Before the Federal Reserve System Was Created, a Large Part

question 153

Multiple Choice

Before the Federal Reserve System was created, a large part of the reserves of commercial banks was

• A) in the form of state and federal government bonds.
• B) deposited with the United States Treasury.
• C) held as deposits with large city banks.
• D) held as cash in their vaults.

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Definitions:

Power To Rule

The legitimate or sanctioned ability of an entity, organization, or individual to govern or control others within a defined jurisdiction or scope.

Colonial Aristocracy

The elite social class in colonies, often composed of those who held large tracts of land, engaged in governance, or had significant economic power.

Virginian

Pertaining to Virginia, a state in the Southeastern and Mid-Atlantic regions of the United States, known for its historical significance in the formation of the country.

English Language

A West Germanic language originating in medieval England, now the primary language of international discourse and a global lingua franca.