The History of Banks : To Which Is Added, A Demonstration of the Advantages and Necessity of Free Competition in the Business of Banking

By Hildreth, Richard

Description
Economic Theory Literature

Excerpt
Excerpt: Chapter I. Banks of Venice, Genoa and Barcelona. The first regular institution resembling what we call a Bank, was established at Venice, nearly seven hundred years ago. In its origin it had nothing to do with the business of banking. It began in this way. The Republic being engaged in war, and falling short of funds, had recourse to a forced loan. The contributors to that loan, were allowed an annual interest of four per cent on the sums they had been obliged to lend; certain branches of the public revenue were assigned for the payment of that interest; and a corporation, entitled the CHAMBER OF LOANS, was created for the express purpose of looking after this business, managing those branches of the revenue assigned to the lenders; and attending to, and securing the punctual payment of the interest, as it fell due. So far, there was no bank in our sense of the word. But the Chamber, in the course of its business, sometimes had occasion to purchase and sell bills of exchange; and as the means of the corporation were undoubted, and its character highly respectable, it was soon discovered that its name upon a bill, gave it additional value. The Chamber generally had some funds on hand. It was found an advantageous investment to employ those funds in the business of buying and selling exchange; and in process of time, the Chamber became a regular dealer in that branch of business; that is, it adopted the business of DISCOUNT, or lending money upon mercantile paper, one great branch of the business of a modern bank.

Table of Contents
Contents Chapter I: Banks of Venice, Genoa and Barcelona. ........................... 5 Chapter II: Banks of Amsterdam and Hamburg. ............................... 6 Chapter III: Bank of England. ............................................................ 8 Chapter IV: Private Banks. .............................................................. 10 Chapter V: Scotch Banks. ................................................................ 10 Chapter VI: Law?s System of Banking. Land Banks. .......................11 Chapter VII: Mississippi System. .................................................... 13 Chapter VIII: Continuation of the History of the Bank of England. Stoppage and Resumption of Specie Payments. ........................ 16 Chapter IX: Continuation of the History of English Private Banks. Joint Stock Banks. ..................................................................... 22 Chapter X: Government Paper Money. ............................................ 23 Chapter XI: Colonial Currencies of Paper Money in America. ....... 25 Chapter XII: American Banks. ........................................................ 28 Chapter XIII: First Bank of the United States. ................................ 29 Chapter XIV: State Banks. Stoppage of Specie Payments. .............. 32 Chapter XV: Second Bank of the United States. Resumption of Specie Payments. .................................................................................. 35 Chapter XVI: Panic of 1818?19. ..................................................... 36 Chapter XVII: Continuation of the History of American Banks. ..... 41 Chapter XVIII: The controversy touching the re-charter of the Second Bank of the United States. Panic of 1833?34. ........................... 44 Chapter XIX: Present State of American Industry and Trade. ......... 50 Chapter XX: Banks on the Continent of Europe. ............................. 51 Part Second: A Demonstration of the Advantages and Necessity of Free Competition, in the Business of Banking. .......................... 53 Chapter I: The Received Theory of Banking. .................................. 53 Chapter II: New Theory of Banking, ............................................... 60 Chapter III: Of a National Bank. ..................................................... 75

Book Id: WPLBN0000660977
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Reproduction Date: 2005
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Title:

The History of Banks : To Which Is Added, A Demonstration of the Advantages and Necessity of Free Competition in the Business of Banking

Author:

Hildreth, Richard

Volume:

Language:

English

Subject:

Political science., Economics and literature, Economic & political studies series

Collection:

Economics Publications Collection

Subcollection:

Historic
Publication Date:

Publisher:

Archive for the History of Economic Thought

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