|Number of pages / Number of words:||7 / 1873|
Interest rates came down and the bill of exchange, a medieval invention, underwent an enormous extension of use and became the primary financial instrument of international trade.
This was the beginning of the increasing use of paper, instead of bullion. In the eighteenth century came the first European paper currencies and the invention of the check...
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In the eighteenth century came the first European paper currencies and the invention of the check. Joint stock companies generated another form of negotiable security, their own shares. Quotation of these in London coffee-houses in the seventeenth century was overtaken by the foundation of the London Stock Exchange...
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