Daily intelligencer. [volume] (Wheeling, Va. [W. Va.]) 1859-1865, 1864-04-23
A pnif9rniSH 94.all !onfEe noy.
Prom tie PhiiSdsibbia Pte
TIE Bank OF France was establisbed i,

From tie iGii6dsibhi Pt4
The Bank Of France was established i,
1909 lis chartst gassA.i9 thk Ce4ciusty,
privilege of issuing bills payable to tb
1 bedret Tor 6fteen years.9 In 1e4sY i ifey
EdepSrtmedtar banks had ,been created, and
were in existence; but by a decree of tb,
Republic, made in April Of that year
these were comp slied 90 fbecbme branche e.
Of the National Bank 10 which, and TO. it.
bsRpS sIln ne 6Sipces, fhe r5kht 10 iis
Is9s bank note i'd Our meani6 81 sihe
words, was, and ,coutinues to be, restricted
The Eesplr,is 9 p,spsF cqgsepsy of uniform
value throughout the Empire, having this
necessary inland xctadge upon bills re.
I deenRhle a ei Cnnsid derabL bLe tlistsnce from
Il Che sBlAce4 81 ttl bllit, j 8 iise ~
notes are not receivable for taxea and
tcustoms duties.
The Bank is The fiscal agent of fthepeov-
'ernment, carries an account cutreut5Sitb
the Treasury of above Que hnndreds and
fifty millions Of francs, regularly makes
advances upon the accruing taxes, and
holds ACKNOWLEDGEMENTS to more than
the nominal amount Of its capital. Itiis
essentially aGoveftment Institution. The
Emperor appoints It's Governor and Dep.
uty Governor, the directors, only being
elected by .its stbckholders. u
The Bauk of E0glaud In like manner.
and TO equal effect, is a Government agent.
Eleven of the fourteen, millions of its
capital arc permanently invested iu ma !.
ttonal securities. It holds the cash of the
army aud navy, adHnceslvery largely bp!
on the taxes and exGises, receives the cash
payments of the customs, manages the
national debt, CONTACTS abe Government
loans, and pays the interest 10 the hold
ers. Under the present charter, granted
IN 1914, the Government is pledged to
grant no charters thereafter to other banks
of issue, and allows The Bank to com
pound with such7of the existing banks ns,
are disposed to surrender the privilege of
issuing circulating notes; intending that,
as soon as such charter expire, the excln
stve privilege of issuing currency sbail be-
secured to the, national institution. EngLs
land hasla1deAr bought experience of the
Brierian system ofTmepey. uiaking curpo.
rations,. sthOusa R1slim6Gd0 BeadIess and
heartless, which hssiits CORRESPONDENTS in
our own history. She carried on her
wars with the Freach Republic, Napoleon
aud the United States upon an irredeem.H
able rfelEfehdy.
10 thel6ys yeara Immediately following
the battle of f:atefloo, one hundred OF
these Corporations went iutio Sban ktuplcy-
aud in the years 1924 Band, 6tiniuety mors
ofthem sRamped 10 The excess of their
circulation, the ruInols discounts which,
they had cost TO, the shoideIs@ while they
circulated, amounting 10 mora, than their
pretended value, II nd Whatawds left of their
nominal-yalle. sipking into nothing iu The
hands of those Who last held then. A
COUNT sdepepding 80 EBsly and So deli
,cately s1Pou ttS com mercial s0phdneSs as
England, could endure sucha 'system no
longer, and The monster mubsis loomed ir-
'retrteVably.s The currency Am4nnfacture,
SO long heterogeneous, Irresponsible and
ungOveEnable, is replaced by money sys-
TEN which represents the accountability
and resources of the whole people! s :
This is the tendency OF The TINES. Com.
munittes far, enough advanced from the
primitive form OF exchange by direct barter
to rsqWreia system relieved OF its i1cOu-
Veniences, necessarily look for agencies
which. With equal security, may carry on
their dpmesttc commetcethfouRhre represen.
.taIlve mediums at once the cheapest, quitkLy
est, and Ssafest- whichSt ygcE0s sdetiSe.s la
stead Of exchanges of values in Substance,
they aim at etfectiug pay yments aud receipts
ny "set Oh" Needing only to receive and
pay the balance Of THE genetkT dealings,
they must have cieariug .h6uses, Of which
every ban Is of. discount and deposit is AM
example in miniature.
4 SaVages cannot strusg saRChs ,ot ther;5eivil.
lied men must trust somebody or sone.i
thing TO nearly the whole amount of their
dealings. AT fret they employ banks nudi
bankers in the service. These receivelthe
values In course OF. exchange in money and
creditsi set them of against. each other
upon their books, and pay over the bal.
ances resulting to tier customers; or, at
least, this is their proper Office But, IN.
happily, their agency, especially where
they are also banks Of Issue, and make
payments. IN their own notes, has ever
proved emlnently insecure. always expeh-
stVei aud often worthless. Abetter, ,ipstru-F
mentality Is the necessity of our stage of
civilized commerce. The repssseutatives
OF wishes whtdnl Ne need must have the
character of thAt which E3Rhnd and
France have go nearly attained. The faith
of the nation must replace the faith Of corr
poratiousss The soYereignty which stamps
and aCUredilsthe coin Of theicountrysmGst
draw within its guardianship the enttFe
currency, aud warrant aud defend It's yaIns,
TO alliwho. are asked or compelled to nssift.
The United States national ebanking
system just now initiated, is the very iitst
that we have made To ,reeulAtet
the value of the money of the country
At the very outset 1t has demonstrated lis
ggEsf no effect qpif unity land teqnafty OF
tp1S baahgs valdsatj az tostbe abfts Issued
by the Treasury, without respect to the
place OF issue, or the chatacter of the in.
stitutions atissue Is, aud Above the mar
ket rates OF al other bank paper, except
in the nearest 'hetghborhood of their rts-,
pestlyeaoe oealIops.s lAt ist shopLs every ma
IS dB8s :. sa,. ass
per cent! against Philsdelphia, and at ]
per cent. as4inst q New York! The brieesi
current Of Bpstop, Nov Yorks andyP6iial
deiPhia show he same thing. Thus these
notes of the national banking. system have
achieved the prime REQUISITE of a currency,