ABSTRACT
What, then, has determined and will determine the value of the franc? First, the quantity, present and prospective, of the francs in circulation. Second, the amount of purchasing power which it suits the public to hold in that shape The first of these two elements … depends mainly on the loan and budgetary policies of the French Treasury. The second of them depends mainly … on the trust or distrust which the public feel in the prospects of the value of the franc.
