Another 20 million francs' worth of gold had been cycled in and out through shills arranged by Laffitte, so it had not affected the reserves at all.
The remainder consisted of exchange applications held under the Remote Transfer Clause; no gold had actually been paid out.
Thus, while the books appeared to show that the French Government had exchanged over a hundred million francs in gold, the actual amount paid had not breached the French Reserve Bank's gold reserves.
Then Joseph let the Italians enter the fray.
Ross slapped his thigh and told his reporter, "Simon, write this: 'France faces a run on gold, totaling over a hundred million francs, yet the financial market remains stable.' This news will definitely catch people's interest!"
The foreign reporters nearby all lit up at those words.
Since they had come all this way, they had to bring some news back.
Just then, people from the Paris Futures Exchange posted another notice on the wall.
Ross instructed Simon to take a look.
The latter pushed through the crowd, then quickly returned and said to Ross, "Huge news! The French Government has announced that all transactions involving cane sugar will no longer accept payment in gold."
Before Ross had even recovered his wits, the last two hundred or so people still waiting outside the French Reserve Bank to exchange for gold scattered in a roar.
From now on, cane sugar could only be bought with francs. They really did need to keep some paper money on hand.
The citizens in the square grumbled indignantly, "Those damned financial experts—no, swindlers—actually said the government would refuse to exchange gold."
"The French Reserve Bank has exchanged more than a hundred million francs in gold. The government is very trustworthy."
"I told you, how could the franc possibly have