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Credit In The Thirteen Colonies
The Thirteen Colonies made wide use of credit. Credit was used for domestic and overseas goods, as well as a method of repayment. Credit allowed colonists to defer their payments for goods and services until a later time, which was a more favourable payment option than cash or barter. Institutions accepted credit despite its risks, including that of the inability of a debtor to repay. Credit Advantages Credit from British merchants facilitated trade and provided working capital for colonial merchants and farmers. The advantages of purchasing goods on credit was avoiding currency exchanges and facilitating faster trades. Overseas and domestic Colonists relied on international funds, primarily from England, for their early development. Majority of this overseas credit was in the form of a mercantile credit. The English merchants, for example, would ship goods to the American Colonies and demand payments only after six months or a year. These overseas loans where available to col ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Thirteen Colonies
The Thirteen Colonies, also known as the Thirteen British Colonies, the Thirteen American Colonies, or later as the United Colonies, were a group of British colonies on the Atlantic coast of North America. Founded in the 17th and 18th centuries, they began fighting the American Revolutionary War in April 1775 and formed the United States of America by declaring full independence in July 1776. Just prior to declaring independence, the Thirteen Colonies in their traditional groupings were: New England ( New Hampshire; Massachusetts; Rhode Island; Connecticut); Middle ( New York; New Jersey; Pennsylvania; Delaware); Southern ( Maryland; Virginia; North Carolina; South Carolina; and Georgia). The Thirteen Colonies came to have very similar political, constitutional, and legal systems, dominated by Protestant English-speakers. The first of these colonies was Virginia Colony in 1607, a Southern colony. While all these colonies needed to become economically viable, the f ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bill Of Exchange
A negotiable instrument is a document guaranteeing the payment of a specific amount of money, either on demand, or at a set time, whose payer is usually named on the document. More specifically, it is a document contemplated by or consisting of a contract, which promises the payment of money without condition, which may be paid either on demand or at a future date. The term has different meanings depending on the use of the term as it is used in the application of different laws, and depending in which country and context it is used. Concept of negotiability William Searle Holdsworth defines the concept of negotiability as follows: #Negotiable instruments are transferable under the following circumstances: they are transferable by delivery where they are made payable to the bearer, they are transferable by delivery and endorsement where they are made payable to order. # Consideration is presumed. #The transferee acquires a good title, even though the transferor had a defective or ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
European Colonization Of North America
During the Age of Discovery, a large scale European colonization of the Americas took place between about 1492 and 1800. Although the Norse had explored and colonized areas of the North Atlantic, colonizing Greenland and creating a short term settlement near the northern tip of Newfoundland circa 1000 CE, the later and more well-known wave by the European powers is what formally constitutes as beginning of colonization, involving the continents of North America and South America. During this time, several empires from Europe—primarily Britain, France, Spain, Portugal, Russia, the Netherlands and Sweden—began to explore and claim the land, natural resources and human capital of the Americas, resulting in the displacement, disestablishment, enslavement, and in many cases, genocide of the indigenous peoples, and the establishment of several settler colonial states. Some formerly European settler colonies—including New Mexico, Alaska, the Prairies or northern Great P ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Colonial Economy To 1780s
Colonial or The Colonial may refer to: * Colonial, of, relating to, or characteristic of a colony or colony (biology) Architecture * American colonial architecture * French Colonial * Spanish Colonial architecture Automobiles * Colonial (1920 automobile), the first American automobile with four-wheel brakes * Colonial (Shaw automobile), a rebranded Shaw sold from 1921 until 1922 * Colonial (1921 automobile), a car from Boston which was sold from 1921 until 1922 Places * The Colonial (Indianapolis, Indiana) * The Colonial (Mansfield, Ohio), a National Register of Historic Places listing in Richland County, Ohio * Ciudad Colonial (Santo Domingo), a historic central neighborhood of Santo Domingo * Colonial Country Club (Memphis), a golf course in Tennessee * Colonial Country Club (Fort Worth), a golf course in Texas ** Fort Worth Invitational or The Colonial, a PGA golf tournament Trains * ''Colonial'' (PRR train), a Pennsylvania Railroad run between Washington, DC and ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Colonial History Of The United States
The colonial history of the United States covers the history of European colonization of North America from the early 17th century until the incorporation of the Thirteen Colonies into the United States after the Revolutionary War. In the late 16th century, England (British Empire), Kingdom of France, Spanish Empire, and the Dutch Republic launched major colonization programs in North America. The death rate was very high among early immigrants, and some early attempts disappeared altogether, such as the English Lost Colony of Roanoke. Nevertheless, successful colonies were established within several decades. European settlers came from a variety of social and religious groups, including adventurers, farmers, indentured servants, tradesmen, and a very few from the aristocracy. Settlers included the Dutch of New Netherland, the Swedes and Finns of New Sweden, the English Quakers of the Province of Pennsylvania, the English Puritans of New England, the Virginian Cavaliers, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Banking In The United States
