"The first public institution in England partaking somewhat of the nature of a Bank was the Exchequer, founded by William the First: it still flourishes under Victoria, and, after an existence of eight hundred years its objects remain unchanged... The original name of the Exchequer was Scaccarium... not improbably derived from scaecus or scaccum, the "chess board," because a chequered cloth was used [by]... the accomptants of the English Court of Exchequer in counting the money inasmuch as the squares were understood to represent figures corresponding to the amounts placed thereon."