History of Money Orders
The money order system was established by a private firm in Great Britain in 1792, and was expensive and not very successful. In approximately 1836, it was sold to another private firm which lowered the fees, which therefore significantly increased the popularity and usage of the system. The Post Office noted the success and profitability, and it took over the system in 1838. Fees were further reduced and usage increased further, making the money order system reasonably profitable. The only draw-back was the need to send an advance to the paying Post Office before payment could be tendered to the recipient of the order. This drawback was likely the primary incentive for establishment of the Postal Order System on 1 January 1881.
Read more about this topic: Money Order
Famous quotes containing the words history of, history, money and/or orders:
“Racism is an ism to which everyone in the world today is exposed; for or against, we must take sides. And the history of the future will differ according to the decision which we make.”
—Ruth Benedict (1887–1948)
“He wrote in prison, not a History of the World, like Raleigh, but an American book which I think will live longer than that. I do not know of such words, uttered under such circumstances, and so copiously withal, in Roman or English or any history.”
—Henry David Thoreau (1817–1862)
“Let us more and more insist on raising funds of love, of kindness, of understanding, of peace. Money will come if we seek first the Kingdom of God—the rest will be given.”
—Mother Teresa (b. 1910)
“The newspapers, especially those in the East, are amazingly superficial and ... a large number of news gatherers are either cynics at heart or are following the orders and the policies of the owners of their papers.”
—Franklin D. Roosevelt (1882–1945)