Which of the following describes the "invention" of banking?
A)The United States government founded the Federal Reserve in 1913.
B)Members of the New York Stock Exchange founded the Bank of America in the 1700s.
C)Clergy in the Renaissance created the banking system to help further the growth of the church.
D)The British Empire created a banking system to fund its exploration of the New World.
E)Goldsmiths in the sixteenth century issued gold receipts which entitled their owners to reclaim their gold on demand.

Question

Quizplus · Accepted Answer

Goldsmiths in the sixteenth century began issuing gold receipts which entitled their owners to reclaim their gold on demand, thus creating the practice of banking.

Which of the Following Describes the "Invention" of Banking