The development of banking during commercial revolution in western Europe was significant because it allowed for the creation of private and public credit--meaning that much larger ventures could be started due to an increase of capital, which allowed people to take bigger risks.
Virginia's economy depended heavily on tobacco production, which flourished in the lands and when exported to Europe enriched Virginia's budget a lot.
Its sort of like a custom.Its not really written down and there is no legal punishment, but if you disobey the custom you will in some way be shunned or punished by the people who follow that custom.