Late 18th and 19th Centuries
In the late eighteenth and nineteenth century, spurred at first by financing required for the Napoleonic wars and then by the expansion of railroads, banks evolved for the first time to operate by way of commerce, that is to accept demand deposits and provide business loans, instead of only functioning for the good of the state. Before 1776 there were only three commercial banks on the landmass known then as America. During this period a large number of comercial banks were established in a number of different countries. This included banks such as the Commercial Bank of Scotland which was founded in 1810 and the Bank of New South Wales which was dated to 1817.
Jews were founders and leaders of many of the important early European banks, as well as significant banks in the United States. Several Jewish bankers became extremely influential, successfully competing with non-Jewish banking houses in the floating of government loans.
Read more about this topic: History Of Banking
Famous quotes containing the words late and/or centuries:
“What else has been English news for so long a season? What else, of late years, has been England to us,—to us who read books, we mean?... Carlyle alone, since the death of Coleridge, has kept the promise of England. It is the best apology for all the bustle and the sin of commerce, that it has made us acquainted with the thoughts of this man.”
—Henry David Thoreau (1817–1862)
“There can be no more ancient and traditional American value than ignorance. English-only speakers brought it with them to this country three centuries ago, and they quickly imposed it on the Africans—who were not allowed to learn to read and write—and on the Native Americans, who were simply not allowed.”
—Barbara Ehrenreich (b. 1941)