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Direct Legislation by the Citizenship through the Initiative and Referendum by James William Sullivan
page 50 of 122 (40%)
compared with those of France and Germany, were notoriously behindhand.


_Banking._

While the Confederation coins the metallic money current in the country,
it is forbidden by the constitution to monopolize the issue of notes or
guarantee the circulation of any bank. For the past ten years, however,
it has controlled the circulation of the banks, the amount of their
reserve fund, and the publication of their reports.[H] The latter may be
called for at the discretion of the executive council, in fact even
daily.

[Footnote H: A vote, October 18, 1891, made note-issuing a federal
monopoly.]

There are thirty-five banks of issue doing business under cantonal law.
Of these, eighteen, known as cantonal banks, either are managed or have
their notes guaranteed by the respective cantons. Thus, while banking
and money-issuing are free, the cantonal banks insure a requisite note
circulation, minimizing the rate of interest and reducing its
fluctuations. The setting up of cantonal banks, in order to withdraw
privileges from licensed banks, was one of the public questions agitated
by social reformers and decided in several of the cantons by direct
legislation.


_Taxes._

The framework of this little volume does not admit so much as an
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