St. Johnsbury Caledonian. [volume] (St. Johnsbury, Vt.) 1867-1919, 1893-05-18
THE BANK or FRANCE.
written for the cALEuoNlAN.l


changes or mislortunes of the nation
may be said to have gained, by rea
son of it's admirable management
in strength and vigor, from year tt
wear, until it stands incontestabl,
the foremost bank of the world. 1t
central Offices may be found at Paris
not far from the Bourse, and the gen
eral post Office, in an old palace
erected in 1920 by the famous
architect, Mansard, for a Frencl
duke. At the time Of the Revolution
of 1889, it was the residence of the
admired and accomplished Princess
de Lamballe, >he devoted and un
fortunate friend of Marie Antolnette
and a victim under most revolving
circumstances of the frightful massa
ores Of the ID of September, 1892.
Only a few score yards from this
palace, in the Rue des VieuX-Augus
tins, Charlotte Corday found lodge
ment after her arrival in Paris, for
the little time elap5ing before her
memorable visit to Marat and her
subsequent trial and death. About
equally distant from the bank in an
opposite direction, in the garden OF
the Palais Royal, Camille Desmou-
Inns aroused the people to the des-
perate, but successful attack upon
the Bastlle, July IA, 1889, and thus
preclpitated the French Revolution.
The Bank of France was organized
in 1903 under a law which gave it
exclusive right to issue notes until
the year 1867. Ten years before the
expiration of this charter its lease of
life was extended forty years to Dec.
31st, 1897.
For the past forty-fve years,
many of the independent banks of
the nation have been uniting with
the Bank Of France, until now the
branches are 25S in number. The
capital Of this bank includes 1872, 800
shares of a par value each of$193.O0.
In January, 1891, its metallic reserve
amounted to more than $455, 000,-
900 divided in value about equally
between gold and silver; but on
January list, 1893, its gold reserve
reached the handsome sum Of S341.-
100000.
1t has nearly 21,OOO,OO0 notes in
circulation of a value of over $780,
100000. In the year 1890 its gen.
eral operating reached a value of
1854, S76, 209; but its discounts
alone represented $1,771, 1903, O09
Of this sum. In one year securities
to the value of 6,7174OO were
placed for safe keeping in the vaults
of the central house at Paris and of
the branches at Marseilles, Lyons
and Bordeaux; but $S25,O00,0OO
represents the sum of all securities
on deposit at one time during the
same year. The transfers of all
kind at the Paris bank reached
volume truly colossal, an almost
fabulous sum. We may well hesitate
and read again; but the account in
forms us that in one year it amount
ed to the enormous figure of Sill
694, 6S3,SS1 90. OF the branches
the years business of the Lyons
house was OF the first Importance;
and then followed in order the bust
ness of the branch houses at Bor-
deaux, Marseilles, Lille and Havre.
The years advances to the state
amounted to $27020,00O. Two
loans, one of $11,5S0,000 at three
per cent, made in 1857, and one of
$17,177000 at one per cent, uego-
tlated in 1878, represent further
Indebtedness OF the Republic of
France to this institution. Neither
of these loans will be called in prior
to the year 1920 The discount rate
OF the Bank of France for ten years
has averaged less than that OF either
OF the banks OF England, Germany,
Austria, or Italy; while it NAV be
SAID to regulate the rate of discount
OF other banking houses throughout
the Republic The foregoing has
been gathered from an annual state
ment OF an institution which has in
ITS vaults more actual money than
five OF the largest banks of issue, in
Europe, combined; namely, those of
England, Germany, Belgium, Aus.
tria-Hungary and Italy.
In the month OF November, 1890,
London, the commercial centre of
the world, trembled upon the verge
OF financial crisis, a great house
had been forced to suspend, every