Quinn, Stephen F.; Roberds, William - 2008
.
Itshouldbeemphasizedthatearlychecksinnowaysubstitutedforbillsofexchange,forthey
served different needs. A check functioned locally, while a bill of exchange could move money … a sort of circulating money. In the
absence of any centralized record keeping (such as pro-
vided by a modern banking …