Word: franc
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...French franc, par value until a fortnight ago the most stable currency of the Continental Allies, has recovered from a dramatic dip towards bankruptcy and is now canvalescing at a stable value...
Cause of Decline. Using the military phraseology so appealing to Frenchmen, Premier Poincare, backed by diplomatic despatches and official documents, declared that the cause of the fall of the franc was a German "offensive," operating from Amsterdam. Poincare asserted that German business houses, using 13 billions of French notes held outside of France as "a means of maneuver," had stimulated an artificial fall by false quotations. He said that "bear" gamblers had fallen into the trap and that the franc was persecuted on exchange in London, New York, Amsterdam, Vienna, Milan. In time the movement was reflected in Paris...
Cause of Recovery. This theory, rather than M. Poincare's sensational views which are presumably designed for campaign purposes, is borne out by the conditions that led to the franc's recovery...
After the protracted struggle in the Chamber of Deputies (TIME, Feb. 18 et seq.) the Emergency Taxation Bill, which had since the fall of the franc become indispensable to the negotiation of the loan of $100,000,000 from J. P. Morgan & Co., faced the possibility of defeat in the Senate. There the Government rested on a doubtful majority...
...days' battle in the Senate was momentous. On the first day, the energetic little Premier disposed of the concern over the fall of the franc by exulting that the "counteroffensive" of the Bank of France had routed the enemy. He announced that relations with Ramsay MacDonald were good, that the U. S. was cooperating "with France, and then sat back to listen...