The gold reserve at the Banque de France is to
be at least 85 per cent. of the note issue. Gold coins of 100 francs will be struck by the Mint and will be legal tender, but the conditions of circulation are left vague. A limited amount of silver token coinage, pieces of 10 and 20 francs, will be issued to take the place of the Bank's smaller notes. The tokens of the Chamber of Commerce which have become so familiar will be withdrawn-and State coins of the same values issued. The Bank undertakes to revalue the stocks or reserves of gold at home or abroad, and the surplus thus created will go towards the redemption of the debts of the Treasury to the Bank, which will immediately in return for a bond put three milliards of francs to therTreasury account. The desperate claims on Russia will be transferred from the Caisse Autonome to the Treasury. There is curious historical interest in Article XII. of the Bill, which repeals the law of 17 Germinal of the year XL * * *
