GIPE-PUNE-OIIOI2 - DSpace@GIPE

54 THE RE-MAKING OF THE REICHSBANK
the German to be very conservative. For, the Banque
de France was not circumscribed in the matter of noteissue
by any regulations relating to the cover. Not to .
speak of the principle, "no gold, no note," even the
simpler "no cover, no note" was unknown in the French
currency legislation, say~ from 1800 to 1927.
Some of the early years of the Banque de France may
be envisaged in the following figures in millions:
Cash Bills Notes
1812 {beginning} 114 15 117
1814 {18th Jan.} 14 31 38
During the critical period of 1846-1848, the actual
situation was as follows:
Cash Bills Notes
1846 {end of Dec.} 71 188 258
1847 { } 107 157 233
"
Even without law, the proportions of cash to "the
notes held by the Banque were not unreasonable even by
the modern standard.
During this period 8 different note-banks were
established in different parts of the country. The monopoly
of the Banque de France was thus challenged. The
dates and localities are indicated below:-
It. 1817 Rouen 5. 1835 Marseilles
2. 1818 Nantes 6. 1836 Lille.
3. 1818 Bordeaux 7. .1837 Havre
4. 1835 Lyons • 8. 1838 Toulouse
The business conducted by these institutions ran
according to the strict regulations of their ·respective
charters.