Evening star. [volume] (Washington, D.C.) 1854-1972, June 15, 1958, Image 14

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Evening star. [volume], June 15, 1958, Page A-14, Image 14
About Evening star. [volume] (Washington, D.C.) 1854-1972

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Evening star. [volume] (Washington, D.C.), 15 June 1958. Chronicling America: Historic American Newspapers. Lib. of Congress. <https://chroniclingamerica.loc.gov/lccn/sn83045462/1958-06-15/ed-1/seq-14/>

Newspaper Page Text

A-14
THE SUNDAY STAR, Washington, D. C.
SUNDAY. JUNE IS. IMW •
DeGoulle Tells French
To Lend Buried Gold
Continued From First Face
stored by declaring grandly
that France is again great. But
fiscal experts are not so sure.
Here's how they describe the
situation:
France Grows Rich
France as a country is rich
and rapidly growing richer.
In eight years of boom, its
national product has gone up
45 per cent, considerably more
than America’s, while her pop
ulation has risen only 7 per
cent.
The boom is still on. The
American recession has had
only slight indirect effqct on
France.
But a fair share of the profits
from this boom do not go to
the government. The average
Frenchman puts his savings
After You've Seen Them All
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Weekdays Coll JA. 5-2503
t into gold coins and buries them.
This gold is lost to the econ
[ omy and lost to the tax col
lector.
> The government gets soft
francs, not hard money. The
Frenchman traditionally puts
his faith in his little gold
i hoard. He believes It retains
■ its value while the franc sags
> and he knows he can dig it
> up and take it with him if the
P catastrophe he always seem*
•to expect occurs. Also, the
r hoard is tax free.
. $4 Billion in Gold
1 ! It Is estimated there is about
1 $4 billion in gold hidden in this
s way. And another $5 billion
3 to $6 billion In gold and dollars
e is held by individuals and cor
s porations outside France, also
las a hedge against the French
[future and the tax collector.
The government Is holding
nickels and dimes In compari- i
son. The exact figures on i
French hard money and gold
reserves are not made public, j
but It la reliably estimated the i
; government now has only »200i l
million on hand or easily ob-1 :
tainable. Spending la exceed- I
lng income at a rate approach- 1
ing SIOO million monthly, so 1
cash will hold out Only until 1
mid-August. 1
In August, the Government
can still meet commitments by '
borrowing from the Bank of 1
France. But bank gold and '
'dollar reserves are only good I
for another five months.
By any sound fiscal standard l
none of this money should be 1
considered spendable. France 1
has many outstanding debts
that should be secured by these <
meager hard money holdings.
If the Government could get
its hands on gold salted away
In * mattresses, under apple
trees and in Swiss banks.
France could live as she is for
another 10 years. General de
Gaulle's announcement this
weekend of a public loan drive
la an attempt to get hold of
these hoards.
S4-Year Bonds
He told a French television
audience he is floating long
term, 54-year bonds carrying
3Vi per cent interest. They
would be tax free, completely
negotiable with an unregistered
par value pegged to the price
of the gold “Napoleon.”
A hoarder will be able to dig
up his pot, carry it anony
mously to the bank, buy bonds
and keep them—even leave
I them to his children without
tax or government recognition
that he owns or is spending
anything at all. Frenchmen
vyho have hidden assets abroad
contrary to French law can
bring them back without the
[legal 25 per cent penalty and
“discreetly,” as Mr. Pinay says,
turn them into these bonds.
At the same time Mr. Pinay
[is trying to discourage traders
; who are speculating against the
franc. In effect these specula
tors see to it francs are never
| changed for hard money except
when the franc is exception
| ally weak. Right now the franc
sells on the free International
market for around 440 to a
[dollar (the legal rate.is 420).
Traders aren’t trading now but
are waiting for 460 and dream
ing of last years 500.
Mr. Pinay says confidence in
■ the franc will stop this specula
tion. And confidence plus the
legal tax dodge will bring in
gold and dollars.
Day of Reckoning Due
But even if confidence is re
stored, a firm franc and new
[reserves will only postpone the
day of reckoning. For France
'still will be living outside her
large income.
Stability will come only with
I economy. Both economy and
confidence could come with the
end of the Algerian War.
But the war cannot be ended
