacht...
...France the immediate effects of the measure remained in greatest doubt. Any reduction of tariffs of course treads on certain toes with resultant squeals. While one school of economists hailed Blum this week, another considered the Premier to be taking the risk of snatching away from French producers by his tariff slash benefits which he had just conferred by devaluing the franc. Apparently the Premier's idea was to keep prices in France from rising by letting in cheap foreign goods. He thus played the card of Devaluation in a manner exactly opposite to that of President Roosevelt whose...