Business Administration

Archive for the ‘Bank Info’ Category

In the Middle Ages as payment was worth more gold. The goldsmiths were considered people who were highly trained to control the purity of gold coins and even had a strong boxes to keep them safe from thieves.

Over time it became customary to give gold to the goldsmiths to keep it the same people were given a receipt with the amount of gold you just leave and charged a small fee for the service.

When the owner of the money needed to make a payment, a receipt and the goldsmith gave him in return the full amount, but over time it became easier to pay bills directly because everyone knew that the goldsmith was a person reliable and avoid the risk of being inserting and removing gold coins around the time of the safes.

Those paychecks became a symbol of a promise to pay so every time you got a receipt, meant implicitly a loan agreement with the goldsmith. It was with this practice and with the passage of time over which a commodity-based money through credit or bank loan. Read the rest of this entry »