What is a bank in the 17th century? Banks in Russia

A bank is a financial institution that carries out a variety of money transactions and provides a variety of financial services. The modern banking system is one of the foundations of the economy, since the role of banks in it is enormous.

History of the creation of banks dates back thousands of years. The first organizations that began to perform the functions of banks appeared before our era. First of all, they were engaged in accumulating money, that is, storing it. For example, in Ancient Greece and Ancient Rome, banking functions were performed by various temples. At the same time, they not only accepted money for storage, but also paid interest on it and issued loans. That is, they actually provided the population with the same services as modern banks - opening deposits and issuing loans.

The greatest development in the Ancient world was achieved by the banking system of the Neo-Babylonian kingdom, in which there were “business houses” - in fact, the first full-fledged banks. They not only issued loans and accepted deposits (the rate on loans was then 20% per annum, on deposits - 13%) but also created one of the world's first non-cash payment systems, that is, there were checks with which bank depositors could pay for goods. And this is 2500 thousand years BC. e.!

In the Middle Ages, banks did not exist as such; some of their functions were performed by “money changers”, who exchanged various money while sitting at a table in places of busy trade. At that time in Europe there were a huge number of states and, accordingly, different national currencies, and accordingly their exchange was in great demand.

It was from that time that the word bank itself originated; banco, translated from Italian, means the table at which the money changers usually sat. Loans also existed in the Middle Ages, most of them issued by monasteries, while the religion officially discouraged usury. The scheme was very simple - the monastery issued an “interest-free” loan for a short period of up to 3 months, and then declared the need to pay interest due to the “loss incurred”, and the interest at that time was very high 40-60%.

Much later, already in the 16th and 17th centuries, the first banking houses appeared, which became the prototypes of modern banks. They arose as a result of increasingly active trade and the emergence of a need for specialized financial companies. This is how the first banks appeared, the very first bank of the modern type opened in the 15th century in Genoa - Bank of St. George.

After that history of the creation of banks began to quickly gain momentum, very quickly banks began to unite into a single monetary system and interact more and more closely. By the 19th century, non-cash payments had become quite widespread, mainly through checks. Banks were also actively involved in currency exchange, issuing loans, etc.

Nowadays, banks are not much different from banks 100-200 years ago, adjusted for new technologies (Internet, computers), which have greatly facilitated and simplified the work of banks.

Thus history of the creation of banks and the banking system of the modern type began relatively recently, but its prototypes existed even several thousand years ago; periodically, humanity lost the acquired developments, but returned to them again, since it is almost impossible to imagine a developed financial system without banks.

Do you think the creation of banks is inevitable or could people live without them?

Andrey Malakhov, professional investor, financial consultant

The law of 1626 and especially the Council Code of Alexei Mikhailovich of 1649 officially prohibited the collection of interest on loans. This ban was officially lifted during the period of extensive, as some historians write, Protestant reforms begun by Peter the Great.

After the death of Peter, in August 1729, the Coin Office, organized two years earlier, was given the opportunity to carry out pawnshop operations at 8% per annum at the request of pawnbrokers of various kinds of gold and silver items they had pledged.

A significant expansion of trade turnover from the second half of the 17th century encountered a lack of funds for payment and settlement among Russian merchants and led to an increase in the cost of credit. Real progress in the organization of the first credit institutions in Russia was made during the reign of Peter the Great, who ruled for a very short time. It was then, in 1727, that the Coin Office was organized at the Mint and Monetary Courts of St. Petersburg, which carried out pawnshop operations at 8% per annum with the pledge of various kinds of gold and silver items.

However, this credit operation was allowed only for persons especially close to the imperial family. In 1733, due to the increased growth of loans from private individuals, including from gifted merchants, the government expanded the office’s turnover and provided it with more extensive lending operations with movable and immovable property of the borrower in the amount of 75% of the value of the mortgage at the same 8% per annum , but with payment in installments up to three years.

