Bibliographic record
Abstract
This article outlines the legal and historical experience of the rise and fall of privately issued paper money in Canada against the backdrop of the development of paper currency in Europe, and it reviews the reasons why the right to issue currency was ultimately transferred from private banks to the Bank of Canada. The article opens with a discussion of the monetary regime that developed in Europe and was imported into Canada well before Confederation. The value of medieval coins was based on the value of the precious metals in them, and fluctuations in the price of those metals led to a chronic shortage of small-denomination coins. Expanding commerce required a reliable money supply, and that need was gradually met by private notes issued by goldsmiths and banks. In pre-Confederation Canada, problems with the supply of money also led to the issuing of private notes, first by merchants and then by newly established banks. From Confederation to the 1930s, federal banking and finance legislation tried to come to grips with the need for a secure currency and for the expansion of credit, but with only limited success. The financial system's failure to respond adequately to the challenges of the Depression led to the establishment of the Bank of Canada in 1935, over the objections of many private bankers. The legislation that set up the Bank of Canada provided for the gradual phasing out of private banknotes and their replacement by notes issued by the Bank of Canada. The events that led to the move away from privately issued currency, and to the advent of a central bank, played an important role in helping to shape the economy of the young country. A review of the historical record casts doubt on the views of economists who have argued for a return to a system of privately issued currency, and it can provide guidance to those responsible for formulating policies to meet our currency needs in the future.
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How this classification was reachedexpand
Full frame machine prediction
Teacher imitationNot calibrated prevalence, not ground truth. Human validation pending. The Gemma side is a direct model label for every work in the frame, read from the title-only record. The Codex side is a classifier learned from the 10,348 direct Codex labels and calibrated to design-weighted sample rates; fields without enough sample support carry no Codex call. Candidate is the union of the two sides; consensus is their intersection. These outputs are machine_predicted_unvalidated and are not human labels.
Distilled classifier scores by category (both heads)
| Category | Codex | Gemma |
|---|---|---|
| Metaresearch | 0.001 | 0.006 |
| Meta-epidemiology (narrow) | 0.000 | 0.001 |
| Meta-epidemiology (broad) | 0.000 | 0.000 |
| Bibliometrics | 0.004 | 0.009 |
| Science and technology studies | 0.015 | 0.005 |
| Scholarly communication | 0.007 | 0.002 |
| Open science | 0.001 | 0.002 |
| Research integrity | 0.002 | 0.003 |
| Insufficient payload (model declined to judge) | 0.015 | 0.002 |
Machine scores (provisional)
The two teacher heads of the student model, read on this work. A score orders the frame for review; it never asserts a category, and the validation status ships verbatim with every row.
Baseline scores from an immature model (maturity gate not passed, 7 training rounds). Scores rank; they never assert a category.
score_only:v0-immature-baseline · verbatim from the scoring run: score_only means the number may rank works, and no category label ships from itClassification
machine, unvalidatedMachine predicted; a candidate call from one source (direct Gemma or distilled Codex), not a consensus.
How this classification was reached, model by model and score by score, is at the end of the page under "How this classification was reached".