Banking, ancient and modern ..together with full instructions as to the business methods of the Treasury Department at Washington, . the reign of thism o n a r c h a r every rare. Bymeans of a lunareclipse mention-ed by ClaudiusPtolemaeus astaking place inthe fifth year ofNab opalassar,wc are enabledto fix the date ofthis year to B. ; this gives-B. C. 625 as thefirst year of thismonarch, h^omthis date, formore than a cen-t u r\-, this bank-appears to havecarried on itsbusiness regularly, but in the month .\bb [the eleventh month, or Julyof the Jews.—Ed.] 11 C. 516, the revolt ot Ara
Banking, ancient and modern ..together with full instructions as to the business methods of the Treasury Department at Washington, . the reign of thism o n a r c h a r every rare. Bymeans of a lunareclipse mention-ed by ClaudiusPtolemaeus astaking place inthe fifth year ofNab opalassar,wc are enabledto fix the date ofthis year to B. ; this gives-B. C. 625 as thefirst year of thismonarch, h^omthis date, formore than a cen-t u r\-, this bank-appears to havecarried on itsbusiness regularly, but in the month .\bb [the eleventh month, or Julyof the Jews.—Ed.] 11 C. 516, the revolt ot Aracus, against Darius tookplace, the firm of Kgibi was unable to transact any business owing to therevolt at Babylon, and the iiistory of this remarkable bank cannot betraced any further. In Greece, moncN-changers formed a distinct class of business menas early as the fourth centur)- before Christ. It was their custom to re-ceive money from depositors and to loan it to others at rates of interestvarying from ten to thirty-six per cent. A portion of their income wasderived (torn premiums received for exchanging coins which floated to. J. J. I. <iJ)i:li,. Ircsideiil Union \vn to the Athenians, and the rate of discount was often made soexcessix-e as to brini^ some money-chani^ers into disrepute. This waspossible under the Attic law which permitted every lender to char<^e asmuch interest as he chose. Money-changers as a rule maintained a high credit and were so im-plicitly trusted that transactions with them were often carried out withoutwitnesses. Of the best known of these primitive bankers was Pasion,whose profit from his exchange bank was one hundred minas annually,equivalent to $1,710. When Pasion died the bank was assumed b\-Phormio, who paid an annual rental of $2,730 for the office and business. Of forms of business more nearly approaching the state banks oflater times we are not without examples in Greece. At New Ilionabankseems to have transacted the financial
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Keywords: ., bookcentury1800, bookde, booksubjectbanksandbanking, bookyear1895
