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History Of Banking
Trade is the calm health of nations. Credit is its lifeblood. Money is its nerve system. Trade originated in barter between primitive peoples. The first property was communal owned by a group or a tribe. Personal property developed out of individual possession of ornaments, usually stones or shells having color or form that gave them a quality of decoration.
Banks And Banking
The name bank is derived from the Italian word banco, a bench ; the early Italian banks being in the habit of transacting their business on benches or tables in the market-places of the principal towns. The First Banking Institution of Importance was the Bank of Venice, which was established in 1171.
National Banks
Why So Called. In 1863 a national law was passed in accordance with which banks might be organized and conducted alike throughout the country. Banks formed under that and subsequent laws of Congress are called National Banks, for the reason that they are organized under national laws and their notes secured by national obligations.
Federal Reserve Banks
While the country was recovering from the panic of 1907-8, President Wilson, on June 24, 1913, sent to the Congress a currency message in which he said: We must have a currency, not rigid as now, but readily, elastically responsive to sound credit, the expanding and contracting credits of every-day transactions, the normal ebb and flow of personal and corporate dealings.
Finance, Credit And Commercial Exchange
Money and Credit are so closely interwoven with the commercial life of a nation that it is essential for every person engaged in business to have some knowledge of the part which they play in it.
A Bank Account - Trade Acceptance
Importance of Keeping. A bank account is a matter of great convenience as well as pecuniary benefit to business men and women. Where considerable business is done, money is constantly accumulating, which, when deposited in a reliable bank, is more secure from burglary than elsewhere.
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