CONTINENTAL BANKS. On the Continent of Europe there are both private and State hanks. The Bank of France stands second in repute only to the Bank of England. It was founded in 1800, and in 1806 was placed upon an enduring basis. Its original capital was 45,000,000 francs, which was increased in 18013 to 90,0(10,000 francs, and later reduced to 67,900.000 francs, with a reserve of 12,980,750 francs. It has the sole right to issue paper money in France, and enjoys a high degree of public confidence, which it is so anxious to retain, that in 1SSS, when dangerous counter feits of its 1000-franc notes were put into circu lation, it preferred to redeem them rather than, by refusing payment, to impair the general readiness to receive its own genuine paper. The Bank of France has often rendered important services to the French Government in furnishing large and promptly given loans. In November, 1890, during the crisis in the London money market owing to the embarrassment of the firm of Baring Brothers, the Bank of France was able to relieve the pressure on the Bank of England by a large advance of gold. It issues notes of 50, 100, 500, and 1000 francs, and, besides carrying on a general banking business, takes charge of valuables, such as plate, jewels, and title-deeds, at a charge of one-eighth per cent. of the value
of the deposit for each six months. It has various branches or succursales in the chief cities of France. The Banque Nationale of Belgium is conducted upon the model of the Bank of Prance. It issues notes for ,20, 50, 100, 500, and 1000 francs. lu Germany, the Imperial Bank (Reichshank) was established by an act passed in 1875, with the right to issue notes not covered by bullion in the vaults, to the amount of 250, 000,000 marks ($62,500,000) ; while a number of subordinate banks are permitted to issue un cove•ed notes to the amount of 135,000,000 marks $33,750,0001. Notes arc issued for 5, 50, 100, 500, and 1000 marks. The State itself (by an net passed in 1874) may issue 120,000,000 marks in small notes for the general convenience of the public. blic For a more detailed treatment of the banking systems of foreign countries, see articles on those countries.