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668
XI. BANKING, CREDIT, AND INSURANCE.
in loans on mortgages and "Lombard loans", i. e. loans on commodities. The
former passed by a gradual transition into long period loans. Loans against
merely personal security did not, properly speaking, occur until after 1802,
when the National Debt Board had given up its banking business above referred
to. For the last-named loan transactions a special institution in close contact
with the Bank was established, viz. the Riksdiskonten, or State Discount Bank,
which at first was a combination of the Bank and certain private shareholders;
in 1816, however, the latter were excluded. Since 1830 the banking business of
the Bank has gradually been transformed into closer conformity with sound
banking principles. Thus, in 1846 the Bank began to discount bills, in 1864
the "Riksdiskonten" was abolished, its business being taken over by the Bank
itself, and in the same year the Bank ceased making loans on mortgages for long
periods, that business being transferred to the Allmänna Hypoteksbanken, the
General Mortgage Bank.
The Interior of the Bank of Sweden, Stockholm.
The Origin of the "Enskilda" Banks. At the close of the eighteenth
century and at the beginning of the nineteenth there were established in
Stockholm a series of diskontoinrättningar or discounting establishments, one
following on after the other, as they successively came to grief after
enjoying but a brief spell of existence. In some of these institutions the capital
was subscribed in part by private persons in part by the State, in others
by- the State alone. Similar establishments were also opened in some of
the larger towns with private capital, but with aid from the Riksbank.
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