In  Holland  there  are  two  banks,  the  one  of  Amsterdam  and  the
other  of  Rotterdam.  The  bank  of  Amsterdam  is  the  most  famous
and  considerable  in  Europe.  It  was  established  in  1609,  by  the  au-
thority of  the  States  General,  under  the  direction  of  the  Burgomas-
ters of  the  city,  who,  having  constituted  themselves  the  perpetual
cashiers  of  the  merchants  of  Amsterdam,  are  themselves  a  security  for
the  bank.
EXCHANGL.
Various  opinion-  have  been  formed  respecting  the  real  sum  of  mon-
ey deposited  in  this  bank,  but  very  few  have  estimated  it  under  30
millions  sterling.
It  is  to  this  bank  the  city  of  Amsterdam  owe?  its  splendor  r.jul
magnificence,  which  though  it  possesses  the  greatest  part  of  th<;
merchants  ready  money,  rather  promotes  than  interrupts  their  com-
merce, by  the  security  and  dispatch  with  which  a  bank  credit  is  at-
tended ;  for  as  business  in  the  bank  is  negotiated  by  transfers,  mill-
ions may  be  paid  in  a  day,  without  the  intervention  of  any  cash,
which  is  of  the  greatest  consequence  in  expediting  trade  that  can
possibly  be  imagined.*

In  Holland,  Flanders  and  Germany,  accounts  are  kept  iu
Pounds,  Schillings  and  Pence  Flemish,  divided  as  the
British  pound;  but  they  *re  kept  more  generally  in  Guild-
ers or  Florins,  Stivers,  Deniers  or  Phiuuings.
8  Phinnings     .     .     make       .     1  Groat.     .     .        s.  <?.
2  Groats,  or  16  phinnings       .        Stivtr     .     .        =0  l^V  sterling,
20  Stivers,  or  40  groats  .     .     .         Guilder,  orllorin=l    1)  ,86  ster.
