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By James Powell

The Canadian buck heritage. includes colour and b/w pictures, descriptions and charts from the 1st countries 1600-1850 to present forex. a great precis of the background of the Canadian buck. desk of Contents on moment web page lists sections coated during this reproduction.

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Under the 1890 Bank Act, a Bank Circulation Redemption Fund was established by the government to give added protection to bank notes in case of insolvency. Banks maintained an amount equivalent to 5 per cent of their average annual circulation of notes in the fund and received 3 per cent interest. Banks were also required to establish redemption offices for their notes across the country. This meant that, for the first time, a bank’s notes were circulated throughout the country without a discount (Helleiner 2003, 126).

Rich (1988) argues that the marked expansion of the uncovered note issue through the 1867–85 period suggests that the government relied extensively on discretionary monetary policy during this time. After 1885, however, although the amount of Dominion notes in circulation continued to rise, there was a matching increase in gold reserves. Consequently, the percentage of gold reserves to Dominion notes in circulation rose from only 21 per cent in 1890 to 81 per cent at the outbreak of World War I (Rich, 71–73 and Beckhart, 296).

Moreover, the provincial government was unable to sell bonds in London even at very high rates of interest. With all funding avenues apparently closed, the provincial authorities passed controversial legislation to issue up to $8 million in legal tender, provincial notes. These notes were payable on demand in gold in either Toronto or Montréal and were partly backed by gold— 20 per cent for the first $5 million and 25 per cent for amounts in circulation in excess of $5 million. The Provincial Notes Act received royal assent on 15 August 1866.

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