Read it from the Fed:
[link|http://www.federalreserve.gov/boarddocs/speeches/2004/200403022/default.htm|http://www.federalre...03022/default.htm]
"Other countries' policies also contributed to a global monetary tightening during 1928 and 1929. For example, after France returned to the gold standard in 1928, it built up its gold reserves significantly, at the expense of other countries. The outflows of gold to France forced other countries to reduce their money supplies and to raise interest rates. Speculative attacks on currencies also became frequent as the Depression worsened, leading central banks to raise interest rates, much like the Federal Reserve did in 1931."
So France, at that time, had a habit of turning gold treasury notes into gold. France had money in the Federal bank, and guess what they did? It is debateable if this caused a panic or at least was a factor in causing a panic.