(LAW, John.)

Arrest du Conseil d'Estat du Roy, qui ordonne que les Billets de la Banque Generale, établie par les Lettres Patentes des 2. & 20. May dernier, seront reçûs comme argent pour le payement de toutes les especes de Droits & d'Impositions dans tous les bureau

[Paris: no printer], 1717 Stock Code: 127370
£2,500.00

A step towards the transformation of the General Bank into the Royal Bank

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Notes

A rare folio broadside concerning Law's Banque generale, dated 10 April 1717, the next step in his aim to establish the bank as the bank of the government.

"Law was not content to just run a private bank. His vision, as reflected in his earlier mémoires, involved a great deal more than this. He wanted the state to be formally involved in the banking system. He had been preparing for this eventuality, which of course was his original proposal in the autumn of 1716, by successively involving the bank more and more as the banker to the government. On 7 October 1716 the Conseil de Finance requested the provincial intendants (administrators of specific areas) to order the Royal tax collectors and tax farmers not only to pay on sight the banknotes of the General Bank, but also to remit future tax receipts to Paris only in bnaknotes. However, the General Bank's note issue was insufficient to meet such remittances and the financiers were able to use this as a pretext for not remitting in this manner. Their reluctance to use the bank was of a relatively short-lived duration, for on April 10 1717 there was an arrêt of the Council of State which stipulated that banknotes could be used as legal tender in payment of taxes. The official reason given for this arrêt was that the transportation of specie to and from the provinces was interrupting trade. It was believed that the best way to on increasing the circulation of money, thereby reviving trade, was to allow banknotes to be used for payments into and out of the Royal Treasury. This heralded the start of the bank's involvement as banker to the government...

The arrêt of 10 April meant that the bank had started to act as a banker to the government, a link that was strengthened by a further arrêt on 12 September 1717 ordering that all tax receipts in Paris and its suburbs were to be made in banknotes of the General Bank." (Murphy, John Law, pp. 162-3).

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Description

Folio broadside on laid paper (468 x 356 mm).

Condition

A few small ink and pencil annotations to recto, creased from folding, a little curling at edges, with some faint dampstain to margins and with a few small closed perforations along folds; overall in very good condition.

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