Word: lira
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Dates: during 1920-1929
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...should stand at par (TIME, Sept. 13, 1926 et seq.). Admission that this policy is impracticable was shrewdly avoided by Il Duce up to last week, when he found a way to mask failure behind a dazzling cabinet decree. This document, issued with a triumphal flourish, establishes the lira on a gold basis? not, however, at par (five lira to the dollar), but at 19 to the dollar, the new ratio being slightly lower than the ordinary quotation of the lira on international exchange in recent weeks...
...titanic sacrifices and was a sort of financial hole in one. France has no more than aimed at the British score, content with mere de facto stabilization of the franc (TIME, Jan. 3, 1927). Therefore Signer Mussolini did well, last week, when he pocketed proud hopes of setting the lira up beside the pound. Italy, a young kingdom with cheap labor for its chief resource, cannot match an accomplishment which is straining even the strong sinews of the British Empire...
Bank Backing. A suave, plump, oval-faced statesman, eyes keen, beard a scrubby Vandyke, was hailed as the real creator of the new gold lira. He is Count Guiseppe Volpi di Misurata. Citizens of the U. S. remember the business-like fashion in which he negotiated the funding of Italy's War debt to the U. S. (TIME, Nov. 23, 1925). Last week he revealed the vast credits which he has built up abroad to enable Italy to defend her new currency against fluctuation on international exchange. Said he: "The Bank of Italy wishes to secure the collaboration of international...
After the revaluation of the lira at 5.31 cents gold (see FOREIGN NEWS), there remain unfixed on a gold basis only the currencies of France, Norway and Spain among the more important European countries. Norwegian finances are rapidly approaching a stage where the gold basis of money exchange can be reset up; and Secretary of the Treasury Mellon has just stated that he expected France and Spain to imitate Italy's money program...
Despite the revalorization of the lira its quotations among the money brokers was less than its new par value. Money of more than a dozen other countries, however, were worth more than their par value in U. S. gold dollars...