chapter  Chapter XI
9 Pages

Banking

ByRobert E. Wright, Richard Sylla

Lord Macaulay states that so late as the time of the Restoration ‘every trader had his own strong box in his own house, and told down the crowns and caroluses on his own counter.’ The joint-stock banks of London alone hold more than is assigned to the banking class of the kingdom. It must that at present we are dealing exclusively with the funds which, but for bankers, each producer would retain for himself as coin and notes. The banking class render the further service of enabling payments to be made in distant places without dispatching money for the purpose. ‘Many of the banking companies established in different districts have a direct intercourse with each other, and they have all correspondents in London; hence a person residing in any part of the country, who wishes to make a payment in any other part may attain his object by applying to the bank nearest to him.’.