Note bank
A note or exchange bank was a forerunner of today's central banks .
General
These credit institutions , whose activities consisted of issuing and accepting slips of paper , bills of exchange or cash orders , were issuers of currencies . So note banks were not giro banks dealing with payment transactions . The business purpose of a slip bank was rather to accept sight or savings deposits from everyone and to issue a bank slip (“bank slip”), which, when presented, led to cash payment to the holder of the slip. The bank notes actually circulated like cash , because they could be redeemed by the respective holder. The legal form of the card banks was mostly that of a private bank , so that the state could not exercise any influence under company law.
Historically, the notes were considered documents with a cover made of precious metals . This system later continued as the gold standard . Nevertheless, in the 18th century there were also institutes in Germany that issued cash orders without precious metal cover, i.e. only on credit .
history
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The first card bank is the private cooperative of the Circulations- und Zettelbank zu Genoa , founded in 1345, only functional in 1407 under the name " Casa di San Giorgio " and liquidated in 1808. When the Austrians conquered Genoa in 1746, the Genoese bank of notes got into trouble because the entire assets needed to cover the notes had been confiscated by the conquerors. The Amsterdam Exchange Bank ( Dutch Amsterdamsche Wisselbank ), opened on January 31, 1609, was the first urban exchange bank in Western Europe. It was followed in November 1656 by the Swedish Palmstruch Bank , which as a private bank issued the first paper money worldwide from July 16, 1661 . The Swedish Reichsbank was founded in September 1668 as a Zettelbank, which in 1897 received a monopoly on the issue of banknotes.
Elector Johann Wilhelm II. Struck in Germany on March 2, 1705, the founding of the Banco di gyro d'affrancatione ago, it was considered the first note Bank of the empire and gave the first payment in the form of Banco papers in Germany ( "Elector Palatine Gülich and Bergischer Banco slip "). The word "affrancation" stood for debt relief or loan repayment . The bank was intended to "remedy the financial embarrassment caused by the war and to satisfy the many creditors". Wilhelm decided that the deposit and note bank should have its seat in the "Heylig Roman Empire freyer instead of Cöllen". Only on April 30, 1706 was a "bank instruction" issued naming the organs , on May 5, 1706 Willem demanded ten times the amount payable in 10 years from the deputies instead of the originally required subscription of 106,000 thalers each. In 1706 the first bank notes came into circulation. The bank expanded Cologne's banking system and resided at Hohe Pforte No. 23-25, where the Cologne court banker Johann Heinrich Sybertz (or Siebertz) redeemed the banco notes for “Cölln auf der Hohen Pforten”. In 1713 the Imperial Court of Justice decided that the Banco notes had to be accepted as a means of payment .
On December 24, 1705, Emperor Josef I issued the statute of the Vienna City Banco . The bank of notes "Banque Royale", founded by John Law in Paris in May 1716 , issued notes from 1718 that were already worthless due to bankruptcy in 1720 . In 1765, the Königliche Giro- und Lehnbanco was established in Prussia , which began issuing banknotes in 1766, but temporarily suspended this task in 1771 and resumed it in 1793.
See also
literature
- Heinz Fengler: History of the German central banks before the introduction of the mark currency. Gietl, Regenstauf 1992, ISBN 3-924861-05-6 .
Web links
Individual evidence
- ^ Johann Georg Krünitz, Economic-Technological Encyclopedia , 1837, p. 732
- ^ Karl Heinrich Rau, Textbook of Political Economy: Volkswirtschaftslehre , Volume 1, 1855, p. 387
- ^ Sina Rauschenbach, Judaism for Christians: Mediation and Self-Assertion by Menasseh ben Israels in the learned debates of the 17th century , p. 24
- ^ Neil Irwin, The Alchemists: Inside the secret world of central bankers , 2013, p. 26
- ↑ Johann Heinrich Zedler / Johann Peter von Ludewig / Carl Günther Ludovici, Large Complete Universal Lexicon of All Sciences and Arts , 1748, p. 307
- ↑ Peter Fuchs (Ed.), Chronicle of the History of the City of Cologne , Volume 2, 1991, p. 90
- ^ Heinrich von Poschinger, Banking and Banking Policy in Prussia , Volume 1, 1878, p. 71
- ↑ Margrit Fiederer, Money and Possession in Civil Tragedy , 2002, p. 30
- ^ Albert Pick, Paper Money: A Handbook for Collectors and Lovers , 1967, p. 135