History of Money Orders
The money order system was established by a private firm in Great Britain in 1792, and was expensive and not very successful. In approximately 1836, it was sold to another private firm which lowered the fees, which therefore significantly increased the popularity and usage of the system. The Post Office noted the success and profitability, and it took over the system in 1838. Fees were further reduced and usage increased further, making the money order system reasonably profitable. The only draw-back was the need to send an advance to the paying Post Office before payment could be tendered to the recipient of the order. This drawback was likely the primary incentive for establishment of the Postal Order System on 1 January 1881.
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Famous quotes containing the words history of, history, money and/or orders:
“Only the history of free peoples is worth our attention; the history of men under a despotism is merely a collection of anecdotes.”
—Sébastien-Roch Nicolas De Chamfort (1741–1794)
“The only thing worse than a liar is a liar that’s also a hypocrite!
There are only two great currents in the history of mankind: the baseness which makes conservatives and the envy which makes revolutionaries.”
—Edmond De Goncourt (1822–1896)
“I went to the circus, and loafed around the back side till the watchman went by, and then dived in under the tent. I had my twenty-dollar gold piece and some other money, but I reckoned I better save it.... I ain’t opposed to spending money on circuses, when there ain’t no other way, but there ain’t no use in wasting it on them.”
—Mark Twain [Samuel Langhorne Clemens] (1835–1910)
“Punishment may make us obey the orders we are given, but at best it will only teach an obedience to authority, not a self-control which enhances our self-respect.”
—Bruno Bettelheim (20th century)