Diary of a BANKER-Part 31
The statutes of the Roman Empire (125-126 AD) shows a letter from “Caesar” to “Quietus” (a Roman usurper against Emperor Gallenius) showing that the money should be collected from people who use the lands that belong to the temple and given to it’s treasurer, as issued by “Mettius Modestus” (governer of Lycia and Pamphylia) the law obliges a bank to pay the debts of its customers under a guarantee.
“Cassius Dio” (a Roman statesman and historian of Greek origin) was behind the creation of a state bank where to be funded by the sale of all properties owned by the state.
The Monopoly existed since the 4th century in “Byzantium” and in “Sardinia” as well.
The Roman Empire worked to formalize the bank administration and to give more attention to the organization and to regulate the financial institutions and practices.
As for the interest collection and payments it has become more developed, but the development of Roman banks was sort of limited by the preferences for monetary transactions.
During the rule of “Gallenius” (Roman Emperor 260-268 AD), the banking system was temporary collapsed after the banks have rejected the use of Copper Chips.
Also with the rise of Christianity, banks faced some other restrictions, especially for the interest rates charges being viewed as immoral.
After the fall of Rome, banking was temporarily terminated in Europe and was not revived until the time of the Crusades.
To be continued with Diary of a BANKER Part- 32
The text published in this post is my original work with a help from History of banks.
Some images are from different sources click on the link below the image to view the source.
**Kindly don’t forget to check the old parts from “Diary of a Banker” for entertainment and more information.
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