Comptoir national d'escompte de Paris founded by decree

Background. The February 1848 revolution caused a collapse in confidence in paper assets, leading to a rush for gold and silver. The Provisional Government responded with emergency measures, including suspending treasury bond payments and closing the stock market. To restore credit, the government created comptoirs d'escompte, discount counters for credit notes, in Paris and other commercial centers.

Legal Framework. The organization of the Comptoir national d'escompte de la ville de Paris was defined by a decree on 8 March 1848. It was established as a limited liability bank, a structure previously opposed by the state. The authorized capital was 20 million francs, divided equally between cash from subscribers, bonds from the city of Paris, and Treasury bonds from the state.

Operations. The Comptoir opened for business on 19 March 1848 in temporary offices in the Palais-Royal. A subsequent decree on 26 March established warehouses on the English model, allowing manufacturers and traders to deposit goods in exchange for warrants that could be discounted at the CNEP in anticipation of sale.