Word: franc
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Under such circumstances many American owners of money in Europe would want to bring their funds back to the United States and would sell their francs or pounds to get dollars. The result would be a jump in the price of the dollar and a decline in the pound and the franc. This change might be happening at the very moment the funds of some luckless individuals were being sent out of the country. Indeed, the export of capital in times like these is a form of speculation, which has in it all the dangers that any speculation of chance...
There was a cabinet crisis, the franc was supposed to be in danger and Paris was on the qui vive last week, but sad-eyed President Albert Lebrun did not hurry through his luncheon. After the cheese, the fruit, the steaming café noir and the exquisite fine, there would be plenty of time to send one of M. le President's long-snouted Renault cars around to fetch a successor to fallen Premier Edouard Daladier (TIME, Oct. 30). When the limousine went out at last it sped to the Navy Ministry. There a great gourmet...
America can control the world gold price and force the British pound to a different level and even the franc from its moorings. But when this has been achieved, the real point at issue will be whether American commodity prices have been materially improved. Those that are international, like wheat and cotton, will go up as does gold. Other products will depend in the future, as in the past, on the demand for them. And demand depends on confidence and spending power, both of which have not yet come with full force in the domestic program of the administration
Lobbying busily, the Premier appealed to all factions in the Chamber to support his Cabinet and by so doing bolster the franc. "Only today," he cried, "200,000,000 francs in gold have been withdrawn from the Bank of France!" At M. Blum the Premier shouted that, if defeated, he would go to the nation and tell the voters of France that their budget had been wrecked "because of the obstinacy and intriguing of the Socialists on whom the full responsibility must rest!" Frenchmen had only academic interest in the armament trust. But they cared vitally about new taxation. Officials...
...United States were a little world all its own it is conceivable that the experiment might succeed but she is also involved in foreign trade. . . . America could have made a great contribution toward world financial confidence had she stabilized her dollar in relation to the pound and the franc [which President Roosevelt refused to do at the time of the World Economic Conference]. I say without hesitation that before many months have passed the United States authorities will be anxious to see their dollar as stable as our own currency. . . . If the [NRA] experiment fails it means another period...