MGMT 1030 Lecture Notes - Lecture 9: Federal Reserve Act, Card Money, Playing Card

• School: York University
• Department: Management
• Course: MGMT 1030
• Professor: Andrew Thomson

Document Summary

Canadian financial sector: banking in new france and early british north america. Merchants often assumed the role of credit in the economy of new france. Imbalance of trade with europe drained specie (coin, as in actual money) out of the colony. Card money proved to be a short term solution to currency problems in new. Instability in the colonial financial structure continued after 1763. Transferable certificates (given to loyalists, british government backed them. 100%) for government purchases the first reliable form of currency on upper. Army bills during the war of 1812 were legal tender notes redeemed by the. British government: chartered banks in british north america. Bank of montreal established in 1817, followed by others, including the bank of. Bank of nova scotia: 1840s massive stone buildings. Circus came, big parade, employees ran out to see parade only to come back to the bank having all money stolen. Granted the power to issue bank notes; important.