1. Banking is a department of the great Science of Economics, which is the Science of Exchanges, or of Commerce in its widest extent.

The word Economics is derived from the Greek oTkoc, which is the technical term in Attic law for Property of all sorts and descriptions, whatever its nature be, and vofios, a law. Hence the word Economics means the Science which treats of the Laws which govern the relations of Exchangeable Quantities.

Banking, as will be explained more fully hereafter, is that department of the Science of Economics which treats of the exchanges of Money for Credit, and of Credit for Credit.