In October 1734, the Coinage Office was renamed the Coinage Office, and the turnover of the Coinage Office became more extensive and required increased government supervision.

The urgency of supervision over its activities was felt in preventing possible credit abuses on the part of dignitaries. A limited number of people had the opportunity to use loans from the Coin Office.

Thus, in 1734, only 400 loans were issued. In 1735 - 5000 loans. 10 years later, in 1746 - 2000 loans. In 1750 - 2800, in 1752 -6450 loans.

Only during the reign of Elizabeth Petrovna (1741 - 1762) by the Decree of May 13, 1754, the first banks were established in Russia in Moscow and St. Petersburg. For the nobility, the “Noble Loan Bank” was organized with a fixed capital of 750 thousand rubles. And in St. Petersburg, at the Commerce Collegium, a “Merchant Bank” was founded for the trading merchants with a capital of 500 thousand rubles. These banks were owned by the Russian government and pursued policies that suited their interests.
But the banks lasted only 30 years, because the nobles, having received loans from the bank, instead of using them to improve their economy, spent this money unproductively and did not return it to the bank.

The bank, having distributed all its capital in loans and not receiving money back, of course, could not continue its activities. New banks - assignatsionnye, copper and other credit institutions - were also not successful, since Russian society of that time was not at all interested in banking operations. In addition, accounting was carried out inaccurately, loans were often issued without collateral, nobles did not repay loans and banks had to sell their estates, which aroused general discontent among the nobles.

The "Noble" and "Merchant" banks, which were created in 1754 and existed until 1786, had the right to issue loans. Moreover, the “Noble Loan Bank” gave loans to nobles at 6% per annum, secured by their family estates and lands. Loans were also provided against the collateral of precious metals, stones, immovable estates, villages and villages with people and all land for a period declared by the applicant.

The functions of the Merchant Bank were also limited to lending operations. It was supposed to issue short-term loans for a period of up to 6 months at the rate of 6% per annum, secured by goods stored in warehouses in the port of St. Petersburg. The loan amount could not exceed 75% of the cost of the goods. The bank did not discount bills, did not engage in merchant settlements, did not accept deposits, and worked exclusively on its own capital.

The merchants were dissatisfied with the terms of the loans. According to the agreement concluded between them, the merchants did not apply to the bank for loans for two months. The decree allowed issuing a loan for a period of up to one year, but after 10 years the bank’s capital, which already amounted to 802 thousand rubles, was distributed in loans. The total overdue debts reached half of this capital - 480 thousand rubles. And in 1766, no more than half of the overdue debts were collected.

In 1758, the “Copper Bank” was founded in St. Petersburg with the aim of maintaining the circulation of copper coins in connection with the outbreak of the seven-year war of 1756-1763. The bank was tasked with attracting silver coin to the treasury, and by issuing loans against bills of exchange in copper coin at the rate of 6% per annum, the bank required borrowers to repay this loan by three-quarters in silver.

It was also assumed that the bank would promote the circulation of copper coins in the country. For this purpose, the bank was obliged to constantly confirm the connection of government agencies in St. Petersburg and Moscow.

The bank's clients were merchants and landowners, factory owners and breeders. In the fall of 1760, the Bank of the Artillery and Engineer Corps was created to solve the problem of lack of funds. This bank regulated monetary circulation by converting copper cannons into coins. The bank was liquidated along with the Copper Bank in 1763 due to the fact that both banks did not fulfill the function associated with the influx of silver coins into the treasury, and all their funds were loaned out.

In 1769, when a huge supply of money was required to wage continuous wars, banknotes were released into circulation - the first paper money, although proposals to issue paper money in order to facilitate money circulation in the country and replace them with inconvenient copper money were put forward during the reign of Anna Ioannovna.
So, in 1738 it was proposed to issue paper tickets of both small and large denominations. For five years, paper money was supposed to circulate on a par with coins, and then it was proposed to gradually exchange them for copper money. The project was presented to the Senate, which rejected it due to “an unfamiliar matter and because the tickets would not have any inner kindness.”

