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du 24 Germinal an XI), granted to Bank of France the exclusive privilege on Issue activity in Paris, has disposed about withdrawal to the defined
To date of banknotes of banks, before possessing the right to issue, and also has imposed
Interdiction for creation of banks of issue in a province except for cases,
Co-ordinated by itself which has assigned to itself of the right not only on
The permission of any issue activity, but also its establishment of the maximum
Limits. A pretext for acceptance of such decision became insignificant financial
Crisis of 1802 though then nobody has shown to freely competing banks
Any charges about it.
From the very beginning of the existence the Bank of France was in conditions
Constant pressure from outside Napoleon. In 1804 between Napoleon and
Bank the dispute called by unwillingness of last to give in an exchange has inflamed
On securities of the government the credit under the price favourable to Napoleon. Under
Napoleon Bank's pressing nevertheless has given out the excessive credit and has let out banknotes
More than could provide with reserves available at its order.
Superissue, together with widely extended hearings that Napoleon,
With a view of maintenance of military needs, has sent Bank reserves of the precious
Metals to Germany, have put Bank in a difficult situation next year. Bank
Has been compelled to suspend partially payments, and its banknotes have gone down in price on
10 - 15 %. Napoleon has assigned fault for it to Bank, having disposed to put
It in even big dependence on the government. According to it, in 1806
It has given to the state the majority of votes in administration of Bank,
Having replaced Committee selected with shareholders on appointed the head of the state
The managing director and its two assistants.
The subsequent large loans to exchequer in 1813 in a year once again
Have led to a partial suspension of monetary payments. It has created soil for
The large-scale criticism and, besides, has played a role in turn of the public
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