BANK. 



237 



Bant. . 9. The 5 per cents, consolidated, acquired by the 

 - v 1 ' 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. 



1 2. 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. 



14. 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. 



18. 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 he shall 

 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 shali go out of office annually, but 

 they may be all re-elected. 



1'he central committee is especially and ex- 

 clusively charged with the direction of the whole 

 operations of the bank. 



24. It is moreover bound to keep an account of 

 euch as partake of the discounts, and to make such 

 alteration in this respect as it shall judge necessary to 

 be made. This statement will serve as a sort of go- 

 ternment for the distribution of discount. 



25. Those persons who may have cause to com- 

 plain, relative to the distribution of discount, must ap- 

 ply for redress to the central committee and to the 



3or. 



26. The censors shall declare the result of their Bank, 

 superintendancc at such general assembly, and say ' - 

 whether the discount regulations have been properly 

 observed. 



27. The actual general council is bound to make 

 the necessary statutes for the internal administration 

 of the banking affairs within a month. 



28. The privilege of the bank is to last for 15 

 years from the 1st Vendemiaire, XII. year. 



29. The directors and censors of the bank of 

 France shall preserve their titles, and exercise their 

 functions during the time fixed by the statutes and 

 regulations. 



30. The Caisse d'Escompte du Commerce, the 

 Comptoir Commercial, the Factorerie, and other asso- 

 ciations at Paris, which base issued bonds, bills, &c. 

 shall not from the date hereof issue similar or any 

 other bonds, &c. but shall take care to call in all such 

 as are now in circulation, previously to 1st Vendemiaire 

 next. 



31. No bank shall be formed in any of the de- 

 partments unless under the authority of government ; 

 and even then shall be restricted to the issuing of 

 notes to a certain amount. The articles 3d, 5th, 6th, 

 13th, 24th, 25th, shall be applicable to the banks of 

 the departments. 



32. No exception shall be made to the sums of 

 accounts current in the privileged banks. 



33. Judicial actions relative to banks, shall be in- 

 stituted and carried on in the names of the directors 

 of the bank of France. 



34. An annual agreement may be made with 

 privileged banks for the stamping of their notes. 



35. And lastly, any persons forging notes simi- 

 lar to those of France or other privileged banks, 

 receiving such notes knowing them to be forged, shall 

 be liable to capital punishment. 



The rules or regulations of this bank are well cal- 

 culated for its security and prosperity ; but whether 

 any institution of the kind can flourish in a despotic 

 country, where the funds are liable to be diverted 

 from their original purpose by the influence of power, 

 is extremely questionable. It is well known, that 

 all mercantile associations derive their stability and 

 credit from a strict observance of the rules by which 

 they are constituted, as the confidence of mankind 

 can be firmly placed only on what is known, fixed, 

 and determinate ; and there are no establishments 

 which ought to be more inviolable than those of bank- 

 ing companies. 



It is universally acknowledged, that arts and ma- Advan- 

 nufactures have been brought to great perfection by tagesof the 

 the division of labour ; and it is equally true, that a Banking 

 circulating medium, by representing property in all s y stcm - 

 its divisions, enables the community to exchange the 

 products of their industry with ease and facility. As 

 the operations of commerce are therefore not confi- 

 ned to the barter of the ipsa corpora, or, the mere ex- 

 change of one commodity for another ; but can be 

 transacted by the subtilty of an active agent, that oc- 

 cupies little space, yet comprehends value to any sup- 

 posable amount, the production of the articles of 

 consumption must be greatly multiplied and varied. 

 The comforts, the luxuries, and the enjoyments of man- 

 kind are thus encreased, and the whole society obtain? 