For the first time, banking institutions arose in the ancient world (6th century BC - 5th century AD). The first bankers were money changers - they exchanged coins. Subsequently, they became intermediaries in payments. Later they began to perform a deposit function (accept banknotes for storage).
The money changers began to issue money that they received for safekeeping as loans and turned into a full-fledged bank.
Middle Ages (5th-18th century). Feudal society. Modern banks arose between the 13th and 15th centuries. in Italy. The first bank was called Cassa St. George in Genoa in 1408. Then city giro banks arose in Milan and Venice, which specialized in non-cash payments. T
The term "banker" (money changer) originated in Venice from the word "banco", which means money changer's table. Coins were exchanged on these tables.
With the development of international trade, bankers began to open branches abroad. Banks began to appear in France, England, Spain, the Netherlands, and Germany.
Until the end of the 17th century, banks served mainly trade, but with the emergence of the bourgeoisie, loans stimulated industrialization (steamships, steam locomotives, etc.

Development of banking in modern times (17-18 - end of 19 centuries). Bourgeois society
By the 18th century, the trading cities of Italy lost their leading positions and Amsterdam and London became the centers of Europe.
In Antwerp and Amsterdam, banks began to discount (purchase) bills of exchange.
The word "bill" appeared in the 12th century and meant "letter of exchange." Used as a means of exchanging cash to transport it over long distances. Subsequently, the bill acquired a credit function and began to be transferred by endorsement to a third party. The table will force cash out of circulation.
July 27, 1694 The Central Bank of England was created. He received a monopoly right to issue money and began lending to the state. After 3 years, he began to maintain government accounts and receive taxes. Since 1751 it has managed the national debt. And the World Bank prohibited the creation of other joint-stock banks until 1827.
After the ban was lifted, 140 banks appeared and their main feature was their narrow specialization.
The Bank of France was founded in 1800 by transforming the royal bank. Until this time, all banks were allowed to print money and this ended in uncontrolled emission, inflation and crisis. The first private banks were founded in France in 1814 by James Rothschild. Banks specialized in short-term lending. By 1847 there were 26 in total. A limit was set on the growth of the number of banks. However, this year the Paris Revolution occurred and the banking system collapsed. By the end of the 19th century, there were 4 banks operating in France:
- Paris accounting office
- Leonese credit
- General Society for the Promotion of Trade and Industry
- Trade and industrial credit
They were depository institutions and provided loans to industry.
Germany. In Germany, the first banks appeared in the 18th century - they provided loans to mines and mines. By the 19th century, 30 banks were operating, most of them wassuing money. In 1845, the Reichsbank (Reichsbank) was founded; the modern name of the Bundesbank is the Central Bank of Germany. Since 1875 it has a monopoly on the issue of money. In the 19th century, the Deutschebank and Dresdenbank were formed. Total quantity = 500.
In the United States, after the Civil War of 1775-1783, the First Bank of the United States was founded. He began to issue the American dollar. Since 1791, the state has not issued a “chandler” - a document, charter and license - to other credit organizations.
In 1811, Chandler was liquidated along with the bank and 400 new banks emerged. In 1816, the Second Bank of the United States was founded and operated for 20 years. He created branches without the approval of the federal government and after its closure a huge number of credit organizations arose. During the Civil War of 1861-1865, there were 6,000 types of banknotes in circulation. The problems of banking regulation were resolved only with the creation of the Federal Reserve System (US Central Bank) in 1913.
The main features of the European banking system by the beginning of the 19th century were:
- issuing (state bank)
- the presence of a group of commercial (private) banks that compete with each other for clients.

