Editing Paris Commune (section)

=== Bank of France ===
The Commune named [[François Jourde]] as the head of the Commission of Finance. A former clerk of a notary, accountant in a bank and employee of the city's bridges and roads department, Jourde maintained the Commune's accounts with prudence. Paris's tax receipts amounted to 20 million francs, with another six million seized at the Hôtel de Ville. The expenses of the Commune were 42 million, the largest part going to pay the daily salary of the National Guard. Jourde first obtained a loan from the [[Rothschild & Co|Rothschild Bank]], then paid the bills from the city account, which was soon exhausted.

The gold reserves of the [[Bank of France]] had been moved out of Paris for safety in August 1870, in addition to 88 million francs in gold coins and 166 million francs in banknotes. When the Thiers government left Paris in March, they did not have the time or the reliable soldiers to take the money with them. The reserves were guarded by 500 national guardsmen who were themselves Bank of France employees. Some Communards wanted to appropriate the bank's reserves to fund social projects, but Jourde resisted, explaining that without the gold reserves the currency would collapse and all the money of the Commune would be worthless. The Commune appointed [[Charles Beslay]] as the Commissioner of the Bank of France, and he arranged for the Bank to loan the Commune 400,000 francs a day. This was approved by Thiers, who felt that to negotiate a future peace treaty the Germans were demanding war reparations of five billion francs; the gold reserves would be needed to keep the franc stable and pay the indemnity. Jourde's actions were later condemned by [[Karl Marx]] and other Marxists, who felt the Commune should have confiscated the bank's reserves.<ref>Karl Marx: ''Selected Writings'' (ed. McLellan), pp. 592–594</ref>