Difference between revisions of "WHI-Chap15-flying money"
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| − | + | Flying money is the name given to the letters of credit used during Tang and Song China. These letters of credit allowed merchants to deposit a certain amount of cash or goods one place and then withdraw the equivalent in cash or merchandise somewhere in China. The letters of credit gave way to promissory notes, which would postpone a payment, and checks, which allowed the recipient to withdraw funds against deposited cash with bankers. This method to find alternatives to cash ultimately failed as the merchants would be unable to pay what was promised and such. | |
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| + | Traditions & Encounters page 389 | ||
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| + | [[WHI-Second Semester|Second Semester Home Page]] | ||
Revision as of 16:52, 9 May 2010
Flying money is the name given to the letters of credit used during Tang and Song China. These letters of credit allowed merchants to deposit a certain amount of cash or goods one place and then withdraw the equivalent in cash or merchandise somewhere in China. The letters of credit gave way to promissory notes, which would postpone a payment, and checks, which allowed the recipient to withdraw funds against deposited cash with bankers. This method to find alternatives to cash ultimately failed as the merchants would be unable to pay what was promised and such.
Traditions & Encounters page 389
