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emmainna [20.7K]
3 years ago
6

What were some challenges to North Carolina’s banking system in the early 1800s? Check all that apply.

Social Studies
1 answer:
krek1111 [17]3 years ago
7 0
<h2>The following were the challenges faced by North Carolina’s banking system in the early 1800s: </h2><h2> </h2><h3><u>There was too much paper currency - </u></h3>

The paper currency that was in circulation, which was actually a promissory note, had become a very common method of payment.

The problem of the storage and reciprocation of this currency had already started to become a huge problem.

<h3><u>Rural areas did not have many banks - </u></h3>

Though substantially large populations also lived in the rural areas, the network of banks had not yet reached rural areas. As a result, a large faction of the population was being left out of the banking system.

<h3><u>Bartering and trading were very common - </u></h3>

Though the system of paper money had bee introduced already, many people still continued to use the same old bartering system in which the exchanged commodities for commodities.

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