HIST113 Lecture Notes - Lecture 9: Land Values
11 Sep 2016
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Banking and financial services to the late 19th century. Variety of specie, bank notes and bills of exchange. Used gold and silver coins, but was not enough. Not highly regulated, so many local banks that did not allow security (no regulation; might not redeem currency in full) o. Other forms of paper money (british military bills, bit more reliable) Most popular at the time was bills of exchange (credit, contract, or iou) Works fine when conducting business within families/networks which was o o still popular at the time o. Transactions are increasing, economy is growing, too much activity to not have banks. Idea and purpose of banks was to simply facilitate commerce or trade for the volume and distance needed. o. 1817 montreal bank 1832 bank of nova scotia (merchant investment) Enough banks are established and the currency is trusted, there no longer needs to have the same trusted networks between merchants to conduct business o o o o.
