He Became Napoleon’S Genius Son [EN]: Chapter 269

(269) The Birth of the French Central Bank

However, the central bank was already shaping up to be a troubled project.

“Good heavens, a state-run central bank! That’s a recipe for disaster, Chief Aide Eugene!” someone exclaimed.

Despite Eugene’s close relationship with the highest authority, his influence only extended so far.

At just 19 years old, holding the rank of Major General, he was essentially a secretary to the head of state.

Therefore, without a formal resolution from the cabinet, Eugene’s ideas couldn’t be implemented.

Eugene shrugged, glancing at Finance Minister Lebrun, the most vocal opponent.

“Minister Lebrun, let’s be frank. Your opposition stems from the involvement of the Englishman Baring and the Jewish Rothschild family, doesn’t it?”

“I don’t care about Jews. Baring is an enemy national, which is a problem, but that’s a concern for later. I’m talking about the inherent dangers of a state-run bank!”

“We will ensure its independence, Minister Lebrun.”

At that moment, Lebrun slammed a document on the desk, exclaiming, “Is that even possible? I guarantee Bonaparte will withdraw funds from the bank whenever he needs them, especially for war!”

In the original timeline, Lebrun wasn’t known for being particularly assertive.

However, financial matters were his domain.

Restoring France’s collapsing finances was his direct responsibility.

So, when Eugene suggested establishing a central bank and issuing national bonds as a solution, he was appalled and vehemently opposed it.

Cambacérès chimed in, “It’s peculiar for private individuals to be shareholders in a bank legally controlled by the state.”

“Exactly! Justice Minister Cambacérès is right! It should be either state-run or private. A privately held bank controlled by the state? It makes no sense!”

“Moreover, the bank issue isn’t the most pressing matter for the new government. Enacting various laws under the constitution is far more urgent.”

Legal expert Cambacérès brought up his area of expertise.

“The excessive legislation since the revolution hasn’t been organized, leading to conflicts of law.”

Cambacérès’s concerns were valid.

In times of revolution, legislation often becomes excessive and disorganized.

It had been ten years since the laws of the old royal family were abolished and revolutionary law began.

During that time, the constitution had been amended five times, but the various laws meant to be based on it remained unorganized.

For example, even though social classes had been abolished, customary laws based on class still persisted in the provinces.

This is why the Napoleonic Code [a comprehensive and uniform system of laws] was created in the original timeline.

Then, Talleyrand, who had been quietly observing the central bank proposal, spoke up. “Certainly, when it comes to financial problems, taxes should be addressed before the bank. Taxes must be reorganized through tax laws.”

“Wow, you’re actually making sense, Talleyrand!”

“However, the inclusion of foreigners as shareholders suggests this bank serves another purpose?”

Just as Lebrun, who usually disliked Talleyrand, was about to agree, Talleyrand raised his hand to stop him and inquired, “For example, peace negotiations with England? Am I wrong?”

Talleyrand possessed remarkable insight.

While his speed in handling practical matters was slow, his ability to grasp the core issues was unmatched.

“So, why should peace with England be achieved?” Eugene wondered.

Eugene suddenly picked up the coffee cup on the cabinet table.

“Do you know how much this coffee costs now?”

“What are you talking about all of a sudden?”

“Before the war, 4 kilograms of coffee beans cost 10 coins, or 10 sous [an old French coin]. Now, it costs almost 1 franc [another French currency, worth 20 sous].”

“Has it roughly doubled?”

Just as Lebrun was about to recall that 20 sous equaled 1 franc, Eugene continued, “Ethiopian beans, to be exact, are still coming in, but supplies are limited. Next month, the price will jump to 10 francs.”

Coffee aficionado Cambacérès exclaimed in surprise, “No, suddenly ten times the price?”

“Compared to before the war, it’s twenty times the price.”

“What are you saying? Are merchants trying to exploit us?”

This time, Lebrun glared at Eugene and demanded, “Could the Boarnais cartel’s interests be involved in the Egyptian trade network?”

