alt Hacker NewsOne of the major uses for the telegraph was the first funds transfers that could happen quicker than moving paper (or bullion) from one location to another. London banks would telegraph correspondent banks in India, Australia, etc.
This essentially doubled the capital intensity of international trade since the goods had to move in one direction but the money could be sent instantaneously in the other.
Made it that much less likely that anyone would withdraw their gold from banks due to the disparity in utility between deposits and cash.
Paved the way for the downfall of physical money, and over a century of warfare in the absence of any sort of monetary discipline.
Thankfully we now have the necessary tool to fill that vaccuum.