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522. Evolution of Credit and Banks in France

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522. Evolution of Credit and Banks in France 61ST CONGRESS 1 SENATE f DOCUMENT 2d Session J I No. 522 NATIONAL MONETARY COMMISSION Evolution of Credit and Banks in France From the Founding of the Bank of France to the Present Time BY ANDRE LIESSE PROFESSOR AT THE CONSERVATOIRE NATIONAL DES ARTS ET METIERS AND AT L'ECOLE DES SCIENCES POLITIQUES.—MEMBER OF THE INSTITUT INTERNATIONAL DE STATISTIQUE, ETC. Washington : Government Printing Office : 1909 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis NATIONAL MONETARY COMMISSION. NELSON W. ALDRICH, Rhode Island Chairman. EDWARD B. VREELAND, New York, Vice-Chairman. JULIUS C. BURROWS, Michigan. JESSE OVERSTREET, Indiana. EUGENE HALE, Maine. JOHN W. WEEKS, Massachusetts. PHILANDER C. KNOX, Pennsylvania. ROBERT W. BONYNGE, Colorado. THEODORE E. BURTON, Ohio. SYLVESTER C. SMITH, California. JOHN W. DANIEL, Virginia. LEMUEL P. PADGETT, Tennessee. HENRY M. TELLER, Colorado. GEORGE F\ BURGESS, Texas. HERNANDO D. MONEY, Mississippi. ARSENE P. PUJO, Louisiana. JOSEPH W. BAILEY, Texas. ARTHUR B. SHELTON, Secretary. A. PIATT ANDREW, Special Assistant to Commission. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis TABLE OF CONTENTS. Page. Preface: Purpose and arrangement of this study 5 PART I. THE BANK OF FRANCE AND THE DEVELOPMENT OF CREDIT, 1800 TO 1848. Introductory 7 Chapter I.—Founding of the Bank of France 16 II.—The charter or privilege of the Bank of France—Crisis of 1805 26 III.—The fundamental statutes of the Bank of France—It comes into closer relations with the State, 1806- 1814—Panic of 1814 32 IV.—The Bank under the Restoration—Founding of depart­ mental banks 43 V.—The Bank under the Monarchy of July—Founding of comptoirs or branch offices, and the competition with departmental banks 47 VI.—The beginnings of the railroad industry—The panics of 1846, 1847, 1848—The departmental banks of issue are incorporated with the Bank of France, which becomes the sole bank of issue 54 VII.—A brief survey of the general course of business in the first half of the nineteenth century in France— Credit and industrial beginnings 66 PART II. THE BANK OF FRANCE—THE CREDIT MOBILIER-THE FIRST COMP- TOIR D'ESCOMPTE. Introductory 81 Chapter I.—The Bank of France, sole bank of issue—Its operations with the State—Founding of establishments called "Haute Banque"—Industrial loans and speculation. 83 II.—The Soci£te Generate du Credit Mobilier and the Pereires, 1853-1866 96 III.—The first Comptoir d'Escompte and the development of commerce—The laws of May 23-29 and July 24, 1867, on companies 109 IV.—The Bank of France from 1860-1875: I. Before the Franco-Prussian war 125 II. The Franco-Prussian war and its results 137 III. The great loans and the payment of the war indemnity 150 3 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis National Monetary Commission PART III. FROM 1875 TO THE PRESENT TIME. Page. Introductory 161 Chapter I.—The situation of France after the war—A glance at the development of saving and savings institutions 165 II.—The crises of 1882 and 1889—A brief outline of the operations of the Bank of France, 1875-1889—The Comptoir d'Escompte 170 III.—The crisis of 1890-91—Intervention of the Bank of France in behalf of the Bank of England 187 IV.—The credit companies and their development—Ex­ tension of their operations—Their general method— Their present situation 193 V.—The credit companies and the local banks 217 VI.—The Bank of France—Renewal of its privilege—Present situation—I ts r61e in the crisis of 1906-7 224 General conclusions 235 APPENDICES. I.—Note on the Credit Foncier de France 241 II.—Note on the Credit Agricole Mutuel 255 4 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis PREFACE. The object of this study is to afford a connected view of the basic facts and most noticeable features of the credit system and banks in France from the year 1800 to the present time. It is designed, therefore, not as a history in which multiplicity of detail is apt to obscure a view of the subject as a whole, but as a coordinated outline of the successive stages in the development of credit and of the institutions which distribute it. This outline is divided into three very unequal periods: The first—a period of beginnings, of slow growth, of formation, during which the Bank of France succeeds in gaining a complete monopoly—extends from the foun­ dation of that establishment until about 1848. The second and shorter period is a time of transition. It extends from 1848 to about 1875. During these twenty-five years new institutions and new forms of credit associations make their appearance. Better laws facili­ tate the organization of