"Carthage... must have been a scene of wonderful grandeur and activity. The Carthaginians were luxurious, and prone to display their wealth. ...The riches of the temples were immense, and the furniture and embellishments of private dwellings were of the costliest kind. Distant isles of the Atlantic, as well as the nearer shores of Asia and of Europe, contributed to the teeming stores of Carthage. In [this] great African republic bank-notes had their origin. "In a small piece of leather," says Æschines, the Socratic philosopher, "is wrapped a substance of the size of a piece of four drachms; but what this substance is no one knows except the maker. After this it is sealed, and issued for circulation; and he who possesses the most of this is regarded as having the most money, and as being the wealthiest man. But if any one among us had ever so much he would be no richer than if he possessed a quantity of pebbles." Of course banks must have existed for the redemption of these leather promises to pay, and the issue and currency of such notes must have been provided for by law."
Quote Details
Added by wikiquote-import-bot
Unverified quote
0 likes
Original Language: English
Available Languages (1)
Sources
Henry Mann, Ancient and Mediæval Republics: A Review of Their Institutions, and of the Causes of Their Decline and Fall (1879) pp. 18-19.
https://en.wikiquote.org/wiki/History_of_banking
Revision History
No revisions have been submitted for this quote.
Categories
History of banking
45 quotes on TrueQuotesView all quotes by History of banking →
Related Quotes
"[T]he is to the Agriculture, Commerce, and Finance of Great Britain a Sun; and the Circulation of so many Millions of…"
"Sir Francis Baring, "Sir Francis Baring's Observations on the Letter of Walter Boyd, Esq. to Mr. Pitt (1801) as quote…"
"In my former letter on the new collection of antiquities from Babylon, acquired by Mr. George Smith for the trustees …"
"The bank of Venice is reputed the first in date in the history of modern Europe; but it did not become a bank, as we …"
"Money creation by private banks is a legacy of history. Banking started around the 15th, 16th century when goldsmiths…"
"The use of banks has been the best method yet practised for the increase of money. banks have been long used in Italy…"
"[In Ancient Rome, 340 B.C.] The first care of the new consuls was to regulate the payment of debts, the only obstruct…"
"[U]pon the first day of the month Adar, proclamation was made throughout all Israel, that the people should provide t…"
"The first public institution in England partaking somewhat of the nature of a Bank was the Exchequer, founded by Will…"
"Many documents dealing with property and credit have come down to us from the Sumerian period. ...Many of the financi…"