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MISCELLANY

Monetary S ystems and Approximate S tocks of Money, in the Aggregate and P er Capita , in the P rincipal Countries of the W ontD, D ecember 81, 1906.
S to c k o f g o ld .
M one­
ta ry
s ta n d ­
a rd .

S to c k o f s ilv e r .

M o n e ta r y u n it.

In banks
and p u b ­
lic tre a s ­
u rie s.

I n c ir c u ­
la tio n .

T o t a l.

Thunsa n d * .

C o u n try .

P o p u la ­
t io n .

Thous a il dn.

Thousa n d s .

Thousa n ds.

Thou sand s.

8127.4(H)
5 105.31 HI
rf9 ,7(H)

8698.7(H)
5105.3(H)
rf24.700

8610.8(H)
5119.3(H)
rf 125.8(H)

$1 8 .6 6
4.32

88.18
2.13
3.43

$7.15
2.41
17.47

833.99
10.74
25.22

4,800
5.8(H)
44.HHI
295,200

5110.4(H)
5 62.4(H)
5 196,41HI
e 18.1HHI

514,600 5125.IHH)
562.4(H)
(c)
5 290,300 5 486.7(H)
rf 318,400 c rf 337,3(H)

<c)
(c)
(C)
5603.800

510.000
56,700
5116.8(H)
(c)

510, (HH)
56.7(H)
5116.8(H)
5603.8(H)

(c )
572.5(H)
5116.8 (H)
5.48.9(H)

26.04
10.76
11.03
1.14

2.08
1.15
2.65
2.05

12.50
2.65
.13

28.12
24.41
16.33
3.32

7.7(H)
5,400

546.4(H)
50IHI

515,000
(c )

561.4(H)
56(H)

520. IHH)
57,(HH)

520. (HH)
549.000

(c)
522,200

7.97

2.60
9.07

8

4.11

10.57
13.29

4.0(H)
1,0(H)
2 ’ *>00
11 2(H)

5 7.2(H)
5 38.2(H)
522,600
d 7.:HH)
(/5.1(H)
5520.1(H)
5145.7(H)
5 5.4(H)
51.IHH)
5215.500
5 73,3(H)
(/ 8 .UH)
526.700
58.3(H)

(O
(c)
(c)
d 132,7(H)

57.2(H)
5:iS.2lH)
522.61 HI
d 140.(HH)
(/5,11H
)
5926.41H)
51.030.3(H)
55.6(H)
51.(HH)
5215.5(H)
580. KHI
d 40. IHH)
5 45.9(H)
58.3(H)
58.6(H)
520.7(H)
5939.4(H)
52.2(H)

52,200
d 5.000
56.1(H)
515. (Hill
</400
563.7(H)
5219.7(H)
(c )
51.5(H)
53.4(H)
5 48.2(H)
54.0(H)
54. (HH)
53.11H)
533.41 HI
5(HHI
577.1HHI
53.200

53.2(H)
rf5.(HHI
5 6 .1(H)
515.IHH)
3400
5411.1(H)
5219.700
51(H)
52.5(H)
531.7(H)
548.2(H)
556.8(H)
552.6(H)
53. HR)
5 33.41 HI
5600
577.1HH)
53.2(H)
544.5(H)

52, (HH)
(c )
510.7(H)
(c )
312.7(H)
5269.2(H)
5267.1(H)
542.6(H)
57,600
5150. IHH)
596.9(H)
551.2(H)
557.8(H)
5 7 ,IHH)
561.2(H)
527.6(H)

1.80
23.88
8.09
12.50
1.82
23.57
17.(HI
2.33
.71
6.39
1.65
2.94

3.33
27.(HI
15.15
13 84
0.50
40.88
25.03

10
11
12

S ilv e r

L e v ..........................

....d o .

C r o w n ....................

....d o .

M a r k k a a ................
F r a n c ......................
M a r k .......................
D ra c h m a ................
G o u r d e ...................
L i r a ..........................
Y e n ..........................
Peso ........................
F l o r i n .....................
C r o w n ....................
L e u ..........................

.... d o .
D i n a r ......................
....d o .
S o u th
A m e r ic a n
S ta te s :
. . . .d o .
S ilv e r
G o ld .
C h ile ....................... . . . . d o .
....d o .
....d o .
G u ia n a :
___d o .

B o l i v i a ..................

....d o .
....d o .
....d o .
....d o .
....d o .
T u r k e y ......................... ___d o .
C e n tra l A m e r ic a n S ilv e r
Sta tes.
C h i n a ........................... . . . . d o .

M i lr e i s ....................
P e s o .........................
D o l la r ......................
S u c re ......................
P o u n d s t e r lin g ..
F l o r i n ......................
S o l ...........................
P e s o ..........................
P e s e ta .....................
C r o w n ....................
F r a n c .....................
P e s o .........................
T a e l..........................

T o ta l ,

2 ,8 0 0

39.3(H)
60,600
2.4(H)
1.4IHI
33,700
51,7(H)
13. 6 HI
1
5.600
2 , 3(H)
5 400
6 . 6 (H)
143.4(H)
2. 7(H)
6 . 100

520.7(H)
5009.IKHI
53(H)

5,700
1.8(H)
16,(HH)
3,200
4.5(H)
1,300

690,000
54(H)
(21.2(H)
52,(HH)
5 ] (M
1
51.8(H)

800
1(H)
LI HI
7(H)
4, O M
H
LIHH)
2 .IKHI
18.8IHI
5. 3(H)
3.3(H)
24.(HH)
4.7(H)

51(H)
52(H)
(c)
5100
52.1HHI
515.5(H)
5 :n hi
590.1HH!
519.4(H)
521.2(H)
(/ 10.IKHI
52,(HH)

330,1(H)

(C)

3,764.9(H)

(c )

5 40:l,3( HI
5 884,IKHi
52(H)
(c)
(c)
5 6 . 8 (H)
d 31.4IHI
519,2(H)
(C)
53.1(H)
(c)
5 aHI. 4(H)
51, fHH)
(c)
512,700
(c)
(c)
51.9(H)

5102.700
54IH)
/21.2(H)
52. Odd
51(H)
53.7(H)
51(H)
52(H)

(c)
(c )
(r)
(c)

5IIHI
56.8(H)
515.5(H)
53(H)
5 90.1 H1
H
522.6(H)
529. IHH)
dflO.OUO
52. IHH)

53.9(H)
(c j
(c)
53,200
5 7.8(H)
(/4II.IHHI
(C)

542,000
51,000
(e)
(c )
(c )
(c )

5347.4(H)
(c)
51(H)
5 1 ,IHH)
528.3(H)
(c)
552.8(H)
548. (Hi()
(c)
(<•
)
(c)
544.5(H)

5 3.8(H)
(c)
(C)

53.8(H)
51(H)
56.71 HI

(c )

51.4(H)

51.4(H)

(c)
(c )

5100
52(H)

51(H)
52(H)

52.4(H)
5 4.3IHI
5 7(H)
5173,7(H)
57.7(H)
5 11. IHH)
rf 1 1 IHH)
1,
57.4(H)

(c )
(c )
52.4(H)
54,300
5 7(H)
5173.700
57.7(H)
511. til H)
rflll.lHHI
57.4(H)

(c )
(c)
(c)
(c )
(c)
(e)
(C)
rf3(l,(HH)
(c)

(c)

d 350,000

6 . 888.9(H)

2,139,(HH)

J

Thou sand s.
6 .2 0

.11

8 .2 0

3.61
1 59
3.14

(c)
1 ,121.2(H)

rf350,000
8 , 2 0 0 ,2 0 0

51,500
51. KHI

.8 1

6293,300

(c )
(c )
51(H)
56.7(H)

(c)

c N o in fo rm a tio n .
rf E s tim a te , B u re a u o f th e M in t.
e T h e fig u re s f o r th e to ta l s to c k o f g o ld in In d ia a re f o r th e n e t im p o rt s sin ce 1808-94 p lu s th e
p ro d u c tio n o f th e c o u n t r y . T h e a m o u n t in th e g o v e rn m e n t t r e a s u r y is f r o m o ffic ia l a d vices.
T h e net. im p o rts o f g o ld since 1835 30, w h e n th e re c o rd s b e g in , a m o u n t to $811,407,489, a n d th e
p ro d u c tio n re c o rd e d to $115,030,200. T h e tid e o f g o ld a nd s ilv e r has been flo w in g in to In d ia fo r
c e n tu rie s .




(c )

3,124,(HH)

a In U n ite d S ta te s T r e a s u r y a nd n a tio n a l b a n k s .
b O ffic ia l in fo rm a tio n fu rn is h e d t h r o u g h U n ite d S ta te s re p re s e n ta tiv e s .

/

T o ta l

Thou sand s.

P o u n d s t e r lin g ..
D o l la r .....................
P o u n d s t e r lin g ..
P o u n d s t e r lin g
a n d ru p e e .
P o u n d s t e r lin g ..
D o l la r .....................

....d o .

P a p e r.

$571,3(H)
(c)
d 15.0(H)

G o ld ..

S tr a its
S e ttle ­
m e n ts ./

S ilv e r .

Thousand s.

B r it is h E m p ir e :
U n it e d K in g d o m . .. . d o .

G o ld .

8511.8(H) 81.593.3(H)
576.9(H) 5:HHi, 4(H)
rflO.lXHI 5 d31,1(H)

8 ,-., 100

....d o .

T o ta l.

« $ l. 081,5(H)
49.4l HI
5229.500
520.2(H)
7.3(H)

D o l la r .....................
C r o w n ....................
F r a n c ......................

G o ld ..

F u l l te n d e r. L im it e d te n ­
d e r.

P e r c a p ita .
U n c o v e re d
p a p e r.

.80
3.12
2.35
1.34
.14
10.46
3.62
.04
1.79
.94
.93
4.18
9.39
1.35
6 19
.09
.54
1.19
7 29

.73
4.11
4.54
6.85
4.41
17.75
5.43
4.47
1.87
3.76
10.32
3.04
1 33
1
4.18

6600
62(H)
6600
635.(HHI
(C)
61.7(H)
(c )
697.KHI
6 34.8 (H)
524.6(H)
662.9(H)

5.38

29
30
31
32
33
34

2 .6 6
6 .0 0
6 . (HI

35
36
37

2.85

1.07

2 2 2 .2 2
1 . 4(i

.33
2. (HI

.33
2.IHI

5.18

2.46

50.14

as

2 .0 0

5.16

21.50
38
19.24

6 . 57

12 28

7.45
13.38

19.75
3.73
15.38

:w
40
41
42
43
44
45
40

1 .6 6

47

3.10

10.73

l.lH i

(c)
4,138,000

2.IKI
2.IHI
H.m
50 IH)
.52
1.70

1 .6 6

1.57

23

69 47
2.33
24.02
15.94

22.63
13.22

4.84
4.26
8.79
2.07
.43

20
21
22

. 55
1H

.(Hi
2. (HI

11

13
14
15
16
17
18
19

25
26
27
28

2 .1 1

4.30
27
9.21
1.45
3.51

9

24

.2 2

.14
1.48
15.50

7

7.41
7.U*
2 .55
7.47

1.33
.0 2

7.93
11.80
4.35
1 0 . 88
27.91
8 . (HI

4
5
6

10 11

18.02

(c )

6363,(HH)
642.31 HI
6 1. IHH). IHH)
61.9(H)

2 0 .1 2

1
2

3

/ In c lu d e s S t r a it s S e ttle m e n ts , th e M a la y S ta tes, a n d J e h o re .
<1 L 'E c o n o m is t e E u ro p e o n . J a n u a r y 1, 1906.
h E x c e p t C o s ta R ic a a n d B r it is h H o n d u r a s — g o ld -s ta n d a rd c o u n trie s .
i L o M a rc h e F in a n c ie r, 1907.
N o t e . - T h e v a lu e o f th e m o n e ta ry s to c k o f th e s ilv e r -s ta n d a r d c o u n tr ie s h as been c h a n g e d to
c o n fo rm t o th e d e c lin e in s ilv e r v a lu e s. T h e m o n e ta ry s to c k o f M e x ic o a n d o th e r c o u n trie s
w h e re th e M e x ic a n d o lla r c ir c u la te s is g iv e n in M e x ic a n d o lla rs a t b u llio n v a lu e .

MossrAnY S ystems and A pproximate S tocks op Monet , tn the Aggregate and P en Ca p . ta , . n th e P r . nc. pal Countr . es op the W orld , D ecember 81,1006.

C o u n try .

U n ite d S ta te s ............
A u s t r ia -H u n g a r y . . .
B e lg iu m .......................
B r it is h E m p ir e :
A u s tr a la s ia ..........
C a n a d a ..................
U n ite d K in g d o m
S o u th A f r i c a . ..
S tr a its
S e ttle ­
m e n ts ./
B u lg a r ia .....................
C u b a .............................
D e n m a r k ..................:
E g y p t ...........................
F in la n d .......................
F r a n c e .........................
G e r m a n y ..................
G re e c e .........................
H a i t i ...........................
I t a l y .............................
J a p a n ...........................
M e x ic o .........................
N e th e rla n d s ..............
N o r w a y .....................
P o r t u g a l.....................
R o u m a n ia ..................
R u s s ia .........................
S e r v i a .........................
S ia m .............................
S o u th
A m e r ic a n
S ta tes:
A r g e n t in a ...........
B o li v i a ..................
B r a z i l ...................
C h ile .......................
C o lo m b ia ..............
E c u a d o r ................
G u ia n a :
B r i t i s h ..........
D u t c h ............
F r e n c h ..........
P a ra g u a y ............
P e r u .......................
U r u g u a y ..............
V e n e z u e la ............
S p a in .............................
S w e d e n .........................
S w itz e r la n d ................
T u r k e y .........................
C e n tra l A m e r ic a n
Sta tes.
C h in a ...........................

S to c k o f gold .

M one­
ta ry
s ta n d ­
a rd .

M o n e ta r y u n it.

G o ld ....
------d o . . .
....d o ...

D o l la r .....................
C r o w n ...................
F r a n c .....................

....d o
. . . .d o
. . . .d o
. . . .d o

...
...
...
...

P o p u la ­
tio n .

Thou­
sands.

I n c ir c u ­
la tio n .

T o t a l.

Thou­
sands.

Thou­
sands.

Thou­
sands.

85. 4 H) u$ 1.081,500
1
49.4IKI
5 229.51HI
7.2(H)
520,200
4.8(H)
5 , 8 (H)
44. lull
295,200

5 I10.4IH)
5 62.400
5 196.4(H)
e 18,(HH)

5 200.3(H)
d 318.4(H)

. . . .d o . . .
S ilv e r ..

7 ,7(H)
5,400

546.4(H)
5 (M
H)

515,000
(c)

G o ld ...
___d o . . .
. . . .d o . . .
. . . .d o . . .
. .. .d o . . .
------ d o . . .
------ d o . . .
....d o ...
. . . . do ...
. . . .d o . . .
. . . .d o . . .
------d o . ..
....d o ...
. . . do ,. .
___d o . . .
.. .d o . . .
. . . d o ...
.. .d o . . .
. . .d o . . .

L e v .........................
P e se ta .....................
C r o w n ...................
P ia s t e r ............
M a r k k a a ................
F r a n c .....................
M a r k .......................
D ra c h m a ...............
G o u r d e ...................
L i r a .....................
Y e n .........................
P e s o ..............
F l o r i n ..................
C r o w n ...................
M ilr e is ....................
L e u ................
R u b l e .....................
D i n a r ........
T i c a l .......................

4,(HH)
1.0(H)

57.2(H)
5 38.21HI
5 22.61 HI
d 7.3(H)
ft 5,1(H)
5520.1(H)
5145.7(H)
5 5.4IHI
5 1.IHHI
5215,500
5 73.3(H)
(/ 8 .HHI
526.7(H)
58.300
5 5,51HI
5 20.7(8)
6 IHHUH HI
5 3 HI
1

.. . d o . . . 1
S ilv e r ..
G o ld . . .
...d o ..
.. .d o ..
. . . d o ..

P e s o ..................
B o li v i a n a ..............
M i lr e i s ...................
P e s o ..........
D o lla r ....
S u c re . . . .

, . . .d o ..
— d o ..
...d o ..
...d o ..
...d o ..
...d o ..
...d o ..
...d o ..
...d o ..
...d o ..
...d o ..,
S ilv e r h
. d o ..

