Evening Star Newspaper, December 8, 1929, Page 140

MIDDLE AGES OF BANKS A MAN ABoOUT TO ) : 1 i SOMETIMES WORE SETOUT ON A i ZRANIe 4 W THER GoLD M LONG JOURNEY oy ' . i cuainS AROUND “ THEIR NECKS, —e . P OR——— | A THE LINKS WERE THE FUNDS NE LEFT CUT OFF AND> BEHIND MM To IRE © 72 LT LsED IN PLACE THE SAFEKREEPING W) ) = OF THE LOCAL GOLDSMITH. — ° hiILE THE PRACTISE oF M oNE‘) LENDING INDIVIDUALS OF GIENOA , A LARGE GROUP OF [ 'HEQE WERE PRIVATE BANKS IN VENICE AS EARLYAS THE |2TH CENTURY,MOSTOF THEM CONDUCTED BY NOBLES. LATER THESE WERE SUPPRESSED> BY A LAW FORBIDDING NOBLES TO ENGAGE IN COMMERCE . RS. IT PAID NO INTEREST AND> HE FAMOL! I8\ HE BANK OF AMSTERDAM RENDER- ED SUCH GOOD SERVICE AND KEPT ITS CREDIT SO NIGH THAT BEFORE LONG 1T HAD DRAWN A GREAT PART OF THE WEALTH OF EUROPE INTO 17S RAva_azs OF THE |4 no REPAY THE LOANS, THE REPUBLIC PLEDGED THE DUTIES ON \MPORTS TO THE COMPANY, EACH MEMBER OF WHICH RECEIVED A SHARE THAT \WAS IN PROPORTION TO HIS CONTRIBUTION. LY WARS HAD EMPTIED THE TREASLIRY WEALTHY GENOESE MERCHANTS FORMED THE COMPANY OF ST.GEORGE TO LEND> FUNDS TO THE REPUBLIC - ERNMENT BEGA MARING PAYMENTS IN BANK BILLS INSTEAD OF COIN. THIS NEW FORM OF CURRENCY BECAME POPULAR WHEN THE PEOPLE FOUND> THAT IT WAS ALWAYS GOOP> AT THE BANK FO TS FULL VALLE, —— AL BANIC, THE BANK OF VENICE,WAS FOUNDED: ITS SOLE PURPOSE WAS TO SAFEGUARD THE FLINDS OF DEPOSI - MADE NO CHARGE FOR ITS SERVICES » |\ S BANK OF ENGLAND WAS FOUNDED IN 1694, DURING THE REIGN OF WILLIAM AND MARY, AT THAT TIME ENGLAND WAS AT WAR WITH FRANCE, AND W DIRE NEED ARIOUS MEANS OF RAISING FUNDS WERE TRIED, — STAMP-DUTIES AND SPECIALTAXES,— AND FOR A TIME THE GOVERNMENT OPERATED A LOTVERY, STILL TRE REQUIRED AMOUNT OF MONEY WAS WANTING. ;i .N ENGLAND IN THE 15™ CENTURY MANY PEOPLE, PARTICLI- LARLY INNKEEPERS, TURNED THEIR, SAVINGS INTO SILVER PLATES AND> CUPS TO Ul GET THE FULL USE OF THEIR MONEY. ~ 1 et \ HE COMPANY MADE OTHER LOANS TO THE GOVERNMENT, ACCEPTING PUBLIC LANDS AS SECURITY, THIS CONTINUED UNTIL THE COMPANY HELD MORTGAGES ON NEARLY ALL THE LANDS OF THE GENOESE (REPUBLIC. T THE BEGINNING OF THE ITTH CENTURY MSTERPAM, HOLLANDHAD BECOME THE GREATCST PORT I EUROPE. THE NEED OFFACILITMES FOR COMMERCE LED TO THE FOUNDING IN 1609 OF THE CELEGRAYED BANK OF AMSTERDAM . .ms BALANCE WAS RAISED BY 4 LOAN, THE SUBSCRIBERS TO WHICN CONSTITUTED A CORPORATE BODY UMDER THE NAME OF THE COMPANY OF THE BANK OF ENGLAND, —-° NEXT ONAPTER,” THE MISTORY OF 12§ BANKING IN AMERICA "