Early Canadian banking system

Alright kiddo, let's talk about the early Canadian banking system.

At first, people would just trade goods and services with each other instead of using money. But as the country grew, people needed a way to buy and sell things without having to carry around heavy sacks of stuff.

So, the government decided to create banks. A bank is a place where you can keep your money safe, and also borrow money if you need it.

The first bank in Canada was called the Bank of Montreal, and it was created way back in 1817. It had a big building with lots of security measures to keep people's money safe.

But not everyone trusted banks at first. Some people thought that it was better to keep their money hidden under their mattress or in a secret spot in their house.

However, over time, people started to see the benefits of using banks. For example, they could earn interest on their money by keeping it in the bank, and they could easily pay for things with checks instead of carrying around lots of cash.

The government also created laws to make sure that banks were fair and didn't cheat people out of their money.

So, that's the basics of the early Canadian banking system. It started with the creation of banks, like the Bank of Montreal, to help people safely store and manage their money. And as people became more familiar and comfortable with banks, they started to play a bigger role in the economy of Canada.