Development of banking in modern times (20-21 centuries). capitalist and post-capitalist (information) society
Banking systems have undergone enormous changes as a result of the world wars.
As a result of the crisis and hyperinflation in Germany in 1933, Hitler came to power and in 1934 the Reichsbank received a monopoly on the issue.
In 1939, the number of banks was significantly reduced and anti-inflationary measures were taken. After WWII, all Reichsbank branches were closed in the Soviet zone, and 11 Reichsbank branches were created in the western zone, modeled on the Federal Reserve.
In 1948, a monetary reform was carried out. In its modern form, the German Central Bank appeared on July 30, 1957 - the Deutsche Bundesbank, which included 11 departments and 130 branches and branches. This was the first level of the banking system. Second level – 4,000 commercial banks, 45,000 branches.
The modern UK banking system emerged in 1946, when the Bank of England ceased to be a joint stock company and became a government bank. In 1979, the Bank of England began to control the banking system and issue licenses, but since 1997, banking supervision has been carried out by the State Committee on Banking Supervision. In addition to the Bank of England, the banking system includes:
- banking institutions
- credit institutions (insurance companies, pension funds, etc.)
The largest bank is Barclays Bank (bought by Lemon Brothers). The number of banks is more than 2000.
France. In 1945, 3 banks were formed: Credit Leon, Banque National de Paris, and Societe Generale. Currently, the first level of the banking system = Bank of France and banking supervisory authorities (national credit council, banking regulation committee, banking commission, credit institutions committee.
On the second level:
- banking institutions
- special credit institutions (savings banks, postal check management_
Large banks - Crediagricole, Paribas, etc.
USA. Until 1912, there were more than 20,000 banks in the banking system, 7,000 issued issues. In 1913, the country was divided into 12 districts, in each of which a Federal Reserve branch was created (13 in total).
Banking system
- first level of the Federal Reserve System
- second level commercial banks (national - a license is issued by the federal authorities, and state banks - a license is issued by state authorities).
Largest banks: City Group, Goldman Sachs, GP-Morgan Chase, Bank of America.

Development of loan operations

Since 1733, the Coinage Office began to issue so-called pawnshop loans to persons close to the court, secured by gold, silver, precious stones and products made from them. The office received the right to issue loans in an amount not exceeding 75% of the value of gold and silver (at the so-called specified price) for a period of one year with the right to defer payment for up to three years, after which the unredeemed mortgages were turned over to the state. A decree on this on the proposal of Privy Councilor Count G.I. Golovkina appeared on January 8, 1733. The amounts that the Coin Office could operate were extremely limited, and with the establishment of the first state-owned banks in 1754, its credit operations ceased.

Bill of exchange charter

As in Europe, the promissory note in Russia was used for processing a commercial loan, making payments and transferring money and was already known in the 17th century. Bills of exchange were also used in relations between merchants and the treasury. Bills of exchange “for government money” came into use at the very end of the 17th century. when merchants pay customs duties.

At the beginning of the 18th century. The state, through bills of exchange, began to transfer money abroad through foreign merchants, mainly for the maintenance of the Russian army during its stay abroad. This was soon legalized by a personal decree of Peter I of April 15, 1716.

In 1729, the Bill of Exchange Charter was adopted, which legislatively regulated bill transactions and the circulation of bills. The bill of exchange charter was borrowed from German bill law, common in Sweden. At the same time, it can be said that the introduction of the Bill of Exchange Charter, at least in the first decades, was a measure more calculated for the future than one that consolidated Russian practice, and went ahead of the bill circulation itself, which had a very limited development in Russia, not extending beyond the capital region.

According to the Bill of Exchange Charter of 1729, the circulation of promissory notes and bills of exchange was legalized in Russia. Bills of exchange were used mainly in foreign trade (they were also called “fair bills”, since they were also widely used to transfer large sums of money in connection with large fairs).

However, the most common in Russia not only in the 18th century, but also in the 19th century. There were simple bills of exchange, and the form of a bill of exchange was used much less frequently and mainly for the transfer of government money from one government institution to another. The charter of 1729 provided for a bill of exchange form of payment not only between private individuals, but also with the treasury.

