Weekly national intelligencer. [volume] (Washington [D.C.]) 1841-1869, 1853-10-29
A NEW BANK OF EXCHANGE.

novel mode Of banking, of effecting exchanges,
has been brought into practice at Marseiles which,
der the management of NJ Bonnard, the inventor has
been found emnently successful induce him to
attempt the establishing of similar in Paris
larger scale.
The object of the bank is to facilitate the exchange of
commodities, by dispensing with money as a circulating
medium in all dealings with this bank and thereby avoid
those losses which often arise the necessity
making forced and untmey sales of property to meet
company formed defnitively on the 10th of Feb
ruory, l849 at Marseilles by NJ. Bonnard under the
title Of the BGnque Eehang starting with only an ac-
tua capital OF 1873 francs and yet at the close of the
hst year had transacted business to the extent OF
434 GA francs yielding nett profit OF I5S francs
notwithstanding the prevalence of the cholera and Sc
we're commercial crisis The second year the capital wa.
increased to 93S francs and at its the transactions
represented amount of 3d. 400 n and the nett profit
was 4S, 1897 FIR.
The third year the capital was 9S 400 FRI the transact
tons at the close amounted to 1858 1924 &c., and the
nett proht was T0c The was thus
pete Similar banks have been adopted at Beauyas and
Vaenciennes and, we have already said NJ Bonnard
is now forming ono at Paris The bank in question does
not correspond to notions of bank where money
alone is exchanged for other moneys deposited 1t
receives depostes Of money 1t has no accounts
rent 1t makes collections of money for itself or for
others, but it simply facilitates the exchange of commo-
dtes by issuing its 6ons fechdng which are payable
in commodities only, but valued in money merely for n
numerical record the valuation being in fixed and even
values.
consist.
IN making purchases and sales commission and Sc
condy 1t allows of temporary credits under guaranty or
otherwise for specific operations which are in progress
and 1t negotates, without guaranty the titles of those
credits For instance manufacturer wishes TO obtain
raw materials for his special industry Surprising him
to be worthy Of credit the bank procures and furnishes
him with the material at fixed price, and receives from
nun IN exchange con echaHg engaging him to deliver
70 bearer at liked price, certain quantity Of the
featured article These IONS dehaRge are used as
ments Of exchange with such other parties MS may want
the description Of articles they are exchangeabe for.
The bank never pays away these Joas except when mme
diately payable.
What wanted from the bank are materials for manu-
acure or articles of consumption or use These il is
the OBJECT oil the bank to have at its immediate command
In the form OF boRs deh0nyc The bank offers these for
sale or exchange with others Any party agree
buy and receive merchandise in request by any parcu
lar subscriber Of these bons furnish them the bank from
which 1t receives the 6ons specially wanted in which pay
meut is made.
The transactions respects price quantity and quail
~ can be made Independent Of the bank which may only
be used as convenient and ready medium for obtaining
an instrument OF exchange Immediately payable Every
transaction carries its liquidation along with it. The
bank only the risk of the subscribers Of these b0ns
dechdn9e becoming nsolycnt before it parts with them,
but when delivered that risk Is extinguished.
The 6ons are subscribed in favor OF the bearer only
receipt by the subscriber of an equivalent The sub
scriber IS thus credited in advance The bank obtains
great variety of these Lons possible and its
depends on the number and variety The bon oblga
ton to deliver Of the producer who has received the
material is exchanged for that Of dealer in the article
produccd the traffic is thus carried from Wholesale to
retail dealers down to actual consumers.
Facilities are thus given for making transactions which
could not otherwise often take place. owing to the ever
varying value of money, that of articles which can be
bought only by money. The ordinary contractons and
expansions Of credits avoided and commodities them
selves are rendered exchangeabe without the aid OF
money. Under thesysem specie or bullion itself, ms well
as public obligations, treated only distinct COM
modities.
The plan has perectlv snocceded in small exchanges
IL has not yet been tried in the great exchanges oil CON-
merce.-New York EUening POST