The question whether the public bank with its restricted func-
tions should have the sole occupation of the field of banking was
finally decided by convenience rather than by deep policy. The
act of 1584 had forbidden the establishment of private banks,
restando neW avenire prohibito del tutto a' particolari il levar piii
banchi ;^ but this act being repealed, and the act of 1587 contain-
ing no such prohibition, the establishment of private banks may
be said to have become possible, although for several years bankers
were not forthcoming. But in February, 1 596-1 597,* the Senate,
after reciting the impossibility of meeting all the needs of com-
merce by means of a single bank, gave to Dionisio Contarini, who
had served as governor of the public bank, leave to establish a
private bank for six years. The banker bound himself to give

^ See Lattes, p. 121.
* For the two acts of 1593, tee Lattes, pp. 170, 171. In ColwelPs "Ways and
Means of Pa3rment," in a chapter on the Bank of Venice, the date of this act is given
on the authority of Savary as 1423. Mr. Col well, adopting the traditional account as to
the great age of the bank, easily accepted a date which carries the act back to a time
when there was no public bank in Venice, and long before the establishment of any such
provision as to exchange. * Lattes, p. 102. * IHd.^ p. 177.
