Book Description

Excerpt from A Modern History of New London County, Connecticut, Vol. 2 A bank is an establishment having power to receive deposits, discount business paper, loan and remit money, pay checks, and make collections. It may also deal in notes, foreign and domestic bills of exchange, coin, bullion and credits. Originally, banks were used only as places for the safe keeping of money, bullion, plate, or the like, which was left unused and unproductive in the vaults of the bank until the depositors should call for it. Modern banking may be traced to the money lenders of Florence as lenders of money and receivers of deposits in the Fourteenth Century. The Jews of Lombardy, Italy, are supposed to be the first to make a business of dealing in money. They had benches or tables upon which they exchanged money and bills. These benches were called bancos. This word banco is supposed to be the original of the word bank. Some claim it came from banco when applied to a heap - a heap of money. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.