Early Goldsmiths Began to Function as Modern Banks When They

question 6

Multiple Choice

Early goldsmiths began to function as modern banks when they began to operate under a fractional reserve policy and

• A) loaned gold.
• B) issued receipts for gold deposited.
• C) issued deposit receipts to borrowers in return for a note (loan).
• D) when they received a banking charter from the government.
• E) All of the above.