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M. Clementel had no sooner finished his exposition than it

became clear that lie had aggravated rather than decreased the general anxiety about the finances Of the country. M. Francois-Marsal declared that the real cause of the deplorable situation was a want of public confidence. The peasants would not have hoarded unless they had felt that their money was safe only in their own keeping. M. Herriot (who was in the Chamber) was sent for, and directly he entered the Senate he said that it was a mistake to have brought the question of the new issue of notes into the discussion of the Budget. M. Clementel naturally felt that he had been disavowed by his Chief, and the inevitable result followed. He resigned. He was succeeded by M. de Monzie.

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