Select all that apply Which of the following statements best summarizes the history of the fractional banking system? Multiple select question. Traders would deposit their gold with goldsmiths. Goldsmiths put the paper receipts into circulation by making loans. The gold reserves represented over 100% of the total money supply. The reserves in the bank vault were a fraction of the total money supply. Goldsmiths issued paper receipts in excess of the amount of gold held. The gold receipts were not accepted as a medium of exchange. The gold receipts were accepted as a medium of exchange