Word: franc
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During the week Banker Moreau deprecated but avoided denying an authoritative report that he has threatened to resign unless Prime Minister Poincare ceases to procrastinate in making the paper franc legally equivalent to and exchangeable for its present approximate value in gold-namely 4? to the franc or 25 francs...
Give Up Hope? Only an utter layman could think this issue simple, academic, dull. It takes on liveliest political interest from the fact that 6,000,000 French voters hold paper franc Government securities and are bitterly opposed to admitting once and for all that the franc has declined to 4? from a pre-War value of 19.3?, or about 5 francs per $1. By these millions of voters the hope is nurtured that the franc, which sank as low as 2? in 1926, may rise further than its present value of 4?, perhaps to the dizzy height...
...Jacques Seydoux, Director of the Bank of Paris, said last week: "If France returns to a gold basis now-and she must -it means accepting four-fifths bankruptcy (of the paper franc). Germany accepted complete bankruptcy (of the paper mark...
Hopes v. Speculators. To the 6,000,000 hope-against-hopers Banker Emile Moreau can say only, first that their hopes are too extravagant ever to be realized, and second that the Bank of France has not sufficient resources to go on protecting the franc against foreign speculators, unless there is applied that potent check to speculation, a law establishing the currency on a gold basis...
...some months past foreign speculators have been trying to force the franc up. They would profit by an upsurge, and by the downsurge sure to follow; and in the meantime France would lose immeasurably through the disruption of business occasioned by unsteady currency. Just now France sits fiscally pretty. Her trade balance is favorable. The Treasury has recently refunded advances previously made to it by the Bank of France to the amount of 900,000,000 francs. Such are the blessings which have flowed from holding the franc steady at its present value for almost two years (TIME...