http://www.lendinguniverse.com/ commercial construction loans These conditions provided the basis for the development of modern money and banking systems. To avoid carrying money long distances, merchants worked out arrangements for canceling debts. At the medieval fairs, merchants worked out clearing arrangements. Merchants from different places had sold goods at the fair and bought others. Instead of settling each transaction in coin, each merchant paid into a common pool the excess of the amount he bought over the amount he sold, or received from it the excess of his sales over his purchases. This arrangement reduced the amount of coin that had to be carried to and from the fair. The same technique was then applied at a distance. An Italian merchant, shipping goods to England, would sell his claim for payment against the English buyer to another Italian merchant who had arranged to buy in England. The Italian buying in England was then able to pay his supplier by sending him the IOU of another Englishman. The English buyer would then pay the English seller. Coin moved from one Englishman to another and from one Italian to another, but no coin had to be moved between the countries. The claims involved were represented by bills of exchange-orders by the seller to the buyer to pay the bearer the amount due. These were something like bank checks except that they were drawn by one private individual on another. After a time, bills of exchange drawn on well-known and reliable merchants were passed from hand to hand to make several different payments. This was very similar to the case in which a check on a bank is passed from hand to hand and acquires several endorsements before it is presented to the bank. A number of people began to act as intermediaries in the financing of loans, accepting coin from individuals with surpluses, and lending to others The people involved in this business have varied backgrounds. Some were merchants who got into the business of borrowing and relending as a sideline; some began buying and selling bills of exchange; some were lawyers who arranged the legal details of loan transactions; some were goldsmiths who became connected with finance by arranging gold shipments and weighing, assaying, and storing coin.
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