A History of Money And Prices Being An Inquiry Into Their Relations From the Th
A History of Money And Prices Being An Inquiry Into Their Relations From the Th
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Before the end of the reign of Charles the Second, a new mode of paying and receiving money had come into fashion among the merchants of the capital. A class of agents arose whose custom it was to keep the cash of the commercial houses. This new branch of business naturally fell into the hands of the goldsmiths, who were accustomed to largely traffic in the precious metals, and who had vaults in which great masses of bullion could lie secure from fire and from robbers. It was at the shops of th...e goldsmiths of Lombard Street that all the payments in coin were made. "* On these deposits the goldsmiths issued notes, which circulated unquestioned as money. "A goldsmith's note might be transferred ten times in a morning ; and thus a hundred guineas locked in his safe close to the Exchange did what would formerly have required a thousand guineas, dispersed through many tills, some on Ludgate Hill, some in Austin Friars, and some in Tower Street. " f The treasures of plate and of coin, the only expression of movable wealth of the past period, hidden away and closely guarded from the public in dark corners, under- ground, and in strong boxes, now became integral parts of the money circulation of the country.
What to read after A History of Money And Prices Being An Inquiry Into Their Relations From the Th?
You can find similar books in the "Read Also" column, or choose other free books by J Jacob Schoenhof to read onlineMoreLess
To quickly assess the difficulty of the text, read a short excerpt:
Before the end of the reign of Charles the Second, a new mode of paying and receiving money had come into fashion among the merchants of the capital. A class of agents arose whose custom it was to keep the cash of the commercial houses. This new branch of business naturally fell into the hands of the goldsmiths, who were accustomed to largely traffic in the precious metals, and who had vaults in which great masses of bullion could lie secure from fire and from robbers. It was at the shops of th...e goldsmiths of Lombard Street that all the payments in coin were made. "* On these deposits the goldsmiths issued notes, which circulated unquestioned as money. "A goldsmith's note might be transferred ten times in a morning ; and thus a hundred guineas locked in his safe close to the Exchange did what would formerly have required a thousand guineas, dispersed through many tills, some on Ludgate Hill, some in Austin Friars, and some in Tower Street. " f The treasures of plate and of coin, the only expression of movable wealth of the past period, hidden away and closely guarded from the public in dark corners, under- ground, and in strong boxes, now became integral parts of the money circulation of the country.
What to read after A History of Money And Prices Being An Inquiry Into Their Relations From the Th?
You can find similar books in the "Read Also" column, or choose other free books by J Jacob Schoenhof to read onlineMoreLess
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