Up To Date Business by Seymour Eaton

cotton export trade. (_b_) Describe briefly our export trade in "breadstuffs." (_c_) Describe briefly our export trade in "provisions" and "animals." FINANCE, TRADE, AND TRANSPORTATION[8] I. NATIONAL AND STATE BANKS ORIGIN OF BANKING INSTITUTIONS [Illustration: The Bank of England, showing the Threadneedle Street entrance.] The world has had its bankers and money-changers for thousands of years. Babylonian tablets have been found which record banking transactions which took place in the reign of Nebuchadnezzar. Modern banking institutions, however, had their origin in the twelfth century. The first institution of this character in Europe was the Bank of Venice, founded A. D. 1171. It was based upon a forced loan of the republic. Funds deposited in it could not be withdrawn, but were transferable on the books at the pleasure of the owners. The Bank of Genoa was founded in 1407, and for many years was one of the principal banks of Europe. It was the first to issue circulating notes; these were negotiable only by indorsement--that is to say, they were not made payable to bearer. This was a long step in advance of the earlier system of deposit transfers which was also employed by this bank. The Bank of Amsterdam, established in 1607, was the earliest considerable institution of the kind which looked to the promotion of commerce. The Bank of Hamburg, established in 1619, was a bank of deposit and circulation based upon fine silver bars. The deposits were confined to silver. The Bank of England is more than 200 years old and is to-day acknowledged to be the greatest financial institution in the world. Nearly all the paper money of England is issued by this bank. This currency is based partly upon securities and partly upon deposits of coin. There are three or four banks in the United States more than one hundred years old. In 1781 Robert Morris, then superintendent of finance, submitted to Congress a plan for the establishment of the Bank of North America at Philadelphia. In 1784 the State of Massachusetts incorporated the Massachusetts Bank. The Bank of New York was chartered in 1791. FOOTNOTE: [8] SUGGESTIONS AS TO METHOD OF STUDY