As a member first of the Chamber of Deputies and later of the Senate, Chevalier had plenty of opportunity of attracting public attention to his views. He adopted the attitude
that since free trade and all that
laisser-faire principles implied was now the accepted policy, since the era of monopolies was said to have passed and competition was regarded as being beneficial to the community, the burden of the proof of the contention that the same system was not applicable to banking was on those who asserted it and not on those who denied it; because on the face of it those who oppose free banking oppose also freedom to build railways, and free exchange in general, which, as he knew, they did not do, and he insisted that they had as yet given no sufficient reason for the attitude they took towards banking. Wolowski took up the other side in a book
of extensive proportions, which contained, however, no very original additions to what had already been said on the subject. It was almost wholly a repetition of the views expressed by others and a commentary on the trend of policy already adopted in the matter. But his doctrinal importance in the French developments must not be under-estimated, for he stood out among the French school as the most emphatic adherent of the use of the rate of discount as a means of controlling specie flows.