Every department of business, in our modern civilization, must keep in touch with the bank.
Money is the blood of trade and the banking system is its heart.
The bank is as necessary to the thrifty farmer as it is to the greatest railroad or the most wide-spread trust.
Banks are depositories for money not in circulation.
Banks have facilities for the safe-guarding of money which the ordinary business man could not provide for himself.
Instead of running the risk of paying bills with money carried about on his person, the business man, and every man with ready money should follow his example, deposits his money in a convenient bank, for which he receives a proper voucher in the shape of a credit in a deposit book.
When he pays a bill, he draws a check for the amount, payable to the order of his creditor. This check, when endorsed by the receiver and paid by the bank, is in itself a receipt for the money.
NATIONAL BANKS
As I propose to say something about savings banks in another chapter, the present will be devoted to what are known as "banks of deposit."
Banks of deposit are either National, State, or private.