son 4-The Boy and the Bank officer II. Cultural Background The widespread commerce of Rome required a well-developed banking system. Roman authorities set aside the Street of Janus in the Forum for money changers. These individuals not only bought and sold foreign coins; they accepted deposits, made loans, issued bills of exchange and bills of credit (similar to today 's checks), and bought mortgages. W BTL E To be continued on the next page
W B T L E Lesson 4—The Boy and the Bank Officer The widespread commerce of Rome required a well-developed banking system. Roman authorities set aside the Street of Janus in the Forum for money changers. These individuals not only bought and sold foreign coins; they accepted deposits, made loans, issued bills of exchange and bills of credit (similar to today's checks), and bought mortgages. To be continued on the next page. II. Cultural Background
son 4-The Boy and the Bank officer II. Cultural Background A 16th-century painting depicts a money changer and his wife The Justinian Code of the 6th century AD included laws that governed the lending and trading in money. During the Middle Ages banking activities were curbed by severe restrictions on lending practices. But during the early Renaissance, as international trade revived, italian money changers once again appeared. They did business in the streets from a bench(banca in Italian; hence the word bank). Florence, Italy, became a great banking center, dominated by the Medici family. W BTL E To be continued on the next page
W B T L E Lesson 4—The Boy and the Bank Officer A 16th-century painting depicts a money changer and his wife. The Justinian Code of the 6th century AD included laws that governed the lending and trading in money. During the Middle Ages banking activities were curbed by severe restrictions on lending practices. But during the early Renaissance, as international trade revived, Italian money changers once again appeared. They did business in the streets from a bench (banca in Italian; hence the word bank). Florence, Italy, became a great banking center, dominated by the Medici family. To be continued on the next page. II. Cultural Background