¹ A corporation which undertakes the care of money
¹ The most ancient bank is supposed to have been established in Venice in 1157. (See " The History and Principles of Banking " by James William Gilbart.) Other writers give this date as late as 1171.
"The first banks were hardly more than agencies for concentrating and managing the loans of the governments, and as such had their origin in for other corporations, firms, or individuals, called its " de positors," this money always being subject to the written order of those making the deposit, either to be repaid to them or to others as appears in the orders, called " drafts," " checks," etc. Interest may or may not be allowed the depositor for the use of the money, according to the nature of the bank, and the agreement made with each depositing party. Banks must make use of money entrusted to their care so as, in turn, to make it earn enough not only to defray their own expenses, but to pay the depositors such rates of interest as may be agreed upon. To do this, banks are authorized to reloan this money; to collect drafts, notes, and other claims for which they may make charges. Banks are of several kinds, each having its own peculiar function, according to the National or State laws under which it acts. (See ". National Bank," " Savings Bank," " Bank of Deposit," " State Bank," and " Trust Company.")