P o u n d s te r lin g
F l o r i n ___
F ra n c ...
P e s o ........
Sol ...
P e so ........
B o liv a r ..
P e s e ta ...
C r o w n ..
F r a n c ...
P ia s t e r ..
P e s o ..........

2 ,0 0 0

5 ,7(H)
1.8(H)
16, (HH)

3.2(H)
4.5(H)

10
.3 0
3(H)
1(0
10
10

7(H)
4 ,0(H)
1.IHHI

2i( I
,( H
18.8IHI
5.3(H)
3.300
24.IHHI
4. 7(H)

T a e l..........................

T o ta l

330,100
1.330,1(H)

(c )

500,000
5 4(H)
/21.2(H)
52, (HH)
51(H)
51.8(H)
51(H)
52(H)
(c )
5100
52.0(H)
5 15.5(H)
5 3(H)
5!)0.!HH)
510.4(H)
521.2(H)
f/ll).IHH)
52.IHHI

(r)
3,764,000

F u l l te n d e r. L im it e d te n
d e r.

T h ousands.
$571,300

$511.8(H) $1,503,3(H)
5 7*». !HM 6306,4(H)
)
d 10. !HH) 5 d 31,1(H)

P o u n d s te r lin g ..
D o lla r .....................
P o u n d s te r lin g ..
P o u n d s te r lin g
a n d ru p e e .
P o u n d s t e r lin g ..
D o lla r .....................

11.300
2.8(H)
39.300
60,600
2.4(H)
1.4IHI
33.7(H)
51.7(H)
13.IHHI
5,600
2.3(H)
5,400
6.61 HI
143, 4(H)
2.7l H
I
6.1(H)

S to c k o f s ilv e r .

In banks
and p u b ­
lic t re a s ­
u rie s .

(c )

(c)

(c )
d 132, 7(H)
(c )

5 4()li. 3
1H)
5 884, (HH)

(/15.0(H)

5125, (HH)
562.4(H)
5486.7(H)
' (/337.3(H)

514,600

(c )

(c )

(c )
<e)

(c )

5003.800

561.4(H)

5 ()
6H

5 0 . 8 (H)
(/31.4(H)
510.2(H)
(C )

5 3 ,1(H)
5

(c)

4(M
)
51.0(H)
(<')

512.7(H)
(C)
(C)
(C)
(C)

5 1.0(H)
(C)

(C)
(c )

(c )
53,000
(C)
(c )
< r)

53.2(H)
57.8(H)
(/40.IHKI
(c )

510, (HH)
50.7(H)
5110.8(H)
5603.8(H)
520,000
549. (HH)

52.200

53.2(H)
r/5. (KHI
56.1(H)
515. (HH)
(/4(H)
5411.1(H)
5219.700
51(H)
52,500
531,700
548.2(H)
556.800
552.0(H)
5 3 .1(H)
533.4(H)
50(H)
577,900
53.2(H)
544.5(H)

(c )

5 347.4(H)
(c )

51(H)
5 1 ,IHH)
528.300
(C)

552.800
548.000
(c )
(c )
(c )
(C)

(c )
544.500

(C)

51142. 7(H)
54(H)
/21.2(H)
52.IHK)
51(H)
53.7(H)

(c)

5 3.8(H)

(c )
(c )
(c )
(c )

5 ()
1H
56.8(H)
515.5(H)
5 ()
3H
500. !HHI

(c )
(c j
(c )
(c )
(C)
(c )
(C)

(c )
(c )
(c )
(/30.IHH)
(f)

(c )

(C)

d 350.000

3,124.(HH)

6 . 888.0(H)

2,130, (HH)

“ /,'L l ’- ii,t< l S t u t , ‘8 T r e a s u r y a n d n a tio n a l b a n ks.
r -‘<
c N o in f o r m a t io m 1011 fu r n ls h o d t h r o u » h U n ite d S ta te s re p re s e n ta tiv e s .
d E s tim a te , B u re a u o f th e M in t.

(e)

Th ousand s.

$698. 7IH)
5105.3(H)
(/24.7(H)

520. (HH)
57, (HH)

(c )

(c)

52.2(H)

522.0(H)
520. IHH)
r/50. IHIII
5 2 .(HH)

5 JO. (HH)
50.7(H)
5116.8(H)

T h ou san ds.

542.000

(c )
(f)

5 0 ()
2 .7H
5030.4(H)

51(H)
52(H)
(c)

$127.4(H)
5105,3(H)
r/0,7(H)

T o ta l.

51,00(1

57.2(H)
538.2(H)
522.6(H)
(/140. (HH)
oS, 1(H)
5026.4(H)
51.030.3(H)
55.600
51.(HH)
5215.5(H)
580,1(H)
(/ 40, (HH)
545.0(H)
58.3(H)
58.(HH)

5 ()
2H

(c l

(C)

Thousand s.

P e r c a p ita .
LTn c o v e re d
p a p e r.

r/ (H
5, M
)

56. llHI
515.IHH)
(/400
563.7(H)
5219.7(H)
<f)
51.5(H)
5 3 .4(H)
548.2(H)
54.01 HI
54.(HH)
53.1(H)
533.400
5600
5 77.91 HI
53.200
(e)

(c )
(c )

5 UK)
56.7(H)
(c )

51.4(H)
5 1(H)

(c )

52H
()

(c )
5 2 .4(HI
5 4 .: hhi
5 7(H)
5173.7(H)
5 7. 7(H)
511.600
(/ Id. 0(H)
5 7.4(H)
(c )

S ilv e r .

P a p e r.

i

$8.18
2.13
3.43

$7.15
2.41
17.47

$33.99
10.74
25.22

i
{

$610,800
5119.31 HI
d 125,800

2 .05

12.50
2.65
.13

28.12
24.41
16.33
3.32

4. i i

10.57
13.29

i
1

(c )

572,500
5116.8(H)
538.9(H)

2.05

522.200
52.9(H)
(c )
510.7(H)
( C)
(/12.7(H)
5260,200
5267,1(H)
542, (HHi
57. (HH)
5150. (HH)
596.900
551.2(H)
557.8(H)
5 7.IHHI
501,2(H)
527. IHH)
(c )

5 1.5(H)
51.100

2.08
1.15

2.60
9.07

(c)

.71
6 .39
1.5-7
2.04
8.20

3.01
1.59
3.14
0 .55
.81

(c )
53.8(H)
51(H)
56.7(H)
(c )
51.4(H)

5293,300
(c )
5363, (HH)
5 42.31 HI
51,000.000
51.1HHI

51(H)
52(H)

5600
52(H)
5 (M I
H
535, (HH)
(c l
51.7(H)
(c )
597.1(H)
534,8(H)
524, (HH)

. 33
2. (HI
......

.80
3.12
2.35
1.34
.14
10.46
3.62
.(44
1.79
.91
.93
4.18
9.39
1.35
6.19
.(HI
.54
1.19
7.29

18.02

(c)
(c )

52.4(H)
5 4 .3(H)
5 7 HI
1
5173.7(H)
5 7.7(H)
511.0(H)
r/40. IHH)
5 7 ,4(H)
d 350,00(1

1.121.2(H)

G o ld .

3,260,200

(C)

562,9(H)

.22
1.33
. 63

.02

.IH)
2. (HI

2.85 ........i.'iv r
.33
2.IHI

1.48
15.50 ........4.30

.11

4.84
4.20
8.79
2.07
.43

(c )
4.132, (HH)

2.ii

.73
4.11
4.54
6.85
4.41
17.75
5.43
4.47
1.87
3.76
10.32
3.04
11.33
4.18
. 55
.18
51. 45
22.63
13.22
2 2 2 .2 2

1.46
2.IHI
2.IHI
6 .IHI
50.IH)
. ;>*
,*
1.70

2.45

(
4



*

9
10
11
12

13
14
16
17
18

19
20
21

27.91
8 . (HI
19. 11
7.41
7. (HI
2 .55
7.47

27
28

09. 47
2.33
24.02
15.94
• *>4
>
5. :i8

29
30
31
32
33
34

2 .6 6
6 .IH)
6 . (HI

35
36
37

22

23
24
26

as

1.06

47

3.10

10.73

, i n i n e s s m u t s S e ttle m e n ts , th e M a la y S ta te s , a n d J e h o re .
< L E con om ist© E u ro p e e n , J a n u a r y 1 , 1W)G.
/
t LeX M a n - h e X a n X r n<i m iti8 h ^ ^ ^ - K ^ - s t a n d a r d c o u n trie s .

Treasu ry Department, Bureau of* the M in t,
December, 1907.
?

|;

7
8

i:j. 38

5. it;
r> 57
.
7.45

c o t t i) t ? t h I « K
r r ^ l e 8 ,lft^
w h e re th e M e x ic a n d o lla r c ir c u la te s is g iv e n i n V x k a n ^ l o l l a r s a t S o n v a lu e

\

1 0 .8 8

4
5
6

:hi
40
4
1
42
43
44
45
46

1. (Hi
5.18

3.33
27.(H)
15.15
13.84
6.50
40.88
25.03
2 0 . 12
7.93
11.80
4.35

1
2

3

50.14
2. (HI
21.50
.38
19.24
12.28
19.75
3.73
15.38

.27

9.24
1 .4*5
3.61
1.06
1.57

T o ta l

1

4

to
C° U n t r i ° 8

| C ontains a n a ly ses ot present and proposed banking and currency system s)

F

M O N TH LY

i s k

&

R

B U L L E T IN

o b i n s o n

O F IN V E S T M E N T S

December I, 1907
it is far more profitable to consider ways in which the currency system of the
United States can be improved, than to discuss the causes which produced the
financial stress. As now organized, our monetary system, involving a bond secured circulation
devoid of adequate facilities for contraction and expansion, is little short of a national peril, and
at best it is an ever present menace to the growth and development of all sections of our
country. It is therefore most gratifying to learn that our Chief Executive is assured that a
currency measure calculated to meet permanently the needs of the country is receiving the
consideration of the leaders of Congress.
The question is of such gravity that partisanship should no longer find place in its discussion.
Patience and forbearance on the part of the public must be exercised. The need of wise currency
revision is most urgent, but there is danger in undue haste. Secretary Cortelyou has well said that
while money panic is bad enough, legislative panic may be worse.
It is a time to utilize to the fullest the experiences of other nations, and to that end a brief
review of suggested measures of relief is presented in comparison with the methods used by other
governments. Broadly speaking, there are practically but two ways worthy of serious attention:
“ Assets currency” , or more properly “ bank credit currency ” , as typified by the Canadian system,
and the central bank, or central agency plan, as successfully employed by Germany, France and
other European nations.
Emergency currency based solely on a high interest rate is in the nature of a palliative; it is
fragmentary and at best is but an undesirable substitute for some of the features of bank credit
currency. It would be a pity for Congress to waste time on its consideration.
For comparison with the Canadian currency system, there have been selected, as representing
a wide range of interests, the recommendations of the committee appointed by the New York
Chamber of Commerce, the bill reported by Charles N. Fowler, Chairman of the Committee on
Finance and Currency in the House of Representatives and the recommendations of the committee
appointed by the American Bankers’ Association.
While the three plans seek to preserve the present bond-secured bank notes, they extend the
circulation through the medium of bank credit currency, in order to obtain the much needed elas­
ticity, the lack of which is the chief weakness of our currency system. From the comparison it will
be seen that there are no material differences in the underlying principles of the plans suggested
and the long-tried and eminently successful Canadian currency system. With such minor changes in
details as Congress may deem desirable, any one of them would serve well our currency needs.
The Canadian Bank Act practically provides only for a currency system, therefore the central
agency plan suggested for the United States is compared with the Imperial Bank of Germany and the
Bank of France. In reviewing all the analyses it will be seen that there are only three vital points,
and in the order of their importance they are:
The issue of properly protected bank credit notes to insure elasticity;
Rediscounting facilities for banks; and
The deposit and disbursement of Government moneys.
Comparison of the analyses of the currency systems and the central agency plan, makes it plain
that while both provide for the first, that is, elasticity in our circulation, only the central agency plan
would secure the benefits of all three. Both proposed and existing plans recognize the fundamental
principle that there is no substantial difference between bank book credits and bank note credits, and
provide for speedy note redemption, so essential to the success of a bank credit currency.
Not only has public interest in this subject been thoroughly aroused by recent events, but any
lack of information concerning ways of improving our banking and currency laws has been supplied
by the discussions which have been going on for many months, and to which the press has given
generous space. In view of this fact, as well as of the interest now existing, it is reasonable to
expect in the near future legislation of a satisfactory character.
Financial
Legislation.




BANK CREDIT CURRENCY UNDER INDIVIDUAL BANK PLAN.
Canadian Plan (i)

New York Chamber of
Commerce Plan

American Bank­
Provisions of Fowler Bill ers Association
Plan

Eligible Banks
of Issue
.

B a n k s o f $500,000 cap ital
or over, $250,000 of
w h ich h a s been paid
in.

A n y N atio n al B a n k w hose
b on d-secured c irc u la ­
tion e q u a ls 50 p ercen t,
o f its cap ital.

A n y N atio n al B a n k , 1 ye a r
old, w h o se su rp lu s
e q u a ls 20 p er cent, o f
its cap ital. (2)

I d e n t i c a l w ith
F o w le r B ill.

Note Issues

M a y be e q u al to p aid up
cap ital.

C re d it n otes m a y e q u al 35
p er cent, o f cap ital.

F ir s t issu e lim ite d to 40
p e r cent, o f o u tsta n d ­
in g b an k no tes— b u t
not to e x ceed 25 p er
cent, o f c a p ita l. (3)
Seco n d issu e e q u a l to
12 '/ l per cent, o f c a p ­
ita l m a y b e m ade.
T o ta l o f b an k notes
a n d cred it n otes m u st
not exceed p a id up
cap ital.

I d e n t i c a l w ith
F o w le r B ill.

Taxation

N one on b an k circu lation
b u t b a n k s m ust p ro­
v id e red em p tion fu n d
o f 5 p er cent, o f cred it
notes.

2 p er cent, p er an n um on
first 5 p er cent, of
issu e, 3 p er cent, on
second 5 p er cen t., 4
p e rc e n t, on th ird 5 per
cen t., m a k in g a to tal
o f 15 p e r cen t., then a
10 p er cent, issu e a t 5
p e r cent, an d a p o ssi­
b le second 10 p e r cent,
issu e at 6 p e r cent.

3 p e r cent, p e r an n u m on
first issue, an d 5 p er
cent, on secon d issu e
p a y a b le in g o ld coin
to U . S. T re a s u r e r.

2 ]/2 p er cent, p e r
an n u m on first
is s u e a n d 5 p e r
cent, on second
issu e.

Collateral
Security
for Notes

N on e req u ired . N o tes a re
first c h a rg e a g a in st
bank
a s se ts and
sh a re h o ld e rs’ lia b ility .

N on e req u ired . N o te s to
be a c h a rg e a g a in s t
b an k a ssets.

N on e req u ired . N o tes to
be a c h a rg e a g a in s t
b an k a ssets.

N o n e re q u ire d .

Reserves

N on e req u ired , b u to f those
h eld 40 p er cent, m ust
be D om inion g o v e rn ­
m ent notes.

N o n e req u ired .

In re s e rv e and c e n tra l r e ­
se rv e cities, to be
“ la w fu l m o n e y ” to
am ou n t o f 25 p er cent,
o f cred it n o tes ; in
o th er c itie s 15 p er
cent. (4)

To

Redemption
Fund for Notes
of failed Banks

Is 5 p er cen t, on a v e r a g e
circu la tio n o f p re v io u s
y e a r kept on dep o sit
(a t 3 p er cen t.) w ith
M in ister o f F in a n ce .
N o tes of suspen ded
b a n k s to b ea r in terest
a t 5 p e r cent, not to
ex ce e d 60 d a y s . A ll
b a n k s m ust co n tribu te
not m ore than 1 per
cent, p er an n u m to
k eep fu nd at m a x i­
m um .

T o co n sist o f the g r a d u ­
ated ta x on circu lation .
U . S . T re a s u r y , to r e ­
deem n o tes o f fa ile d
b an k s on presen tatio n
an d to reco u p its e lf
fr o m R e d e m p t i o n
F u n d an d from a sse ts
o f fa ile d bank.

