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By James Powell
Книга посвящена истории канадского доллара. Отлично проиллюстрирована цветными изображениями.
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Operation of the gold standard From 1 August 1854 when the Currency Act was proclaimed, until the outbreak of World War I in 1914, the Province of Canada, and subsequently the Dominion of Canada, was continuously on a gold standard. Under this standard, the value of the Canadian dollar was fixed in terms of gold and was convertible upon demand. S. 8666. S. and British gold coins were legal tender in Canada. ” Paper money was freely convertible into gold without restriction, and there were no controls on the 52.
63 The resulting monetary contraction exacerbated the economic downturn. The banks 62. 63. 64. 65. 5 per cent in May 1933. )64 In the autumn of 1932, it also used moral suasion to force the banks to borrow under the Finance Act and ref late the economy (Bryce 1986, 132). 80. The weakness was short-lived, however. S. decision to prohibit the export of gold in April 1933 and similar efforts in the United States to reflate, the Canadian dollar began to strengthen. 65 The Canadian government’s decision in 1934 to expand the amount of Dominion The Discount Rate at other Federal Reserve Banks was typically higher than that of the Federal Reserve of New York through the 1930s.
S. coins circulating in Canada. Despite considerable resistance from brokers who stood to lose business, it was agreed that banks would purchase and collect the unwanted silver coins, paying for them largely with their own bank notes. They would also receive a small commission from the government, as well as a government deposit of up to $100,000. The government assumed the transportation costs and market risks of exporting and selling the coins for gold. In total, the government shipped to New York and to London slightly more than $5 million in coins, sold at a discount of 5 to 6 per cent, at a net cost of roughly $118,000.