Before World War I,private Canadian banks in this era were allowed to issue their own banknotes as long as they held a sufficient amount of gold to back their value.

Question

Quizplus · Accepted Answer

This is true. Prior to World War I, private Canadian banks were allowed to issue their own banknotes as long as they held sufficient gold reserves to back their value. This meant that the more gold a bank held, the more banknotes it could issue.

Before World War I,private Canadian Banks in This Era Were