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We have depicted those lines against which discussion about the free was developed

Bank business in France. In addition to it, less attractive, but all Gradual formation became extremely powerful source of this discussion Throughout two followed decades of bases of a credit policy, which From time to time was so rigid that called a stream of criticism to Bank France. This concrete aspect of discussion speaks specific understanding

The nature and the purposes of the bank activity, which basis have been put still in

Years of origin of this business in France. From the very beginning the government

Has imposed restrictions on discount rate changes. To bank Kes it was

It is forbidden to raise above 4 %. The Discount rate of Bank of France was conditionally

It is fixed by the government at level of 6 %, remaining invariable on an extent

The first 6 years until in 1806 this rate has not been reduced to 5 %. The credit policy those years was in dependence, mainly, from Napoleon's claims. In its understanding, the purpose of Bank of France was Crediting of all commercial companies with good reputation under 4 %; it Criticised Bank for insufficient liberalism, and it thanking its insisting

The discount rate has been lowered to 4 % in 1807 It did not vary up to 1814,

When it was established again at level by of 5 %. The impression that the all-round is made

Maintenance of stability of the rate was a policy of Bank: it it is very rare

Changed both in one, and in other party, and in those situations when the Bank found

Necessary to reduce or, on the contrary, to expand the credit, were for this purpose used

Any comprehensible ways, except for regulation of the price raised by Bank

For the credit. [At the time of deficiency it inevitably meant necessity of the strong-willed

Distributions in its this or that form. Operating Bank of France of M.Rulan

(it Rouland) marked in the performance before the Rassledovatelsky Commission

(Commission of Enquiry) in 1865 that when the Bank kept a discount rate on The fixed level, it has been compelled to disregard the considerable Part of demand for credits. Thus, he confirmed, in 1812 was not

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