GIPE-PUNE-OIIOI2 - DSpace@GIPE

AND THE BANQUE DE FRANCE 55
The operations of these 8 banks of issue can be
gauged from the following figures (in millions):
Year
1841
'1846
1847
Cash Bills Notes
30 51 .63
44 77 86
42 85 90
The proportions observed by these departmental or
district issue-banks could stand competition with that of
the Banque de France.
The year 1848 is important as having closed what
may be described as the preparatory first chapter in the
history of French Note-Banks. For the first time the
principle of maximum circulation was adopted (350
millions, March 15. It was decided to publish balance
sheets every week. Besides, all the nine banques departementales
were absorbed by the Banque according to the
decrees of April 27 and May 2,10 which, further, raised
the combined capital to 93,250,000 francs and fixed the
maximum note-circulation at 452 millions.
The Principle 0/ Maximum Circulation in France
(1848- J 928)
The limit to the volume of notes that might be issued
by the Banque de France is a special feature in
issue-banking
10 Lois et atatuta qui regisaent. la Ban que de France ·(Paris, 1926);
pp. 69-71, 72-73, 77-81, 82-83.
The ninth ban que departementale is the one at Orleans which about
this time possessed' 1,000 shares valued at I million franca. This was the
smallest of these district note-banks.