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Thus, meant more likely crash of regional banks, rather than them Revival, and the same year they have been compelled to agree for merge with Bank of France that was in almost unique way accessible to them
To avoid a complete liquidation. So, on the basis of two governmental decrees,
They became branches of Bank of France which, in turn, has added
The issue resolved by it to the lawful maximum.
The events which have followed right after 1848, also throw light on submission
Bank to an ox of exchequer. Up to decree acceptance about which it was told
Above, the government never imposed any restrictions on volumes
Issues. It was content with Bank obligations about payment on the first
To the requirement, and also prohibition by the government of banknotes of small face value.
Now, when both these terminators did not become, the government as we saw,
Has established such limit. The government, nevertheless, always showed
The readiness to lift this limit if that appeared a hindrance for
Exchequer crediting. Difficulties which the Bank has faced at
Performance of the obligations on the payment, serving by all recognised
The reason of legalisation of its bankruptcy, nevertheless lasted, from the point of view of it
Private commercial obligations, rather not for long, and the Bank has soon shown
Readiness soon to renew payment of cash. However crediting scales
Government bank continued to undermine stability of positions of Bank. In June
1848, and then in November, 1849 the government has entered into with Bank of the agreement,
According to which the Bank was obliged within two-three next years
Regularly to give to the government loans of the fixed size. In the end
1849 the Bank has obtained the permit to expansion of the issue to 525 million
Francs. By then Bank, possessing rather big reserves of the precious
Metals (about 400 million francs), has already started to overcome restrictions on
To release of the banknotes also would renew payments much earlier, if not
The governmental loans. At preservation of former demand from outside
Exchequers reserves of cash in Bank, in its opinion, would appear
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