T 0 co n sist o f the ta x on c ir ­
cu lation . U . S . T r e a s ­
u r y to redeem n o tes o f
fa ile d b a n k s in g o ld on
p resen tatio n a n d r e ­
cou p its e lf fro m R e ­
d em ption F u n d and
from a sse ts o f fa ile d
b an k s.
P r e lim in a ry
an d retu rn ab le dep o sit
in g o ld o f 5 p er cent,
o f cred it notes to be
m ad e fo r R ed em p tio n
F u n d p u rp o ses.

I d e n t i c a l w ith
F o w le r
B ill
e x c e p t a s to
sp ecifically
s ta tin g t h a t
th e n o te s a re
c h a rg e a g a in s t
b an k a s se ts .

Redemption
Agencies

M u st be p ro vid ed b y each
b an k a t d esign ated
p la c e s so th at n otes
m a y be redeem ed at
p ar in coin or D o­
m in ion notes.

T o be S u b - t r e a s u r i e s
and o th er co n ven ien t
poin ts to be d e s ig ­
n ated.

T o be in d icated b y C o m p ­
tro lle r o f the C u rre n c y
w h o sh all fix ru le s an d
re g u la tio n s fo r r e ­
dem ption o f cred it
notes.

I d e n t i c a l w ith
F o w le r B ill.

Limit of
Retirement

N o n e p ro vid ed .

N one p ro vid ed .

N on e p ro vid ed .

N o n e p ro v id e d .

Shareholders’
Liability

E q u a l to stock su b scribed
in ad d itio n to a n y
portion not fu lly paid.

N on e p ro vid ed . N atio n a l
B a n k A c t p ro v id es fo r
sh a re h o ld e rs’ lia b ility .

N on e p ro vid ed . N a tio n a l
B a n k A c t p ro v id es fo r
s h a re h o ld e rs’ lia b ility .

N o n e p ro vid ed .
N a tio n a l B an k
A c t p ro v id e s
fo r sh are h o ld ­
e rs ’ lia b ility .

1.
2.
3.
4.




b e sam e a s
n o w re q u ire d
a g a in s t d ep o s­
its.
T h is is
p ractically
id e n tic a l w ith
th e F o w le r B ill

Penalties for violation of provisions of Canadian Bank acts are in the main severe.
N ational bank note issues to remain as at present but substitution of credit note issues for bank note issues is provided for.
Readjustm ent provided for in case of diminution in present proportion of outstanding governm ent bonds to total capitalization of national banks
N ational banks of reserve cities may keep one-half of their lawful money reserves in central reserve cities, and other banks m ay keep three-fifths of their
reserves in reserve and central reserve cities.
V

BANK CREDIT CURRENCY UNDER CENTRAL AGENCY PLAN.
Imperial Bank of Germany
Capitalization
Shareholders

Bank o f France

Suggested U. S. Central Agency

1S0,ooo.ooo m ark s. ($42,840,000)

182,500,000 fra n c s.

P r iv a t e citizen s.

P r iv a te citizen s.

Administrative
Organization

N atio n al B a n k s in pro po rtio n to
th eir cap ital.

H ead o f In stitu tio n , P rim e M in ­
is te r o f the E m p ire w ho
a p p o in ts a c tiv e m a n a g e r.
B o a rd o f D irec to rs ap p oin ted
b y E m p e ro r, acts in co n ju n c ­
tio n w ith a d v is o ry b o a rd a p ­
poin ted b y sh areh o ld ers.

G o v e rn o r of b a n k ap p o in ted b y
P re sid e n t o f F ra n c e . B o ard
o f D irec to rs or R e g e n ts a p ­
p o in ted b y sh areh o ld ers.

Branch Banks

H e a d o f In stitu tio n to be a g o v e rn ­
m en t officer d e sig n a te d b y
the P re sid e n t.
G o v ern m e n t
B o ard o f D irec to rs an d B o ard
selected b y N a tio n a l B a n k s
to g o v e rn th ro u gh jo in t E x ­
e c u tiv e C om m ittee.

P ro v id e d for.

P ro v id e d for.

Duties

N a tio n a l B a n k s
o f b ran ch es.

T o a id in m a n a g in g th e p u b lic
d e b t; to re c e iv e an d d isb u rse
g o v e rn m e n t
m o n ie s;
to
issu e b a n k cred it n otes, to
re c e iv e c u rren t
acco u n ts
an d to m a k e lo an s a n d d is ­
cou n ts.

T o a id in m a n a g in g the p u b lic
d e b t; to r e c e iv e a n d d isb u rse
g o v e rn m e n t
m o n ies;
to
issu e b an k c re d it n o te s;
to re c e iv e cu rren t accounts
an d m a k e lo an s an d d is­
counts.

Bank Credit Notes

U n lim ited .

T o d eal e x c lu s iv e ly w ith b a n k s ; to
re c e iv e an d d isb u rse g o v e r n ­
m ent m o n ies ; to act a s
g o v e rn m e n t a g e n ts in re d u c ­
in g p a p e r m o n e y ; to issu e
c u r r e n c y ; to red isco u n t fo r
b a n k s b u t not to m ak e lo an s
on sto c k s o r b o n d s.

F ix e d b y la w fro m tim e to t im e ;
n ow lim ited to $ 1,16 0 ,0 0 0 ,­
000.
A c tu a l issu es h ave
n e v e r reac h ed lim it.

Taxation

5% p er an n u m on issu es in e x c e s s
o f $ H 2, 5o o ,o o o u n lessw h o lly
c o v e re d b y m e ta llic re se rv e .

O n ly b an k a n d stam p ta x such
a s oth er F re n c h b an k s p a y .

Collateral
Security
Reserves

N one.

N on e.

M ust b e eq u al to a c tu a l c irc u la ­
tion and to co n sist o f
la w ­
fu l G e rm a n m o n ey an d b a l­
an ce in 3 m onths co m m er­
cia l p ap er.

N on e req u ired b u t n ea rly $600,­
000,000 o f g o ld r e s e rv e is
ca rrie d fo r v a rio u s purposes.

Redemption Fund

N o g u a ra n te e fu n d o r p rio r lien
p ro visio n , note h o ld ers an d
d ep o sito rs on sam e fo o tin g .
R ed em p tio n m ust be in coin.

N o g u a ra n te e fu n d o r p rio r lien
p ro visio n , note h o ld ers an d
d ep o sito rs on sam e fo otin g.
R ed em p tio n m ust be in coin.

Redemption
Agencies

P ro v id e d for.

P ro v id e d fo r.

Bonds?m
eIlt

V*e ?c“ vity i n ‘hf

($35,222,000)

A b o u t 50,000,000 d o llars.

1 See
1
,
\
/
1
i

to

ta k e

p lace

d e ta ils o f p ro p o se d p la n s fo r
b an k c red it n o te s a s presen ted h e rew ith . In ad d itio n
the s u g g e stio n h as been m ad e
th at the c e n tra l a g e n c y be
p e rm itted to m ak e a lim ite d
note issu e d evo id o f re strictions.

Government bond market in November was in marked contrast to

,
1 ?eS? wl? Prf V ed in ?ctober- The shortage of currency was at once reflected
,ch
aiI.
^ the demand from banks for bonds for circulation purposes.
.. • flAs usual» this demand was largely for the 2 per cent, issues. As the market advanced under
takplnflUrfnC<V0f thlr ^yi^ ’ u
many -°f the banks’ notwithstanding the shortage of currency, would have
h t l l 'T S
^
r . C6S tOSe11 th6Se i8SUeS had
not been practically impossible lo
° b?a “ g 1 tender notes with which to retire the circulation outstanding against the bonds. Prices for
both the 2s of 1930 and the Panama 2s continued to rise, finally showing net advances of 3 points to 109^
flat and 5 points to 109 flat, respectively.
^
9/2
*
thf hl^ . level many prospective buyers of 2s withdrew from the market, while the offerings of
b v ^ S e r r f t ThJs Produced gradually receding prices until November 18th, when the announcement
by the Secretary of the Treasury that $100,000,000 one-year 3 per cent, exchequer bonds and $50 000 000
Panama 2s would be sold caused the market to decline sharply. At the close of the month the 2s of
1930 were offered at 104^ ex, and Panama 2s at 104 flat.
The scarcity of 2 per cent, bonds during the month resulted in a good demand for the 3s of 1908
from banks believing that an opportunity will be offered by the Treasury Department between now and
August 1st next to refund that issue into as of 1930 on an attractive basis. This issue quickly advanced
r r o v e r b in ° H 3^
n
althou^h assummg maturity to be August 1, 1908, holders will receive from
the Government to that time in principal and interest, only 102# . Following the announcement of the
sale of exchequer 3s, the 3s of 1908 declined to ioo# bid, offered at lo r ^ .
..
f UP-fti? the( V? 16 ° f g ° in g .to press no official announcement had been made concerning the subscrip­
in

{
t

^

^

tions to either of the two new issues.




Among the many comparisons of bond prices possible at the present tim e, none possesses
greater interest than one based on market quotations now prevailing, the “ low ” of November, 1906,
and the lowest figures for 1903, which also was a tim e of unusual depression. Many high-grade
railroad bonds which stood the test of years have established new low records, a t a tim e when
earnings, maintenance, and general conditions of the majority of companies are w ithout parallel.
Those noted below, which form absolutely safe investm ents of an unusually attractive character,
indicate clearly the remarkable decline which has taken place :
To Yield
About

At Present
Price (flat)

Low of
Yovember, 1906

Low

4.30%

94

10 0#

97#

Atlantic Coast Line Railroad ........................................

4.90%

85

97 *

89#

Baltimore & Ohio Railroad ...........................................

4.35%

93 *

4.70%

87

93*

91#

4.50%

90#

98

98#

4.45%

1 1 1/4

128#

186*

Chicago, Burlington & Quincy Railroad ......................

4.40%

84*

93#

89#

Chicago, Milwaukee & St. Paul R ailw ay .....................

Atchison, Topeka & Santa Fe R ailw ay ........................

1903

G eneral 4s, In terest A pril & October, Due October, 1995 (m )
F irst 4s, In te re st March &Septem ber, Due July, 1952 (k)

F irst 4s, In te re st April & October, Due July, 1948 (f)
Baltimore & Ohio Railroad .........................................
P rior Lien 3>£s, In terest Jan. & Ju ly , D ue July, 1925 (f)
Buffalo & Susquehanna Railroad...........................................
F irst R efunding 4s, In te re st Jan. & July, D ue A pril, 1951 (k)

Central Railroad of New Jersey .....................................

10 0

*9
9

General 5s, In terest Jan . & July, D ue July, 1987 (b)
Illinois Division 3>£s, In te re st Jan . &July, D ue July, 1949 (e)

4.05%

10 0

107#

103

G eneral M ortgage 4s In te re st Jan. &July, Due May, 1989 (b)
,
Chicago, Milwaukee & S t . Paul R ailw ay .....................
Chicago & Pacific W est Div., F irst M ortgage Gold 5s, In te re st
Jan. & July, Due Ja n ., 1921 (b)

4.70%

105

112*

112

Chicago, Rock Island & Pacific R ailw ay ........................

4.45%

92

1 0 1*

99

Cleveland, Cincinnati, Chicago & St. Louis R ailw ay ......

4.35%

92

1 0 2#

95

5.25%

85#

45%
.5
40%
.5
41%
.5
51%
.0

92

111

123#

12 0

48%
.0

105

116

109

49%
.0

10 2

113#

109#

41%
.5
49%
.0

99

1 0 2#

99#

10 2

112#

112#

G eneral M ortgage Gold 4s, Int. Jan . &July, D ue Ja n ., 1988 (d)
G eneral 4s, Interest Ju n e & Dec., D ue June, 1993 (m )

Lake Shore & Michigan Southern R ailw ay ...................

25 Year D ebenture 4s, Int. March &Sept., Due Sept, 1928 (f)
Louisville & Nashville Railroad ...................................
Unified 4s, In terest Jan. &July, Due July, 1940 (d)

New York Central & Hudson River Railroad.......................
G o ld M o rtg a g e 3 # s , In te rest J a n . & J u ly , D u e J u ly , 1997 (j)

Northern Pacific R a ilw a y ........................................................
P rio r L ie n 4s, In te re s t q u a r te rly J a n ., D u e J a n . , 1997 (m )

Oregon Short Line Railroad......................................................

8 8#
97 #

98#

not quoted

1 0 1*

97#
95

94#
103

99#

F ir s t M o rtg a g e 6s, In t. F e b . & A u g ., D ue F e b r u a r y , 1922

Oregon Short Line Railroad......................................................
F ir s t C o n solid ated 5s, In t. J a n .

&J u ly ,

D ue J u ly , 1946

St. Louis, Iron Mountain & Southern R a ilw a y .................
G e n e ra l C o n so lid ated an d L a n d G ra n t 5s, In te r e s t A p r il
O ctober, D u e A p ril, 1931 (n)

&

Union Pacific Railroad................................................................
F ir s t M ort. a n d L a n d G r a n t 4s, In t. J a n .

&Ju ly ,D u e

J u l y ,1947(i)

Wabash Railroad...........................................................................
F ir s t M o rtg a g e G o ld 5s, In te r e s t M a y

&N o v ., D u e M ay,

1939(h)

Legal investm ents for saving banks: (b) in Conn., Maine, Mich., Minn., N. H ., N. J., N. Y. a n d W is .; (c )in N . J . ;
(d) in Conn., Mich., Minn., N. H ., N. J., N. Y. an d W is.; (e) in Conn., Maine, Mass., Mich., N. H. and N. Y .; (f) in
N. H. • (g) in Conn., Mass., N. H ., N. J. and N. Y .; (h) in M aine; (i) in Maine, Mich., M inn., N. H., N. J. and W is.;
(j) in Conn., Maine, Mass., Mich., M inn., N. H., N. J., N. Y. a n d W is.; (k) in C onn., M ich., Minn., N. H., N. T. and
W is.; (1) in Maine, Mich., N. H. an d N. J . ; (m) in Mich., N. H ., N. J., N. Y., Minn, and W is.; (n) in Conn., M ich.,
Minn., N. J. and Wis.
UNITED STATES BONDS and other Investment securities bought and sold at net prices.
COMMISSION ORDERS IN BONDS AND STOCKS dealt in on the New York Stock Exchange executed
for cash. Telegrams covering actual orders for purchase or sale may be sent at our expense.
DEPOSIT ACCOUNTS from Corporations, Firms and Individuals received subject to sight draft. Interest
allowed on daily balances and on money deposited pending investment.

35 C ed a r S t r e e t , N ew Y ork .
28 S t a t e S t r e e t , B oston .
135 A dams S t r e e t , C hicago .




No. 794

F IS K & ROBINSON
B ankers and D ealers in I nvestment Securities

rv

1.
D ir e c t io n to
p rep a re n otes

Congress 3 h a ll a u th o r iz e and d i r e c t

the S e c r e ta r y

o f the Treasu ry to p rep a re and keep co n tin u o u s ly on hand
N a tio n a l
f o r use as h er i n a f t e r p ro v id e d , n otes o f theABanks, be­
lo n g in g to the d i f f e r e n t R eserve C i t i e s ,

f o r an amount

eq u a l to the c a p i t a l o f such Banks r e s p e c t i v e l y .

2.

Such n o tes s h a l l be in denom inations o f on es, twos,

Denominat io n s •
fiv e s ,

3.

ten s and f i f t i e s ,

and payab le to b e a r e r .

Such n o tes s h a ll be redeem able in la w fu l money o f

the U n ited S ta te s a t the p le a s u re o f the h o ld e r a t any Sub­
Treasu ry from which th ey may have been issu ed or a t the Sub­
T reasu ry in the C it y o f New York w ith o u t d is c r im in a tio n and
Time and man­
ner o f redemp­
t io n




must be redeemed w ith in s ix months o f t h e ir date o f is s u e ,
or,
it

in l i e u o f such redem ption , the is s u in g Bank may depos­
in the T reasu ry

o f the U n ited S ta te s la w fu l money th e r e ­

o f o r o th e r N a tio n a l Bank n o tes to an amount e q u a l to the
o u tsta n d in g n o tes issu ed h ereu n der.

To the e x te n t th a t

such payments s h a ll be made in Bank n o te s , o th e r than those
o f the b orrow in g Bank, s a id n otes 3 h a ll be s e t a p a rt and
h e ld in the T rea su ry, to rep ay and redeem the n o tes so i s ­
sued.4

4.

