CORRESPONDENCE PRESENTED BY MR. FENTOK L ON THE BANKING SYSTEMS Ш ЕШЮРЕ. Hotel Meueice, Paeis, October 1,1878. Deae Sie: The representatives of the United States at the recent International Monetary Conference held in this city, desire to obtain information relative to the establishment and monetary operations of the Bank of , and to this end I venture to address you. Allow me to in quirelet. As to the constitution and functions of the bank, embracing its relations to the Government and people. 2d. As to the extent and .character of its operations. 3d. As to the amount of its paper issue. 4th. As to the amount of Gold Coin held and required to be held. 5th. As to the amount of Silver Coin held and required to be held. My inquiries may lead too far, or may be too indefinite, but a brief statement or summary of the duties and operations of the bank, its relation to the Government and the citizen, embracing for a year or more tile amount and character of business, including amount of paper and coin, is especially desired. An early reply will be thankfully appreciated, as it will enable myself and associates to embody in our report information of interest and value to our Government and people. Very respectfully, yours, E. E. FENTON, Chairman. The letter, of which the foregoing is a copy, was addressed to Mr. W. C. Mets, President Bank of Netherlands, Amsterdam; Prof. Emile de 1л\ eleye, Liege, Belgium; Henry П. Gibbs, Esq., Deputy-Governor Bank of England, London; Mr. Eudore Pirmez, Ex-Minister and member of the House of Representatives, Belgium, and member of the International Monetary Conference at Brussels; and to Hon. E. F. Noyes, Minister, &c., Paris, and Hon. Bayard Taylor Minister, &c., Berlin. A.—FRANCE. Legation Of The United States, Paris, November 15,1878. Gov. K. E. Fenton: Dear Sir: I have the honor to transmit to you herevrith a brief ami condensed report upon the character, management, resources, and optrations of the Bank of France, prepared at my request by Mr. Пепгу Viguaud, Second Secretary of this Legation. Accompanying this re\юп are certain printed documents, kindly furnished by Mr. Léon Say, French Minister of Finances. It is hoped the information thus furnished may be useful to you. EDWARD P. ÎÎOYES. Legation Of The United States, Paris, November 14, 1878. Поп. E. F. Xoyes, Envoy Extraordinary and Minister Plenipotentiary of the United States, Parti: Sir: In answer to the inquiries in relation to the Bank of France made to this legation by Mr. Fenton, chairman of the United States Delegation at the Monetary Conference held in this city, which wen; referred to me, I have the honor to submit the following report. I will state in the order as proposed the questions upon which Mr. Fenton required information: 1st. AS TO ТПЕ CONSTITUTION AND FUNCTIONS OF THE BANK, Г.М BRACING ITS RELATIONS TO TUE GOVERNMENT AND PEOPLE. The bank is a chartered company of stockholders. Its capital, which was at the outset forty-five millions of francs, Ls now one hundred and eighty-two millions ($j<i,400,000). Its charter, which has been renewed three or four times, extends now to 1897, and gives it different banking privileges and the soie authority for issuing paper money. It has seventy-eight branches. Its shares are held by L^iiGl persons. The dividend paid in 1S77 on each »hare was ninety-five francs (£H>). The officers of the bank are: One governor and two sub-governors, appointed by the State; fifteen regents and four censors, elected by the stockholders. The bank receives the deposits of the Government and allows no interest on such dejmsits. It makes advances to the Government on its treasury and mint bonds. It has acted in the past, and in many instances, as a disbursing agent of the Government. 2d. ЛВ ТО ТПЕ EXTENT AND CHARACTER OP ITS OPERATIONS. a.—Character of the operations. 1°. To discount bills of exchange at three months' date, which are secured by three, and in some instances by only two, signatures. 2°. To make advances on French public securities, on railroad stock, on bonds of the City of Paris, on deposits of Bullion, etc. 3°. To issue paper money and promissory notes, payable and transferable to order. 4°. To receive in account coin, currency, and bills of exchange. 5°. To receive for safe-keeping bonds, diamonds, and public securities, and to cash the interest on securities when payable in Paris. b.—Extent of the operations. In 1876 $1,833,366,780 In 1877 1,602,116,600 Bills of exchange, mint and treasury bonds discounted. In 1876 Cl.472,400,480 Ы8П: 1,515,563,580 Hate of discount. In 1876 3% Since April, 1877 2% Abies made payable at Hank of France and cashed for its clients. la 1876 6-282,171,580 Ы877 280,112,660 Xotc* collected at domicile by the bank for its clients, and without cost. Ы877 $1,067,550,946 3d. AS TO THE AMOUNT OF ITS PAPER ISSUE. There is no limit to its paper issue. During the late war it was limited by exception and given forced circulation. This provision expired January 1,1878. Maximum paper circulation. In 1877 $545,043,480 Maximnm circulation same year 471,576,620 Circulation on January 1, 1678 502,505,950 4th. As To The Amount Of Gold Coin Held And Required To Be Held. 5th. As To The Amount Of Silver Held And Required To Be HELD. a.—GoW, and Silver Coin held. To answer this part of the fourth and fifth queries I submit the tabnbr statem'ent which was prepared from official material furnished to this legation by Mr. Leon Say. It shows the maximum aud minimum |