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If you will get the authority from Washington to indorse, the Bank of the Netherlands will honor the checks and drafts; and if the Bank hesitates the National Treasury will cash them." The answer came promptly: "You have the authority to indorse." So a system of international banking between two Governments was introduced. I believe it was absolutely a new plan. But it worked.
He became melancholy and depressed; and, if he did not spend his days in drawing up his last will and testament, it was because such a proceeding in view of the state of his banking account would have partaken of the nature of a farce. Having a sense of humour, he was little disposed, just then, to any action whose comic side he could not conveniently ignore.
II. pp. 427 432, and Supplement, p. 406. Dealing in money, banking, bills of exchange, have a very early date in Europe. The Bank of Venice was founded in 1401. Florentines dealt in money as early as 1251, and their system of exchange was in use throughout the North early in the fifteenth century. McCullagh's Industrial History of Free Nations Vol. II. p. 94.
And the control of the system of banking and of issue which our new laws are to set up must be public, not private, must be vested in the Government itself, so that the banks may be the instruments, not the masters, of business and of individual enterprise and initiative.
As we become more interested in commerce and banking enterprises what assurance have we that the alliance will not be transferred to international politics? It should be noted that the policy of the open door as affirmed by the great powers and as frequently violated by them even if it be henceforth observed in good faith, does not adequately protect us from this danger.
It was related among the spectators that Eve's family, and particularly old Justus Steinberger, her father, was not in reality much displeased by the affair. The old man sneeringly remarked, indeed, that he knew his daughter well enough to wish her to belong to his worst enemy. In the banking business there is a class of security which one is pleased to see discounted by one's rivals.
This requiring very large sums of money, he for his part had encumbered not only the lands themselves, but these lands of Cowles' Farms to secure the payment. The holder of these mortgages was a banking firm in Fredericksburg.
But apart from this obvious difficulty, can we contemplate with equanimity the prospect of the State monopoly of the ordinary banking facilities as they present themselves to the man in the street, namely, the provision of bank branches, the use of the cheque book, the custody of securities and any other articles that the customer wishes to leave with his bank?
He had hitherto seemed to have no confidence in banking institutions and trust companies, and preferred to be his own banker, carrying large sums of money about his person which he was at no pains to conceal, and so, as he continued this practice, and as his possessions were seemingly increased by the portentous-looking iron chest, the speculations as to his wealth became unbounded.
A wire was at once strung to Windsor Castle. Others were ordered by the Daily News, the Persian Ambassador, and five or six lords and baronets. Then came an order which raised the hopes of the telephone men to the highest heaven, from the banking house of J. S. Morgan & Co. It was the first recognition from the "seats of the mighty" in the business and financial world.
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