Black Money Business Jobs : Banking

Shikamaru

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Etymology

"financial institution," late 15c., from either O.It. banca or M.Fr. banque (itself from the Italian word), both meaning "table" (the notion is of the moneylender's exchange table), from a Germanic source (cf. O.H.G. bank "bench"); see bank (2). The verb meaning "to put confidence in" (U.S. colloquial) is attested from 1884. Bank holiday is from 1871, though the tradition is as old as the Bank of England. To cry all the way to the bank was coined 1956 by flamboyant pianist Liberace, after a Madison Square Garden concert that was packed with patrons but panned by critics. (Source)

Origin of the word

The word bank was borrowed in Middle English from Middle French banque, from Old Italian banca, from Old High German banc, bank "bench, counter". Benches were used as desks or exchange counters during the Renaissance by Florentine bankers, who used to make their transactions atop desks covered by green tablecloths. (Source)

Definition

BANK, com. law. 1. A place for the deposit of money. 2. An institution, generally incorporated, authorized to receive deposits of money, to lend money, and to issue promissory notes, usually known by the name of bank notes. 3. Banks are said to be of three kinds, viz : of deposit, of discount, and of circulation; they generally perform all these operatious. Vide Metc. & Perk. Dig. Banks and Banking. (Source)

The term discount may seem peculiar. Definition is below.

DISCOUNT, contracts. An allowance made upon prompt payment in the purchase of goods; it is also the interest allowed in advancing money upon bills of exchange, or other negotiable securities due at a future time And to discount, signifies the act of buying a bill of exchange, or promissory note for a less sum than that which upon its face, is payable.
2. Among merchants, the term used when a bill of exchange is transferred, is, that the bill is sold, and not that it is discounted. See Poth. De l'Usure, n. 128 3 Pet. R. 40. (Source)
 

Shikamaru

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May 7, 2011
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A brief survey on the history of banking

The first banks were religious temples.
The first "bankers" were priests.
Over time the "bankers" became money changers. One who converts currency from form to another.
The first items of deposits were grains. Over time, such deposits became gold and silver coin of purity and weight.
And over more time from gold and silver coin to fiat currency.

Borrowers went from farmers to traders, merchants and then to everyone.

Banks make their money off contracts and negotiable instruments of both promissory notes and bills of exchange.

With respect to law banking has its roots in commerce (commercial law) as well as Admiralty/Maritime Law.
 

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