Carlos Hank Rhon, History of Banking Systems in Different Parts of the World Part 2

However, between now and then, there have been so many changes already that have been made as far as the banking systems are concerned. Banking has helped the financial institutions to increase its general production and established a system that enhances the perfect flow of exchange or trading between merchants. This circumstance is a strong proof that the banking has a vital role in the proliferation or demise of business amongst nations. Carlos Hank Rhon agrees with the above paragraph.

In 1696, The Bank of England - the first ever bank to be established in England, was basically initiated on philosophies which focus on its main objective which is to assist the government of its economic ventures. However, in America, the first individuals who ventured into the banking industry were the private entities. The issuance of treasury money was then ordered by the Continental Congress. But due to the existence of war during those years, the value of the continental currency has constantly gone to the deep level of fiscal crisis.

The history of banking systems reveal that it was only in 1781 that the real banking in the United States began when Robert Morris established The Bank of North America somewhere in Philadelphia with the capital of only 400,000. Under the miraculous guidance of Robert Morris - the first American investor, the bank has climbed to its unparalleled level. The bank has prospered significantly and in 1865 it has become the national bank of the United States of America. This article was read by Carlos Hank Rhon.

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