So late as the time of the Restoration every trader had his own strong box in his own house, and, when an acceptance was presented to him, told down the crowns and Caroluses on his own counter.

But the increase of wealth had produced its natural effect, the subdivision of labour.
Before the end of the reign of Charles the Second, a new mode of paying and receiving money had come into fashion among the merchants of the capital.

A class of agents arose, whose office was to keep the cash of the commercial houses.

This new branch of business naturally fell into the hands of the goldsmiths, who were accustomed to traffic largely in the precious metals, and who had vaults in which great masses of bullion could lie secure from fire and from robbers.

It was at the shops of the goldsmiths of Lombard Street that all the payments in coin were made.
Other traders gave and received nothing but paper.
This great change did not take place without much opposition and clamour.