Word: moret
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Dates: during 1930-1939
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Early this year the tightest wad who was ever Governor of the Bank of France, fusty "abnormally honest" M. Clement Moret, gave way to that slightly looser wad, sandy-mustached M. Jean Tannery, amid uneasy rumors of "inflation" (TIME, Jan. 14). Since then France has changed cabinets and new Premier Pierre Laval is not tinged as was old Premier Pierre Etienne Flandin with any suspicion of wanting to perpetrate a New Deal âl'americaino. With Parliament adjourned and the new Cabinet embarked on a drastic program of balancing the budget and reducing the cost of life's necessities...
Easy Money. To quicken French enterprise Premier Flandin has insisted that money rates must be eased, and to get them down he had to fire the National Tightwad, respected M. Clément Moret, since 1930 Governor of the Bank of France (TIME, Jan. 14). Last week new Governor Jean Tannery was ready to play loose-wad. The play, long since approved by the Cabinet and hashed over in the Press, consisted in presenting the Chamber of Deputies last week with a bill at which extreme conservatives screamed "Inflation...
...kerosene-lit apartment, as ex-Governor Moret packed up to leave last week, he found a crinkled prediction penned to him in high excitement four years ago by fox-bearded Montagu Collet Norman who is now in his 15th year as Governor of the Bank of England. "Unless drastic measures are taken to save it, the capitalist system throughout the civilized world will be wrecked within a year," wrote Governor Norman to Governor Moret in 1931. "I should like this prediction to be filed for future reference...
Never a maker of anything so risky as predictions, and always a firm believer that the Gates of Hell could never prevail against sound money, Clément Moret entered the eclipse of Honorary Governor after setting Paris the kind of example Paris respects. Amazingly few years ago he was living with his wife and children in a flat so modest that the rent was but 1,500 francs a year. Soon afterward great Raymond Poincaré (considered by his worst parliamentary enemies "abnormally incorruptible") declared that Finance Ministry Clerk Clément Moret was "abnormally honest," had him sent...
Though the clerk made good and became perhaps the greatest self-made Governor of the Bank of France in its long history, Mama Moret could never see why she or the children should cut a dash. With papa's salary raised to 500,000 francs a year the Moret moppets continued to go to ordinary Paris public schools. Mama Moret and Paris socialites are unaware of each other's existence. Today the National Tightwad is venerated for having saved a reputed 85%, of his salary while Governor of the Bank of France, salted it away in gold franc...