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France since 1928 has been, strictly speaking, on "the gold-bullion standard," possibly soon to be adopted by the U. S. Gold lover though he is, the French peasant and petit bourgeois cannot (as Dutchmen can) go to the nearest bank and cash paper francs into gold coins. To get gold from the Bank of France he must present 200,000 paper francs (or multiples thereof) and will then receive one or more gold ingots weighing 26.5 lb., worth roughly $8,000 each. To have no gold is in rural France the badge of a wastrel, a blockhead or a lunatic. Normal French peasants keep a number of gold coins (often several hundred years old) in socks, mattresses, crocks or buried. In Paris any Stock Exchange dealer is glad to sell (for a commission) unlimited quantities of gold pieces, just now mostly U. S. gold coins which have been in flight to France for years. Stanch Republicans, the French still call a French goldpiece a "Louis" in memory of their Kings. In Monte Carlo before the War chips were the exception and roulette tables blazed with gold stakes, mostly Imperial Russian gold rubles.
To sum up, Queen Wilhelmina's President Trip said: "The new American Government is acting resolutely but provisionally regarding gold. Complete international restoration of the gold standard is imperative."
* Today the U. S. Government and banks hold one-third more gold than they did at the close of the War and $100,000,000 more gold than at any time in the boom winter of 1928-29. Because of these facts U. S. paper money was exchanged into local currency throughout 'the world last week (even while every U. S. bank was closed) at rates proving marked foreign confidence. In Paris, where $1 has regularly brought 25 and a half francs since the franc was stabilized it brought by the end of the week 25 francs flat.
* Georgius V, Dei Gratia, Britanniarum Omnium Rex, Fidei Defensor, Indiae Imperator: George the Fifth, by God's Grace, of all the Britains King, of the Faith Defender, of India Emperor.