Eugene met Lebrun’s gaze and smiled coldly. “Minister Lebrun, all of this is because of the war. If we don’t drive the British fleet out of the Mediterranean and the Atlantic, prices will skyrocket, and the economy will collapse. France will collapse.”

While it was true that the Boarnais cartel was involved in the Egyptian trade, they were currently operating trade ships at a loss.

This was due to Eugene’s instructions, fearing that France would run out of essential trade goods and riots would erupt.

In a moment of frustration, Eugene slammed the desk, filled with resentment for the deficit.

“Bang!”

The ministers flinched and looked up as Eugene gritted his teeth and declared, “Even though we won the war…”

Only then did the ministers fully realize the young man before them was not just an aide, but a soldier.

He was the one who conquered Egypt, liberated Constantinople, and brought Austria to its knees.

Lebrun stammered, barely managing to ask, “What… what does that have to do with the central bank?”

Eugene placed the coffee cup back down and shrugged. “If we establish a central bank, England will be begging for peace negotiations within three months. Minister Talleyrand, what do you think?”

Talleyrand, who had been quietly observing the situation, nodded with an elegant gesture. “I am in favor.”

Without questioning the method at all.

***

Ironically, the top decision-maker was far more meticulous, a characteristic of the Napoleonic regime.

“They approved this in the cabinet without a proper explanation? The ministers must be crazy,” Napoleon remarked.

Eugene stood in the Consul’s office and replied shamelessly, “Or perhaps my speech was too moving.”

“Nonsense. The only person who would cry at your speech is my brother, and that’s when you came after kicking Marie.”

“Father, I have no intention of doing that. Besides, the ministers didn’t cry either.”

Napoleon approached Eugene, pinched his cheek, and smiled. “Good, but I still can’t allow the engagement, Eugene.”

Feeling a deeper pain in his heart than in his cheek, Eugene was startled and stepped back.

“I’m an adult. I’m 19 years old now and have the right to vote.”

“Shut up. You are a son of the Bonaparte family. As the head of the family, I have the right to decide on marriage.”

“But Marie has no one to take responsibility for her except me.”

However, Napoleon scoffed. “If she’s a princess of the Bourbon royal family [the former ruling family of France], someone will always be willing to take her. Besides, even if you and Princess Marie were to marry, it’s my decision, and it’s not happening yet.”

Eugene calmed his unexpectedly wounded heart and smiled bitterly.

In the original timeline, Napoleon orchestrated countless political marriages.

However, few were successful.

If one had to choose, it would be the marriage between Eugene and the eleven-year-old Bavarian princess.

Suddenly feeling like a criminal, Eugene shuddered and shrugged. “I understand. Anyway, even if you don’t allow the engagement, please allow the establishment of the central bank.”

“Can you explain why my brother Joseph is among the private shareholders?”

“Well, you can’t put your name on it, Father. I’m a shareholder because I’m investing capital.”

This also occurred in the original timeline.

Many members of the Bonaparte family were listed as shareholders of the Bank of France.

Even Napoleon himself became a shareholder.

Of course, he didn’t contribute a penny, using the trick of receiving shares first and paying the price with dividends later.

Napoleon looked at the list of shareholders without his name, a displeased expression on his face, and asked, “Then how will you handle the financial resources?”

In an instant, Eugene took out a pouch and placed it on the desk in the Consul’s office.

“Clang!”

As Napoleon looked at the pouch with wide eyes, Eugene said, “This is it.”

“Silver coins? No, is it aluminum?”

“That’s right. I will donate the bauxite [aluminum ore] from the Baux region to the French Central Bank. In return, my stake will be ten percent.”

Eugene smiled brightly, holding up the shiny aluminum silver coin.

“The minting of aluminum silver coins will be the basic capital of the French Central Bank.”

There were no markings yet, but they would soon appear.

For example, a portrait of Consul Napoleon.