S aid n o tes s h a ll be r e c e iv a b le by the Government a t

any tim e in payment o f i t s e x c is e

dues o r o th e r f i s c a l

charges and by the A s s is ta n t T re a s u re r* o f the U n ited S ta te s ,

a
w ith o u t re g a rd to t h e i r p la c e o f is s u e , when o f f e r e d f o r
Acceptance by
Government f o r payment o f lo a n s .
They s h a l l a ls o be r e c e iv a b le by N a t io n a l
ta x es and loan s
Banka in payment o f d e b ts , when not o th e rw is e p r o v id e d by
c o n tr a c t.

5.

Upon the issu ance o f such n o te s , the b o rrow in g

Bank s h a ll d e l i v e r to the T re a s u rer o f the U n ited S ta te s ,
I t s p rom issory o b lig a t io n payable

#{$ W d § f (Jfte0&°SJ#8W>
A

3ix months a f t e r the b o rro w in g d a te and s h a ll secu re the
sane by the p le d g e o f c o l l a t e r a l n o tes or debt o b lig a t io n s ,
r e c e iv e d by the b orrow in g Bank in the r e g u la r course o f
S e c u r it y f o r
n0t8B




i " 3 *)asJ*net5S a f f a i r s , p r o v id e d , how ever, 3 aid n o te s or obl i g a t i o n s s h a l l have been f i r s t a u th e n tic a te d

and approved

as s u f f i c i e n t and good s e c u r it y by a p r o p e r ly c o n s t itu t e d
Committee o f the C le a r in g House A s s o c ia tio n o f the R eserve
Clfcy ,

in which th ey a re is s u a b le , w ith which C le a r in g ’louse

A s s o c ia tio n the b o rrow in g Bank must be ass d a t e d ,

and

p ro v id e d 1 u rth e r th a t the a s s o c ia te d members o f s a id C le a r ­
in g House s h a ll bind th em selves in due and l e g a l form to
make good, p r o p o r t io n a t e ly to t h e i r r e s p e c t iv e c a p it a ls
and su rp lu ses, any lo o s or damage, which may be o cca sion ed
by the f a i l u r e o f tho b orrow in g Bank to rep ay the n o tes ,

so

is s u e d , in accordan ce w ith i t s prom ise.

6.
Bank s h a ll,

The s a id p rom issory o b lig a t io n s o f the b o rrow in g
to the e x te n t o f 50;? o f the c a p i t a l o f the

is s u in g Bank, b ear in t e r e s t a t the r a t e o f 4?Z p e r annum,

3

and, to

the e x te n t o f 5o;J o f i t s

s a id c a p i t a l ,

s h a ll hear

iiite r e s o a t the r a te o f
p er annum.
The p roceed s d e r iv e d
I n t e r e s t charg­
es and in i emni- from t }i i s in t e r e s t charge s h a ll c o n s t it u t e an Indem nity J^undj
t y fund
U i i j i l the amount i^eaclios $10,000,000, and a l l amounts r e ­
c e iv e d in ex cess o f s a id sum, s n a il he p a id in to

the gener­

a l Treasu ry o f the U n ited S ta te s .

7.
Amount o f
iss u e

ITo Bank s h a ll issu e i t s n otes in an amount, which

is in ex cess o f i t s

c a p i t a l , nor s h a ll the issu e o f n otes

under the p r o v is io n s o f th is A ct a t any one tixie exceed
$300,000,000.

8.

The powers* h ereby gran ted to and the d u tie s h ereby

imposed upon the S e c r e ta r y o f the T reasu ry,
D is c r e tio n a r y
power o f Sec­
re ta ry




tin u ou s, p ro v id e d , how ever,

th a t whenever i t

s h a ll be con­
s h a ll appear

chat, through c o n tr a c tio n o f n o tes so iss u e d , the amount o f
s a id o u ts ta n d in g n o te a , a g a in s t which no d e p o s it s h a ll have
been made as in A r t i c l e 3 p r o v id e d , s h a ll not be in excess
o f $10,000,000, fu r th e r n otes s h a ll not be a u th o ris e d , un­
t i l such tim e a a the S e c r e ta r y o f the Treasu ry s h a ll again
deem i t n e c e s s a ry .

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o f r e f o r m i n b a n k i n g m e th o d s.

quacy o f h a n k r e s e r v e s .

I have a l r e a d y a l uded t o t h e i n a d e ­

when we compare t h e r e s e r v e s o f o u r hanks

w i t r t h o s e o f E u r o p e a n i n s t i t u t i o n s t h e i n a d e q u a c y becomes p a i n f u l l y

a parent.

7 o r i n s t a n c e , a s I h ave a l r e a d y s t a t e d , t h e Bank o f

F ra n ce h a s r e s e r v e s in g e l d and s i l v e r e q u a l to 8c p e r c e n t c f i t s

outstanding n o tes.

The Banks c f E n g la n d h a s a r e s e r v e in g o l d

e q u a l t o 64 p e r c e n t o f i t s o u t s t a n d i n g i s s u e s , w h i l e t h e I m p e r i a l

" a n k o f Germany h a s a c a s h r e s e r v e o f 48 p e r c e n t a g a i n s t i t s n o t e

issues.

The n a t i o n a l b a n k s of t h e U n i t e d S t a t e s , h o w e v e r , h a v e a

c a s h r e s e r v e c f l i t t l e more t h a n 10 p e r c e n t a g a i n s t t h e i r demand

l i a b i l i t i e 3.

A l l c f t h e '- r e a t f i n a n c i a l c e n t r e s h ave f e l t t h e i n f l u e n c e of

a s p e c u l a t i v e s p i r i t which h a s r e s u l t e d in a d a n g e r o u s ov r - e x p a n s i o n

o f bank c r e d i t s .







Th« Treasury makes a distinction between the actire
and regular depositary banks and the special banks*
In the former case, they are helpful in doix^ the
business of the government, and are considered a part of the
Treasury in its working operations.

Therefore, they should

not be olaseed in the category of depositary banks that are
singly borrowers of public funds.
It would seem that the latter would rightfully be
more amenable to taxation on the deposits of publio moneys,
as they practically return no equivalent service.










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(

OPINIONS
#

Of > » M H

r a k U l Jo w m I i , o ff to ta ls and p r i v a t , p a r t i* * regarding th « m*a*ur« f o r tosorpor

ating clearing hoaaa* undar a f« d # r a l la a , with s o n a n ts thereon.

Th* Banking Law Journal, Han York, (a y * e d it o r ia lly ,

book uP,n *A ar»d«d , *nklng

*W. think Mr. Th*od«r* 811-

Sy.t.m ’ afford* a * a la t i* a af th* problem.*

Th. North Waat.rn B a n k .,, Do. M o l . . . , I n * , , a y * .

• t h . plan . . p ro p p e d by Mr.

Oilman 1* th* boat y .t brought forward fo r t h . p r * * * a t io a of pantos.*
Th, Bankar*. M agailn*, N*w York, u y . , "Whan C o n g r... . h a l l taka up th* .urranay
question with a d l.p o .lt io n to doal .o r io u .ly w ith th* su b je ct, th* prapoaal* of Mr. Oilman
w i l l b« found worthy of • a r t f u l oon sidoration .*
Th* Now York Tribune »a y . o d lt o r la lly ,

*0 f a l l plana fo r adjustment of th* bank

c irc u la tio n t * th , noada of buainass, th* on* which socms to furntoh a b attar baala fo r w l.c
and aafa aatlon than any othar y .t o ff* r * d is that urg*d by Thoodor* Oilman of th la* c it y
und a p p ro *.i by C h w la . Par.ona, of Saint Louia, form erly President of t h . t a o r l.a n Bankar.
A sa o iia tio n ."
* . M. Paahody, of Saint P au l, Minn, a a y ,, * At reserve center* the bank, could
form themselves into a o *h *siv * condition, capable of r e s is t in g panic, m itigatin g trad*
depreaalcna and anpporting the eonfiden e, of d e p o s i t o r s .

Th. incorporation of t h ,

c le a rin g hoas* would g i * , the asso c ia tio n of banks a le g a l stauus.

Henry D. U a y d , author of *A Country without S t r ik e s ,* * e . A s. w r i t * to Theodor,
lln an aa fe llo w * ,-

You h a **, I think, la your plan made t h . most important contribution

to praagtoal finane* that ha* bean proposed by any f inanci a l w riter a f nadam tin e a .*

t i-m U X jcuanal p a b li.h .d to Sidnoy, A a s t r .l t ., sa

*** * •’ * ••• •

provision of * • d U M to dhntonay to th . United B t.ta s , wa hav. s M n n . . . r . a a i t . b l . ..h a s ,
th,u, might - i l , b . nada ou, . f ,h a . s a ^ . , *

*

* .

^

course with in t e r e s t , end h av. pleasure to saying that to oar .p in to . , h . world to todabgad
to lip* Gilman in no m u l l mea«ura.*
R. S. Pkdan, in t h . J o u n u l of P . l l t t o . 1 Economy, C h i ^ o , w r i t * , ,

e th e r. 1. nM d

o f a measure, authorised by law , that w i l l be e ffe c t iv e throughout t h . union, in r a l l a r i n *
* s tr a in of cre d it contraction forced on th* banks under our present system.




Mr. O i l -

mam*B book i t a strong presentation of the m erits of his plan and in view of the great

im
­

portance of an e la s t ic currency in our monetary operations, it behooves those opposed t p
t h is , or who have r i v a l methods to propose, to show the weakness of h is cause**
The M
«pr York Kvening Post, in an e d it o r ia l on "Federal C learin g Hpuses" say s, * I f
the object of the ( t i lwan) b i l l could be c a rrie d out, and the banks of the country be group­
ed into n a tio n a l cle a rin g house^ associatio n s of s u ffic ie n t s iz e , there is no doubt that
note* issued upon the combined re s p o n s ib ilit y of these associatio n s would be p e rfe c tly
secure**
P ro fe*so r Joseph French Johnson, now of the U n iversity of the C ity of New York,
in a review of "A traded Banking System,9 s a y s ;-VAs a protection against panics du© to a
>
dearth of media of exchange, hilltop .Gilm an's,) system would undoubtedly prove e f f e c t i v e ."
In a subsequent l e t t e r to Mr. Oilman he wrote*,-

" I t may in tere st you to know

that Secretary Bags asked m not lent) ago i f I had read your book*
e

He said I r e a lly ought

to rsad i t , f e r i t contained about the beet scheme fo r an asset currency which he had seen.
It should g iv e you sons s a t is fa c t io n * continues P ro fesso r Johnson,"to know that you have
made se distin gu ish ed a convert•"
Subsequently, at the December, 1900, meeting of Group V I I I of the Mew York State
Bankers A ssociation , Lyman J* Gage, then Secretary of the Treasury, dlsouesad a combination
of banks without monopoly*

He said it may be p o ss ib le to secure the advantages of

c e n tra lis e d authority and power w hile avoiding th is apprehended danger*
"Our p c iitIn a lsy stem is represen tative*

He continued,

I t begins in small u n its.

The townships, as­

sociated by represen tation , constitu te the county, the counties in l i k e manner the State©,
and from the States that in d is so lu b le fe d era tio n , the general government*

With no power

not s p e c ia lly extended te i t , or c le a r ly im plied, the Federal au th erity neverthelaaa stands
fo r th© general defense and the general w e lfa r e *
defined in m thought as po aaible in our banking s y s t # u
y

Seen thing lik e th is iJjvaguely
Me co n so lid ation of In te re sts ,

no abso lu te sovereign ty, no powerful head, with authority ta t r e a t s and c o n tro l, but assoc­
iatio n w ith referen ce to a common defence against common dangers; the in d iv ld u ll bank an
independent u n it; the d i s t r i c t clearin g house a center of asso c ia tio n ,



whore the surplus

strength of the strong could bo made available to support with entire safety and with prop­
er roward, the exposod position of tho momentarily weak.

The district clearing house,

associated in a similar way, might be made to constitute the national clearing house, and
thus in linos almost parallel to our political inttitutions, we might secure in th0 field of
banking what w« enjoy in our national life, namely, andividual freedom with an associated
strenght, which in the nation has been found equal to all emergencies.
•Th0 operation of your own (New York) clearing houso in times of peculiar stress
and peril, typifies what may be realized along the broader lin0s to which I refer.

By the

aid of th8 strong in support of the imperilled, you have saved from disaster those that
/ere not unworthy, and aided in times of arises exposed interests in the fields of trade
and industry.

Without specif it warrant of law, your action in these respects has

everywhere bean approved as judicious and wise.

Is it not possible under the sanction

of law to perfect and extern, for the general good of the country a similar plan and one
which has been so well demonstrated.*
The Bankers Magazine, in commenting editorially on this extract from the speech
of Secretary Gage, says,

"Mr. Gage did not y*ish his hearers to understand that this idea

was original with him.

Mr. Walker of Massachusetts and Mr. Gilman of New York, and doubt­

less others, hav0 suggested something on th0 same line.

Mr. Gilman's plan was fully

explained in the Magazine for April 1899, pp. 515, 594.

To utilize the clearing houses

in generally supervising the issue of currency by the banks, or for other purposes, it
would probably b0 necessary to incorporate them under Federal authority.

There is of

course under our present system considerable cooperation among banks, either us individuals
or as members of organizations; but still greater benefits in this direction could be se­
cured by closer affiliation.

If the banks are ever permitted to issue their own notes,

(*hloh th.y do not do now «x..pt nominally) It will b, ....ntUl that th. notes put out by
an ob.oup. country bank shall bo pra.tl.ally as good as thosa of a bank In any of tho fin­
ancial cantors.
lined.

This .an perhaps best be assured by some plan suah as Ur. Gaea out­

Any feasible proposition looking to a union of banks for tho purpose ofjfurPeMfcthontng thorn, without destroying thort" i n d e p en d en ce , or creating a monopoly, is




cortainly v/orthy of careful consideration.

Local cooperation seems to be less object­

ionable, in principle, than a general safety fund contributed by all banks for guaranteeing
either notes oV deposits*”

PER CONTRA*
The Bankers Magazine makes the following reportj-

"At the meeting of Group

IX of the New York State Bankers Association, on April 18, 1898, Mr. Shorer, the Manager of

»

*jl/
\

the Now York Clearing Hose expressed emphatic disapproval of the bill now before Congress to

u
incorporate clearing houses and to authorize then to issue currency based on collateral ownd
A

by thesev0ral members.'’
Comments.

Mr. Shoro/may be taken as a represontative of tne opinions current

among a certain class of large banks.

Their opposition to the incorporation of clear­

ing houses may rest on the assertion that the present system is good enough, that the banks
take care of panics as well as could be expected, that high r a t e s for money are a good
thing and therefore that no one should ask for a c hange.

Those who do not agree with

these views say that the opposition of the largo bnnks to a scheme which seeks the public
good, is mercenary and selfish, t h a t it r e v e a l s t h e f a c t t h a t the large banks are unwilling
to cooperate |in an effort to give monetary relief to the public and the conclusion is that#'
they do not want to give up the advantage they now enjoy of easing thgnselves by squeezing
the public and accept in its place a method of easing themselves by application to a clear­
ing house) that thye prefer the power of forcing liquidations to the duty of preserving

cO

‘

monetary stability by using tho machinery of a clearing house.

In short, their oppo:i-

tlon is because in effect they prefer panic and losses to the public accompanied by high n g t
rates of interest, rather than monetary stability and comfort to the public obtained by
services they could render*

Experience shows thet it is idle to look to our metropol­

itan banks for any suggestions for the benefit of the country at large*
seeking to strengthen their predominant position*

They are only

In proof of this, I would say

that Mr* Gage when Secretary of the Treasyry, said to me that he had told the officers of
the National City Bank of N qw York, that they ought to get in touch with me and endeavor to
promote my suggestions, which in hia opinion were the best before the publie*



They

\

I

n 0v er have made the slightest move in th&t direction, which I take to mean that they take no
intea«ct in measures for the public good if not connected with their private profit.

IN RRBUTTAL.
Since large banks are able to take care of themselves and ar3 indifferent to pro**
posals for the public good, it is to small banks we must look for approval and advocacy of n
measures which are designed for the benefit of the community at large.

They form that

In our system of government, all stand on an equality before the law;- all M

community.

individuals, wheother rieh or poor; all corporations, whether small or great.

The

small banks are ten times more numerous thah/ the large and statistics indicate that they
possess more banking eapital in the aggregate.

