It is unnecessary to pursue our inquiries, as to the banking establishments of the French, through the ] period of the revolution; as a new and important in stitution for that purpose, under the sanction of the Imperial Republic, has superseded all others in France.
The regulations of this bank were decreed by the law of the 24th Germinal, year XII. (1801), and are as follows : 1. The association formed in Paris under the title of the Bank of France, shall have the exclusive pri vilege of issuing cash notes upon the conditions men tioned hereafter..
2. The capital of the bank shall consist of 4.5,000 shares, at 1000 franks per share, (:e1,800,000 ster ling, at 25 franks for 20s. English) as primitive ca pital, subject to increase through the medium of re served funds.
3. The bank shares shall be filled up with the name of the holder, and not be made payable to the bearer.
4. The amount of each share shall not be less than 500 franks.
5. The bank shall discount bills of exchange, notes, or bonds. The bank, however, shall not carry on any kind of commerce except in money matters ; neither shall it discount any but such bills, &c. as it shall dam good, or conceive real value to have been given for.
6. Discount shall be charged in proportion to the number of days the bills, &c. shall have to run.
7. The being a stockholder shall not be consider ed as bestowing any particular right to, or exemption. from, discount.
8. The annual dividend, computing from the 1st Vendemiaire, 13th year, shall not exceed 6 per cent., and shall be paid half yearly. The benefits over and above the annual dividend shall -be converted into funds of reserve in the 5 per cents. consolidated. The dividends of the last six months of the year shall be regulated according to ancient usages of the bank. The dividend for the year XII. shall not ex ceed 8 per cent.
9. The 5 per cents. consolidated, acquired by the bank, shall be entered in its name, and shall not be sold without its authority during the term of its pri vilege.
10. The repre—ntation of the whole of the stock holders shall be vested in 200 persons from among themselves, who shall form the general assembly of the bank.
• 11. The 200 stockholders, who shall compose the general assembly, shall be such as the bank shall deem fit for that purpose ; and the preference in choosing shall be given to the oldest stockholders.
12. The general assembly shall be convoked each year in Vendemiaire, and shall be obliged to meet on other extraordinary occasions.
13. The members of the general assembly shall assist and vote in person, and shall employ substi tutes. Each member shall have but one vote, what ever number of shares he may hold.
1•. No person shall be eligible as a member, un less he actually be a citizen of Paris.
15. The affairs of the bank shall be managed by 15 directors, and superintended by three censors cho sen from the body of the stockholders by the general assembly. The censors and directors shall form the general council of the bank.
16. The directors and censors shall be annually changed.
17. Seven directors out of fifteen, and the three censors, shall be manufacturers or merchants who hold bank securities.
IS. There shall be formed a discount council, composed of twelve members chosen from such of the stockholders as are engaged in commerce in Paris. These twelve shall be nominated by the three censors, and shall annually be changed. The members of the council shall manage the discount concerns, and shall have a deliberative voice.
19. The directors, censors, and members of the discount council, who go out of office annually, may be re-elected.
20. The services of the directors, censors, and members, &c. shall be gratuitous.
21. The council shall nominate a central com mittee, composed of three directors, one of whom shall be named president ; and in this character heshall preside over the general assembly, the general coun cil, and all the committees at which it shall be deemed necessary for him to assist.
22. The president shall hold his office for two years. One or other of the two remaining members of the committee shall go out of office annually, but they may be all re-elected.
23. The central committee is especially and ex clusively charged with the direction of the whole operations of the bank.