Word: franc
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Speaking at Metz, President Doumergue deplored last week the continued weakness of the franc, lauded "the courageous efforts now being made toward stabilization" (TIME, May 31) and concluded his address with a dramatic warning: "If these efforts prove futile, France alone will not go down! Such a catastrophe would seriously affect the world economic situation for many years...
...large Left contingent declared itself opposed to both the Franco-U.S. debt settlement (TIME, May 10, THE CABINET) and to the steps being taken by Finance Minister Peret to stabilize the franc. Since this opposition was clearly based upon mere party politics and ignored the crucial state of the general fiscal situation, Premier Briand tried the bold stroke of appealing to his enemies of the Right and such of his Left friends as remained faithful, to unite with the Centre in giving him a vote of confidence...
Unquestionably the prestige gained by the Cabinet from Abd-El-Krim's defeat (see p. 12) as well as the Right's desire to save the franc aided Premier Briand in securing his vote of confidence 320 to 209. All fiscal debate was thereby postponed for another week and the Cabinet's overthrow again avoided by a hair...
...failing franc creates such situations in French politics as strike the AngloSaxon with wonder. M. Briand has supplied the latest turn by switching parties while keeping his seat as Premier. The circumstance illustrates an emergency where French vacillations have provided a continuous administration in a case where the rigid two party system in Britain would have forced a break. But one cannot say that the exception does not prove the rule...
Briand was elected by the left. He advocated policies, not so extreme as Herr. ot's, but definitely opposed to the capitalist-militarist doctrine of Poincare. And upon these policies, the right was Briand's foe. Now, however, in seeking to stay the franc, already sunk to an unspeakably low ebb, the Briand government has placed the crucial matter of debts and debt liquidation into the hands of expert financiers, hoping that they can evolve a solution The Premier's supporters on the left, who have less to lose from a financial debacle than the more capitalistic right have deserted...