372 Jones—Relation of Economic Grises to Legislation. 
of bank note issue introduced into England in 1844 and the con¬ 
test over the privileges granted to the Bank of Prance, have 
given rise to as important discussions as any in the history of 
money. From these have come a most valuable part of the body 
of knowledge in existence upon that subject. 
In the following section therefore under the heading of Bank¬ 
ing Regulations are ranged the theory of a single bank of issue, 
and the directly opposing one of competing banks of issue, also 
the discussion which arose as to the operation of the Peel Bank 
Act in England. 
The second heading, devoted to general legislative provisions 
effecting business, in so far as these have been involved in the 
discussion of economic crises, embraces such topics as the 
validity of contracts, corporation and joint-stock businesses, the 
legal status of the stock-exchange, bankrupt laws, etc. 
BANKING REGULATIONS. 
I. A Single Bank of Tissue. 
When Napoleon became first consul of the provisional govern¬ 
ment set up upon the overthrow of the directory at the close of 
1799, he proceeded, at once, and in so far as his authority gave 
him opportunity, to carry out a general plan of internal reform. 
After the peace of Luneville and Amiens and the formation of 
the Concordat, he summoned to his councils the ablest men in 
all departments of knowledge. A thorough reconstruction of 
und dem oibrigen Europa gefunden werden konne.” Dr. Lorenz v. Stein 
in“Der Tresor” (weekly newspaper), June 12,1872. 
Speaking of a normal flow of money from country to country, and the 
maintenance of a general level of prices Neuwirth says: “Von diesem 
heilsamen Prozesse, ohne welchen die Wiederkehr von Krisen im all- 
gemeinen, namentlich von solchen localisirten Charakters, eine un- 
gleich haufigere ware als wir thatsachlich zu beobachten Gelegenheit 
haben, sind wir in Oesterreich-Ungarn vollig ausgeschlossen, die Aus- 
gleichung localen Geldbediirfnisses durch international Dazwischen- 
kunft kommt uns nicht, wie den Anderen zustatten.” “Speculations- 
krisis von 1873,” p. 373. 
Note.—T hroughout this paper the italics occurring in quotations are 
those of the original writer. 
