Week 2 Lecture- Business Canadian Context

Railway adopt protecve taris to defend trade fourth

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Unformatted text preview: York and London •  Specie – Gold and Silver Coins Jim Love ADMS 1010 20 Emergence of Na@onal Banks •  Cons@tu@on of the US is silent on whether banking is federal or state, leads to conflict: –  First Bank of the United States –  By 1791 five “state- chartered” banks in the US –  Fear of “monopolies” •  Power of federal government was to “regulate coinage” – State Banks cannot issue paper money Jim Love ADMS 1010 21 First Bank (cont’d) •  First Bank becomes –  a depository for taxes and to provide loans to government –  A way to regulate State Chartered Banks –  Key to exercising control is “the requirement that every issuer of bank notes is required to convert it’s own notes on demand into gold and silver” –  Trade off is limits on charter of 20 years...
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