Banking in the United States began by the 1780s along with the country's founding and has developed into highly influential and complex system of banking and financial services. Anchored by New York City and Wall Street, it is centered on various financial services namely private banking, asset management, and deposit security. The beginnings of the banking industry can be traced to 1780 when the Bank of Pennsylvania was founded to fund the American Revolutionary War. After merchants in the Thirteen Colonies needed a currency as a medium of exchange, the Bank of North America was opened to facilitate more advanced financial transactions. As of 2018, the largest banks in the United States were JPMorgan Chase, Bank of America, Wells Fargo, Citigroup, and Goldman Sachs. It is estimated that banking assets were equal to 56 percent of the U.S. economy. As of September 8, 2021, there were 4,951 FDIC insured commercial banks and savings institutions in the U.S. History Merchant ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Medium Of Exchange
In economics, a medium of exchange is any item that is widely acceptable in exchange for goods and services. In modern economies, the most commonly used medium of exchange is currency. The origin of "mediums of exchange" in human societies is assumed to have arisen in antiquity as awareness grew of the limitations of barter. The form of the "medium of exchange" follows that of a token, which has been further refined as money. A "medium of exchange" is considered one of the functions of money. The exchange acts as an intermediary instrument as the use can be to acquire any good or service and avoids the limitations of barter; where what one wants has to be matched with what the other has to offer. Most forms of money are categorised as mediums of exchange, including commodity money, representative money, cryptocurrency, and most commonly fiat money. Representative and fiat money most widely exist in digital form as well as physical tokens, for example coins and notes. Overcom ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Interest Rate
An interest rate is the amount of interest due per period, as a proportion of the amount lent, deposited, or borrowed (called the principal sum). The total interest on an amount lent or borrowed depends on the principal sum, the interest rate, the compounding frequency, and the length of time over which it is lent, deposited, or borrowed. The annual interest rate is the rate over a period of one year. Other interest rates apply over different periods, such as a month or a day, but they are usually annualized. The interest rate has been characterized as "an index of the preference . . . for a dollar of present ncomeover a dollar of future income." The borrower wants, or needs, to have money sooner rather than later, and is willing to pay a fee—the interest rate—for that privilege. Influencing factors Interest rates vary according to: * the government's directives to the central bank to accomplish the government's goals * the currency of the principal sum lent or borrowed ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Promissory Note
A promissory note, sometimes referred to as a note payable, is a legal instrument (more particularly, a financing instrument and a debt instrument), in which one party (the ''maker'' or ''issuer'') promises in writing to pay a determinate sum of money to the other (the ''payee''), either at a fixed or determinable future time or on demand of the payee, under specific terms and conditions. Overview The terms of a note usually include the principal amount, the interest rate if any, the parties, the date, the terms of repayment (which could include interest) and the maturity date. Sometimes, provisions are included concerning the payee's rights in the event of a default, which may include foreclosure of the maker's assets. In foreclosures and contract breaches, promissory notes under CPLR 5001 allow creditors to recover prejudgement interest from the date interest is due until liability is established. For loans between individuals, writing and signing a promissory note are oft ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Credit (finance)
Credit (from Latin verb ''credit'', meaning "one believes") is the trust which allows one party to provide money or resources to another party wherein the second party does not reimburse the first party immediately (thereby generating a debt), but promises either to repay or return those resources (or other materials of equal value) at a later date. In other words, credit is a method of making reciprocity formal, legally enforceable, and extensible to a large group of unrelated people. The resources provided may be financial (e.g. granting a loan), or they may consist of goods or services (e.g. consumer credit). Credit encompasses any form of deferred payment. Credit is extended by a creditor, also known as a lender, to a debtor, also known as a borrower. Etymology The term "credit" was first used in English in the 1520s. The term came "from Middle French crédit (15c.) "belief, trust," from Italian credito, from Latin creditum "a loan, thing entrusted to another," from ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Merchant
A merchant is a person who trades in commodities produced by other people, especially one who trades with foreign countries. Historically, a merchant is anyone who is involved in business or trade. Merchants have operated for as long as industry, commerce, and trade have existed. In 16th-century Europe, two different terms for merchants emerged: referred to local traders (such as bakers and grocers) and ( nl, koopman) referred to merchants who operated on a global stage, importing and exporting goods over vast distances and offering added-value services such as credit and finance. The status of the merchant has varied during different periods of history and among different societies. In modern times, the term ''merchant'' has occasionally been used to refer to a businessperson or someone undertaking activities (commercial or industrial) for the purpose of generating profit, cash flow, sales, and revenue using a combination of human, financial, intellectual and physical capita ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
England
England is a country that is part of the United Kingdom. It shares land borders with Wales to its west and Scotland to its north. The Irish Sea lies northwest and the Celtic Sea to the southwest. It is separated from continental Europe by the North Sea to the east and the English Channel to the south. The country covers five-eighths of the island of Great Britain, which lies in the North Atlantic, and includes over 100 smaller islands, such as the Isles of Scilly and the Isle of Wight. The area now called England was first inhabited by modern humans during the Upper Paleolithic period, but takes its name from the Angles, a Germanic tribe deriving its name from the Anglia peninsula, who settled during the 5th and 6th centuries. England became a unified state in the 10th century and has had a significant cultural and legal impact on the wider world since the Age of Discovery, which began during the 15th century. The English language, the Anglican Church, and Engli ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
