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Unformatted text preview: person bearing a written order from a depositor to do so. They kept the note as proof of payment. This idea spread to other countries including England and the English colonies in North America, where land owners in Boston in 1681 mortgaged their land to cashiers who provided an account against which they could write checks. In the eighteenth century in England, preprinted checks, serial numbers, and the very word "cheque" appeared. By the late eighteenth century, the difficulty of clearing checks (sending them from one bank to another for collection) gave rise to the development of clearing houses....
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This note was uploaded on 02/29/2012 for the course ECON 4223 taught by Professor Johnp.willen during the Spring '12 term at UCLA.
- Spring '12