374 Jones—Relation of Economic Crises to Legislation. 
(1806) at the same time brought the bank more closely under the 
control of the government. The governor and two assistants were 
to be chosen by the Emperor. The dividends were limited to 6 per 
cent, witn the privilege of dividing two-thirds of the surplus 
remaining above this. In 1834 the undivided surplus was 
limited to 10,000,000 francs. Since 1874 this has stood at 
8,002,314 francs. According to the law passed in 1808 the bank 
was allowed to establish branches, and between 1817 and 1838 
nine such were founded in various cities of France. The recog¬ 
nized connection of the bank with the public finances led to 
considerable distrust when the invading armies entered France 
in the winter of 1813-14. A restriction of redemptions to 
500,000 francs daily was allowed but full payment was resumed 
in April, 1814. 
In 1820 the 67,900 shares then in existence were fixed not to 
be changed in quantity except by law. The charter which had 
been renewed in 1806 to extend to 1840 was in the latter year 
continued to 1867. 
In 1848 there came, however, the legislation which marked an 
era in the history of the bank. The revolution had pressed heav¬ 
ily upon the Bank of France and its branches as well as upon 
independent private banks in various parts of France. The pro¬ 
visional government was obliged to consent to a restriction of 
specie payments. The issue of 100-franc notes was authorized, 
the smallest denomination allowed before being 200 francs. The 
privilege of this issue was given to the provincial banks in com¬ 
mon with the Bank of France, but their several notes were to be 
receivable, though outside the city, yet only within the depart¬ 
ment, in which the bank was situated. The inconvenience of 
this showed itself so powerfully that in April and May decrees 
were issued which finally absorbed the nine independent banks, 
then in existence, into the Bank of France, adding these to the 
fifteen branch establishments already connected with the bank. 
The issue of notes in France was then definitely made the ex¬ 
clusive right of the bank. The capital stock was again increased 
1 These were the independent banks-of-issue at Rouen, Lyon, Havre, 
Lille, Toulouse, Orleans, Marseille, Nantes, and Bourdeau. cf. Wirth, 
‘ Grundzuge,” Bd. III., p. 99. 