these credit associations as well as of all kinds of associations, both industrial and com­ mercial. It includes the war of 1870-71 and its immedi­ ate results. This event seems to have hastened the development of the credit system or at least to have given it a stimulus, arising from the consequent reaction against the misfortunes which had overwhelmed the country. France begins to recover and finds, in her sturdy 5 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis National Monetary Commission spirit of economy and her ability to save, the elements productive of new vigor and potency. The third period, which might be called the period of full maturity, extends from 1875 to the present time. In this interval the organization of the credit system is put on a firm footing as the result of a century's evolution. In this evolution the various critical movements are described and explained—the political, economic, and financial crises—constituting, as it were, the pathological growth of the credit system and banks in France. The study is supplemented by the addition of two appendices, of which the first portrays the development of the Credit Fonder and its results, while the second out­ lines the rather recent organization of the Credit Agricole; thus completing a series of observations, impartially set forth, and designed to assist specialists seeking the solu­ tions of problems along these lines. ANDR£ LiESSE. PARIS, March 30, 1909. 6 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis EVOLUTION OF CREDIT AND BANKS IN FRANCE FROM THE FOUND­ ING OF THE BANK OF FRANCE TO THE PRESENT TIME. PART I. THE BANK OF FRANCE AND THE DEVELOPMENT OF CREDIT, 1800 TO 1848. EVOLUTION AND DEVELOPMENT OF CREDIT AND CREDIT INSTITUTIONS IN FRANCE FROM THE YEAR 1800. INTRODUCTORY. Law's bank.—The bank compromised in certain undertakings.—Failure of Law's bank and "system."—The liberty of issuing bank notes in France from 1721 on.— The Caisse d'Escompte.—Dangerous relations of the Caisse d'Escompte with the State.—Its difficult situation.—Its liquidation.—Commercial banks during the Rev­ olution.—Prudence of the commercial bankers.—Founding of free banks of issue, 1796-1800.—The Caisse des Comptes Courants, 1796.—Conditions of discount.— Its issues.—A difficulty overcome.—The Caisse d'Escompte Commercial, 1797.— Origin and nature of this establishment.—Capital.—Issue.—The Comptoir Com­ mercial, 1800.—General Commercial Association of Rouen, 1798.—Services per­ formed by these banks of issue during the last few years of the eighteenth century. The son of a Scotch banker named Law succeeded in obtaining from the Regent on May 2, 1716, permission to organize a bank of issue. It was called the Banque Generate, and was opened the following month. If Law, the president of the bank, had kept within the normal bounds of operations of banks of this kind, it is probable that he would have rendered a real service to commerce and industry. Instead of this, he soon associated the bank with vast and uncertain 7 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis National Monetary Commission enterprises aimed at the exploitation of the colonies; and presently the Banque Gen^rale was brought into closer relations with the State, and on June 4, 1718, took the name of the Banque Royale. All the departments of private and public finance fell into Law's hands. The issue of bank notes by the bank and the issue of shares by the different companies that he founded soon became an abuse. Neither bank notes nor shares represented in reality any certain value. Stock-jobbing and wild specu­ lation hastened the downfall of what was called Law's system. .The Banque Royale closed its doors in 1721, and the various companies founded by Law were liquidated at great loss. It was a disaster which caused the ruin of a large number of people. The memory of this failure remained fresh in the minds of all classes of people, even the poorest, during the whole of the eighteenth century, and it was a long time before any one dared to found another bank of issue. Although the monopoly which Law had obtained from the Regent in 1716, namely the exclusive right to issue bank notes, had been abolished in 1721 by an edict which gave the right of free issue. Not until fifty-five years later did anyone try to organize a bank of issue; even then the establishment was not called a bank, so closely was the name associated with Law's failure. On March 24, 1776, when Turgot a was Minister of Finance, Planchaud and Clouard, the first a Swiss, the second a Scotchman, founded a bank of issue a In 1767 an attempt was made to found a bank of issue to which the name of Caisse d'Escompte was already given, but as a matter of fact it did not go into operation.
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