In France all banking rests on the Bank of France, even more than in England all rests on the Bank of England.

The Bank of France keeps the final banking reserve, and it keeps the currency reserve too.

But the State does not trust such a function to a board of merchants, named by shareholders.

The nation itself--the Executive Government--names the governor and deputy-governor of the Bank of France.

These officers have, indeed, beside them a council of 'regents,' or directors, named by the shareholders.