Word: franco
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Dates: during 1920-1929
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...Treasury set out to combat Franco-British propaganda against "U. S. debt Shylocking" by announcing over Mr. Mellon's signature: 1) that under the Mellon-Berenger agreement, if and when ratified, France will repay a sum roughly equivalent to only her post-War borrowings from the U. S., and may therefore be said to have been forgiven her War debt entire; 2) that "England borrowed a large proportion of its debt to us for purely commercial, as distinguished from War, purposes to save borrowing from its own people." (i. e. Britain deserves no cancellation of these "commercial" camouflaged...
...more the Chamber has demonstrated its disinclination and its incapacity to legislate. Almost every possible program for saving the franc has been presented to it, and has been rejected on grounds of petty local politics. The Deputies have refused to vote adequate taxes, or to ratify either the Franco-British or the Franco-U. S. debt settlements. Amid this carnival, this debauch of legislative folly, the franc has lost two-thirds of its value within a year...
Simultaneously M. Caillaux received from Washington assurances that the U. S. will not, in the event of ratification of the Franco-U. S. debt accord, throw any bonds received in payment on the security markets of the world, a possibility under Article VII of the agreement. French fear that Germans might eventually acquire these bonds, thus putting France under a sort of fiscal vassalage to her worst enemies, was thereby allayed. Since this particular "emotional factor" had loomed like a boojum, and threatened to rouse Frenchmen unalterably against ratification, to eliminate it was of paramount import...
...through the Chamber M. Caillaux's program (TIME, July 19), whereby the Chamber should confer dictatorial power upon the Cabinet for four months to save the franc. M. Caillaux announced that the Cabinet intended to employ this power to make binding once and for all the Franco-U. S. and Franco-British debt agreements, "as is," and without further dickering...
Each took a pen, dipped, scratched. By their dipping and scratching they validated in perpetuity a Franco-Spanish pact exiling Abd-el-Krim, famed captured Sultan of the Riff (TIME, June 7), to the island of Réunion or Bourbon...