Banks are absolutely necessary to the success of modern commercial
enterprises. They provide a place for the safe-keeping of money and
securities, and they make the payment of bills much more convenient
than if currency instead of cheques were the more largely used. But
the great advantage of a banking institution to a business man is the
opportunity it affords him of borrowing money, of securing cash for
the carrying on of his business while his own capital is locked up in
merchandise or in the hands of his debtors. Another important
advantage is to be found in the facilities afforded by banks for the
collection of cheques, notes, and drafts.