Since 1728, the practice was finally established when governors and collegium officials could act as drawers of bills on behalf of the state, and from 1740 they could also be issued by city clerks.

First State Bank 1753

The establishment of the very first state bank in Russia was connected not with the function of developing monetary circulation, but with a different task: to defeat the growing process of alienation of noble estates for debts. By decree to the Senate, Empress Elizabeth Petrovna on May 1, 1753 ordered the formation of a State Bank in Russia for credit support of the nobility (more precisely, two banks: in St. Petersburg and Moscow), and at the same time the same decree spoke of the formation of another bank - the so-called Bank for Correction at the St. Petersburg port of commerce, the establishment of which became one of the undertakings of the policy of enlightened absolutism.

Banks were a new endeavor in Russia, therefore, during their creation, foreign experience was actively borrowed; even the wording of the decree itself indicated familiarity with the experience of the Swedish Riksbank. At the same time, it must be said that the first Russian banks did not become a copy of the European ones and the established state bank, unlike the Swedish one, was not given the right to issue paper money - its bank notes or obligations for the amount of accepted deposits.

This week the world celebrated Bank Worker's Day. The concept of “banker” in the public consciousness is almost equal to a “celestial being,” but, in truth, this is exactly the same profession with all the clear advantages and not immediately obvious disadvantages, like any other. Taking this opportunity, we decided to talk about how the first banks appeared.

The Birth of Banks in Babylon

Already in the 7th century BC there were moneylenders, prototypes of today's bankers, and even the first bank notes in history - gudu, which were in circulation on a par with gold (there is documentary evidence of this at that time).

Surely there were similar characters in Egyptian history, judging by the scope of ancient civilization, the frequency of wars and merchant contacts with other countries, but reliable sources confirming this fact could not be found.

Banks in Ancient Greece

It is known that there were money changers there - trapezites. They accepted money for safekeeping and, of course, exchanged it. Operations were also carried out there, which in modern language can be called “cash settlement services”: the required amounts were credited to the accounts of the then clients and debited from them in a non-cash manner. It was possible to borrow from these same people - exactly the working capital that was in storage was used.

Mensarii and Argentarii in Ancient Rome

The former were mainly engaged in exchanging money, the latter took funds for storage and issued loans, making transfers, including between cities. Again, non-cash payments were in use.

Banking in the Middle Ages

By this time, the demand for the services of bankers had grown very much: trade between countries was becoming more and more intense, so that the significantly increased population of Europe had quite a lot of different coins on hand.

Then the word “bank” itself arose - from the word denoting the shop in which the money changers sat: banco means “bench, bench” translated from Italian. Of course, these institutions not only exchanged money, but also kept accounts and handled non-cash payments.

The Jewish Question in Banking

The Catholic Church turned out to be an ardent opponent of charging interest, so it is not surprising that rather quickly the conduct of banking affairs passed to bearers of another faith - the Jews. Being a banker, thus, became not only a profitable business, but at times also deadly: persecution of representatives of this nation broke out in European countries every now and then. Sometimes the governments of various countries, at the right moments, significantly replenished their treasuries by selling bankers the right to return to their country - naturally, they willingly paid in order to return to their homes.

First official bank

This can be considered the first partnership created in the Genoese Republic. This bank was given the function of collecting taxes, primarily to finance the wars in Algeria and Tunisia in 1147. This oldest bank in history existed until 1816.

The creation of the first state bank dates back to 1584: it was Banco della Piaza, established by decision of the Senate of the Venetian Republic.

The emergence of the “bank florin”

The concept was first introduced by the newly opened Bank of Amsterdam in 1609. “Bank florin” is a monetary unit that can be equated to the weight of pure silver - this is how all coins received by the bank were counted.

Bank of issue

British subject William Peterson, observing the activities of the above-mentioned bank, made a very bold discovery for those times: the bank did not have to physically keep reserves of precious metals in its storerooms to guarantee coverage of its own obligations.

