. A modern history of New London County, Connecticut;. !.t!i!liiiiihiilwiit>it<ra<;i. VOLUME II 1922LEWIS HISTOMCAL PUBLISHING COMPANY, NEW YOPvK CITV COPYRIGHT LBWIS KTiOT^RICAL PUBLISHING COMPAi^T 1822 HISTOKY OF NEW LONDON COUNTY CHAPTER XV. BANKS By Nathan A. Gibbs A bank is an establishment having power to receive deposits, discountbusiness paper, loan and remit money, pay checks, and make collections. Itmay also deal in notes, foreign and domestic bills of exchange, coin, bullionand credits. Originally, banks were used only as places for the safe keepingof money, bullion, plate,
. A modern history of New London County, Connecticut;. !.t!i!liiiiihiilwiit>it<ra<;i. VOLUME II 1922LEWIS HISTOMCAL PUBLISHING COMPANY, NEW YOPvK CITV COPYRIGHT LBWIS KTiOT^RICAL PUBLISHING COMPAi^T 1822 HISTOKY OF NEW LONDON COUNTY CHAPTER XV. BANKS By Nathan A. Gibbs A bank is an establishment having power to receive deposits, discountbusiness paper, loan and remit money, pay checks, and make collections. Itmay also deal in notes, foreign and domestic bills of exchange, coin, bullionand credits. Originally, banks were used only as places for the safe keepingof money, bullion, plate, or the like, which was left unused and unproductivein the vaults of the bank until the depositors should call for it. Modern banking may be traced to the money lenders of Florence aslenders of money and receivers of deposits in the Fourteenth Century. TheJews of Lombardy, Italy, arc supposed to be the first to make a business ofdealing in money. They had benches or tables upon which they exchangedmoney and bills. These benches were called bancos. This word bancois supposed to be the origi
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