Having one’s face on currency was a privilege of a monarch.

Eugene was planning to plot the revival of the monarchy from here.

Napoleon looked at the aluminum intently and smiled strangely. “Interesting. Then, let’s talk about the most important thing. Who is executing the plan to oust Pitt [William Pitt the Younger, British Prime Minister]?”

This was the real reason for establishing the central bank.

In fact, Napoleon created a central bank in the original timeline as well.

However, it wasn’t very successful, and he often used it to withdraw money or arbitrarily manipulate interest rates.

It was one of the many reforms that Napoleon attempted but failed.

So, it might not have been something to rush into at all.

But Eugene decided to use the central bank as leverage to plot Pitt’s downfall.

“Francis Baring will go to London himself.”

“Releasing the mastermind behind the Pichegru coup [a failed attempt to assassinate Napoleon]?”

“Or you could send Pichegru to Saint-Domingue [now Haiti]. The war with England will continue, though.”

Napoleon stared at Eugene and asked again, “This central bank is the shackle that will hold Baring back?”

“If the war continues, Baring’s losses will be exponential. I made him put all his assets in France into it.”

“And you only recognized five percent. You’re a thief. My brother Joseph became a three percent shareholder without putting in a penny, didn’t he?”

Eugene smiled at Napoleon, who still seemed dissatisfied that his name wasn’t on the list.

“It’s the price of being free.”

“What about my share?”

“You have state control here.”

Eventually, Napoleon threw out a very blatant reproach. “That’s not going to be my property, Eugene.”

He certainly had the personality of a Corsican petty nobleman.

He didn’t commit the act of embezzling state property in particular.

However, Napoleon had a habit of accumulating wealth if he had the opportunity.

He wasn’t one to live in luxury, so this was like an ant storing food it would never use.

Eugene smiled bitterly again and advised Napoleon, “It would be different if you owned the country, Father.”

Napoleon frowned and pondered Eugene’s words before picking up a pen.

“Good. Three months. If Pitt’s head doesn’t roll within that time, the state will confiscate your shares.”

Feeling like it was some kind of retaliation, Eugene chuckled. “Don’t worry. One month is enough to get his head to roll.”

At the same time, Napoleon’s signature was written on the document.

The moment the establishment of the Bank of France was approved.

***

Sometimes, those who opposed innovation come forward as if they were the main proponents.

“Clap clap clap!”

A large crowd gathered in the center of Paris and applauded.

Today marked the establishment of the Bank of France, a central bank that had been long delayed due to distrust of banks.

Standing at the center was France’s financial expert, Lebrun.

“I declare the launch of the Bank of France!”

The VIPs applauded at Lebrun’s cry.

“The birth of this French bank is a sign that revolutionary France is leaping into a new era, overcoming the failures of the old royal family. Our France will move forward into an advanced financial era…”

Ippolito sneered as he watched the former Senate President give a truly magnificent speech. “Wasn’t Minister Lebrun the one who opposed it the most? That’s what I heard outside the cabinet meeting room.”

“They made him a shareholder.”

“Wow, the bank’s stock is a mess. How is the state going to control it?”

Eugene sat in the VIP seat and replied concisely, “I used a very simple method. I put a state-designated director on the board of directors unconditionally, and that director has the right to veto.”

In short, it was the same means by which Eugene controlled the Knights of Saint John.

Veto power.

A right more powerful than any decision-making power.

Then, the quick-witted Ippolito whistled. “It’s not the right to withdraw currency?”

“If they need it anyway, the military will come and plunder it.”

“Oh no, then will the bank fail again?”

In the past, during the old royal family, France tried to establish a bank but failed.

This was because the bank went bankrupt after issuing [paper money] that wasn’t backed by gold.

This was the case of the Mississippi Bubble [an early example of an economic bubble] and John Law [the economist behind it].

However, Eugene had no intention of solving the problem by issuing paper money.

“No, if we win the war, it will eventually be resolved.”

“You sound like the Consul.”