Word: franc
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...meetings can be like snipe-hunting at night with bag and candle. It takes at least three to hunt snipe-one to hold the bag and two to enjoy the joke. Edouard Daladier is firmly determined that if the London Conference is a snipe hunt, it will not be France that is left holding the bag. She is already holding the gold standard bag, with pound, dollar, mark and lira all cut loose. She cannot devaluate her money further without risking violent insurrection from hard-bitten French investors, who have already seen 80% of their savings swept away...
First reason for all this is that France needs money. Despite the vast hoards of gold in the deep cellars of the Bank of France, the French Government has a budget deficit to hold its own with any in the world, and must raise 5,000,000,000 francs by July 1. Another internal loan would be a risky business. To charm the francs from Jean Frenchman's famed sock to float the last one, the Government was forced to offer 4½ bonds at 98½ with the costly promise to redeem at 150. France therefore gets...
...apple b'ossom festival next month. *Herbert O. Yardley, onetime Government code expert, declared in his American Black Chamber that the U. S. had stolen secret Japanese messages at the Washington Arms Conference. The official secrets bill was aimed at a second volume of "exposures" by him. *France last month issued $58,800,000 worth of new 10-franc and 20-franc silver pieces, first minted since...
Meanwhile Mayor Chéron had made his plodding, Norman way in Paris to the unexciting post of Minister of Agriculture (1922-24). He made it exciting, became the idol of French farmers. No Minister of Agriculture before or since has shut out of France so much meat because of hoof & mouth disease, so many potatoes on account of scab, so much butter because of "taints." More important, during this period Minister of Agriculture Chéron won the firm friendship of his exalted chief, Premier Raymond Poincaré, "Savior of the Franc...
...came when Premier & Finance Minister Poincaré, having stabilized the franc for years to come, wished to turn his irksome Finance Ministry over to someone else, someone solid, shrewd, incorruptible. In open Cabinet the Premier turned to M. Chéron: "Dear friend, I think you should be charged with the finances of France...