Consequently the small bnnks possess a

majority in amount of capital and an overwhelming majority in numbers.

It therefore

becomes of paramount interest to know how any plan is received by small banks, for it is
evident that no banking measure can bo adopted which does not meet their approval.
I will give the opinions of only three small banks out of perhaps four thonen
an<*‘

°f the r irst National Bank of Grand Island, Nebraska, capital

fl00,000.

If the clearing houses of the larger cities in the United States had the

right to issue an emergency currency, to be loaned only to members of the clearing house
associations on approved collateral, I think it safe to asum9 that such issue® would only be
made when necessity rendered such Issues desirable or in other words that they would only be
used to ward off or mitigate such financial stringency as threatened to beget panic condit*
tiona..
reform

I am thoroughly in favor of concentrating all efforts in regard to currency
on an attempt to secure legislation that will permit the issue of emergency

cur­

rency by clearing house*.
Yours truly,
C. F, Bontly, Cashier.

(kJw

The second is from the Bank of Albany, Missouri, capital £30,000.

for thing favorably of your measure ar0 various.




*My reason*

First, I like the plan of clearing house

f

\

.

issues over the country, as they come nearer the people and the smaller banks.

3esido:

the banks can more readily avail themselves of the benefits of the emergency issue*

Sec­

ond, I think that the security proposed would be ample to protect the notes and would make
them as certain of payment as the present mode of issuing national bank currency.

Third,

I especially commend the measure because it leaves every bank no matter how small maintain­
ing its separate existence, while some of the other plans do not.
Hoping that you may from these scattered remarks gather something of my views,
and pledging you whatever support I may have,

T am, Very respectfully,

J. B. Thomas, Vice Prest. Am. Bankers Assocn. for Mo.
The third is from the Merchants National Bank of Toledo, Ohio.

"I beg to state

that I have no objection whatever to the use of my name as one who unqualifiedly is in favor
of such a measure as you propose.

The country is alive to the necessity of an e~

m 8rgency currency and I believe that the p osent committee on Banking
recommend some measure during the session.

and Currency, will

I hope it will be your bill.

Very Respectfully,
Theodore C. Stevens, Vice Prest. Am. Bankers Assocn. for Ohio.
CONCLUSION.
In the above summary are given the opinions of journalists, expert economists,
bankers and men prominent in public life-

It would be a work of supererogation to

give ths opinions of men of business who are the chief sufferers from the present system.
Hon. S. Hooper, member of the House of Representatives and a Merchant of Boston, said a
generation ago, in his book on "Currency and Money"

"the customers of the bank sustain y

the loss while the banks have had tho profit.*
In an interview with the late President McKinley, he said to me that whoever
would devise a scheme to prevent "the pull by the banks* illustrating his words by a gesture
would confer a great benefit on the country.

That is the test of any system.

It

may be put in the form of a question thus, *What means would the banks employ in whatever
system is under consideration, to meet a general demand upon them for cash either to move
a crop or to satisfy alarmed depositors!"



The present national bank act in the

I
95th section requires the banks under such circumstances to stop discounting and demand pay­
ment of outstanding lo an s.

This method has produced innumerable panics.

Shall

ve persist in that course^ or s h a ll we e s ta b lis h and incorporate national cle a rin g houses
to which a l l banks can resort and obtain the cash needed fo r bueinesa or other purpose*
•without d istu rbin g discounts or loans and without d is tre ss in g borrowers?







Jtfc t

/

t
i




/
c~i^c
>K a ^ r n r ^ v J

O
k*>'& A / i j i

4

The c o n d i t i o n s whi ch r e q u i r e an a d d i t i o n a l volume o f money a r e ,
Afirst,

t h e a n n u a l l y r e c u r r i n g demand f o r c u r r e n c y to move t h e c r o p s .

T i s demand o c c u r s fro m O c t o b e r to J a n u a r y i n each y e a r , and can be
measured w ith approxim ate a c c u ra c y .
S e c o n d , an i s s u e t o p r e v e n t c o L l a p s e and s e r i o u s d i s a s t e r in
tim es of f i n a n c i a l c r i s e s ,

when c o n f i d e n c e i s d e s t r o y e d a n d b a n k s

and t h e p e o p l e a r e h o a r d i n g c u r r e n c y .
Any m e a s u r e c f r e l i e f s h o u l d , i f p o s s i b l e ^ c o v e r b o t h c l a s s e s of
demands.

lo tes

oo be i s s u e d s h o u l d oe e i t h e r n a t i o n a l b a n k n o t e s

o r U n i t e d S t a t e s n o t e s , h a v i n g , in e i t h e r c a s e , t h e same c h a r a c t e r
and t e n o r , and t h e same p r o v i s i o n s f o r prompt jf^-tirtrRieTrt, a s o u t standing n o te s .

IVCbtui.TYttJL
The n o t e s t o be i s s u e d by o r to t&e b a n k s uoon t h e

/
d e p o s i t ot a d e q u a t e s e c u r i t y , and t o be t a x e d t o such an e x t e n t , say
six per cent,

t h a t t h e i r prom pt r e t i r e m e n t w i l l t a k e p l a c e w h e n ev e r

t h e demand f o r t h e i r use h a s c e a s e d .
C o n g r e s s s h o u l d f i x a maximum l i m i t o f i s s u e , b u t t h e tim e when
i s s u e d and tn e amount to oe i s s u e d i n p a r t i c u l a r c a s e s s h o u l d be d e­
t e r m i n e d by some c e n t r a 1 a u t h o r i t y , p e r h a p s th e C o m p t r o l l e r o f t h e
,




2

C u r r e n c y w i t h t h e a p p r o v a l o f t h e S e c r e t a r y of t h e T rea su ry *

T his

a c t i o n o f t h e T r e a s u r y o f f i c i a l s m i g h t b e t a k e n upon t h e r e q u e s t o f
o f f i c e r s r e p r e s e n t i n g c l e a r i n g - h o u s e a s s o c i a t i o n s o f one o r more
c itie s.
The g e n e r a l c l a s s of s e c u r i t i e s , s a y S t a t e , m u n i c i p a l , o r f i r s t
c l a s s r a i l r o a d b o n d s , s h o u l d be named i n t h e a c t .

The c h a r a c t e r

a n d a d e q u a c y o f p a r t i c u l a r s e c u r i t i e s to be d e p o s i t e d i n e ac h c a s e
s h o u l d , i f t h i s p l a n i s f e a s i b l e , be d e c i d e d by t h e c l e a r i n g - h o u s e
a s s o c i a t i o n o f t h e c i t y o r d i s t r i c t in which .h e b a n k making th e
d e p o s i t i s l o c a t e d , s u b j e c t to f i n a l a p p ro v a l by th e S e c re ta r y of
hie T r e a s u r y .

I t m ig h t be w e l l to h a v e t h e c l e a r i n g - h o u s e a s s o c i a ­

t i o n g u a ra n te e the d e p o s i t s .

In t h i s c a s e th e s e c u r i t i e s w o u ld ,

01 c o u r s e , be k e p t in t h e c u s t o d y o f t h e a s s o c i a t i o n , t h e t i t l e

re­

m a i n i n g in t h e g o v e rn m e n t.
I f b an k n o t e s a r e t o be u s e d , t h e l i m i t o f i s s u e t o any b a n k
/
s J &
. jj f'i'
1
b£ f i x e d a t t h e amount o f c a p i t a l a n d u n i m p a r i e d s u r ­
plus,

i n s t e a d o f c a p i t a l a l o n e , a s now.
To i n s u r e prom pt r e t i r e m e n t i t m i g h t , p e r h a p s , be w e l l to h a v e




5

a progressive tax,

sa y a t one r a t e f o r a p e r i o d o f n o t e x c e e d i n g s i x

m o n t h s , and a h i g h e r r a t e f o r l o n g e r p e r i o d s .

E xisting lim ita tio n s

upon t n e amount o f hank n o t e s which can he r e t i r e d i n any month
s h o u l d n o t a p p l y to t h e n o t e s p r o v i d e d f o r i n t h e a c t , a n d p e r h a p s
a l l l i m i t a t i o n s s h o u l d he removed.
I f hank n o t e s a r e u s e d , h a n k s s h o u l d he a l l o w e d to d e p o s i t
A
n o t e 4 o f any n a t i o n a l h a n k , a s w e l l a s l a w f u l money, in t h e T r e a s u r y
to e f f e c t t h e i r r e t i r e m e n t .




* '

THE

F U N C T I O N S
BANK

OF

OF

THE

S W E D E N .

The "business a ssig n e d to the Kiksbank f a l l s under the f o l l o w ­
ing h e a d s:
(1 )

Purchase and s a le o f g o ld and s i l v e r .

(2 )

Purchase and s a le o f h i l l s

o f exchange, drawn on f o r e ig n

fir m s or p erson s, and w ith a cu rren cy o f not ex ceed in g s i x months,
such h i l l s b ein g payable e it h e r abroad or in Sweden.

Other fo r e ig n

sh ort term paper o f not ex ceed in g s i x months' cu rren cy, may a ls o be
a cq u ired and a fte rw a rd s disp osed o f*
(3 )

(a )

Purchase and s a le o f Swedish bonds, and o f such o b l i ­

g a tio n s o f f o r e ig n governments as a re quoted on fo r e ig n sto c k e x ­
changes and are r e a d i l y r e a lis a b le *
(b )

Taking over by arrangem ents o th er than those f o r

purchase, o f Swedish Government bonds and r e a d i l y r e a l i s a b l e o b l i ­
g a tio n s o f fo r e ig n governm ents*
(c )

A c tin g as agents in e f f e c t i n g the purchase and s a le

o f Swedish Government bonds and the bonds o f the G eneral M ortgage
Bank*
(4 )

(a )

D iscou n tin g accepted in lan d b i l l s

o f exchange payable

w ith in s ix months*
(b )

Loans a g a in s t Stock Exchange c o l l a t e r a l rep aya b le

w ith in s ix months ( f i x e d
n o t ic e .




term ) or on not ex ceed in g th re e months'

In the case o f communal a u t h o r it ie s and o th er c o rp o r a tio n s

2

o f - s im ila r s ta tu s , the note o f the borrow ing c o rp o r a tio n may be ac­
cepted as s u f f i c i e n t s e c u r it y w ith ou t oth er c o l l a t e r a l .
(c )

Loans a g a in s t m erchandise in a p u b lic warehouse or

d e p o s ite d in charge o f an independent tru stw o rth y person who has
bound h im s e lf t o h old them a t the d is p o s it io n o f the Riksbank, such
loans to be fo r f i x e d terms not ex ceed in g
(d )

3

i x months.

Grant o f c r e d it on cu rren t account fo r terms not ex­

ceed in g tw e lv e months, a g a in s t c o l l a t e r a l c o n s is tin g o f bonds,
sh ares,

or a l i e n on r e a l e s t a t e , and a ls o a g a in s t p e rso n a l guaran­

tees.

The maximum amount o f the funds o f the bank which may at

any tim e be advanced in t h is way s h a ll not exceed 15 m il l i o n kronor
(•$4,000,000, 30 per cent o f the ban k's c a p i t a l , ) not in c lu d in g in
t h is sum the c r e d it to be opened f o r the N a tio n a l Debt O f f i c e ,

the

amount o f which is fix e d not to exceed 1,500,000 kron or.
(e )

On s im ila r s e c u r it y to th at named in the p re ced in g

paragraph (d ) th ere may be gran ted loan s rep a y a b le by in sta lm en ts a t
f ix e d

in t e r v a ls .

The a g g reg a te amount o f such loa n s was f i x e d in

the law o f 1897 not to exceed o n e -q u a rter o f the bank's c a p i t a l .
F ive y e a rs l a t e r , a law o f 14th May, 1902, se t a sid e the sum o f
12,500,000 kronor f o r

such loa n s as a lre a d y s ta te d ,

the c a p it a l r e ­

m aining unchanged and the fund in qu estion b ein g p ro v id e d from the
accumulated su rp lu s.
(5 )

D ep osits f o r fix e d

terms or re p a y a b le on demand to be r e ­

c e iv e d w ith ou t charge and s u b je c t t o no i n t e r e s t payment.
Current accounts ( " g i r o " a ccou n ts) t o be kept f r e e

o f in t e r e s t

ch arge, and the bank t o make the n ecessa ry arrangements in con n ection




3

th e re w ith f o r e f f e c t i n g the bu sin ess o f the c le a r in g house.
F irm s , oth er than banicing fir m s , which have a d isco u n t account
a t the Riksbank, may r e c e iv e i n t e r e s t on cu rren t account b a la n ces.
The bank is re q u ire d to r e c e iv e the P u b lic Revenue and t o male
payments on account o f the S ta te w ithou t ch a rg e.
The bank is r e q u ir e d to accept a t any o f i t s
o f money and to issu e s ig h t d r a ft s

o f f i c e s d e p o s its

on the Head O ffic e

in Stockholm

fo r the amount thus d e p o s ite d w ith ou t d ed u ction or f e e .
Arrangements f o r the r e c e i p t o f s e a le d d e p o s its are a ls o to be
made a t the Head O f f i c e ,

and at branches as may be determ in ed in

the r e g u la t io n s made from tim e to tim e .
F o re ig n loans may be r a is e d , and accounts opened w ith r e l i a b l e
fo r e ig n banking and m e r c a n tile houses w ith or w ith o u t in t e r e s t .
Beyond the business in clu d ed under the above heads, and the
manufacture o f paper and conduct o f the n ecessa ry p r in t in g ,

the

Riksbank is p r o h ib it e d from c a r r y in g on any o th er c la s s o f business
w h atever.
o ffic e s ,

I t may not own r e a l e s t a t e beyond th a t needed f o r i t s
paper m an ufactory and p r in t in g w orks.

from lo s s ,

To p r o t e c t the bank

i t may buy in r e a l e s ta t e on which i t ha 3

a l i e n when

such p r o p e r ty i3 s o ld at a u c tio n , but i t must be s o ld a ga in on the
occu rrence o f a s u it a b le o p p o rtu n ity , and in any caoe when th e s a le
can be made w ith ou t lo s s .
I t w i l l be observed th at the Riksbank,
payin g in t e r e s t on d e p o s it accou n ts,
bu siness to oth er banks.




It

in b ein g exclu ded from

le a v e s an im portant li n e

of

is a ls o not under the same p ressu re to

4

fdnd i n v e s t m e n t s f o r i t s f u n d s when t h e a t t r a c t i o n of i n t e r e s t i s
l a c k i n g t o draw to i t a l a r g e d e p o s i t f u n d .
as a lr e a d y noted, t h i s

i te m has p r a c t i c a l l y d i s a p p e a r e d from t h e

b a l a n c e s h e e t s i n c e 1897.

C u r r e n t a c c o u n t s w i t h i n t e r e s t on the

b a l a n c e t o t h e c r e d i t of the c l i e n t ,
reserves

As a m a t t e r o f f a c t ,

( s e e a b o v e) h a v e ,

in f a c t ,

th o u g h a l l o w e d w i t h c e r t a i n
n o t been d e v e l o p e d .

At t h e

end of 1908, t h e r e s o u r c e s o f th e R ik a b a n k i n c l u d e d c a p i t a l and r e ­
s e r v e an d o u t s t a n d i n g n o t e s am o u n tin g t o t h r e e - f o u r t h s o f t h e w hole.
Of the r e m a i n d e r , n e a r l y o n e - t h i r d was due t o t h e b u s i n e s s c o n d u c t e d
by t h e bank f o r the N a t i o n a l Debt O f f i c e and t o t h e b a l a n c e o f
p r o f i t s h e l d f o r a c c o u n t o f the S t a t e .




' V

t

ICC

iL

i r

^

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j

t it V M /
U

l/ • h J

L I V R E

1°

.-

OEUERALITES .

1.

- L 'i n d u s t r i e de l a v a le u r m ob ilifere ©t l a c o n d itio n

g e n e r a le de l a p ro d u ctio n e t de l a mise en c i r c u l a t i o n des b ien s
2 . - Qu’ e n te n d -t-o n p a r marche f in a n c ie r ?
3.

- D iffe r e n c e e n tre l e s f o i r e s , le s marches e t l a Bourse.

C o u r tie i,s e t agen ts de ch ange.
4.

- La Bourse e s t une p la c e i>ublique, un march© p u b lic ,

her

commerce e s t l i b r e en France, mais l e d r o i t qu i a p p a r tie n t au
p o u v o ir de n 'g . e r l a p o lic e de l a p la c e p u b liq u e a engendre l e d r o it
de re g le m e n te r l a Bourse.

