A History of Virginia Banks and Banking Prior to the Civil War: With an Essay on the Banking System Needed (Classic Reprint) - Hardcover

Inhaltsangabe

Excerpt from A History of Virginia Banks and Banking Prior to the Civil War: With an Essay on the Banking System Needed

Banking, according to modern methods, did not exist in Virginia prior to the year 1804. During all the Colonial period and, even more so, after the Revolution, voluntary associations, called unchartered banks, did a banking business, including the issue of currency notes. In the early part of the nineteenth century this busi ness had become a very extensive one,* and the unchartered banks Operated all over the State; but they rested entirely on individual effort, and the State had no part or lot in them. It would be as unprofitable now to follow them in the details of their operations as it would be to record the battles of the Kites and the Crows, from which John Milton turned with such disgust.

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