unless the army and the Mos
lems are satisfied,
j Even if war is ended in some
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graceful way, France win face
a new danger: recession. The
boom la baaed In part on Al
gerian spending. If war enda,
the economy would slump.
Austerity Net Planned
So the government plana to
spend on a large development
| program there to keep the boom
going and also to please the
army and the Moslems. A real
austerity program la not con
templated at home or In Al
geria.
Thia doesn't please those
economists who point out that
France really needs a recession
with high unemployment and a
price drop In order to adjust
its national finances and then
go forward on a sound basis—
and really earn the confidence!!
of world traders.
The only sure thing is that
Gen. de Gaulle’s financial ma
nipulators must act fast. France
Is going broke.
LABOR
Continued From Tint Page
ers Jost on two other attempts
to provide for recall of officers.
Senator Knowland's defeat
apparently crushed the drive
by conservatives to stiffen the
bill proposed by the labor com
mittee.
Stnator Kennedy, who was
managing the labor committee’s
bill, seemed to have the situa
tion under control with a loose
bipartisan coalition of liberals
and moderates. In three long
days of debate, no amendment
opposed by the Massachusetts
1 Democrat has been adopted.
Reject Stiff Penalties .
1 Yesterday afternoon, the
: Senate rejected President Ei
-1 senhower’s recommendation to
1 stiffen penalties against unions
1 that refuse to file financial re
-1 ports with the Gotftrnment.
1 They would have lost the serv
• ices and protection of the
National Labor Relations Board.
' Earlier yesterday, the Senate
s rejected President Eisenhow
; er’s recommendation to stiffen
' penalties against unions that
r refuse to fllfe financial reports
t with the Government. They
■ would have lost the services
' and protection of the National
1 Labor Relations Board.
1 After this defeat on a 53-to
-30 roll call, administration
I spokesmen gave up most efforts
• to write controversial amend
ments into the bill. They of
-1 sered only relatively minor re
- visions which Senator Kennedy
® was willing to accept.
i Senator Knowland and other
conservatives, however, con
tinued to go through the mo
tions of offering more stringent
- amendments than the adminls
v tration proposed. Despite the
e apparent futility of their ef
e forts to loosen Senator Ken
r nedy’s grip, they hoped to
sharpen a major campaign
ti issue for next fall.
I Hits Mitchell Proposal
While agreeing to a batch
J of revisions Labor Secretary
- Mitchell claimed were neces
sary to correct defects in the
e committee's bill. Senator Ken-
nedy scoffed at them as “In
significant and nlcayune."
Byway of illustration, .he
noted that one of the admin
istration's amendments pro
vided for furnishing free copies
of union reports to State agen
cies instead of charging a small
fee.
Republicans, however, main
tained Mr. Mitchell's amend
ments were Important and con
tended that adoption of some
changes vindicated the Secre
tary’s attack on the commit
tee’s bill. Though (till dissatis
fied, they claimed credit for
Improving the legislation.
Senator Kennedy also ac
cepted, and the Senate adopted
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gtX>iecht)A :
V \ CO. / V ;
by voice vote, an amendment
by Benator Bush, Republican of
Connecticut, to prohibit loans
over 51.600 by unions to their
officers.
Senator Knowland argued
for his referendum amendment
as a “tool to help the members
clean up” corruption In their
unions. Labor leader* oppose
incorporating the referendum
idea into Federal law on
grounds it would lead to har
assment of unions and insta
bility In labor-management
relations.
Benator Allott. Republican of
Colorado, contended the de
feated administration amend
ment on union penalties would
tigive rank and file members an
f (“incentive” to kick out corrupt
s officers. But Senator Cooper,
r Republican of Kentucky, in
sisted it would be unjust to
I punish members of the mia
t deeds of their officers.
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Evening star. [volume], June 15, 1958, Page A-14, Image 14
About Evening star. [volume] (Washington, D.C.) 1854-1972

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Evening star. [volume], June 15, 1958, Page A-14, Image 14 About Evening star. [volume] (Washington, D.C.) 1854-1972

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Evening star. [volume], June 15, 1958, Page A-14, Image 14
About Evening star. [volume] (Washington, D.C.) 1854-1972