Sous l ’ an cien regim e, l a vent© du

d r o i t de t r a v a i l l e r a ooneoniTi a 1 1 otat?liooc.mcn t de 1 'ir ^ -i^ tv itio n
des c o u r t ie r s e t agentB de ch a n g e.5 . - L 'e p o q u e r e v o lu t io n n a ir e .
W ou b tes e t




Itsm ^

ca u ses.

6.

)

La l i b e r t e du marche.

- Les l o i s qui r e g is s e n t a ctu e lle m e n t l e marche f i n a n c i e r

f r a n g a is .
7.

- C o n s id era tio n s sommaires su r la " r e o r g a n is a t io n " du mar­

ch© fr a n g a is op ereeen 1898.

)

8.

•

- Les causes de 1 ’ o r g a n is a tio n a c t u e lle .ont d is p a iu , mais

1 'o r g a n is a t io n su b sist© .

,— i -•

I I a p p a r a i t a 1 ' a u t e u r de l a p r e s e n t © e t u d e q u ' i l import© de

1 -




r a t t a o h e r t o u t d ' a b o r d ^ 1 ' e t u d e d ’un marche f i n a n c i a l 1 a m m 1 ' e n ­
m
sem b le d e s e l e m e n t s d o n t l ’examen r e s a o r t i t a 1 ’ economic p > o l i t i que .
L ' e m i s s i o n d e s v a l e u r s f i d u c i a i r e s , l e commerce d o n t e l l e s
s o n t l ' o b j e t s o n t - i l s d e s phenomenes s n e c i a u x ? Ces phenomenes
s o n t - i l s , au c o n t r a i l 1 soumis aux c o n d i t i o n s g e n e r a l e s de l a
©,
p r o d u c t i o n e t de l a c i r c u l a t i o n d e s b i e n s ?
I I e s t h o r s de d o u t e que l e s v a l e u r s f i d u c i a i r e s , p l u s g e n e ­
r a l ement a p p e l e e s en Finance v a l e u r s m o b i l i e r e s ( 1 ) - s o n t d e s b i e n s
c r e e s p a r l 1I n d u s t r i e de 1 'homme e t c i r c u l a n t en v e r t u de l a c o n ­
d i t i o n g e n e r a l © q u i e n g a n d r e e t domine t o u t l e commerce.

Bm
rnrn& m
m

’ I n d u s t r i e 1 e x t r a i t l a m a t i & r e p r e m i e r e ou l a t r a n s f o i m e
poui* l a r e n d r e a p t e a s a t i s f a i r e l e s b e s o i n s d e s c o n so m m a te u r s,
l e commergant t r a n s p o r t © l e p r o d u i t i n d u s t r i e l ou,
comm© m arch an d , comme c o m m i s s i o n n a i r e , comme c o u r t i e r , comme p r £ t e u r d ' a r g e n t m i n e , l e f a i t c i r c u l a r * $e mime i l e x i s t © d e s i n d u s ­
t r i e l s , des cominergants, d e s consommateurs de l a v a l e u i 1 m obilifcre.
L es i n d u s t r i a l s de l a v a l e u i 1 m o b i l i e r e ce s o n t l e s f i n a n c i e r s
q u i t r a i t e n t a v e c d e s E t a t s e m p r u n t e u r s , ou r e p r e s e n t a n t s d e s P r o ­
v in ces e t v i l l e s d e s ire u s e s d 'e m p ru n te r.

I l s fix e n t le s taux d 'i n -

t e r & t s , l e s c o n d i t i o n s d ' a m o r t i s s e m e n t , 1 ' e c h e a n c e d e s c oupons,
(1) A r t i c l e 516 du Code C i v i l : "Tous l e s b i e n s s o n t meubles ou
i m m e u b l e s ."
A i* tic le 529- ” S o n t m eubles p a r l a d e t e r m i n a t i o n de l a l o i , l e s
o b l i g a t i o n s e t a c t i o n s q u i o n t p o u r o b j e t d e s sommes e x i g i b l e s ou
d e s dTfc-ts m o b i l i e r s , l e s a c t i o n s ou i n t e r & t s dan s l e s compagnies
de f i n a n c e , de commerce ou d ’ I n d u s t r i e , e n c o r e que d e s immeubles
d e p e n d a n t de c e s e n t r e p r i s e s a p p a r t i e n n e n t a ux C o m p a g n ie s. Ces
a c t i o n s ou i n t e r ^ t s s o n t r e p u t e s m eubles a 1 % a r d de chaque s o ­
c i e t y s e u l e m e n t , t a n t que d u r e l a S o c i e t e . S o n t a u s s i m eubles
p a r l a d e t e r m i n a t i o n de l a l o i , l e s r e n t e s p e r p e t u e l l e s ou v i a gbres s o i t s u r l ’E t a t , s o i t s u r des p a r t i c u l i e r s .

2.

i l s p rep a ren t e t o rg a n is e n t le s

em ission s; i l s

a g is s e n t de m e a
&m

l 'e g a r d des s o c ie t e s p a r a c tio n s qui empi'untent. Souvent m e i l s
&m
/
J
c re e n t ces compagnies p a r a c t io n s ; i l s en e t a b lis s e n t le s s t a t u t e
ils

le u r asrureuVles concours a d m in is t r a t ifs e t tech n iq u es.

Ils

on t pour a u x i l i a i r o s des s y n d ic a ts de g a r a n t ie, des b a n q u iers, v e r i t a b l e s commergants en v a le u r s m o b ilie r e s , qui a ch eten t e t vendent
pour le u r p rop re compte.

Ce son t au ssi des commergants, ces a u x i l i a i -

i ies qu commerce que sont le s c o u r t ie r s e t com is s io n n a ir e s en va le u r s j

qu i n e g o c ie n t pour compte d 'a u t n ii au s e in des inarches

p u b lic s .
Le c a p i t a l i s t e ,
de v a le urs m o b ilie r e s

e t mime l e s p s c u la te u r sont le s consommateurs
.

A in s i, nous voyons des p ro d u c te u rs , des

commergants, des consommateurs de v a le u r s m obili& res^ comme on peut
v o i r des prod u cteu rs, des commergants, des consommateurs de to u te s
s o r te s de b ie n s .
On entend p a r march e fin a n c ie r . dans l e

sens etendu du mot,

1 * ensemble des elem ents, s o i t mondiaux, s o i t region au x qui concour e n t a 1* em ission e t a l a c i r c u la t io n des v a le u r s m o b ilie r e s .
Dans un sens r e s t r e i n t ,

on entend p a r marche f i n a n c i e r , la

p la c e p u b liq u e, dans une v i l l e

ou se p ro d u is en t le s n e g o c ia tio n s

'J/j/ct (J-

dont le s v a le u i’s fo n t 1 ’ o b j e t , fip e c ia le m e n t a f f e c t e e a ces n e g o c ia ­
t io n s .

C e tte p la c e p u b liq u e, c 'e s t l a B ou rse.

A in s i, l a Bourse, m b A m i m , e s t une p la c e p u b liq u e! I I
de se p e n e tr e r de c e t t e c o n d it io n .

im porte

C 'e s t a in s i qu 'on se tro u v e a

m§me de b ien comprendre, non seulem ent son h i s t o i r e , mai3

en core, en

c e r ta in s c a s , 1 ' ensemble des r k g le s e t mime des l o i s qui p r e s id e n t a
son fo n ction n em en t.
Les Bourses se d is tin g u e n t des f o i r e s e t des marches en ce

3

ens

que, en p r in c ip e , l e s o b je t s ne sont pa3 p re sen te s h l'a c h e t e u r




r

3.
au moment du c o n tr a t dans le s bou rses, ta n d is q u ' i l en e s t a u tr e ment dans le s f o i i e s e t m a rch es.(1 )
Les Bourses so d iv is e n t elles-m&mes en bourses de (Tnm fiT>n&
m
proprem ent d i t e s ,

ou son t n e g o c ie e s le s m archan dises,b l e s , M arines,

a l c o o l s , su cre , e t c . , e t le s bourses de v a le u r s . ou son t nego­
c ie e s le s v a le u r s m o b ilie r e s .
Jusqu’ a une c e r ta in e epoque, au s e in des Bourses de Commer­
ce , l e s c o u r t ie r s n e g o c ia ie n t l e s m archandises, l e s monnaies, le s
l e t t r e s de change e t le s t i t r e s qui sont en quelque sorfe l e s ancS tre s des v a le u r s m o b ilie r e s mode m e s .

On a p p e la it £es commission-

n a ir e s op eran t dans le s b ou rses, l es c o u r r e t ie r s de change, denr ees e t m archan dises. A in s i, un e d it de C h arles IX , de Ju in 1572,
^st a p p e le . E i t re. & t i f ]. aux p .o u rre tie rs ^ta n t de change e t c\c
ld
l
den rees qu_ . de d ra p s , de s o l e , l a i n e s . t o i l e s ,
e

c u i r s f e t a u tre t.

so.r t e s d.e m archandises, de v in s , b le s , a t autros u - r a i , de che3
eaHX r jt

t>ous a u tres b e s tia u x . (2 ) C’ e s t seulem ent a p a r t i r de

1639 que le s fo n c tio n s d 'A g e n ts de Change e t de c o u r t ie r s p a r a is sen t a v o i r e te d i v i s e e s ( 3 ) .

En e f f e t ,

un a r r S t du c o n s e il du

Roi du 2 a v r i l 1639 donne aux c o u r t ie r s de change l e nom d 'a g e n ts
de ch a n g e .(4 )
4 .-




C 'e s t , nous l'a v o n s d i t ,

c e t t e c irc o n s ta n c e que l a Bourse e s t

une P-la»ce p u b liq u e, qui domine l a r e g le m e n ta tio n de 1a. B ou rse.
- fp o rte m aintenant de d e v e lo p p e r c e t t e c o n s id e r a tio n .
Bn P ran ce, l e commerce e s t l i b r e .

E t cependant l e

regim e (
)
i

( i ) nta3.1ei-.D roit Commercial 2° E d it. N° 82 4.-Lyon-Caen e t
R enault T r a it e de D r o it Commercial T .I.N ° 2 0 & 328.
( M
anuel d es Agents de Change , pa&ce 7.
Lyon-Caen e t R enau lt, T r a i t e dd D r o it Com m ercial. t . IV .N °ft 7 9 .
( 4 ) Manuel des Agents de Change, page 15.

II

4.

d.G bourses de v®l©urs e s t regiem en te au point/ de p resen tei^ sous
S
ce ra p p o rt une e x c e p tio n , une d e r o g a tio n c o n s id e ra b le au d r o i t
commun.

L * a r t i c l e 7 de l a l o i du 17 Mars 1791 d i t :

"II sera lib re

/ a t o u t e p e r s o n n e de f a i r e t e l n e g o ce ou d ’e x e r c e r t e l l e p r o f e s s i o n
q u ' e l l e t r o u v e r a b o n ; m ais e l l e s e r a t e n u e de se c o n f o r m e r a ux r e / g l e m e n t s de x jo lic e q u i o n t e t e ou p o u r r o n t %tre f a i t s . ”




Le 17 s e p t e m b r e 1807, Regnaud de S a i n t J e a n d 'A -igely d e p o s a n t l e p r o j e t de l o i de commerce, e t a b l i s s a n t u n Code s ' e x p r i m ait a i n s i ;
M Au commencement du L i v r e 1° e t so u s l e t i t r e des d i s p o s i ­
t i o n s g e n e r a l e 3 , l e s r e d a c t e u r s a v a i e n t pose des r e g i e s puiem ent
theoriaues e t su p e rflu e s.

Q u elq u es a u t r e s o n t e t e j u g e e s s u s c e p —

t i b l e s d * occupel* une p l a c e d i f f e r e n t © .

AillSLi— 1 — Q
no,^ P ty.QH£l— f
I-i&

n e n s e a u ' i l f u t n e c e s s a i r e de d i r e quj_en F r a n c e — o u t s — e r s o n n e —
t
p
a__
d r o i t de f a i r e l e commerce,..,..........(1) M
CZcutW p erso n n e ne c o n t e s t e que l e p r i n c i p e de l a l i b e r t e du Commer­

ce s o i t r e s t e de nos j o u r s u n d r o i t de .l/hommej^s a u f dans 1 eco —
l(s. p o l i t i c o - e c o n o m i q u e q u i f a i t a b s o r b e r l e d r o i t i n d i v i d u e l p a r
w
* A
J ia
l e d r o i t s o c i a l ) Le p r i n c i p e e s t de droit__P_o s i t i f e t en q u e l q u e
s o r t e a f f i r m © p a r nos l o i s c o n s t i t u t i o n n e l l e s .

On p e u t l i r e ,

en

e f f e t , dan s l e s T ravaux p r e p a r a t o i r e s d e s l o i s c o n s t i t u t i o n n e l l e s
de 1875 c e t t e p h r a s e c a r a c t e r i s t i q u e du d i s c o u r s de M. Lepfere
. » Nous av o n s e d i c t e une s e r i e de d i s p o s i t i o n s c o n s t i t u t i o p n q l l e s i
*
s a n s no u s a t t a c h e r a f a i r e d e s p r o m u l g a t i o n s de j^r i n o i E e s , , f f i s
P l u 3 qu*a f o n n u l e r d e s d e c l a r a t i o n s p h i l i s o p h i q u o s
(1) Expo se d e s moti f s du Code de Commerce . Corps L e g i s l a t i f .
1° Sep tem b re 1807. A r c h i v e s P a r l e m e n t a lre,s_._1807.

5

Nos p r in c ip e s son t oonnus.

Ce 3ont l e s p r in c ip e s de 1789 que

tous le s gouveinem ents aui se sont succode ont reconnu M l )
(
Cependant, nonobstant l e p r in c ip e de l a l i b e r t y du Commer­
ce , l e march 9 fin a n c ie r fr a n c a ls n 'e s t pas l i b r e .

La p r o fe s s io n

d 'a g e n t de change e s t c o m e on l e v e r r a m o n o o o lis e e .

i

/

s ' a g i t d 'u n monopole e x e r c e p a r l 'E t a t ,
ven te du ta b a c ,

P o in t ne

comme l e monopole de la

c e lu i des poudres, c e lu i des a llu m e tte s , ou

c e lu i des p o s t e s ; i l

s ' a g i t d'u n monopole e x e rc e p a r

g4 o ia i- e s a le u r p r o f i t p e rs o n n e l.
r

II

hnne-

s ' a g i t d'u n monopole

p r iv e c o n fie a des p a r t i c u l l e r s
Q u elle e s t l a genese de ce phenomena ? Pouiquoi c e t t e excep­
t io n ?
Nous l'a v o n s vu e x p liq u e e d'une fa g o n to u t a f a i t lumineuse

dans l a p l a i d o i r i e d'u n eminent a v o c a t, M. l e B a to n n ier du

Buit^au cours d'u n r e t e n t is s a n t proces f i n a n c ie r (2 )
" La bou rse, d i s a i t - i l e s t l e marche p u b lic ou l 'o n achet e des e f f e t s

e t des v a lo u r s , exactem ent comme le s f o i r e s son t

des maiches p u b lic s , ou l 'o n achete des g ra in s e t des b e s tia u x
e t to u te s s o r te s de m archan dises.

Ces marches jA ib lic s ,

ces Bour­

ses se fo m e n t to u jo u rs sj;ontanement, peu a peu, p a r le s b e so in s,
p a r 1 'h a b itu d e , p a r l e concours des p o p u la tio n s , p a r l e m£me
proced e.
C 'e s t un ce n tre auquel on se r endt

r*




, peu a peu, comme on

(1 ) Seance du 17 F e v r ie r 1875.Annales de 1 ’ Assemblee iNao xon.a±e
.T. XXXVI p . 619.
.
Ia * *■
oLc- fo( »iy-o 0ixu
frt~.
P 7. f
*
va
(2 ) A f f a i r e : M in ist& i’e publ i c e t Chambre s y n d ic a le des agents de
change co n tre MM. de B u z e le t e t P e r r i& r e .
Tribu n al de l a Seine
22 F e v r ie r 1907/ Compte rendu de l a c o te de l a Bourse e t de l a
Banque du 24 F e v r ie r 1907.




