Word: france
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Dates: during 1930-1939
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...specific act of malfeasance charged was offering to the French public "Baby Bonds" and then, after unloading as many of these as could be sold in France, cheating the bondholders by devaluing the franc and thus reducing the value of both principal and interest. The fact that MM. Blum and Auriol have admitted that while selling the bonds in France, they were carrying on simultaneous devaluationary parleys with U. S. Secretary of the Treasury Henry Morgenthau Jr. and British Chancellor of the Exchequer Neville Chamberlain, was held by the 1,000,000 taxpayers to be conclusive proof of fraud...
...Leon Blum and Finance Minister Vincent Auriol, attacked by enemies of their devaluation move, have been trying to convince the skeptical French public that they actually have obtained from Mr. Morgenthau and from British Chancellor of the Exchequer Neville Chamberlain a binding accord to keep the dollar, pound and franc all stabilized at their present level (TIME, Oct. 5). Cried M. Auriol: "Mr. Morgenthau has made the best answer both to the skeptics who called our original accord illusory and to men of bad intentions and bad faith who did not hesitate to sow anxiety in the public mind...
Soon current in Wall Street was the jest that "the new kind of gold standard" is about as much like the gold standard as companionate marriage is like holy wedlock. What had actually been done was to make the dollar, pound and franc companionate currencies pegged from day to day at a common level, with Washington, London or Paris free on 24 hours' notice to pull the pegs...
...avoided the notoriety of meeting "those people," Mr. and Mrs. Roosevelt. Whether or not Victoria Eugénie will now have to rush to her sick son in Switzerland, her sick son in Manhattan was feeling much better last week, except about his income which he receives in French francs. Applying for reduction of the $250 per month alimony he pays to a Cuban commoner, he urged the judge to make this cut because the franc has just been devalued...
Hjalmar Schacht on his recent European tour did not discover the secret that France was about to devalue the franc with U. S. and British co-operation and that this would be followed by devaluation of the lira, Swiss franc, Dutch guilder, etc. Had Germany known what was coming, Dictator Hitler might have managed to join in and tell the German people that their mark was being devalued in an international concert of Economic Disarmament to which the Fatherland had been admitted with "equality" and "honor." Instead, according to Berlin observers, Herr Hitler felt last week that Dr. Schacht...