An early goldsmith banker earned a profit (sometimes a large profit) simply by writing notes to certify that a person had deposited a certain amoumt of gold in his vault. By writing more notes than the amount of gold held, the goldsmith could lend the notes and charge interest on them. Did the goldsmith bankers make money out of thin air in a form of legal theft? Should the goldsmith bankers have been regulated to ensure that the amount of gold in their vaults equaled the value of the notes they created? What were the main benefits fromt he activities of the goldsmith bankers?