6 .

s a i t qu 'on y tnouvena des acheteuj."s, chacun apponte ce q u ' i l a
a ven dn e.

I I s ’ y e t a b l i t spontanement^ a u s si des u sages, des

neglem ents* 0 n s a i t comme on a c h e te , comme on vend; e t i l
foim e ce que l e s l o i s

se

coininerciales a p p e lle n t 1 'u sage de l a p la ­

ce .

" V o i l a l e manche c n e e , i l se d e v e l o p p e , e t n e c e s s a i n e m e n t ,
comme^dans t o u t ce q u i e s t hum ain, a p p a n a i s s e n t p e u a p e u de s
a b u s f ^ o s abus d e v i e n n e n t c n i a n t s ^ i l se f a i t de 1 ' a g i o t a g e .

Il

se p r o d u i t a u s s i d e s q u e n e l l e s , d e s n i x e s , du d e s o r d r e , e t l e
p o u v o i n c e n t n a l se p n e o c o u p e .
"L* a u t o r i t e i n t e r v i e n t e t e l l e pnend en m ain ce manche. I l
y a d e s ab u s d i t - e l l e ,
diaines

j e v a i s l e s co n n ig en ,’ i l y a d e s i n t e n m e -

i n t e n l o j j e s , j e v a i s l e s nemplacen p a n d e s i n t e r m e d i a i t e s

que j e nominei’a i .

J e v a i s f a i n e d e s n e g l e m e n t s , on l e s o b s e r v e n a

s u n l e manche, e t c ' e s t a i n s i que j ' e t a b l i s comme n e g le m e n t que
l o n s q u ' on vou dn a a l i e n su n l e manche poun vendne d e s v a l e u n s , au
l i e u de se l i v n e n a c es i n t e r m e d i a i n e s i n t e n l o p e s q u i c a u s e n t l e
d i s c n e d i t des a f f a i n e s , on s ' a d n e s s e n a a d e s i n t e n m e d i a i n e s que
j e nommenai.

C ' e s t p a n eux q u ’on s e n a o b l i g e de n e g o c i e n . ”

A i n s i p a n l a M° Du B u i t e t l ' o n ne s a u n a i t n i e n que c ' e s t du
p o u v o i n de p o l i c e que pn o ced e l a n o g l e m e n t a t i o n de l a bo u n se en
t a n t que p l a c e p u b l i q u e . Mais l e p o u v o i n a t n o u v e q u e l q u a v a n t a |ge a e x e n c e n c e t t e n e g l e m e n t a t i o n 4l^ous l ' a n c i e n negime, l e pou—
v o i n s e c o n s i d e i ’a i t comme l e m a i t n e des g e n s , comme l e p n o p n i e —
t a i n e de l e u n d n o i t de t n a v a i l l e n .

A u ssi l e v e n d a i t — l . I l a d —
i

v e n a i t s o u v e n t q u ' i l c o n f e n a i t monopole e t p n i v i l e g e a c e i * ta i n e s
gens q u i a c h e t a i e n t l e u n s a v a n t a g e s .

Le t n a f i c d e s c h a n g e s , d e s

e m p l o i s , d e s o f f i c e s , q u i f u t l a p l a i e de l ' a n c i e n negime s ' e x e n qa a u s s i s u n l a p r o f e s s i o n de c o u n t i e n e t s u n c e l l e d ’a g e n t de




7.

» v
change.

L e monopole des agents de change a, en r e a l i t e , ache-

t e au p o u v o ir, sous l ’ a n cien regim e.
S u rv in t l a R e v o lu tio n .
La l o i du 17 Mars 1791 qui supprima le s o f f i c e s ,

le s m al-

t r i s e s e t le s ju ra n d e s , ab olit? l e m
onopole des agents de change
qui a v a it e t e e t a b l i p a r une s e r i e d 'a r r S t s s u c c e s s ifs de l a
io y a u te , d e l 724 a 1788, a r r S ts p a r le s q u e ls l e s p r i v i l e g e s a v a ie n t
e te^ to u r a toui* c o n fe r e s , m o d ifie s , r e t i r e s ,

rendus, c o n fiim e s .

Mais le s tro u b le s in f e r ie u r s e t e x te r ie u r s de l ’ epoque r e v o lu t io n n a ir e en F rance, la p o l i t i q u e fin a n c ie r e qui se t r a d u is i t dans l e domaine du c r e d it p r iv e p a r l a su pp ression des Soc ie t e s par a c tio n s

(1 ) e t dans l e domaine du c r e d i t p u b lic , p a t

1 ' em ission des a s s ig n a ts , le s emprunts fo r c e s ,
eu ren t une t e r r i b l e

l a banqueroute

rep ercu ss io n sur l^ s marches fin a n c ie r s .

Lorsque l a Bourse f u t une p rem iere f o i s ferm ee ( du 27 Ju in
1793 au 25 A v r i l

795 ) , lo rs q u e ces S o c ie te s p a r a c tio n s fu r o n t

supprim ees, le s re n te s d is p a m r e n t du marched £e ne f u r e n t f ^ e t
P °u r cau se,) n i su r le s re n te s n i sur le s a c tio n s des compagnies
que se p o rta l a s p e c u la tio n .

On specu la su r l e s v a le u r s m e t a l l i -

ques e t su r le s l e t t r e s de change par s u ite ae deux causes
LA BAISSE DES ASSIGNATS ET LA RARETE BV
v a i t § t r e autrem ent*
d u is it.

:

NUMERAIRE.|^I1 n 'e n pou-

phenomena e t a i t in e v it a b le ^

II

se p r o -

S f j/Js
.

<J3i l 'o n met dans un c o f f r e 1.000 P r o s . en lo u is o r , e t s i
1 f on f a i t r e p r e s e n te r ces 50 p ie c e s de 20 fra n c s p a r 1.000 f e u i l le s de p a p ie r ,

ces 1.000 f e u i l l e s de p a p ie r vaudront th e o r iq u e -

ment e t cependant assez exactem ent 1 fr a n c chacune.
de m ille f e u i l l e s ,

S i, au l i e u

on en emet 2.000 l a v a le u r devra descendre 1

(1 ) D e e re t du 24 Aoflt 1793.

j j

I

U

f

u

W

'

'

f y j afiiajuf-

9
8 .

nonnalement a 0,50 c . S i l 1on en emet 4.000 l a v a le u r devra d escendre a 0,25 e t a in s i de s u it e .
(s u r to u t s i c ’ e s t l 'E t a t )
^

emu O w l

I I peut a d v e n ir que l ’ em etteur

s ’ in d ig n e de ce f a i t ,

tO lA h O L M U .

qu ’ i l

a tt r ib u e

•

le s causes de l a b a is s e a l 'a g i o t a g e .

M ais, quoi qu ’ i l

fa s s e ,

l e p a p ie r aui*a to u jo u rs tendance a v a lo ii* exactem ent ce qu ’ i l
r e p re s e n te .

,

S i l e p o u v o ir menace ceux q u ' i l accuse de l a b a is s e ,

des p ir e s ch&tim ents, du carcan , du p i l o r i , de l a mort m&me, i l
u'cuA Z CUjSLa ituudtxJUUUl CL u-e V edU rL r fy x * U fru A
aura beau f a i r e ^ l e p a p ie r «b «ip M P a ULfdui—pirjpi'e*.
P e u t-£ tr e
•^p ap ier d e s c e n d r a - t - il au-dessous de sLa v a le u r r a t i o n n e l l e , en
r a is o n des t e n t a t iv e s de l'e m e t t e u r pour l e f a i r e v a l o i i ’ davan tag e \ mais ceux qui auront f a i t b a is s e r l e p a p ie r , en r e a l i t e ^ c e
ne s e ro n t pas le s n e g o c ia n ts , n i m£me ceux en tre le s mains de qui
l e p a p ie r se t r o u v e , bm» s 1 ' em etteu r lui-m&me.

f*

,

Q u M ^ M iia r a r e t e du num eraire, «fciUb* e s t l e c o r o l l a i r e de
l a b a is s e du papiei*.

Quand l e p a p ie r b a is s e , ceux qui ont de

l ' o r ne 1 * echange^pas v o l o n t i e r s
e n tre leui*s mains .

Done i l s

£
coun de n a n le r .

Im
u

con tre du papiei* qui s ' a v i l i t ,

demandent pour un neu d ’ o r . beau-

{ »>u- , ( ' 7
h
risnAx
f

A

i

i 'tab 1 e .

E n fin , quand un pays e s t en r e v o lu t io n , l a p ro d u c tio n i n t e r ie u r e des o b je t s d * a lim e n ta tio n e t des o b je t s u su els diminue a
cause m§me des t r o u b le s .

II

fa u t done demander ce qu i manque

a 1 * s tr a n g e r , mais comment l e p a y er ? En o r ,

en monnaie de chez

l u i , etrangefc, e ’ e s t - a - d i r e en l e t t r e s de change sui* l e pays 4ti*angei*.

D ’ ou n o u v e lle cause de haus e de l ’ o r , e t cause de

hausse des l e t t r e s de change qui re p ro s e n te n t de l ’ o r .

C etto

cause de hausse s e ra plus grande en core, s i l e pays e s t en g u erre
avec un ou p lu s ie u r s e ta ts E tra n g e rs .




T e l l e e s t en quelque s o r t e l a p h y s io lo g ic du double mouvement econom ique: l a b a is s e du n a p ie r. l a hausse du m e ta l.Les
s p e c u la tio n s de 1 ' epoque r e v o lu t io n n a ir e ne f i r e n t pas l a b^aisse
du p a p ie r n i l a hausse du m etal/ e l l e s t r a d u is ir e n t l e double
phenomene.
On ne peut a c e t t e o c c a s io n , f a i i ’e l ' h i s t o i i ,e e n t ie r e de l a
R e v o lu tio n F ra n g a is e , m c o n te r a nouveau le s tro u b le s in t e r ie u r s
le s emeufces, l e s fam in es, l e g u e rre s de l a R epublique a sa n a is sance.

Mais ce que l 'o n s a i t p a r to u t,

c 'e s t q u 'a l a s u ite d'u n e

prem iere em ission d ’ a s s ig n a ts , pour 400 m illio n s de l i v r e s ,

en

v e r tu du d e c i’et du 19 decembre 1790, d 'a u t r e s em issions s u iv ir e n t
e t p o r tk r e n t su ccessivem ent a 45 m i l l i a r d s l e
gnats em is.

c h i f f r e des a s s i ­

Et l e p re m ie r phenomene se p r o d u is it

: LA BAISSE DU

PAPIER.
La hausse du num eraire s ’ en s u i v i t ,

aggra vee p a r l ' e t a t de

g u e rre ^ e n tre l a France e t presque to u te 1 'Europe c c a i i s e e .

Des

fam ines se p r o d u is ir e n t e t l a C onvention a u to r is a l e s d i r e c t o i r e s
des departem ents a fix e i* le s maximum des j j r i x .

Les marchands

c e s s o re n t de ven d re, l e s fa b r ic a n t s de fa b r iq u e r ,

l e maximum

n 'a y a n t tenu aucun compte de lu u r p r i x de r e v ie n t .

•

L 'a g io t a g e p r i t a lo r s des p r o p o r tio n s fa b u le u s e 3 .
P i’Ocurer des s u b s is ta n c e s , on v e n d a it le s o b je t s u su els.

Pour se
fie de-

te n te u r de m a tie re s d ’ o r e t d ’ a rg e n t ou de l e t t r e s de change d i c t a i t le s p r ix (1 )
(1 ) Rambaud. H is t o ir e de l a C i v i l i s a t i o n Contemporaine en Finance
page 291.- V o ir egalem ent dans l e m a g is tr a t de M. Emile L eva sseu r
1 'H i s t o i r e des c la s s e s o u v r ib r e s depuis 1789 a 1870( t . I . C h . Les
A s s ig n a t s ), le s c o n s ta ta tio n 3 des re p e rc u tio n s causees pai* l a b a is se des a s s ig n a ts .
En 1795 an b o isseau de pommes de t e r r e v Ml a i t
.
200 l i v r e s en a s s ig n a ts , une l i v r e de b eu rre 560 l i v r e s , ur h a b it
neuf 15.000 l i v r e s e t un chapeau” p i,opi*eM 500 l i v r e s (Pages 224 )




1

0

.

La C onvention s 'e f f r a y a de l a hausse du num eraire c o r r e s pondant a l a b a is s e des a s s ig n a ts , haus e qu ' a g g r a v a it encore
l a s it u a t io n a 1 ’ in t e r i e u r e t l a gu erre avec 1 B tra n g er.

E lle

imputa l a hausse du m etal a 1 'a g io t a g e , qui se d o n n a it, d a i l l e u i s
c a r r ie r s .

A u s si, deux l o i s f u r e n t - e l l e s prom ulguees: c e l l e du

18 f r u c t i d o r an 111 (30 A v r i l 1795), p o rta n t d efen se de vendre
a i l l e u r s q u 'a l a Bourse de l ' o r e t de 1 'a rg e n t,

c e l l e du 28

V e n d e iiia ire an IV ( 20 O ctobre 179 5) sur l a p o l i c e de l a Bourse
La l o i du 18 F r u c tid o r an I I I d is p o s a it comme s u it dans 1*a r ­
t i c l e p re m ie r.
" A i’t i c l e

P r e m ie r .— I I

e s t defendu a to u t in d iv id u , a Pai*is,

" e t dans to u te s le s p la ce s de commerce ou i l y a une bourse, de
"ven dre de l ' o r e t de 1 ' a rg e n t, 3 o it monnayes, s o i t en b a r r e s ,
"en l i n g o t s ,

ou o u vres, ou de f a i r e des marches qui a u ra ie n t ces

"m ati&res pour o b je t , sur le s p la c e s e t dans le s lie u x x^u-blics
" a u tre s que l a Bourse.

Tout con treven an t se ra condamne a deux

"annees de d e te n tio n , a l 'e x p o s i t i o n en p u b lic , avec un e c r ite a u
"s u r la p o i t r i n e , p o i'ta n t ce mot s AGIOTEUR; e t tous ses bien s
"s e r o n t p a r ce m£me jugement confisqu.es au p r o f i t de l a R e p u b li"q u e ".
Quant a l a l o i du 28 Vendem iaire an IV , sur l a p o lic e de l a
b o u rs e , e l l e

c o n te n a it le s d is p o s it io n s su iva n tes

•

" A r t i c l e 6 . - Les Comites de S a lu t P u b lic e t des Finances
" f e r o n t , dans v in g t- q u a tr e h eu res, l e c h o ix de v in g t - c in q agents
"de change: v in g t d *e n tre eux s e ro n t d e s tin e s aux operations:
" e t n e g o c ia tio n s en Banque ou p a p ie r sur 1 ’ e t ia n g e r danr P a r is ;




" le s

cin q a u tr e s , a l ’ achat e t ven te des espbces monnayees e t des

"m a tu r e s d ’ o r e t d 'a r g e n t ; l e s uns e t l e s a u tres sous l e t i t re
" d ’ agents de change " .




11.

" A r tic le 7 .- I I s

s e ro n t pourvus d ’ une commission qui le u r

"s e r a d e liv r e e de s u it e p a r le s Com ites du S a lu t P u b lic e t des
"F in a n ces, pour e x e r c e r exclu sivem en t le s fo n c tio n s qui le u r s e "ro n t a tt r ib u t e s ."
A in s i l a l o i du 28 V endeiniaire an IV a v a it r e t a b l i le s agents
de change supprimes en 1791^ en ta n t que CommerQants in v e s t i s
d 'u n monopole.

