Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1886-04-09
BANKING INTERESTS.
Including History of Banking in the
State of Vermont.

State of Vermont.
The following extract is taken from the
chapter on Banking INTERESTS in the
forthcoming history of Chittenden coun-
ty edited by Mr. w. :. Ram, and pub
lished by ID. Mason & Co., Syracuse, y.
y. The portion of it pertaining to bank
ing in Vermont will prove of great inter
est to our readers. The facts have been
carefully collected from many sources of
information. Mr. Ram, the editor, would
be glad to have any inaccuracies .in the
article, or any further items of informa-
ton i'll regard to the subject, reported to
him. Mr.. Rams address is 22O Pearl
street, Burlington.
"a history Of the banking interests of
the world would be almost cmval with
that Of civilization. The lending of money
on consideration of the payment of inter
| ests is Il custom that dates from the ne.
| hottest anliquit OF which there l. II rec
ord. The Ola and the New Testament re-
[ fer repeatedly to it a: and it is mentioned
III nearly all profane histories OF the early
civilizations The banker was originally
merely IA changer who stood in the mar
ket places and furnished the different
kinds OF money that were demanded. BY
degrees his functions were increased and
he finally took money on deposit, and
made advances upon securities as mer-
chandise, evidences of title TO property,
PLEDGES, etc, until he was clothed with
the d Ities and privileges of the banker of
to-day.
The first corporate banking institution
in Europe was the Bank of Venice, found
ed HI, for the purpose of meeting the de-
mandS of the government for means of
prosecuting the wars of those distracted
times. 1t performed its functions with
out intermission until the overthrow of
the republic in 1871, by the revolutionary
army of France, In l345, the bank of
Genoa was projected, but did not 20 into
full operation until l407 1t was one of
the principal institutions of the kind in
Europe until the French army pillaged it
III $500, but it has never been able to re-
cover from that shock. The bank of Bar
celOna established in l40l, originated the
system of negotiation of bills of
exchange. The merit of these institu-
tons was by this time completely
demonstrated, and the chief cities of the
old world began to found them. The
bank of Amsterdam was established in
1909, the bank of'liamburg in 1919, of Rot
England in 1894, of France in 17l6. In
11lS, however, the name of the bank OF
France was changed to the Royal bank
and the present bank of France was not
established until 1903. In August, 1922
the SOCictc generate was founded il
Belgium, and on the separation of that
country from Holland resigned its func
tOns to the bank of Belgium. In 1851
this was succeeded by the National bank
of Belgium. The bank of Netherland.
was founded in 1Sl4 ana was recharteret
in 1868. The National bank of Austri,
was established at Vienna in 1915, tn,
Royal bank of Prussia was established a
Berlin in June, 1868. The oldest bank now
in Italy is the Monte di Paschi" of Sena
which was founded in 1922. The Nationa
bank of Italy was established IN Noyem
Der, 1919. All the European governments
of any importance are now supplied will
banking institutions of one kind o
another.
The first bankers in England were tn
Jews, who welded so great an intiuenc
in that country for centuries, notwth
secutions. They were succeeded by tn
Lmbards, and they. in turn, by til
Goldsmiths. In 1854, during the reign q
William and Mary, the British govern
ment was embarrassed by the eXtrem
difficulty of raising funds sufficient t
carry on the war then waging wit
France. William Paterson, merchan
of London, conceived the design of fount
ing the bank of England, and lmmediatel
set about the work of eflecting this oil
ject The bank of England was accOrt
ingly founded i'm 1884, under the legi
tide of 1.-THE Governor and Company {
the Bank Of England This institutio
has grown 10 he the most gigantic mOnOI
oily of the kind i'm the world. II Is il
trusted with the entire management {
the public debt of Great Britain.
At the time Of the American war i(
Independence, this country was poor. :
protracted and adverse trade with Il
mother country had quite denuded IL