Already in 1694, according to his project, the Bank of England was created - it became responsible for issuing paper money. For the first time in the history of banking, capital was placed in government securities, which backed the issued banknotes.

The emergence of banking in Russia

In our country, the history of banking dates back to the 17th century: in Pskov in 1665, the first kind of credit partnership in Russia for merchants arose in Russia.

In 1733, Empress Anna Ioannovna authorized the issuance of loans for various types of business at that time at a certain percentage from the mint. And the first banks that handled loans in the modern sense appeared on the personal order of the “cheerful queen” Elizabeth - although she became famous as a lover of entertainment, she definitely knew a lot about business at the state level.

The first banking institutions in Russia

Then, in 1754, two financial institutions were opened at once - the Noble Loan Bank with representative offices in St. Petersburg and Moscow - it provided short-term loans to nobles secured by estates - and the Merchant Bank in St. Petersburg (loans were issued against the security of goods, precious metals and against the guarantees of city magistrates).

In 1797, the Auxiliary Noble Bank was opened: its feature was the issuance of long-term mortgage loans not in money, but in bank notes with a forced exchange rate. Both private individuals and the treasury were required to accept them as payment.

In 1817, the State Commercial Bank was opened, which, in addition to working with deposits, carried out free transfers - transfers; issuing loans and accounting for ordinary and bills of exchange were especially popular among the population.

The bank enjoyed enormous privileges - there was no need to pay taxes on capital and deposits and they could not be used to finance government spending. The state controlled the bank quite strictly: half of the directors were appointed from above, and all decisions of the board regarding the active operations of the bank also had to be approved higher.

Banking reform of 1861

Simultaneously with the abolition of serfdom, another significant event occurred - all state credit institutions were liquidated and commercial banks emerged in their place.

By 1872, the Russian banking system included a state bank, public city and land banks, private lending banks of varying durations and under different types of collateral, and rural mutual credit savings and loan partnerships. By the end of the 19th century, there were about five thousand banking institutions of various types and formats in the country. Banking offices and trading houses appeared.

First World War and 1917 Revolution

The rapid and widespread development of the banking system was stopped by the First World War. In 1914, there was a renaissance with an attempt at growth, and already in 1917 it was completely reorganized by the new regime: a monopoly was declared on banking, the banks were nationalized and merged with the State Bank. It became known as the People's Bank of the RSFSR and was controlled by Narkomfin.

Banking policy in the USSR

A year later, any activity of foreign banks was prohibited; during the harsh policy of “war communism,” an attempt was made to centralize financing throughout the country, but by the time the NEP appeared in the early 1920s, this idea was abandoned.

Then, until the end of the twentieth century, banking in the country essentially depended on the political and economic decisions of the leadership - they were not always competent and justified, so such steps often cost the population of a huge country a loss.

Late 90s - present day

With the adoption of new laws on banks and banking activities, many new banks and credit organizations appeared. Of course, the new banking system was very complex, contradictory and with huge mistakes and miscalculations. The main large banks were Sberbank and Vnesheconombank; at the very beginning of the formation of the banking structure according to the new principle, small banks either appeared like mushrooms after rain, then were declared bankrupt and disappeared - often along with the deposits of the population.

Today we can talk about some stabilization of this sector of the economy, but it is perhaps somewhat premature to speak about real stability.

According to the form of ownership, banks are divided into mutual, joint-stock and mixed, the bulk of banks are currently concentrated in the Central region of the country and the capital, the number of branches in Russia and abroad continues to grow.

Our country is characterized by universal banks that conduct almost all types of banking operations, but the network of specialized and narrowly focused banks, such as mortgage banks, is practically absent. In the structure of passive operations, the main place is occupied by ruble deposits of the population and legal entities.

“The policy of the Central Bank of the Russian Federation is now aimed at increasing the stability and reliability of the banking system,” experts say, “it should lead to the development of competitive, large and stable banks and gradually displace small and unreliable ones.”