E l l e le s r e t a b l i t i^our l a n e g o c ia tio n des ma-

t i e r e s m e ta lliq u e s e t pour l a n e g o c ia tio n des l e t t r e s de change
seu lem en t.
Pour l e s m ati& res m e t a lliq u e s , 1 ' a r t i c l e

13 du c h a p itr e 1°

d is a it:
" Aucune d e c la r a t io n

su r quelque v e n te ou achat d 'e s p b c e s

"m e ta lliq u e s ne s e i’a i’egu en j u s t i c e que c e l l e des cin q agen ts
" c h o is is e t aucune n e g o c ia tio n ne sera reconnue v a la b le que c e l " l e qui aura eu l i e u p a r le u r m in is t e r e ."
Fbur l a n e g o c ia tio n des le t t i* e s de change, 1 ' a r t i c l e

8 du

C h a p itre I I d i s a i t :
" Aucune d e c la r a t io n su r quelque n e g o c ia tio n de l e t t r e s de
"change, b i l l e t s

a o rd re ou a u tre s e f f e t e de commerce ne s e ra r e -

"gue en j u s t i c e que c e l l e des v i n g t agents de change c h o is is ,

et

"aucune n e g o c ia tio n ne se ra reconnue v a la b le que c e l l e qui aura
eu l i e u p a r le u r m in is t e r e . 41
I I e s t done de to u te ev id e n ce que l e l e g i s l a t e u r de Vendem ia ire an IV n ’ a pas e te gu id e p a r l e r e s p e c t du p r in c ip e de l a
l i b e r t e de commerce; mais i l

n 'e x i s t a i t ,

p r in c ip e que c e lu i du S a lu t P u b l i c .
b ie n s du c ito y e n ne com ptaient gu&i'e.

a ce moment, d *a u tre

La v i e ,

la llb e p t e ,

le s

Au moment de l a promul­

g a t io n de l a l o i du 28 V en dem iaire an IV , l a q u a n tite d 'a s s ig n a ts
en c ir c u la t io n r e p r e s e n t a it 17.879.337,898 l i v r e s e t i l

en a v a it

12.

N
e t e emis, depuis t r o i s m ois, pour 5.541.194.037 (1 )
de 1 l i v r e

le s

e g o ls t e s e t le s i n d i f f e r e n t s

( 3 ) . De t e r r i b l e s fam ines

provoque de sa n gla n tes in s u r r e c tio n s

1° P r a i r i a l an I I I ,

if—

(12

13 Vendem iaire an I V ) . L ’ An-

g l e t e r r e a v a it e n tr e p r is de combatfcre l a France p a r tous le s

* /
-•
'

Gennihal an I I I

(2 )

sans in t e r & t, a v a it e t e d e c r e t e su r l e j r ic h e s ,

d e s o le l e pays e t

/

L ' a s s ig n a t

s t a i t tombe dans ces t r o i s mois do 0 fr .3 0 a 0 ;I3 6

Un empi’unt f o r c e ,

/

.

'' . y
7,
V V '*

e l l e ne s e t a i t pas bom .ee, ta n t s*en fa u t , a o r g a n is e r

1 'e x p e d it io n de Q uiberon.
P i t t de l ' u t i l i t e

•£
"•7 Z ■
7

Le marquis de Puysaye a v a it convaincu

d 'in o n d e r l e pays W 4 * r i de fa u x a s s ig n a ts que

le s m e ille u r s graveu rs de l a H olla n d e d e v a ie n t fa b r iq u e r , au jjo in t

.^T/
'
<

moyens,

*(
a

7 <
^
* > *
,
a

que” Cambon lui-m6me le s eut a c c e p te s " (4 )
a v a it eu l i e u e t i l

Ka U
aA

/

(5 ).

.

Une prem iere em ission

a v a it e te J e te de Berne pour 3 m illia r d s «■*
C’ e s t done su r ces e n t r e f a i t e s que, l e 13

F r u c tid o r an I I I une l o i que nous avons exj)osee i n t e i r l i t de ve n -

no, p

''o f

^

'W

1




di e en d a u tres lie u x qu*a l a Bourse de l ' o r e t de l 'a r g e n t ,
que, presque a u s s it fit a p res, l e

et

28 Vendemiaii-e an IV , une a u tre

l o i su r l a p o lic e de l a Bourse ne reconnut v a la b le s pour l e s mat i e r e s d o r e t d ’ a rg e n t e t pour l e s l e t t r e s de change su r l 'a t r a n —
que le s n e g o tia tio n s qui a u ra ie n t e t e f a i t e s p a r agen t de change ( 6 )
‘—

A in s i, en France, l e
II

commerce e s t l i b r e .

en e s t autrement en m a tie i’e de couit-age de v a le u r s mo—

b i l i k r e s j O d ^ c ax Lua, (ho 4 ^ l e n t f'co a u ^
o-u
x c

lu o

(1 ) J .M.Fachan. H is to r iq u e de l a re n te FranQaise e t de3 v a lo u rs
du T rd so r page 107.
(2 ) I b i d , page 108
(3 ) I b i d . P . P . I l l e t 115
(4 ) M ic h e le t. H is t o ir e du XIX° S. D ir e c t o ir e au chap, de Quiberon
(5 ) I b id .
*
(6 ) V o ir au su ip lu s CH. Gomel. H is t o ir e fin a n c ie r e de l a L e g i s l a ­
t i v e e t de l a C onvention Tome I I C h a p itre I I .




13

C 'e s t que l e P o u v o ir se consid& re en d r o i t de r e g e n te r ]a
p la c e pu bliqu e ou se t i e n t l a Bourse

oU

el* Uamim c&M oturn f**, Q /H
a
ju

Pendant I ’ epoque r e v o lu t io n n a ir e , l a s p e c u la tio n se p o r ­
t a sur l e s m ati&res m e ta lliq u e s e t l e s l e t t i ’es de change.
La C onvention r e t a b l i t a lo r s l e monopole des agents de
change qu i a v a it e te supprime en imputant a l a s p e c u la tio n l a
r e s p o n s a b ilit e des evenem ents. ^
tAr

U fa *

W \ x)
a

9

^

tbciM JU

Les l o i s qui ont^ en quefque s o rte ^ fo n d e §, nouveau l e

d r o it

en m a tiere de n e g o c ia tio n fd e Bourse, sont l a l o i du 28 VentSse
an IX , 1 'a r r S t e du 27 P r a i r i a l an X, e t l e Code de Commerce, en
1807; le s deux prem ieres d is p o s it io n s sous l e C o r s u la t, I d t r o i sieme 30us 1 'E m pire. ^Sau
E lie s r o g is s e n t,a u jo u r d 'h u i en core, l e s m a tieres qu i f<30bt(__
l ' o b j e t de l a p re sen te etu d e.
La l o i du 28 Vc-ntSse an IX e t le. io d e de Commerce de 1807
ont c o n fe re aux agents de change un monopole de n e g o c ia tio n s des
e f f e t s p u b lic s e t au tres s u s c e p tib le s d 'e t r e c o te s .
Par la l o i du 28 A v r i l 1816, le s agents de change a in s i que
l e s n o t a ir e s , a voca ts a l a Cour de c a s s a tio n a vou es, g r e f f i e r s ,
h u is s ie r s , c o u r t ie r s ,

com m issaires p r is e u r s a c q u ire n t l e d r o i t

de p re s e n te r leu r$ su cces eurfmoyennant un supplement de ca u tio n n ement d 'e n v ir o n 40 m illio n s jjou r 1 'ensem ble de ces o f f i c e s m in is t-3 'rie ls .

En ce qui con cem e l e s agents de change le u r c a u tio n -

nement, qui e t a i t a lo r s de 100.00 F r c s . f u t p o r te a 125.000Frc
L 'i n t e r S t de tous le s cautionnem ents e t a i t r e d u it de 5 a 4 fa
Les agen ts de change d e v in r e n t par ce f a i t , p r o p r ie t a ir e s

)

de le u r s o f f i c e s .

1

Le d r o i t de p re s e n te r un su ccesseu r au Gou-

vem em ent e s t vendu p a r l e t i t u l a i r e qui se r e t i r e des a f f a i r e s .
C 'e s t a in s i q&X&iL vend sa c h a rg e .
La l o i de 1816, a to u jo u i’s e te sevkrem ent ju g e e .

L * E ta t ne

14.

JcJbu^M

mS& Il u jj

peu t plu s ren dre la lib erte^ / q u ; en rach eta n t l e s charges ou en
m dem nisant le s t i t u l a i r e s .

Or, plu s l e temps v a , plu s l e s

v a lo u r s m o b ilie r e s se m u lt ip lie n t ,^ p a r consequent plu s l e s char­
ges des agents de change augmentent de p r i x *

h

M

plu s

le s budgets d ^ E t a t 4 v o n t se co p p liq u a n t e t s 'a g g r a v a n tr moins

j,c (vuv
m

il

y

e s t a ise^ p o u r l 'E t a t F ra n g a is de p la c e r l e march a fi n a n c i e r

sous un regim e en haim onie avec l e p r in c ip e de l a l i b e r t e du
commerce. ^ A in s i done l a Bourse^en France repose le g a le m e n t sur
1 9 e d i f i c e de ces v i e i l l e s

l o i s cU t c ^ 'T T

•fo U ift o jr

F lu s ie u rs t e n t a t iv e s out e t e f a i t e s en vue de m o d ifie r l e
.

'

•

-

»

_

,

oO .

,

xegime l e g a l de l a B ou rse ) mais e l l e s on t echoue. y h a , dei'nTere
remonte en 1897.

Deux sen ateu rs ML!, ^ g a r ieux e t B ou lan ger ayant

dejjose une p r o p o s it io n de l o i ,

l e Oouvei*nementy l o r s de l a d i s ­

cu ssion de l a l o i des fin a n c e s de 1898, a propos d ’ une q u e s tio n
r e l a t i v e au mode de m -aarrtpfcl an de l ’ impSt sur l e s o p e ra tio n s de
Bourse d e c la r a que, ] ) o i " d ' ! T » e ^ en se( basant sur l a l e g i s l a t i o n
^ . .
,
,_
_
}M 0 a*£T/
y *<
ex i s t a n te , i l m o d i f i e r a i t f l e regim e du marche f i n a n c ie r .
En e f f e t p a r t r o i s d e c r e ts du 29 Ju in 1898, l e M in is t r e
e le v a a 70 l e nombre des a gen ts de change de P a r is qui e t a i t
de 60 a c e t t e epoque; i l

f i x a un nouveau t a r i f des co u rta ges e t

m o d ifia quelques a r t i c l e s du d e c r e t du 7 O ctobre 18^0, r e l a t i f s
au nombre de membres de l a Chambre S y n d ic a le , e t aux d e la is du
re g le m e n t.

La m o d ific a tio n l a p lu s s a i l l a n t e a e te l a n o u v e lle

d is p o s it io n de 1 ' a r t i c l e

55 du d e c r e t du 7 O ctobre 1890 qui a

in s t it u e ce q u 'on a a p p e le l a s o l i d a r i t y des Agents de Change.
On a donne a 1 *ensemble de ces mesures l e nom de R e o rg a n i­
sa t io n du Maiicjie_F:Lna n c ie r , appe/^ation in e x a c te p u is q u ' i l

n 'a

pas e t e ap p o rte ^par ces d a c re ts aucun elem ent m o d i f i c a t i f des
bases sur le s q u e lle s r e p o s a it 1 'o r g a n is a t io n de l a Bourse p u is -




y

1




15.

que c 'e s t 1 'o r g a n is a t io n de l 'a n IX' qui s u b s ist© .

Mais l'e m -

p l o i de ces tenues a eu pour but de oouper c o u rt a tout© t e n -

.

t a t i v e en vue d une o r g a n is a tio n n o u v e lle e t de su g g erer o e t t e
c o n s id e r a tio n q u ' i l e s t im piudent de demander de n o u v e lle s r e ­
form es a lo r s qu'une r e o r g a n is a tio n a e te i-ecemment e f f e c t u e e .
II

import© e n fin de signal© !* un phenomene des plus cui’ieu x

se i*attachan t a l'a n c ie n n e t e des d is p o s it io n s qu i r e g is s e n t l a
B ou rse.
Aucune des ra is o n s qui p r e s id e r e n t a 1 'e ta b lis s e m e n t du mo­
n op ole des agents de change ne su bsist© a u jo u r d 'h u i.
d a u tre s m o tifs se son t f a i t s

Sans doute

jo u r pour en j u s t i f i e i * l e m ain tien

mais ce n ’ en e s t pas moins un s i n g u l i e r phenomene que c e lu i que
p re s e n te une i n s t i t u t i o n s u iv iv a n t a to u te s le s c o n s id e ra tio n s
qui on t p r e s id e a son e ta b lis s e m e n t.
Bn e f f e t ,

en l 'a n IX , en l 'a n X, en 1807, une c o n s id e ra ­

t io n fondam entale a n im ait l e l e g i s l a t e u r :

v

l a d e fa ve u r attache©

f

a l a s p e c u la tio n .

r
L 'o p e r a t io n a teim e e t a i t consider£k£L#-, s i —

non comrne i n t e r d i t e , du moins comme rendue im p o s s ib le .
C 'e s t a in s i que 1 'a gen t de change d e v a it a v o i r regu 2}.es
t i t r e s du vendeu r au moment de l a n e g o c ia tio n e t I 'a i g e n t de
l'a c h e t e u r ( A r t .13 de 1 'a r r S t e du 27 P r a i r i a l an X ) B nsuite
comme le s s p e c u la tio n s se p o r t a ie n t sur l e s l e t t r e s

de change

e t le s e f f e t s pju blics, e t que l 'o n c o n s id e r a it q u ' i l e t a i t nec e s s a ir e a l a bonne c o n d itio n economique q u ' i l y eu t des i n t e r m ed ia ires o f f i c i e l s poui* l a n e g o c ia tio n des l e t t r e s de change,
des m atibres m e ta lliq u e s e t des e f f e t s p u b lic s , l ' a r t .

76 du

Code de Commei’ce xjorta que l e s agen ts de change poui*2 *aien t s e u l 3
f a i 2 *e l e s n e g o c ia tio n s pou 2 * compte d 'a u t r u i, des l e t t 2 *es de chan­
g e , l e coui’ta g e des mati& 2 *es m e ta lliq u e s e t l e s n e g o c ia tio n s

L I V. R E l i
/
ua Bourse
±»r

-

.ere D iv is io n .

le s n ego cia teu r3 - ,
Bourses.

,s o p e ra tio n s .

. C o u rtie rs - Agents de Change-

C o u lis s ie r s - Les v a le u r s m o b ilie r e s .
I ° - Bourses de commerce.

Bourses des v a le u r s .

2 ° - Les c o u r t ie r s a la Bourse de Commerce.

Le3 Agents de change

sont le s n e g o c ia te u rs a la Bourse des v a le u r s .
3 °- A tt r ib u tio n s des agents

de change.

4° — Les c o u lis s ie r s .
5 ° - Les c o u r t ie r s de change.
6 - Quels sont le s t i t r e s n e g o c ie s en bourse ?
T it r e s d ' e n tr e p r is e s p r iv e e s .

Emprunts p u b lic s .

T it r e s l ib e r e s e t non li*fceres.

7 - T it r e s n o m in a tifs , m ix tes, au p o r t e u r .^ a fc B R s fe r t j
C on version .

<

Deuxieme D iv is io n .

>

>

‘ ‘/

Mecanisme,
■

..

Les Ope ra tio n s au comptant.

8 - O perations au comptant.
9 - Ordres a cours f i x e ,

au rnieux, au cours moyen, au Parqu et.

10 - Comment on passe le s ord res au comptant au marche en Banque.
11 - Quantites n e g o c ia b le s au comptant.
12 - La c o te .

Cote o f f i c i e l l e .

Duree des o rd re s .

Cote en banque.

13 - Du reglem en t des o p e ra tio n s au comptant.

T it r e s ir r e g u

faux, perdue, v o l e s .
14




-

De

ipu issan ce des t i t r e s n e g o c ie s .

15 - Lea t i t r e s d o iv e n t %tre en r& g le v i s a v i s d* f
16 - Lea f r a i s .

Du d r o i t de co u rta g e, chez l e s ag

(au parqu et) chez le s banqu iers (en c o u lis s e

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2

of trade, the arrangements made in
all the domestic relations of life,
pecuniary transactions of the high­
est and the lowest amounts, the com­
mand of money over the necessities
of life, are all affected by the
questions submitted by me for your
consideration.w
The questions which were involved in the considera­
tion of the Bank Act of 1844 were very simple comoared
with the problems which we are called unon to consider
todjcy.
issues.

The question then was practically one of noteMonetary reform always moves slowly.

More than

a generation passed from the time of the celebrated bul­
lion report of 1810 to the adoption of the Act of 1844.
Questions with reference to whether it was possible to
issue currency unrestricted in amount, with an unlimited
number of banks, and have it maintained at parity, or
whether there would be a probability or a certainty of
depreciation, were the questions which then divided pub­
lic sentiment in Great Britain.
You are all familiar with those great discussions,
commencing in 1819, and following as well as preceding
the Act of 1844,
note-issues.

But they were all questions affecting

None of the really great functions of the


Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102