Treasury Bill

In an all-night session of the Chamber of Deputies, Finance Minister Joseph Caillaux battled in an arduous fight for a bill to relieve the Treasury.

Basing his demands on the fact that the Treasury had to meet more than 21,000,000,000 francs of maturing short-term bonds and that the total note circulation was only 46,000,000,000 francs, the Finance Minister said it did not matter how much fiduciary circulation the State carried in paper currency and how much was in bonds. Accordingly he asked for:

1) Power to control departmental...

Want the full story?

Subscribe Now


Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!