PROUDHON. - PEOPLE'S BANK. - Action of 5... - Lot 103 - Rossini

Lot 103
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Result : 1 600EUR
PROUDHON. - PEOPLE'S BANK. - Action of 5... - Lot 103 - Rossini
PROUDHON. - PEOPLE'S BANK. - Action of 5 francs. A green paper note printed in black, about 110 x 185 mm, dry seal Banque du peuple P. J. Proudhon. Very rare share of the Bank of the People, the machine privileged by Proudhon to carry out the economic democracy and to reverse the relations of capital and work. Share subscribed by a named Prosper Dubosc on March 14, 1849. Founded at the instigation of Pierre-Joseph Proudhon (1809-1865), the Banque du Peuple offered a mutual and free credit : Proudhon] was a pioneer in insisting on the importance of "free mutual credit". ...] The innumerable mutual credit organizations, and in a much more general way all the institutions based on the principle of mutuality, can therefore rightly claim him as their own (Pierre Haubtmann, Proudhon, sa vie et sa pensée, 1982, pp. 997-998). The Bank was to have a capital of FRF 1,500,000 divided into 300,000 shares of 5 francs each. On January 31, 1849, Proudhon signed the deed of incorporation and filed the Articles of Association. The Bank opened at 25, rue du faubourg Saint-Denis on February 11, 1849, and within two days had 862 members who subscribed for a total of 1,897 shares, i.e. FRF 9,485. Six weeks later, it had nearly 20,000 subscribers, including twelve associations and correspondents in Marseille, Lyon and Lille. The subscribed capital thus amounted to 100,000 francs and Proudhon thought he was close to success when he was sentenced for a press offence to three years in prison and a fine of 3,000 francs. At the end of March, he was in Belgium (Maitron). Finally, the Bank was liquidated in April, barely three months after its creation.
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