in commerce, a common repository, where many persons agree to keep their money, to be always ready at their call or direction; or certain societies or communities, who take the charge of other peoples money, either to improve it, or to keep it secure.

There are banks of various kinds, and different in the nature of their constitutions and establishments: Some are instituted wholly on the public account, and put under the direction of the magistrates, as the famous bank of Amsterdam, where the money deposited therein shall be always kept for the use of the proprietors, and shall never be let out for profit or advantage.

Payments made by assignments upon this bank, are valued from 3 to 6 per cent above the payment of the money in specie, arising from an opinion that the proprietors entertain of the equity of its administration; for judging themselves secure, that their money lies always ready at hand, they seldom draw out large sums, but make their mutual payments by transferring the sums from one man's account to another.

A second sort of bank, is such as consists of a company of monied men, who being duly established, and incorporated by the laws of their country, agree to deposit a considerable fund, or joint stock, to be employed for the use of the society; as lending money upon good security, buying and selling bullion, gold and silver, discounting bills of exchange, &c.

A third sort, is the banks of private men, or partnerships, who deal in the same way as the former, upon their own single stock or credit. There are public banks established in most of the trading cities of Europe, as in Venice, London, Paris, Amsterdam, Hamburg, &c. The bank of Venice is the most ancient. It is established by a solemn edict of the commonwealth, which enacts, That all payments of wholesale merchandise, and letters of exchange, shall be in bank-notes; that all debtors shall be obliged to carry their money to the bank, and all creditors receive their money from the bank; so that payments are performed by a simple transfer from the one person to the other. In matters of retail, effective payments are sometimes made, which do not diminish, but rather augment. augment the stock, by reason of the liberty of withdrawing their money at pleasure, &c.