Word: pinay
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...coax this gold out of hiding, Premier Antoine Pinay launched a savings-bond drive. He gave the French a choice between buying his gold-backed bonds or paying increased taxes (TIME, April 21). Last week the bond drive was over, and Pinay pronounced it a "healthy operation." French hoarders turned in 34 tons of gold, valued at $42 million. In all, $557 million came from what the government calls "fresh money," i.e., cash and gold not previously invested in bonds...
...final $666 million came from investors cannily reconverting other bonds to the new Pinay bonds, which are not only gold-backed but in some cases pay higher interest. The drive was a measured success for France's commonsensible Premier: though France is not yet out of the woods, it seems to be on the right path...
...Pinay, in his own quiet way, went on proving that France's confidence is well placed. Last week, when France's No. 1 political pressure group, the peasant-farmer bloc, demanded an increase in the price of wheat, he bravely said no. If bread prices rise, he argued, the whole delicate mechanism controlling the cost of living will break down. Price hikes mean wage boosts, and France can afford neither. It was the first time since World War II that a French Premier has faced down the farmers-a rare act of political courage...
...defection of the Barrachinistes cost R.P.F. its cock-of-the-walk No. 1 position in the National Assembly. Reduced from 115 seats to 85, the Gaullists now rank as No. 3 after Socialists (104 seats) and Communists (96). For Premier Pinay, the splintering was one more lucky break. Barrachin's group noisily insists that they are still Gaullists at heart, and that they would resist the Schuman Plan and the European Army as bitterly as De Gaulle himself. But on economic issues, about which Pinay cares most, the Barrachinistes would do their best to save the franc. They proved...
...Lucky" Pinay sighed with audible relief. His government is now safe until Oct. 7, when all twelve noisy parties in the National Assembly will be back with a fresh batch of troubles...