The Stavisky affair in France was, it would now seem, one of those national crises with which students of French politics are familiar. In cases of the kind, a chronic condition becomes acute. A latent anti-democratic sentiment and a dormant antiparliamentary movement appear to become suddenly aroused. A concatenation of apparently superficial circumstances causes an emergency to exist.

The many persons who, like M. Charles Benoist for example, have for a long time insisted that the inevitable ultimate outcome for a system suffering from a chronic condition marked by periodic crises must be revolution, dictatorship, or reform seemed in February of 1934 to be supported by unusually important facts. In conditions such that anticipation of revolution or dictatorship was prevalent on an exceedingly large scale, M. Doumergue assumed power, as is well known, with the definite understanding that he would direct his efforts seriously and unconditionally towards reform.